Islamic insurers across the GCC will see improved premium growth this year compared to last year, as a result of diversified income streams, S&P Global Ratings said on Wednesday.
Gross premiums of Islamic insurers last year increased by less than 1 per cent after years of growing at a rate of up to 20 per cent, thanks to the introduction of mandatory cover and increase in premium rates in Saudi Arabia, the region’s biggest market.
“We anticipate that overall premium growth in the Islamic insurance sector in the GCC will pick up again slightly in 2017, as economic conditions slowly improve and governments continue to privatize some of their services, which should benefit the insurance sector as a whole,” the rating agency said in a report.
“However, we expect that overall premium growth in the conventional insurance sector in the GCC will grow faster, by about 10 per cent, and outperform premium growth in the Islamic insurance sector, as conventional insurers often benefit from more diversified income streams.”
Around 87 per cent of the Islamic insurance premiums in the Gulf last year were written in Saudi Arabia, followed by UAE, with about an 8 per cent share of premiums.
Despite the dismal premium growth, the pre-tax profit of publicly-listed Islamic insurers more than doubled to US$683 million last year from $271m in 2015, thanks to rate increase in Saudi Arabia.
“Notwithstanding the material improvement in overall pre-tax net income, it is still too early to announce good news for the sector as a whole,” the agency said.
“This is because the profits are still unevenly distributed across the sector, and historic rapid growth, combined with accumulated net losses, continues to erode the capital strength and damage the credit profiles of a number of companies in the sector. “
More on Quran memorisation:
Company%20Profile
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COMPANY%20PROFILE
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY%20PROFILE
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Company%20Profile
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UAE currency: the story behind the money in your pockets
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Company%20Profile
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6 UNDERGROUND
Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
About%20My%20Father
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KILLING OF QASSEM SULEIMANI
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
