Middle East
Marsh & McLennan revenue grows 6% in Q1
Marsh & McLennan Group outstripped analyst estimates to make consolidated revenue of $3.1 bn in the first quarter, a 6% increase on the first quarter of 2011.
AAOIFI plans reform of takaful standards
Khaled Al Fakih, the new secretary-general of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions, outlined plans for a sweeping review of its guidelines in an interview with Reuters.
Clyde & Co promotes six to partnership in the Middle East
Clyde & Co has announced the internal promotions of six Middle East-based senior associates and legal directors to the partnership, with effect from 1 May 2012, bringing the firm's regional partner count to 30.
Sri Lanka's EAP enters insurance broking with Omani firm
EAP Group will form a joint venture with Oman-based broker Risk Management Services LLC to capitalise on the growing insurance market in post-war Sri Lanka.
Lloyd's Register exits Iran amid sanctions furore
Lloyd's Register has closed its operations in Iran, fearing a blacklisting in the US if it failed to terminate the business.
Indian insurer will provide liability cover for tankers carrying Iranian crude
State-owned Indian insurer General Insurance Corp of India will step forward to provide third-party liability cover of up to $50m for ships bringing Iranian crude oil from Iran, according to reports.
China considering sovereign guarantees to keep oil flowing
China will review the possibility of sovereign guarantees to enable the nation's ships to import Iranian crude oil after EU sanctions come into effect in July, the head of the China Shipowners' Association has said.
Nearly 80% of Islamic firms created a risk department in the past five years
The number of Islamic financial institutions employing dedicated risk managers has increased greatly since 2007, according to Deloitte Middle East's first Islamic Finance Risk Intelligence report.
Atradius appoints D'Souza as Dubai country manager
Credit insurer Atradius has appointed Schuyler D'Souza as country manager for Dubai to support the company's growing business in the Middle East through regional partner Arab Orient.
Crisis pushes EMEA risk managers to demonstrate value
Risk managers across EMEA are using the financial crisis to demonstrate how they add value, and are gaining kudos in the boardroom as a result, according to Marsh's latest report.
Aon's political risk and terrorism map warns 37 countries are more dangerous
Aon Risk Solutions has downgraded 37 countries including the UK in its 2012 Terrorism & Political Violence Map, largely due to civil unrest.
Aon downgrades 37 countries for terrorism and political violence
Companies must consider threats to business continuity due to civil unrest, said Aon Risk Solutions, as it downgraded 37 countries in its annual Terrorism & Political Violence map.
Indian ship owners vow to carry Iranian oil despite reduced cover
Sanctions-hit Indian shipping firms will continue transporting Iranian crude oil, even if restricted insurance coverage leaves them financially exposed in the case of a spill or accident, industry sources have said.
Certificate aims to reduce premiums for Dubai's safe drivers
Dubai's Roads and Transport Authority is introducing a driver certificate designed to allow safe motorists to reduce their premiums.
Zurich and HSBC join forces in MENA distribution deal
General insurer Zurich has agreed a 10-year distribution deal with HSBC Middle East.
Property rate poll result
How long will property rates continue to rise?
Ace appoints new leaders of UK and Ireland Retail
Ace Group has promoted a number of senior staff within its Europe, Middle East and Africa region.
Globaleye recruits new MD from Noor Takaful
International wealth management company Globaleye has appointed Jawaid Tabassum as general manager for its general insurance and employee benefits department in the United Arab Emirates.
Talbot appoints new MENA CEO
Talbot Underwriting MENA, formally known as Underwriting Risk Services (Middle East), has appointed Matthew Warren as chief executive.
Talbot appoints Warren CEO for MENA
Talbot Underwriting has appointed Matthew Warren as chief executive of Talbot Underwriting (MENA), formally known as Underwriting Risk Services (Middle East).
Zurich relocates Dubai office
Zurich Insurance Group has relocated its Dubai General Insurance offices to accommodate growing operations in the United Arab Emirates and increase convenience for customers and partners.
GWP of global non-life insurance to reach $2,500bn by 2017
The global non-life insurance industry saw moderate growth during 2006-2011 and the growth momentum is expected to continue, reaching an estimated $2,500bn in 2017 with a CAGR of 4.2% over the next five years, according to Lucintel.
Fringe markets to drive takaful gross contributions to $12bn
Global takaful contributions grew by 19% to $8.3bn in 2010, according to Ernst & Young's World Takaful Report 2012.
Iran insuring oil tankers as sanctions bite
Iran is insuring tankers transporting its oil to buyers at a cost of millions of dollars per delivery, according to reports.