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Munich Re Receives Reinsurance License for Middle East and Africa Business

Munich Re has been licensed by the Dubai Financial Services Authority (DFSA) to open a reinsurance unit called Munich Re Underwriting Agents (DIFC) Ltd. in the Dubai International Financial Center, making it the first of the biggest reinsurance companies in the world to do so.

Operating out of the Dubai International Financial Center will allow Munich Re Underwriting Agents to service the entire Middle East and African region, as the DIFC acts as a regional reinsurance hub. The subsidiary will be focusing on health reinsurance given the expanding need for affordable quality healthcare in the Middle East and Africa. Munich Re Underwriting Agents is part of Munich Re of Malta Holding Ltd. and its operations will be run under two broker agreements with Munich Re of Malta and Munich Re in Munich.

According to Dr. Frank Mayer, the Chief Executive Officer of Munich Re Underwriting Agents (DIFC) Ltd., “Munich Re will service governments and governmental institutions, insurance companies, self-funded schemes and other clients as a holistic one-stop shop to provide individual and tailor-made reinsurance and risk management solutions for the growing healthcare market in the Middle East and Africa.”

Abdulla Al Awar, the Chief Executive Officer of the DIFC Authority commented that “Munich Re’s decision to establish their offices in the DIFC as a regional hub is timely given the region’s increasing demand for quality and affordable healthcare. The DIFC office will offer Munich Re a strategic base to tap emerging markets in the region by combining their vast experience with local market expertise.”

The Head of Business Development and Deputy Chief Executive Officer of the DIFC Authority, Marwan Lufti, said that “The addition of Munich Re to the DIFC insurance and reinsurance cluster is an important development, given that the regional health reinsurance sector is rather under developed, offering Munich Re a vantage point to service Middle East and Africa.  For regional firms looking to finance and manage corporate risk, the DIFC’s legislative framework, coupled with its favorable tax environment, offers a convenient and robust platform.”

Insurance Company Mentioned:

Munich Re

Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. It operates in all lines of insurance, with around 47,000 employees throughout the world. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO is one of the largest insurance groups in Europe and Germany and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.

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Standard Chartered Agrees to Sell Allianz Takaful Insurance Products in Qatar

Furthering their strategic alliance in the Middle East, Standard Chartered and Allianz Takaful have signed a five year agreement to sell Allianz Takaful’s insurance products through Standard Chartered Bank in Qatar.

In April this year, the two companies came to an agreement over selling Standard Chartered SME business insurance products through Allianz Takaful in Bahrain, and the new deal in Qatar serves to strengthen ties between the two regional allies. The five-year agreement will see Standard Chartered Bank promoting and selling Allianz Takaful life insurance products through their Bancassurance distributions channels.

The Allianz Takaful products which are now available throughout Standard Chartered’s branches in Qatar include protection plans, investment and savings plans, as well as child education insurance. The Chairman of Allianz Takaful, Abdulrahman Khalil Tolefat, said that “Customers can avail the services at Standard Chartered Bank’s relationship managers to tailor make Allianz Takaful products to suit their specific insurance requirements.”

Chief Executive Officer of Standard Chartered Bank Qatar, David Godwin said “Allianz is a major global financial services provider and we are pleased to associate with the group’s subsidiary in the Middle East. By working in collaboration with third party expertise, we are able to broaden our portfolio of products with a best-in-class offer to address the whole range of our customers’ financial well-being objectives. Additionally, the general insurance services fit well as one of the wealth protection tools that complement the bank’s overall wealth management solutions.”

Companies Mentioned:

Allianz Takaful

A fully owned subsidiary of the Allianz Group, Allianz Takaful was established in March 2009 and is headquartered in Bahrain. Allianz Takaful is the Allianz group’s first foray into the Gulf Cooperation Council or GCC, and offers Shariah-compliant products and services.

