UAE travel insurance market to grow 40pc

The UAE’s travel insurance market is poised to grow by 40 per cent this year backed by a robust tourism market, said a top official of Dubai Islamic Insurance and Reinsurance Company (Aman Insurance).
One of the largest Islamic insurance providers in the UAE, Aman said the forecasted growth had given the firm the upbeat attitude to capture a significant share of the country’s travel insurance segment.
In line with this, the Dubai firm has launched three new travel insurance products - Musafir, Shengen and the Haj & Umrah travel insurance products, which have been designed to offer high benefits to both individuals and families at a reasonable cost.
These insurance solutions offers key benefits like emergency medical expenses & hospitalization abroad, transport or repatriation in case of illness or accident; emergency dental care, medical evacuation; loss of passport or official documents; advance money;  delivery of medicines; relay of urgent messages; long distance medical information system; medical referral/appointment of local medical specialist; connection services; advance of funds; personal baggage & money loss and personal accident.
Hussein Al Meeza, the CEO and managing director of Aman, said the country’s travel insurance market had demonstrated key vibrancy despite the effects left behind by the global economic crisis.
'One of the main reasons for this continued growth is the recent development of making travel insurance a compulsory aspect of securing a travel visa to any desired country, particularly Shengen and other European countries,' he explained.
The Haj & Umrah Travel Insurance is an exclusive travel insurance solution that has been specifically designed for travellers going for their annual pilgrimage to Makkah and the Shengen Travel Insurance is a solution valid and approved for travellers to any country in the Schengen European states.
Commenting on the launch, Al Meeza said, These strategic products give travellers the safety, security and confidence of full coverage, giving them the advantage of enjoying their trips without any hassles or worries

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Noor Takaful named Takaful Insurer of the Year in the MENA region

Second honour in a month for the UAE’s leading Islamic insurance provider marks third anniversary of its launch

Dubai, February 1, 2012: For the second time in a month Noor Takaful, the Islamic insurance arm of Noor Investment Group has been named the leading Takaful operator in the region, picking up the Takaful Insurer of the Year award at the 2012 MENA Insurance Awards.

The prestigious award was presented to Noor Takaful’s Chief Operating Officer Andrew Greenwood at a VIP lunch, held at The Address, in Dubai. In December, Noor Takaful, which celebrated the third anniversary of its launch in January, was named Best Takaful Operator in the GCC region, at the CPI Islamic Business and Finance Awards.

Dr Ahmed Al Janahi, Managing Director, Noor Takaful said: “The past 12 months have been a challenging time for the region’s insurance market. Nevertheless, Noor Takaful has continued to make significant progress, building on a strong business foundation. This latest award recognises the hard work and commitment of everyone at Noor Takaful to delivering excellence in all that they do.”
Parvaiz Siddiq, CEO, Noor Takaful, said: “To have won two top regional awards in the space of one month, is truly amazing. At Noor Takaful we understand that the customer is king. As a result, we strive to provide customers with the most effective and innovative insurance solutions available in the market. These latest awards validate our belief that in just three years we have established ourselves as the leading Takaful insurance provider in the UAE, on par with the best in the MENA region.”

Noor Takaful has committed itself to being at the forefront of the Takaful sector in the Middle East. Its contemporary approach to Islamic insurance has seen it provide a series of innovative products and services for its customers, including the GCC’s first e-Takaful

Research and Markets: Oman Insurance Report Q3 2011

The Oman Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Oman's insurance industry.

UAE to become largest GCC insurance market

DUBAI - The UAE will continue to be the largest insurance market in the GCC in 2015 comprising 50 per cent of the total premium in the region, according to a latest research report.

Orange Card a must for vehicles going to Oman

Dubai: All vehicles travelling from the UAE to Oman will be required to obtain a new insurance card from October 1.

It will replace standard insurance packages and will be available from all insurance companies.

The instructions were made after discussions were held on the issue between a UAE-Oman joint insurance committee, according to Fatima Mohammad Al Awadi, deputy director of the Insurance Authority.

"There are always problems on the borders with Oman," said Al Awadi. If someone travelling there has an accident, they could face a variety of problems, including court proceedings, she explained.

"It's difficult," she said. "There is no one to help him."

Oman only recently joined the ranks of 20 Arab countries that are signatories to the 1975 Arab Insurance Card Convention, from which the Orange Card system stems.

The convention stipulates that each participating country will have a unified bureau office responsible for regulating and issuing the Orange Card.

Unified bureau offices receive vehicle accident reports and are responsible for paying accident compensation, as well as clearance of claims and settlements between other bureaus in the region.

Accidents occurring in Oman should be taken to the office there, which will deal with all proceedings. Compensation will be received via Abu Dhabi National Insurance Company, which carries out the unified bureau office duties in the UAE, Al Awadi said.

Source: Noor Takaful News

Noor Takaful receives Takaful Leadership Award for Best Marketing in the Mid East

Second year in a row Noor Takaful has won the award

Fraz Chishti (left), Corporate Communications and Marketing Manager, receives the Best Marketing – Middle East award from Baron Sheikh of Cornhill in the City of London, at the Takaful Leadership Awards 2011.

Dubai, August 16, 2011: Noor Takaful, the Islamic insurance arm of Noor Investment Group, has been recognised at the Takaful Leadership Awards 2011 with the Best Marketing – Middle East award.

Takaful insurance markets continue to grow despite operational differences

Despite ongoing, rapid growth in the Sharia-compliant insurance markets, Standard & Poor’s Ratings Services recognizes that operational issues remain commonplace in the sector. This generated some heated discussion at the International Takaful Summit, held in London on July 12/13, 2011. Standard & Poor’s views such discussions within the takaful (Islamic insurance) and retakaful community as understandable given that it is still a relatively new business sector. Nevertheless, we expect it will continue to grow rapidly, relative to the conventional insurance market, and become increasingly meaningful in overall scale in its target domiciles.