The ACE Group today announced that its ACE Worldview Web-based information portal for risk managers with multinational insurance programs has been recognized by Best’s Review Magazine’s 2013 Innovators Showcase. ACE Worldview gives risk managers and their brokers easy access to the core functions they need to manage their multinational insurance program from their desktop or laptop computer in real time. Through ACE Worldview, they can see daily program status updates, obtain copies of local policies and certificates, and access the ACE Insurance Directory, the proprietary research tool that ACE underwriters and legal staff use as a point of reference on international compliance and regulatory issues. When combined with the network of ACE’s strategically located global client executives, its extensive multiline insurance operations in 53 countries, its network partners in more than 100 additional countries, and its deep expertise and longstanding experience serving customer needs, ACE Worldview completes the total package to support clients’ management of their global risk programs—and creates an environment in which risk managers can enjoy a level of confidence that simply hasn’t been possible before. “We’re pleased to be recognized by Best’s Review for our product innovation, and we’re especially gratified that Worldview has been embraced by ACE’s multinational customers and their brokers,” said Chris Maleno, Chief Operating Officer, ACE USA. “Our aim in developing ACE Worldview was to assist our clients in managing their global programs as efficiently and easily as possible. Our producer and client advisory board members were instrumental in helping us develop this innovative product. We wish to thank them for their continued support and feedback and look forward to rolling out the next round of enhancements to this platform in early 2013.” More»

ACE Group announced that it has begun underwriting energy risks through Syndicate 2488 at Lloyd’s of London as part of its growing global portfolio. ACE will write offshore risks on a global basis and will write onshore risks on a global basis excluding North America. The new Lloyd’s offering will complement ACE’s existing energy portfolio, which is written in the London company market and worldwide. The initiative is part of ACE’s commitment to extending its presence in this sector, particularly in the oil and gas markets. Matthew Shaw, President, ACE Global Markets and Active Underwriter for Syndicate 2488, said: “ACE is one of the few truly global players, and one of the largest capacity providers, in the energy market. Adding the Lloyd’s platform enables us to offer Lloyd’s brokers a comprehensive solution to clients with large, complex and multinational risks. It also gives us access to new markets that can benefit from our underwriting skills and specialist engineering teams.” Mairead Dawson, Underwriting Manager, Global Energy, at ACE, said: “A vast array of energy infrastructure projects have recently come to fruition. The sheer scale of the energy risks created, particularly in emerging markets in South America, Asia and West Africa, has brought a requirement for new expertise and capacity. Our robust underwriting platform and the strength of the global Lloyd’s franchise brings us the opportunity to lead and innovate in these carefully selected markets.” More»

Dr. Fakhry El-Feky, former assistant to the executive director of the International Monetary Fund (IMF), stated that the fall of Egypt's foreign reserves to US$ 13.6 billion has led to increasing the financing gap during 22 months from US$ 14.5 billion to US$ 16 billion. Accordingly, the government will need other financing resources besides the long-awaited US$ 4.8 billion loan from the International Monetary Fund (IMF) and other foreign loans in order to finance the financing gap, he added. He warned that the fall of foreign reserves to this level pushes the country into a danger zone. The government may ask for increasing the value of the IMF loan in order to finance the financing gap and this will necessitate restarting its negotiations with IMF with a new economic reform plan, he noted. El-Feky stated that he is against changing both the Ministry of Finance and the governor of the Central Bank of Egypt (CBE) at the meantime as the former officials have more experience to negotiate with IMF mission. He emphasized on the importance of appointing a first deputy prime minister for economic affairs to be capable of conducting effective negotiations with IMF. More»

The Egyptian Takaful Company (Non-Life) is expected to achieve return on investment of EGP 26.4 by the end of next March, said El-Sayed Bayoumi, head of investment department at the company. The company succeeded in achieving 90% of the target return on investments which is EGP 29 million for the current fiscal year, he added. The return on investment reached about EGP 17.7 million at the end of Q2 of FY 2012/2013, fulfilling 61% of the target for the current fiscal year. Bayoumi noted that it has become difficult to determine the best investment channels amid the political and economic changes in Egypt. Insurance companies have to diversify their investment channels according the nature of the Egyptian market, he affirmed. It is worth noting that the Egyptian Takaful Company (Non-Life) targets to increase its investments in securities by EGP 3 million to reach EGP 10 million in the current fiscal year. More»

Delta Life Insurance Company renewed the insurance policy covering borrowers from Alex Bank for a year, said Ayman El-Alfy, general manager of the company. The total value of the insurance policy is EGP 4 billion, he added. The policy covers borrowers against the default on loan repayment due to death, personal accident, total disability or partial disability. The company renewed some of its branches in the current period to keep up with the latest developments in the Egyptian market so as to help the company to market its products in an easy and attractive method. El-Alfy revealed that the company launched a new branch in Alexandria which offers 11 products. It is worth mentioning that Delta Life Insurance Company targets to achieve premiums of EGP 112 million in FY 2012/2013, compared to EGP 102.5 million in the last fiscal year, registering a growth rate of 9.3%. More»