Standard Chartered Bank Qatar

Standard Chartered Bank first opened a branch office in Qatar in 1950, making it the oldest foreign bank in Qatar. It operates 3 branches and 6 ATM machines in the country, employing 167 employees from 30 different countries. Their two core divisions of Wholesale and Consumer Banking have given them a 27% market share in Qatar.

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Allianz Takaful Signs Medical Insurance Agreement with Apex Real Estate

Allianz Takaful and Apex Real Estate Development Company have signed an agreement whereby Allianz Takaful will be contracted to provide employee medical insurance to Apex.

The agreement was signed by Allianz Takaful CEO, Dr. Abdul Rahman Tolefat and Apex Real Estate Development Company Managing Director Majed Al Khan. It will see Allianz Takaful, a wholly owned subsidiary of Allianz Group, organize medical insurance coverage of over BD 490,000 (US$ 1.3 million) for Apex employees and their family members, including cover for international emergency medical treatment.

Majed Al Khan, the Managing Director of Apex, said “’Apex Real Estate and its subsidiaries, Apex Green and Apex Properties, have witnessed operational growth leading to an increase in number of staff. As part of our initiatives to provide our employees with a professional and value-added working environment, we sought to engage a company offering a range of medical services supported by a high degree of expertise.”

The Allianz Takaful CEO, Dr. Abdul Rahman Tolefat said that “We are pleased to welcome Apex amongst our clients. We continuously seek to exceed our clients’ expectations by providing excellent service. We look forward to continuing this relationship with Apex.”

Insurance Company Mentioned:

Allianz

Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.

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Philippine Health Insurance Corporation opens Saudi Arabian office

The Philippine Health Insurance Corporation (PhilHealth), which is the arm of the Philippine Government that runs the National Health Insurance Program, is opening an office in Saudi Arabia’s capitol, Riyadh, in order to provide better service to the Overseas Filipino Workers (OFWs) employed in the country.

The Philippine Health Insurance Company office, the organization’s first in the Middle East, will open in the Philippines Embassy in Riyadh. PhilHealth’s new office opening is accompanied by the distribution of flyers to OFWs with information on National Health Insurance Program membership procedures, program benefits, and how to take advantage of services. This acts both as a way to raise awareness of  health insurance plan benefits and a reminder to regularly pay premiums for people already enrolled, as well as a marketing drive for OFWs in Saudi Arabia who would like to be members.

The PhilHealth office will also assist OFWs with making benefits claims, changes in membership details and collection of premiums, which are set at PHP 900 (USD 19.30). PhilHealth has a number of agreements with banks for collection of premiums to ensure that payments are easy to make for OFWs, so that they do not lose out on health insurance coverage. PhilHealth’s currently has agreements for overseas premium collections with the Development Bank of Philippines, iRemit, and Philippine Veterans Bank.

Benefits offered by the Philippine Health Insurance Company through the National Health Insurance Program cover inpatient hospital treatments including room and board, operating room fees, Laboratory tests, X-rays, medications, examination and doctor’s fees, which are automatically subtracted from the beneficiary’s hospital bill prior to leaving the hospital. PhilHealth also reimburses the costs of medical treatment for members receiving said treatment abroad.

Insurance Company Mentioned:

Philippine Health Insurance Corporation

The Philippine Health Insurance Corporation, also known as PhilHealth, is a company owned by the Philippines Government that oversees the financing of the Philippines National Health Insurance Program. Set up in 1995 according to Republic Act 7875 or “The National Health Insurance Act of 1995”, The Philippine Health Insurance Corporation is tasked with the collection of premiums from National and Local governments as well as members while they work towards providing social health insurance cover for all Filipinos.

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Global Insurance Plans on Offer by BWS

Brokerage World Solutions (BWS) is ready to globally offer optimal-value insurance and risk management solutions to businesses in various industries around the globe. BWS is the group holding company resulting from the merger of Insure Direct, a Dubai-based insurance broker, and Independent Risk Solutions BV, a marine insurance specialist based in Rotterdam.

It is envisioned that all Middle East operations will be handled by BWS using the Dubai office of Insure Direct.

