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India: Insurance sector to adopt free pricing scheme
Qatar: QFCRA says retail insurance framework advancing
Middle East: Insurance market forecast released
Egypt: Delta International Bank to increase capital
Egypt: BIB to conduct due diligence on AIB
Turkey: Country lacks efficient use of renewable energy
Kuwait: Kharafi breaks rules, banned from exchange
Lebanese Insurance Industry in the aftermath of the summer war
Lebanese Insurance companies in Syria
"Survives War Intact"
India: Insurance sector to adopt free pricing scheme
The Hindu Business Line, 11 Nov 2006,:-
According to Dalip Verma, Tata AIG General Insurance Company's Managing Director, once the free pricing (detariffing) scheme is introduced in India's general insurance sector, the sector's distribution scope will be widened. The scheme will enable telemarketers to sell insurance policies. Besides, other channels as well as modes of distributions like short messaging service (SMS), Internet, bancassurance, worksite marketing and telephones will emerge.
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Qatar: QFCRA says retail insurance framework advancing
Insurance Day, 23 Nov 2006, p.08:-
The chairman and chief executive of the Qatar Financial Centre Regulatory Authority (QFCRA) has said a retail insurance regulatory framework will be in place for the first-quarter of 2007. Retail insurance is currently the only insurance area not covered by existing rules. Phillip Thorpe said a consultation document will be issued in the coming weeks. He added the Qatar Financial Centre has attracted interest from several insurers and brokers looking to expand their Gulf operations through the centre.
Middle East: Insurance market forecast released
Gulf News, 27 Nov 2006,:-
The total insurance market in Qatar will rise to US$ 584mn (EUR 457.68mn) by 2010 from US$ 395mn in 2006, predicts Nexus Insurance Brokers. The same market in the United Arab Emirates (UAE) is projected to expand to US$ 2.9bn from US$ 2bn.
For other Gulf Cooperation Council (GCC) nations, their respective total insurance market growth forecasts are as follows; Kuwait, from US$ 539mn to US$ 733mn; Oman (from US$ 313mn to US$ 411mn); Saudi Arabia (from US$ 1.55bn to US$ 2.1bn); Bahrain (from US$ 235mn to US$ 346mn).
Total insurance market in the region of GCC is forecast to expand to US$ 7.1bn by 2010 from US$ 5.1bn in 2006.
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Egypt: Delta International Bank to increase capital
Middle East Economic Digest Online, 24 Nov 2006,:-
Egypt's Delta International Bank is reported to be planning to increase its capital by US$ 180mn through a rights issue in mid-December. The bank, which currently has 50mm shares, will issue 10mn new shares. An 89% stake in Delta was acquired by a consortium led by Ahli United Bank (AUB) in August. Following the capital increase, the International Finance Corporation (IFC) will acquire a 10% in the bank for up to US$ 40mn.
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Egypt: BIB to conduct due diligence on AIB
Middle East Economic Digest Online, 24 Nov 2006,:-
Bahrain Islamic Bank (BIB), which aims to acquire a majority stake in Arab Investment Bank (AIB), will carry out due diligence on the bank. After conducting due diligence, IBB will carry out a feasibility study before deciding whether or not to submit an offer.
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Turkey: Country lacks efficient use of renewable energy
Turkish Daily News, 20 Nov 2006,:-
According to the Turkish Minister of Environment and Forestry, Osman Pepe, Turkey loses energy worth between US$ 4bn (EUR 3.13bn) and US$ 8bn a year because of insufficient use of its renewable energy resources and the lack of regulations regarding the excess consumption of non-renewable energy resources. These factors increase pollution and CO2 emission, which causes global warming. Therefore, Turkey has started to compile a proposal for a more efficient utilisation of renewable energy resources, for the decrease of greenhouse gas emission rates and for the implementation of more modern technologies at industrial companies.
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Kuwait: Kharafi breaks rules, banned from exchange
The Peninsula, 22 Nov 2006,:-
In Kuwait, the Kharafi Group and its associates have been banned in the week beginning 13 November 2006 by the Kuwait Stock Exchange for violating disclosure rules. Their shares in 10 firms are not allowed to be sold within the next six years [until 2012]. The affected firms include Gulf Cable & Electrical Industries Co, Kuwait Slaughter House, Kuwait Foundry Co, Portland Cement, Kuwait Food Company, Coast Investment, National Investments, Heavy Engineering, Kuwait Pipes and Al Mal Investment Co. The exchange is currently investigating about 50 companies believed to have broken disclosure rules. [The Kharafi Group is a diversified company with interests spanning from hospitality to engineering.]
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Lebanese Insurance Industry in the aftermath of the summer war from the Lebanon Opportunities business magazine November 2006 issue page 40 written by Dona Challita and titled: What's their post war policy? Insurance companies adamant to recover lost ground. Link here.
Also an article by Le Commerce du Levant in November 2006 issue on the Lebanese Insurance companies in Syria p.44 written by Nathalie Bontems. Link here.
"Survives War Intact" found in the Executive business magazine of the month of December 2006 p 69. Link here.
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Monthly Newsletter | December 2006