Major achievements, innovations and excellence in the regional insurance industry were recognized at the 9th Annual Middle East Insurance Forum (MEIF 2013) award ceremony held yesterday at the Gulf Hotel in the Kingdom of Bahrain. The annual MEIF Institutional Excellence Award, which is one of the oldest and most prestigious in the industry, is designed to recognize institutions that have made a significant contribution to the regional insurance industry. The MEIF Institutional Excellence Award celebrates a leading institution that has demonstrated outstanding achievements and institutional excellence in key performance areas.  Bahrain Kuwait Insurance Company B.S.C. (BKIC) has been voted as the winner of the 2013 MEIF Institutional Excellence Award from a short-list of nominees through a unique industry-based voting system.  Abdul Rahman Mohammed Al Baker, Executive Director – Financial Institutions Supervision, Central Bank of Bahrain presented the award to Ebrahim Al Rayes, Chief Executive Officer of Bahrain Kuwait Insurance Company B.S.C. at a high-profile gala dinner and award ceremony held on the sidelines of the 9th Annual Middle East Insurance Forum (MEIF 2013).  Receiving the award, Ebrahim Al Rayes said that “we are delighted to receive the MEIF Institutional Excellence Award 2013. To receive this award, which is considered to be one of the most prestigious awards in the regional insurance industry, is indeed a great honor. This award highlights the financial strength of BKIC, our excellent record in achieving profit in the core insurance business, as well as a well-balanced policy of investment management and a good reputation enjoyed by the company in the markets in which we operate. It reflects our collective success in creating significant value for all our stakeholders, be it for our clients, our shareholders, the employees or the society at large.”  He also noted that “this award is a major milestone in our path to achieving our vision of becoming the leading insurance and risk solution provider in the region further strengthening our commitment and dedication towards excellence.” More»

The Railways, Underground-Metro & Highways Accident Risks Insurance Pool disbursed EGP 6.595 million compensations to the injured and the families of people killed in railways, underground and highways accidents in the first half of FY 2012/2013, said Mortada Mohamed, executive director of the pool. The Pool disbursed compensations of EGP 3.28 million for the families of the dead and EGP 540,000 for the injured in railways and underground accidents at the end of last December The Pool also disbursed compensations of EGP 2.684 million for the families of the dead and EGP 91,600 for the injured in highway accidents at the end of last year. The Railways, Underground-Metro & Highways Accident Risks Insurance Pool is a non-profit organization which disburses compensations directly after reviewing the declaration of inheritance. Each of family of the dead and each total-disability injured receive compensation of EGP 20,000, while compensation offered to the rest of the injured is determined according to the percentage of injury. More»

Insurance companies in Egypt are competing to win a bid to insure the Egyptian Steel Group’s factory, sources said. Misr Insurance Company and Arab Misr Insurance Group (AMIG) are of the most prominent companies competing in the bid to provide the insurance policy which has value of more than EGP one billion, sources added.  The insurance policy covers all engineering insurance risks including installation errors of the project’s machines, equipments and production lines. The insurance coverage also includes third party civil liability insurance and coverage against halted work. The Egyptian Steel Group noted that it waits finalizing the procedures of the EGP 1.07 billion loan it intends to receive to start opening the bid envelopes. The Group asks insurers to submit the rest of the required documents. Insurance companies wait finalizing the procedures of the loan sought by South Helwan Power Plant to provide it with engineering insurance policy which will covers against all engineering risks of operating the plant as well as the equipments. Sources told Amwal Al Ghad that the Group's loan arranger Banque Misr studies the insurance policy conditions to say its opinion about whether it is appropriate or not. More»

EGYPTAIR 2011 Limited, Al Tawfeek Leasing Co, Sogelease Egypt, International Company for Leasing (Incolease) and Corporate Leasing Company Egypt (CorpLease) acquired the top five ranks in offering the largest financial leasing services during 2012 after signing 1011 contracts worth EGP 6.2 billion, representing 78.3% of the value of financial leasing contracts in 2012. EGYPTAIR 2011 Limited ranked the first among financial leasing companies with market share of 27.8% as it signed three contracts worth EGP 2.22 billion in 2012.Al Tawfeek Leasing Co seized the second position as it signed 135 contracts worth EGP 1.55 billion with market share of 19.44% in 2012.Sogelease Egypt acquired the third position with 423 contracts worth EGP 1.11 billion, acquiring market share of 13.9%. More»

The 9th Annual Middle East Insurance Forum (MEIF 2013) brought together more than 500 key regulators and industry decision-makers for high-profile discussions on thriving in an increasingly competitive regional insurance market.Convened under the patronage of the Central Bank of Bahrain, the 9th Annual Middle East Insurance Forum (MEIF 2013) witnessed a high profile opening at the Gulf Convention Centre – Gulf Hotel in the Kingdom of Bahrain. Confirming its position as the largest and the most influential annual gathering of regional insurance industry leaders, MEIF 20123 gathered more than 500 senior decision-makers from over 160 organizations for discussions that focused on balancing growth with profitability and identifying new strategies to maintain the growth momentum while boosting technical and operational profitability in an increasingly competitive regional insurance market.  Speaking to the media present at the event, David McLean, Chief Executive of the Middle East Insurance Forum noted that “recent reports indicate that insurance penetration in the Middle East is currently around 1% which is substantially lower in comparison to other emerging markets, let alone developed markets, and this denotes potential for tremendous growth in the next couple of years. Robust economic growth in the region will continue to be the most powerful driver of growth in the insurance market going forward.  However as the Middle East insurance markets continue to develop and mature, it is very important for the industry players to continuously assess their business models and strategies in order to ensure robustness.” More»