UAE Business Magazine

Best’s Special Report: Cash Collection Remains Problematic for Insurers in the United Arab Emirates

January 15, 2019 UAE Business 0

LONDON — The challenges faced by insurers in the United Arab Emirates (UAE) in relation to insurance debtors can apply additional pressure on already distressed technical margins, according to a new report by AM Best.
In the Best’s Special Report, titled, “Cash Collection Remains Problematic for Insurers in the United Arab Emirates,” AM Best notes that while average insurance debtor days for listed UAE-national insurers has showed an improving trend, they were well above the average for the Middle East and North Africa (MENA) region. Read more

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Studies of natural disasters and anthropogenic losses in the countries of the Persian Gulf indicate the need to manage corporate risks

July 29, 2018 UAE Business 0

The member countries of the Gulf Cooperation Council have traditionally been subject to a low level of weather-related requirements, although Cyclone Mekunu, who struck Oman in May 2018, Super Cyclone Gonu in 2007 and floods in the United Arab Emirates (UAE) and Saudi Arabia serve as a reminder that the region is not completely free of natural disasters. Read more

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A.M. Best Briefing: VAT Implementation Poses Significant Challenges for GCC Insurers

May 28, 2017 UAE Business 0

Uncertainty persists as to when precisely Value Added Tax (VAT) will be introduced in the member states of the Gulf Cooperation Council (GCC), and the process surrounding a roll-out. However, given the fiscal pressures in the region, the introduction of taxation seems inevitable and could cause short-term cash-flow issues for insurers. Read more