Best's Market Segment Report: Operating performance of UAE insurers remains resilient despite unprecedented rains
LONDON- -(BUSINESS WIRE/AETOSWire)-- Insurers in the United Arab Emirates—and their international reinsurance partners—are waking up to the natural catastrophe exposures in the region after severe rains at the beginning of last year impacted full-year earnings, according to a new report from AM Best.
In its Best's Market Segment Report, 'Operating Performance of UAE Insurers Remains Resilient Despite Unprecedented Rains,' AM Best notes in the face of changes in the nature and frequency of weather-related events in the region, insurers will likely need to develop expertise in modelling other potential loss exposures.
Notwithstanding the insured rain losses, the report points to early evidence—based on year-end 2024 results—suggesting that there has been a positive reversal in the underwriting performance of listed insurers, with insurance service results having shown considerable improvement. The results of the top five insurers account for over 85% of the market's total earnings, further exacerbating the divide between the largest and smallest players.
Overall, insurance service results in 2024 showed a 14% increase compared with the previous year, aligning with AM Best's general expectations given the corrective measures taken by the industry in terms of risk management and improvement in technical pricing.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
20-05-2025
- Web Release
IDCentriq to Unveil Next-Generation Palm-Vein Authentication at Seamless Middle East 2025
IDCentriq, a global leader in advanced biometric authentication technologies, has announced its participation as an official sponsor at Seamless Middle East 2025, taking place from 20 to 22 May at the Dubai World Trade Centre. The company will debut its cutting-edge ePalm Palm-Vein Identification Technology, a transformative innovation in secure, contactless identity verification, engineered specifically for the needs of the government and financial services sectors. 'At IDCentriq, we envision a future where identity is frictionless, biometric, and secure,' said Eng. Muhanad Azzeh, Executive Chairman and CEO of IDCentriq. 'Our ePalm technology is not only fast and precise, but it also protects personal data at the highest levels – and we are proud to introduce it at one of the most prestigious technology events in the region.' As part of its global growth strategy, IDCentriq will also announce the deployment of its biometric identity and payment platforms in various regions, including the GCC, the Middle East, and Africa. These nationwide rollouts represent a major milestone in the company's mission to deliver scalable, secure solutions across diverse markets in the MENA and African regions. Ali AlMeshal, CEO of PaymentsCo for the GCC, a subsidiary of IDCentriq, highlighted the significant payment opportunities presented by the company's groundbreaking ePalm technology. 'The integration of palm-vein biometric authentication into our payment solutions is a game-changer for the financial industry. It enhances security while streamlining the user experience, making transactions seamless and more trustworthy. As we move towards a cashless society, adopting technologies like ePalm will be crucial in fostering consumer confidence and driving growth in the digital payments landscape across the GCC,' he stated. 'Seamless Middle East 2025 is a powerful platform for connecting with policymakers, banking leaders, and digital innovators,' said Corey Bowlby, Chief Product & Technology Officer. 'We look forward to showcasing how ePalm can empower trusted digital services across borders, at national and institutional scale.' Attendees can visit IDCentriq at Hall 5, Stand H5-B30 to experience live demonstrations of the ePalm system and explore its integration potential across government portals, banking systems, and secure access control environments. Source: AETOSWire
Zawya
05-05-2025
- Zawya
FSS showcases AI-driven payment innovations at Simply Payments 2025 Dubai, as UAE accelerates towards an intelligent financial future
DUBAI, United Arab Emirates-- (BUSINESS WIRE/AETOSWire)-- At a time when the UAE's financial services industry is undergoing unprecedented transformation, Financial Software and Systems (FSS), a global leader in payments technology, hosted the Dubai edition of its flagship event Simply Payments 2025 series, convening top minds in Fintech, Government Payments, and Artificial Intelligence. Held under the theme 'Reimagining Payments in the AI Era,' the event underscored the urgent need for banks and financial institutions to embrace AI not just as a technology tool, but as a strategic enabler of operational agility, consumer relevance, and sustainable growth. The event came at a critical juncture for UAE. With the Central Bank of the UAE's Financial Infrastructure Transformation (FIT) Programme already pushing for the rollout of instant payments, and the National Artificial Intelligence Strategy 2031 placing the UAE among global AI leaders, FSS positioned itself as a key catalyst enabling local and regional players to navigate the new digital paradigm. A Trusted Global Enabler, Now Deepening Its MENA Focus FSS, which powers mission-critical payments across 26+ countries, is increasing focus on the MENA region, with Dubai emerging as a hub for strategic fintech partnerships. 