Here's your must-read insurance updates!

UAE to tighten insurance cover for ships flying its flag?

According to a government advisory, the UAE is tightening the insurance requirements for vessels flying its flag in response to mounting worries about ships operating without the highest level of coverage in the event of an oil spill. Protection and Indemnity (P&I) insurance, which covers liability claims involving environmental damage and injury, is commonly carried by ships. Separate hull and machinery insurance protects vessels against physical harm.

Nearly 90% of the world's oceangoing tonnage is insured by the 12 ship insurers that make up the International Group (IG). The UAE's Ministry of Energy and Infrastructure stated in a June 2 advisory published on its website that P&I insurers outside of the IG that cover UAE-flagged ships will have to comply with certain requirements, including presenting proof of membership in a recognized maritime-related professional agency or regulatory body.

The advisory mentioned that additional requirements included submitting information about the five largest settled claims or information about claims worth more than $10 million. It also stated that applications were to be submitted by June 30. The advisory, which was also sent to ship owners, stated that proof of the so-called "blue cards," which cover pollution damage, would have to be addressed.?

Over 5,500 Indian workers sign up for new insurance scheme in UAE

On March 1, 2024, an insurance plan for Indian workers in the UAE was launched. In the event that an employee dies, whether from an accident or natural reasons, families may get up to Dh75,000. According to the Indian Consulate in Dubai, more than 5,500 employees have signed up for the new benefit program. This policy, called the Life Protection Plan (LPP), was implemented to close a benefit gap that 2.27 million blue-collar workers in the UAE were experiencing.

It used not to be necessary to have insurance coverage for natural deaths, even though many employers provide health insurance and pay for fatalities and injuries sustained on the job. As such, families may have financial hardships in the event that their principal earner passes away, including costs associated with repatriation. The Indian Consulate set up a meeting between two insurance companies and significant UAE companies employing blue-collar workers to address this problem.

These insurance companies, Extra Co Group of Companies and Gargash Insurance, recently finished the procedures needed for employees to sign up for the program at the Consulate. Unfortunately, this plan is not yet available for individual subscribers; instead, businesses or companies must choose it for their employees.

Howden announces acquisition of broker

Help Me Compare Group (HMCGL) and its subsidiaries were acquired by Howden, solidifying the company's position in the UK health market. At its Cardiff Bay head office, health broker HMCGL employs 132 people and oversees premiums worth over ￡60 million.?

According to Howden, the acquisition "reflects the broader strategy to expand its employee benefits' capability to meet growing client demand" and strengthens the company's position in the consumer insurance market. "This acquisition comes at a crucial time," stated Mike Dalby, managing director of Howden's UK consumer life and health division. "In the last 12 months, there has been a 46% increase in interest from those looking to expedite their access to diagnosis and treatment through private medical insurance. We are in an excellent position to satisfy this rising demand now that we have included HMCGL.”

With the acquisition of AGEO Group, a French provider of employee benefits, Howden's worldwide employee benefits division now numbers over 2,500 workers across 38 countries.

Lloyd’s financial strength rating upgraded

The world's largest insurance and reinsurance marketplace, Lloyd's, today announced that AM Best, a rating agency, has revised its ratings for financial strength from A (excellent) to A+ (superior) and for long-term issuer credit from A+ (excellent) to AA- (superior) with a stable outlook. The rating increase is a result of Lloyd's outstanding operating performance, risk management know-how, and balance sheet strength, which AM Best rates as "very strong."

The upgrade also highlights Lloyd's standing as the top worldwide underwriter of specialty property and casualty risks, as well as its capacity to attract and hold on to investors because of its unique value proposition, which provides a capital-efficient structure. Expecting Lloyd's HY24 findings for September 5th, AM Best agrees with Lloyd that there will be more strong underwriting performance from the market.

Burkhard Keese, Lloyd’s CFO stated that “Capital management continues to be Lloyd’s focus to ensure the attractiveness of the Lloyd’s market for our customers, participants and investors. Our financial strength and solid capital platform enable us to deliver on our strategic growth ambitions and explore new and innovative solutions to enhance the fungibility of capital for our members.”

HAYAH Insurance is pioneering a digital revolution in the MENA insurance sector

The company, Green Crescent, which was first founded in 2008 before changing its name to HAYAH, has continuously shown that it is dedicated to revolutionizing insurance via digital transformation and financial inclusion. In the insurance industry, HAYAH is upending traditional norms and bringing in new ideas.

Hayah's operations are based on a digital-first philosophy. Acknowledging the growing reliability of technology in daily life, HAYAH has been at the forefront of incorporating digital solutions into insurance services. Making insurance more easily accessible, effective, and user-friendly is the company's mission, from tech-enhanced customer service to seamless online policy administration. This approach supports the MENA region's larger digitalization objectives while also streamlining the customer experience.

HAYAH's product line shows its in-depth comprehension of the wide range of demands of its customers. Financial products from the organization, such as Simple Saver and Smart Saver, are clear-cut, adaptable, and comprehensive. Because of its low entrance point, Simple Saver democratizes investing and makes it possible for more people to start saving money for the future. On the other hand, Smart Saver offers personalized suggestions and portfolio management through its AI-driven platform, making it suitable for investors who are looking for more advanced techniques.