Latest news with #GIGGulf
Khaleej Times
19-06-2025
- Business
- Khaleej Times
How important is cyber insurance in this digital age?
In this digital age, your most valuable assets may no longer be locked in a safe but stored online. As cybercrime continues to surge across the UAE, an increasing number of individuals and businesses are waking up to an uncomfortable truth: most traditional insurance policies don't protect against cyberattacks. Whether it's stolen personal data, hacked bank accounts, ransomware attacks, or a deepfake scam draining your savings, cybercrime is no longer a niche concern - it's a real, rising financial threat. According to the UAE Cybersecurity Council, the country witnessed a significant surge in cyber threats last year, with ransomware attacks increasing by 32 per cent compared to the previous year. Other forms of cyberattacks, including phishing, Distributed Denial of Service (DDoS), and scams, have also seen a rise of up to 18 per cent. With UAE residents spending more of their lives — and dirhams — online, it may be time to consider cyber insurance. Once seen as a niche policy, it's fast becoming a core part of financial planning. GIG Gulf, a leading insurance provider in the Middle East and North Africa (Mena) region, recently launched the UAE's first home insurance product that includes cyber-fraud cover as standard. 'Cyber Comfort' covers every family member of the household and provides direct access to a dedicated cyber resolution team available 24/7 to guide victims through recovery in case of a digital breach. Franck Heimburger, chief personal lines officer at GIG Gulf, said: 'Today, our homes are more connected than ever, and with that connectivity comes new risks. By embedding cyber protection into our home insurance, we're taking a bold step to meet the evolving needs of our customers. It's not just about insuring what's inside your home anymore – it's about securing the digital lives of the people who live in it.' Etisalat by e& offers personal cybercrime insurance in the UAE, providing coverage against various online threats and financial losses. This includes protection against online banking fraud, credit card fraud, loss of online purchases, and cyberbullying. Stuti Sri, co-founder of financial comparison site Creditcardfinder, said: 'As cyber threats become more personal - think online banking fraud, social media hacking, and identity theft - insurers in the UAE are responding. Providers like GIG Gulf, Etisalat by e& (in partnership with Union Insurance) now offer personal cyber insurance, either as stand-alone policies or as add-ons to home insurance. The market is still maturing, but flexibility is increasing, which is good news for consumers.' Coverage typically includes online banking fraud, identity theft and data restoration, phishing and cyber extortion, ransomware attacks, and losses from non-delivery of paid online goods. Some premium plans can offer up to $10,000–$12,000 (Dh36,00 to Dh44,000) in annual protection. Some also include access to digital security support and legal advice. But Sri points out that insurers expect policyholders to take reasonable precautions. 'That includes using strong passwords, enabling two-factor authentication, and keeping antivirus software updated. If you're careless — say, using '123456' as your password or sharing your login on public Wi-Fi — it could weaken your claim.' In the UAE, a current trend is social engineering scams, where attackers manipulate people into giving away confidential information, such as passwords, bank details, or access to systems. Instead of hacking computers, social engineers 'hack' human psychology — using deception, trust, fear, urgency, or curiosity to trick people into taking unsafe actions. These often happen on Whatsapp and involves deepfake voice scams. 'The main cyber threats that we see around today in daily life are phishing attempts with links coming with names like Salik, RTA, Aramex and Dubai Police. They ask us to click on a link and this leads to fraud on our credit card or bank accounts,' added GIG Gulf. 'Today we see many replicas of well-known websites which look extremely legit but when a purchase is done and we never receive goods we ordered, we realise something is wrong. It is in such cases where this policy steps in.' It's not just individuals falling prey, companies are also victims to cybercrime, often through their employees. Alexandra O'Hare, Senior Associate for law firm Kennedys, said they have seen a year-on-year increase in the number of cyber instructions received, both globally and in the region. Phishing remains the most common way that organisations fall victim to a cyber-attack. 'Typically, this is in the form of a business email compromise attack which involves social engineering in order to convince an employee to surrender their login credentials. As it relies on human-to-human connections, it is much harder to detect using traditional security tools like endpoint detection and response. The best way to prevent these kinds of incidents is to better educate your workforce and promote a culture that encourages swift reporting when mistakes are made.' She agrees that nowadays cyber insurance is essential. 'No organisation is impenetrable meaning that it is more likely than not that an organisation will suffer a cyber incident at some stage.' For anyone concerned about cybercrime, Sri's advice is simple: 'Take digital safety seriously. Back up your data, secure your devices, and don't underestimate how convincing some scams can be. Cyber insurance is a smart layer of protection - but prevention still matters most.'