As a first step, BWS has created Brokerage World Solutions UK, in partnership with Oxygen Holdings of London, to operate as an appointed representative of Oxygen Insurance Brokers Limited. The focus of BWS UK will be to satisfy the specialist insurance areas of the regional market, providing sector-specific products. Additionally, it BWS UK will handle the international portfolio for a portion of the brokerage programmes for Europe currently under Insure Direct.

BWS UK as a market intermediary will handle international placements for BWS, and create new UK business for Oxygen, whilst being jointly managed by both parties.

For BWS as a group, BWS UK is seen as an opportunity to get a foothold in the British market. Whereas Oxygen sees this partnership as a win-win situation for the clients of both companies.

Insurance Company mentioned:

BWS

Brokerage World Services (BWS) is a Valetta-registered insurance "group" holding company with a growing international footprint. It is the parent company of Insure Direct, a Dubai-based insurance broker with offices across the GCC region, and Independent Risk Solutions BV of Rotterdam, the Netherlands, which provides services for clients in Europe, the Middle East, the US and the Gulf of Mexico, the Far East, Russia and South Africa. The BWS business strategy is driven by the ability to create a level of synergy that would offer their clients the best insurance solutions, whatever their core business activity. BWS specialist brokers combine more than 200 years of expertise in covering sectors as diverse as marine, energy, construction, aviation, finance, professional and personal insurance.

Oxygen

Oxygen Insurance Brokers (OIB) is a Lloyd’s Broker, authorised and regulated by the Financial Services Authority of the UK. It is the UK operating company of Oxygen Holdings plc. The company employs over 180 people and has eleven offices in nine cities in the UK and USA: London, Leeds, Manchester, Glasgow, Bermuda, New York, Nashville, Las Vegas, and Los Angeles. The company is structured around five divisions: (1.) Robertson Taylor – the music & entertainment division providing specialist products for these industries; (2.) Oxygen Corporate Risks – serving the needs of commercial organisations across the world; (3.) Oxygen Partners – creates and manages facilities for third party brokers and MGAs; (4.) Private Client Services – serving the needs of high net worth individuals globally; and (5.) Oxygen Re – responsible for all activities in treaty reinsurance broking.

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InterGlobal partners with Alfalah Insurance to bring UltraCare products to Pakistan

InterGlobal Ltd. has entered into a partnership arrangement with Pakistani insurer Alfalah Insurance Company, to offer InterGlobal’s UltraCare product line of international private medical insurance (PMI) throughout Pakistan.

The new partnership agreement sees Alfalah taking charge of underwriting and distribution of the UltraCare insurance products in Pakistan, while InterGlobal will handle reinsurance of the product and administration of policies. The policies are targeted at expatriates, individuals and companies.

The UltraCare product comes in four variants: UltraCare Standard, UltraCare Select, UltraCare Comprehensive and UltraCare Plus. These range in coverage options from full in-patient and daycare hospital coverage up to high levels of outpatient coverage, as well as dental and psychiatric cover. All UltraCare plans include coverage of emergency evacuations and repatriations as well as some level of access to 24-hour a day security assistance from international security experts red24.

InterGlobal’s General Manager for the Middle East, Francois Keyser says that “Our partnership with Alfalah Insurance Company Limited in Pakistan enables us to extend our range of international private medical insurance to individuals, expatriates and companies across Pakistan. The partnership is key to our expansion in Pakistan. It also confirms our philosophy of working with partners that have the same commitment to service excellence as InterGlobal Ltd. Our customers can be assured that they will have access to the high standards of service and quality they are accustomed to internationally with service being provided locally by Alfalah Insurance Company Limited.”

Insurance Companies Mentioned:

InterGlobal Ltd.

InterGlobal is an international health insurance company offering international private medical insurance to expatriates, frequently traveling business people and companies around the world. InterGlobal was founded in the UK in 1998 as a joint venture company between the UK-based Inter Group and New Zealand-based Mike Henry Group. Since their founding, InterGlobal has expanded to the point where it now handles policies for clients in more than 189 countries around the globe, operating from 10 regional offices in the UK, Singapore, Kuwait, China, Dubai, Thailand, Japan, South Africa, Qatar and Vietnam.