'For over 15 years, we have supported the payments modernization journey of governments and private sector institutions. Today, the UAE is a beacon for innovation, and FSS is proud to help realize its vision of an AI-led, inclusive digital economy,' said Sandeep David Crasta, Head of Sales – Retail Payments, MENA at FSS, during the welcome address. FSS's platform offerings—spanning real-time payment processing, AI-based fraud management, and open API integration—are purpose-built to meet the evolving demands of the Gulf's financial ecosystem. AI as a Driver of Economic and Operational Efficiency In a keynote titled The Role of AI in Reshaping Financial Economics, Imad Ahmed Abdalwahab, MD – Government Payment Solutions at Magnati, emphasized AI's concrete benefits: A 30–40% increase in transaction acceptance rates due to intelligent decision-making systems. Real-time fraud prevention powered by machine learning and behavioural analytics. AI-driven personalization that enhances user engagement across digital banking channels. 'We are no longer talking about potential. AI is already transforming how payments are processed, secured, and experienced by end-users. And in the UAE, where infrastructure and policy are in sync, the benefits are immediate,' said Abdalwahab. He credited FSS as a 'critical partner' in deploying backend systems that are faster, simpler, and more responsive—especially for government-related payments, where trust and efficiency are paramount. V Balasubramanian, CEO of FSS, offered a nuanced take on AI's potential and responsibilities. 'AI is not just algorithms—it's about building ethical systems that empower human decision-making. The regulatory frameworks in the UAE, which focus on exploring the ability, governance, and consumer protection, are setting global standards. We at FSS are proud to align with them.' Balasubramanian also noted that dual intelligence—leveraging both human insight and machine learning—is key to creating differentiated outcomes in a crowded market. Panel Discussion: Reimagining Payments in the Artificial Intelligence Era The high-powered panel discussion brought together prominent voices from the fintech and banking sectors, including Haishan Wu, Mohamed Chakib Ouabi, Devendra Kumar, Malaz Mubaid, and Sandeep Crasta. Panellists also highlighted that strategic investments in AI are becoming key differentiators for banks, especially as the pressure to modernize intensifies in an increasingly competitive financial landscape. FSS's offerings are deeply compatible with emerging trends in the region. Last year, FSS had launched the FSS BLAZE platform in the UAE, which has since then been more than warmly received by banks and telecom companies alike. Many of them have since adopted BLAZE, and together, with FSS, have begun to reimagine how modern payments can work in a faster, smoother and more seamless manner. About Financial Software and Systems (FSS) Financial Software and Systems (FSS) is a global leader in payments technology and transaction processing, offering a comprehensive suite of products and solutions that redefine the payment experience. With a presence in over 25 countries, FSS powers seamless transactions and enhances customer experiences for banks, financial institutions, and fintechs worldwide. The company's offerings include card issuance, merchant acquiring, real-time payments, and reconciliation, secure 3D authentication, and active device monitoring. FSS's innovative platforms, such as FSS BLAZE™ and FSS BLAZE™ Studio, enable rapid deployment of payment products and low-code application development, fostering digital transformation in the payments ecosystem.
Zawya
28-04-2025
- Zawya
DataBahn.ai launches ‘Data Reef' built on its MCP server to deliver smarter, context-aware security intelligence
DALLAS--(BUSINESS WIRE/AETOSWire)-- a leader in AI-powered data fabric and pipeline management, today announced the launch of Reef, an industry-first solution that transforms high-volume, high-velocity security telemetry into actionable intelligence – precisely when and where it's needed. Enterprises collect petabytes of logs, alerts, and telemetry – but typically analyze less than 5% of it. That small slice often misses the most critical signals. Reef intelligently filters, identifies, contextualizes, and prioritizes high-value data in real time, writing it directly to enterprise-owned data lakes infrastructure. The result: meaningful insights delivered instantly to security analysts and decision-makers. 'Security teams don't need more dashboards - they need answers, they need insights,' said Mihir Nair, Head of Architecture & Innovation at 'We've harnessed GenAI to reimagine how teams interact with data – delivering relevant intelligence the moment it's needed. Our new Model Context Protocol (MCP) Server advances this vision even further. It helps to seamlessly integrate Reef with Cruz AI – Data Engineer. With a single prompt, users can uncover configurations, inventories, and anomalies – driving faster, smarter decisions.' 5 to 60 minutes - that's how long data searches used to take. With Reef, it's a matter of seconds. Built on modular Security Data Fabric, Reef unifies telemetry from all sources into a centralized, searchable metadata layer accessible via natural language. This makes security data not only usable but useful for SOC analysts, threat hunters, infrastructure teams, auditors, and even AI systems. 'Unlike lakes or swamps - passive metaphors for storage – Reef is where the signal lives,' added Nithya Nareshkumar, Co-Founder and President of 'It's where your logs stop sitting idle and start telling a story.' With Reef, reinforces its commitment to delivering cutting-edge AI solutions that simplify and scale security data operations. The product is available immediately to existing Security Data Fabric customers and as an insight-layer add-on for enterprises aiming to optimize observability, reduce cost, and enhance security outcomes with AI. To learn more or request a demo, visit View source version on *Source: AETOSWire Contacts Media Contact: Poornima Verghese Email: press@