Khaleej Times
26-05-2025
- Business
- Khaleej Times
GIG Gulf launches the UAE's first home insurance with built-in cyber protection
GIG Gulf, a leading insurance provider in the Mena region, is raising the bar for personal protection with the launch of the UAE's first home insurance product that includes cyber-fraud cover as standard. This market-first offering extends protection beyond physical assets, helping safeguard families from the growing threat of online fraud and digital attacks. From phishing scams and identity theft to online shopping fraud and ransomware, the new Cyber Comfort cover provides policyholders with a multi-layered defense against a range of cyber threats. Every family member of the household is included under the policy, and GIG Gulf provides direct access to a dedicated cyber resolution team available 24/7 to guide victims through recovery in case of a digital breach. This enhancement comes at a time when cybercrime is escalating globally, and the UAE is taking proactive measures to protect residents and businesses. As the digital economy grows, so do the risks. GIG Gulf's cyber cover ensures policyholders are protected at home and online – reinforcing the company's commitment to customer-centric innovation. Commenting on the launch, Franck Heimburger, chief personal lines officer at GIG Gulf, said: 'Today, our homes are more connected than ever, and with that connectivity comes new risks. By embedding cyber protection into our home insurance, we're taking a bold step to meet the evolving needs of our customers. It's not just about insuring what's inside your home anymore – it's about securing the digital lives of the people who live in it.' The cyber cover is available on all new and renewing home insurance policies issued in the UAE from March 2025 onwards. GIG Gulf plans to roll out similar coverage across other regional markets and product lines, continuing to set the pace for innovation in the insurance industry. GIG Gulf continues to redefine what customers can expect from insurance – combining smart technology, practical protection, and human support to deliver peace of mind in an increasingly digital world. Explore GIG Gulf's enhanced home insurance today and take the first step toward protecting your digital world.
Yahoo
26-05-2025
- Business
- Yahoo
GIG Gulf gains Cat A health insurance licence from FSA in Oman
Insurance company GIG Gulf has secured a Category "A" licence from the Financial Services Authority (FSA) in Oman. This move allows the company to offer and manage health insurance products under the Sultanate's 'Health Insurance Participation' framework. The FSA's new licencing framework is designed to enhance regulatory oversight and increase premium retention within Oman. It introduces a co-insurance model, which permits licenced B insurers to share in the health insurance business with licenced A insurers. GIG Gulf Oman general manager Mehdi Al Harthy said: 'We are committed to leveraging our expertise and technology to deliver tailored insurance solutions that meet the unique needs of individuals and businesses across Oman. 'Our focus is on building long-term partnerships and enhancing customer experience through transparency, accessibility, and trust. 'We are investing in infrastructure, IT systems, and talent to expand our client base and product offerings, ensuring that we meet evolving market demands and consistently deliver the highest quality service. We also thank the FSA for their leadership in fostering a resilient and inclusive health insurance ecosystem in Oman." Having operated in the GCC region for over 70 years, GIG Gulf, a subsidiary of Fairfax Financial Holdings, has a focus on growth and investments. The company provides insurance products and services to SMEs, corporates and individual customers in the UAE, Oman, Bahrain and Qatar. With a workforce exceeding 800 employees across 12 branches and retail shops across the region, and serving over one million customers, GIG Gulf aims to become the region's digital insurer. "GIG Gulf gains Cat A health insurance licence from FSA in Oman " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Zawya
26-05-2025
- Business
- Zawya
GIG Gulf secures category "A" health insurance license under new regulatory framework in Oman
MUSCAT, Oman/PRNewswire/ -- GIG Gulf has achieved a landmark milestone in Oman, becoming one of the first insurers to be awarded a Category "A" license by the Financial Services Authority (FSA). This license grants GIG Gulf the authority to provide and manage health insurance under the Sultanate's newly established 'Health Insurance Participation' framework, positioning the company at the forefront of a transformative shift in Oman's healthcare landscape. As one of the first insurers to receive this license, GIG Gulf is now officially authorized to offer and manage health insurance products in Oman. The FSA introduced this new licensing framework to strengthen regulatory oversight, improve service quality, and boost premium retention within the Sultanate. It also establishes a co-insurance model, enabling licensed B insurers to take a share of health business from licensed A insurers. This ensures sustainability, data protection, and a customer-centric approach for the Omani population. Mehdi Al Harthy, General Manager of GIG Gulf Oman, said, "We are committed to leveraging our expertise and technology to deliver tailored insurance solutions that meet the unique needs of individuals and businesses across Oman. Our focus is on building long-term partnerships and enhancing customer experience through transparency, accessibility, and trust." He added, "With less than 20% of the population currently insured, the market opportunity is substantial. We are investing in infrastructure, IT systems, and talent to expand our client base and product offerings, ensuring that we meet evolving market demands and