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Insurance World

In light of its exceptional growth and outstanding performance throughout the past year, Seib Insurance and Reinsurance Company LLC (Seib) S&P Rating has revised its outlook of Seib to positive from stable and affirmed its BBB counterparty credit and insurer financial strength ratings and is also affirming its gcAA Gulf Cooperation Council regional scale rating, indicating the Company’s rapid progress and its strong capacity to meet financial commitments.

Dubai businesses could face penalties for failing to comply with the looming renewal deadline on mandatory health insurance, the financial planning firm Guardian Wealth Management (GWM) has warned.

Zurich International Life Limited (Middle East) (Zurich) and Standard Chartered announced today the signing of an exclusive distribution agreement. As part of it, Standard Chartered will offer Zurich’s comprehensive life insurance solutions to its customers in the United Arab Emirates (UAE) for the next 10 years.

Road traffic crashes are one of the leading causes of death globally – 1.25 million people are estimated to be killed on the roads each year, representing more than 3,400 deaths per day – equivalent to more than 141 deaths per hour – while another 30 to 50 million people are injured every year. Road crashes are responsible for more deaths than malaria, suicides and homicides and are the only non-disease-related cause among the ten leading causes of death ranked by the World Health Organization (WHO).

Zurich International Life’s latest claim statistics reveals that heart attack and stroke were the most common reasons for life and critical illness cover claims by men in the Middle East, while cancer was the leading cause for life and critical illness cover claims by women. Their claims data shows that the majority of claims made by men are from those aged 40 and above, whereas for women, the majority of claims were paid to women in their 30s. The findings were presented as part of the Middle East Claims Statistics and Insights – Jan 2014 to Dec 2016, which Zurich has published annually since 2011. Zurich continues to be the only life insurance provider in the Middle East to issue yearly claims statistics specific to the region.