Bahrain’s Solidarity Group has announced the successful acquisition of 100 percent shares in both Bahrain National Insurance Company (BNI) and Bahrain National Life Company (BNL). This transaction marks a significant expansion for Solidarity, enhancing its market presence in the insurance sector. The completion of this acquisition means that Solidarity has directly acquired 100 percent of...
Zurich International Life, the UAE branch of Zurich Insurance Group, has published its financial report for the year ending December 31, 2024. This report includes insights from independent auditors who have assessed the company’s operations in Dubai. The report highlights the overall performance of the branch, focusing on key metrics and financial health. Zurich International...
The Central Bank of the United Arab Emirates has officially revoked the license of Dynamics Insurance Brokers. This decision was made in accordance with Article 22 (2) of the Council’s Decision, signaling a significant regulatory action within the insurance sector. The revocation comes as part of the Central Bank’s ongoing efforts to ensure compliance and...
Solidarity Group Holding, a Shariah-compliant insurer, has successfully arranged a Murabaha financing agreement worth BHD 58 million, equivalent to $153 million, with the Bank of Bahrain and Kuwait (BBK). This funding will facilitate Solidarity’s acquisition of Bahrain National Insurance (BNI), which is a subsidiary of Bahrain National Holding. Earlier this year, Solidarity Bahrain, a unit...
HDI Global SE, a corporate and specialty insurer, has announced impressive financial results for 2024, showcasing strong growth in both revenue and earnings. The surge in performance was credited to an increase in new business and adjustments in prices due to inflation. The Dubai office of HDI Global had a particularly successful first year, surpassing...
The UAE’s insurance sector is projected to see significant growth in 2025, with expectations of expansion between 10 percent and 20 percent. This follows an estimated growth of 20 percent in 2024, as indicated by S&P Global Ratings. S&P also noted that other Gulf countries are likely to benefit from favorable growth conditions in their...
Residents of the UAE looking to purchase life insurance can now bypass traditional medical tests with the launch of an innovative AI-powered face scanning tool. This technology, introduced by Sukoon Insurance, allows applicants to measure key health indicators such as heart rate, blood pressure, and respiration rate through videoconferencing. This advancement aims to streamline the...
Starting January 1, 2025, all private sector employees and domestic workers in the UAE must have basic health insurance coverage as part of a new government policy. This initiative, introduced by the Ministry of Human Resources and Emiratisation (MOHRE) and approved by the UAE Cabinet in December 2024, aims to improve healthcare access, promote early...