consistently deliver the highest quality service. We also thank the FSA for their leadership in fostering a resilient and inclusive health insurance ecosystem in Oman." This achievement underscores GIG Gulf's commitment to innovation, regulatory excellence, and delivering high-quality healthcare protection to Oman's residents. It also positions the company as a market leader as the FSA rolls out the framework for regulating health insurance in the country. ABOUT GIG GULF GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Qatar, Oman, Iraq, Lebanon, Saudi Arabia, and United Arab Emirates. Its reported consolidated assets stand at US$3.8 billion as of 31 December 2023. GIG Gulf is an 'A' rated regional insurer with a top 5 position in each of its markets. GIG Gulf has been present in the GCC region for over 70 years with a strategic focus on both growth and investments and is a 1-stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs, and individual customers throughout UAE, Oman, Bahrain and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi. GIG Gulf is a subsidiary of Fairfax Financial Holdings Limited, a holding company headquartered in Toronto, Canada, which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. With a workforce of over 800 employees across 12 branches and retail shops region-wide and over 1 million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. Obsessed with customer feedback and continuously evolving to become the region's digital insurer of reference, GIG Gulf is also focused on making a difference for customers, partners and communities through strong CSR commitments. Recognised as a leading insurance brand, GIG Gulf has been winning several awards for its quality of services and products, most recently winning, The Health Insurer of the Year award by MENA II 2022, 2023 and 2025 Award, The Middle East Leadership Awards and received the ISO 2700 Certificate. For more information, visit and follow us on: SOURCE GIG Gulf Contact: Hayley Clements, Regional Communications Manager, +971 50 635 8194
Yahoo
26-05-2025
- Business
- Yahoo
GIG GULF SECURES CATEGORY "A" HEALTH INSURANCE LICENSE UNDER NEW REGULATORY FRAMEWORK IN OMAN
MUSCAT, Oman, May 26, 2025 /PRNewswire/ -- GIG Gulf has achieved a landmark milestone in Oman, becoming one of the first insurers to be awarded a Category "A" license by the Financial Services Authority (FSA). This license grants GIG Gulf the authority to provide and manage health insurance under the Sultanate's newly established 'Health Insurance Participation' framework, positioning the company at the forefront of a transformative shift in Oman's healthcare landscape. As one of the first insurers to receive this license, GIG Gulf is now officially authorized to offer and manage health insurance products in Oman. The FSA introduced this new licensing framework to strengthen regulatory oversight, improve service quality, and boost premium retention within the Sultanate. It also establishes a co-insurance model, enabling licensed B insurers to take a share of health business from licensed A insurers. This ensures sustainability, data protection, and a customer-centric approach for the Omani population. Mehdi Al Harthy, General Manager of GIG Gulf Oman, said, "We are committed to leveraging our expertise and technology to deliver tailored insurance solutions that meet the unique needs of individuals and businesses across Oman. Our focus is on building long-term partnerships and enhancing customer experience through transparency, accessibility, and trust." He added, "With less than 20% of the population currently insured, the market opportunity is substantial. We are investing in infrastructure, IT systems, and talent to expand our client base and product offerings, ensuring that we meet evolving market demands and consistently deliver the highest quality service. We also thank the FSA for their leadership in fostering a resilient and inclusive health insurance ecosystem in Oman." This achievement underscores GIG Gulf's commitment to innovation, regulatory excellence, and delivering high-quality healthcare protection to Oman's residents. It also positions the company as a market leader as the FSA rolls out the framework for regulating health insurance in the country. ABOUT GIG GULF GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Qatar, Oman, Iraq, Lebanon, Saudi Arabia, and United Arab Emirates. Its reported consolidated assets stand at US$3.8 billion as of 31 December 2023. GIG Gulf is an 'A' rated regional insurer with a top 5 position in each of its markets. GIG Gulf has been present in the GCC region for over 70 years with a strategic focus on both growth and investments and is a 1-stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs, and individual customers throughout UAE, Oman, Bahrain and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi. GIG Gulf is a subsidiary of Fairfax Financial Holdings Limited, a holding company headquartered in Toronto, Canada, which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. With a workforce of over 800 employees across 12 branches and retail shops region-wide and over 1 million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. Obsessed with customer feedback and continuously evolving to become the region's digital insurer of reference, GIG Gulf is also focused on making a difference for customers, partners and communities through strong CSR commitments. Recognised as a leading insurance brand, GIG Gulf has been winning several awards for its quality of services and products, most recently winning, The Health Insurer of the Year award by MENA II 2022, 2023 and 2025 Award, The Middle East Leadership Awards and received the ISO 2700 Certificate. For more information, visit and follow us on: Photo - View original content to download multimedia: SOURCE GIG Gulf Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
