Insurance House's losses for the year related to higher claims from motor and medical insurance policies. Courtesy Dubai Police Department
Insurance House's losses for the year related to higher claims from motor and medical insurance policies. Courtesy Dubai Police Department

Insurance House swings to loss on rising medical and motor claims



Insurance House swung to a loss last year, which the company blamed on a rise in motor and medical claims and intense industry competition.

The Abu Dhabi-based insurer reported a loss of Dh20.8 million last year against a profit of Dh9.5m a year earlier. But the insurer pledged to “weed out unprofitable businesses” in response.

“Going forward, profits from core insurance activities will be driven by continuous fine- tuning of our risk underwriting policies and capabilities and through enhanced claims management procedures,” said the chairman, Mohammed Alqubaisi.

The losses for the year related to higher claims from motor and medical insurance policies and intense competition among insurance companies driving premiums lower, the company said.

Cut-throat competition in the UAE insurance industry has forced some companies to offer premiums that are so low they can no longer be assured of earning a profit from them. The trend has forced some to cut the range of cover offered, while others have had to merge with rivals.

The country had 60 insurance companies active at the end of 2013, including 34 Emirati institutions, according to the Insurance Authority.

Insurance House was listed on the Abu Dhabi Securities Exchange in 2007, with a paid-up capital of Dh12m.

Green Crescent, another Abu Dhabi-based insurer, last year tied up with Kanoo Group and France’s Axa Insurance in the latest industry consolidation driven by pricing.

Founded in 2008, Green Crescent was brought to the edge of dissolution in 2012, but opted to keep business going by cutting its capital by more than half to Dh100m.

selgazzar@thenational.ae

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COMPANY PROFILE
Name: Kumulus Water
 
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Sector: Water technology 
 
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Investment raised: $4 million 
Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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UAE v Zimbabwe A

Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs

Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai

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THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

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Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

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Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia