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.…
A research report entitled "UAE Insurance Market Forecast to 2012" by RNCOS, an India-based market research and information analysis company, points to continued growth in the rates of the medical insurance industry in the United Arab Emirates (UAE). The report projects a Compound Annual Growth Rate of around 42% between the years 2010 and 2013.
Allianz will reorganize their Hong Kong and Singapore based companies to come under the management structure of Allianz Global Corporate and Specialty (AGCS) as of August 1st, 2010, which allows them to share resources and expertise in order to increase profitability in the Hong Kong and Singaporean markets. Both Allianz…
According to a recent statement by CEO Richard Ward, Lloyd's anticipates that the premiums for insuring offshore drilling will go up "quite significantly" as a direct result of the BP oil spill in the Gulf of Mexico. Mr Ward acknowledged that in the past rates for this type of operation in that area had fallen to a very low level and fellow players in the industry had been questioning for quite some time the profitability of insurance in that particular region.
Apparently, part of the costs of insuring the World Cup include paying out property insurance claims for broken windows, which Aviva says have risen substantially above average during sports championships in the past. During the time the 2006 World Cup in Germany was going on, Aviva noted a 25%…
The subsidiary of the UK-based global insurance brokerage Willis Group Holdings plc, Willis Limited, has received approval by the local authorities to open a new representative office in Almaty, the financial centre of Kazakhstan, the country in Central Asia with a significant market of oil and gas industries.
The cost of receiving medical treatment in China's upscale private healthcare facilities in Shanghai and Beijing is on an astronomic rise, only this time the regular suspects of medical inflation, old age and larger numbers of lifestyle illnesses may not be to blame. It seems that the limited number of high-end medical facilities has given them a corner on the market, which they have fully taken…
Targeting the UK broker market, underwriter Mark Allen has launched Alpha Underwriting, a new underwriting business specialising in the accident, health and travel insurance sectors, based on the underwriting capacity from Lloyd's.
CIGNA's UK branch, CIGNA Healthcare, has launched SmarterHealth; a new private medical insurance product targeted at mid-sized corporate clients with between 150 and 400 employees. The new product, SmarterHealth, is based on a core list of benefits with the ability to add two coverage options to increase benefits; optional dental benefits which are split into four levels of coverage (Pearl Plan, Diamond…
Three of China's largest insurance companies continue their strong growth in the first five months of 2010. China Life Insurance (CLI), Ping An Insurance Group of China (PAIGC), and China Pacific Insurance Corporation (CPIC) maintain…
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