Alfalah Insurance Company

The Alfalah Insurance Company started its operations in Pakistan in 2006 as a branch of the Abu Dhabi Group. Since its inception, Alfalah Insurance Company has expanded into the 8 major Pakistani cities of Lahore, Karachi, Islamabad, Peshawar, Faislabad, Sialkot, Gujranwala, and Multan. They have a paid up capital of Rs 230 million (USD 2.7 million).

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HSBC Sells Brokerage Unit to Marsh

Marsh & McLennan Co. Inc., one of the world’s largest insurance brokerages and risk management companies, has announced the completion of a deal which sees the company acquire HSBC Insurance Brokers Ltd (HIBL), a wholly owned subsidiary of HSBC Bank PLC.

Marsh, which announced its intentions in December 2009, is estimated to have paid somewhere in the region of US$ 205 million for HSBC’s brokerage unit. The purchase of HIBL will see Marsh taking possession of approximately 30 new international offices, located throughout Europe, Asia, and the Middle East, in addition to the retention of more than 1,400 employees across those locations; approximately 1000 of these employees are based in the United Kingdom.

While HIBL is only the ninth largest insurance broker in the UK, it is able to diversify the range of products which Marsh is currently offering in the country; which is Marsh’s second largest market behind the USA. The purchase means that Marsh will now be able to offer HIBL’s range of specialty insurance products, including education, marine and specie policies.

The purchase of HIBL now makes Marsh one of the largest international insurance brokers in Hong Kong, often seen as a cornerstone of the Asian insurance market.

In addition to the purchase of HSBC’s insurance broking arm, Marsh also entered into a preferred strategic partnership agreement with the bank. This agreement will see Marsh offering insurance and risk management services to HSBC’s clients.

Dan Glaser, CEO of Marsh Inc, said of the deal “not only does the bank become our client for both insurance and reinsurance, but we are working together in a joint effort to provide more broking services to HSBC’s clients, both in private and commercial banking.”

Final details, and closure of the deal, are expected during the second quarter of 2010 in Abu Dhabi and Saudi Arabia.

Companies Mentioned

Marsh & McLennan Co. Inc

Marsh & McLennan Co. Inc (MMN) is one of the largest insurance brokerages and risk management companies in the world. Operating in over 100 companies worldwide they are able to help clients identify risks and take actions to prevent negative outcomes

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MetLife planning to Cover the Middle East

Following its acquisition of American Life Company (ALICO), MetLife now aims to become a force in the Middle East, which had been missing from its portfolio of 18 countries.

Given that the growth of life insurance sales is happening outside of the US, and ALICO has been in an excellent position to strategically capitalise this segment of the market in Asia, it is only natural for MetLife to take advantage of this opportunity to extend its cover to the Middle East.

Insurers are particularly drawn by the fact that the Middle East is currently under-insured in a severe manner. In developed countries premiums reach about 15 percent of their GDP whilst per-capita premiums in the Gulf account for an average of only 1 per cent of GDP, and it is estimated that insurance premiums grew 28 percent last year.

This calling has brought 58 insurers to the UAE, with approximately half of them being foreign companies. This intense competition has driven down premiums to some of the lowest levels in the world.

Within the particularly undeveloped segment of personal insurance, car insurance and health insurance are the most common products, especially since regulators have started to gradually make them compulsory. Life insurance, the core business of MetLife and ALICO is an even newer concept in this market.

Whilst awaiting regulatory approval for its ALICO purchase, MetLife plans the integration of the two companies and continue watching the markets for opportunities. MetLife hopes to close the deal by 01 November of this year.

Actively present in 55 countries with a 20-million customer base, the presence of ALICO in the Middle East and Japan complements activities of MetLife in China, India and Brazil. MetLife counts with a 70-million customer base.

