Insurance

S&P Global Ratings today said that Dubai-based Orient Insurance P.J.S.C. (A/Stable/--) reported stronger-than-expected gross written premium (GWP) growth and higher net earnings in the first six months of 2020, despite the pandemic and lower oil prices. Orient's GWP increased 13.6% to about UAE dirham (AED) 2.56 billion (about $700 million) in the first half of 2020 from about AED2.25 billion during the same time in 2019. This resulted from the company's expansion across all business lines, despite a lockdown for several weeks during this period.

National Takaful Company (Watania) PJSC that taglines itself as #SettlesClaimsFaster has launched its online customer portal to underwrite policies and to add great convenience to its customers. It provides a non-touch and paperless environment to get a policy online and that too in less than 4 minutes.

AM Best has revised its market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC) to negative from stable. Key factors that led to the change outlook includes the economic downturn across the region stemming from lower oil prices and COVID-19 containment measures; the expectation of lower insurance demand following a delay in the rollout of mandatory health insurance in Oman and Bahrain; the postponement of EXPO 2020 in Dubai; and the potential delay of government infrastructure projects.

Beyontec, which specializes in a wide portfolio of technology solutions for the global insurance industry, is proud to announce today that Clements Worldwide will be implementing Beyontec Suite as its core insurance solution.

Berkshire Hathaway Specialty Insurance (BHSI) today announced that it is providing Defense Base Act (DBA) insurance on a global basis through its DBA-dedicated underwriting and claims team in Dubai.

Delivering on its “Customer First” strategy, Oman Insurance Company has launched the new cloud-hosted website www.omaninsurance.ae on market leading Sitecore Digital Experience Platform with a fresh interface, enhanced e-commerce features and a host of digital services.