The success story of ALICO made it one of the crown jewels of AIG, before being bailed out by the US government.

Insurance Companies mentioned:

MetLife

Possessing over 140 years of insurance expertise, MetLife aims to be an innovator in the field of international Life insurance. Globally, MetLife is able to offer its clients accident and health insurance, life insurance, disability income protection, and retirement and savings products.

Alico

Alico provides a broad and innovative range of insurance and savings products to individual customers, corporate clients and high net worth customers. With products to support every aspect of their customers’ lives, and provide comprehensive cover for the employees and commercial needs of their business clients.

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Medicare International offering health insurance with ‘passive war cover’

London-based international medical insurer Medicare International has now added ‘passive war cover’ as an option on its health polices to provide coverage for contractors and workers in war torn nations.

Medicare has recognized there is a growing number of people working in and around zones of conflict in the world and has tried to cater to contractors and NGO staff by offering passive war cover options on top of their regular benefits for both individual and group international health insurance policies.

Senior Executive Director of Medicare International, David Pryor, said “In an age where localised conflicts seem to be ever present, whether in the form of a full scale encounter such as that in Afghanistan or on a more localised basis in other world hotspots, the reconstruction and rebuilding of economies is of vital importance. As a contractor or voluntary worker attached to an NGO, preparing yourself for the reality of entering such areas is a must, as the type of medical care which will be needed is quite different from standard healthcare practice. For those companies involved in reconstruction and aid, attracting the necessary highly-skilled specialists can be helped if they know they can at least have full medical cover.”

While most insurance policies have a complete war exclusion, Medicare International’s policies with passive war cover come with the full range of benefit options such as medical and evacuation, as well as rehabilitation coverage of up to £100,000 (US$149,330) which would go towards reconstructive plastic surgery and prosthetics. The plans with passive war cover also provide cover in the event of a terrorist attack. Medicare International also generally offers premium discounts on groups of 3 or more lives insured.

Companies Mentioned:

Medicare International

With 25 years of providing expatriates top quality international health insurance, Medicare International has grown by ensuring quick and easy access to their services 24 hours a day. The company currently covers clients from 86 nationalities in 114 countries around the world.

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AXA Cooperative Insurance Company given Saudi Arabian business license

The Saudi Arabian Monetary Agency (SAMA) has licensed AXA Cooperative insurance Company to carry out its cooperative insurance and reinsurance business in the Kingdom of Saudi Arabia (license number TMN/25/20101).

AXA Cooperative Insurance Company, a Saudi joint stock company, will be AXA Group’s first Cooperative insurance company globally. AXA Cooperative Insurance Company’s initial public offering in Saudi Arabia mid 2009, was 5 times over subscribed; the company currently has a market capitalization of SAR 574,000 (approximately US$153000). AXA Cooperative Insurance Company has already received approval to sell its motor and health insurance in Saudi Arabia and is developing new insurance plans for both individuals and businesses.

Under SAMA’s Cooperative Insurance Regulations, insurance products must be tendered on a “cooperative basis” in a manner consistent both with Islamic Shari’ah and the principles espoused by the articles of association of Tawuniya (previously the National Company for Cooperative Insurance or NCCI). Prior to the enactment and implementation of the Cooperative Insurance Regulations, The National Company for Cooperative Insurance, now Tawuniya was the only insurance company registered to operate in Saudi Arabia.

The cooperative insurance guidelines result in two concrete obligations that AXA Cooperative Insurance Company must conform to, namely that separate bank accounts must be kept for policyholders and shareholders; and that a certain amount of the net surplus from running the insurance operations must be distributed amongst the policyholders.

Companies mentioned:

AXA Group

Headquartered in Paris, France AXA was originally founded in 1816 as Mutuelle de L’assurance contre L’incendie, after acquiring the Drouot Group in 1982 it took on the name AXA. Since that time it has grown into an international insurance business encompassing life & savings, property & casualty, asset management, international insurance and other financial services with over 80 million customers worldwide.