Latest news with #ILOE
Yahoo
20-05-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Dubai Insurance Company (PSC)
LONDON, May 20, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Dubai Insurance Company (PSC) (DIN) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect DIN's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. DIN's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), which has been supported by strong organic capital generation historically. The assessment factors in the company's sufficient liquidity and history of prudent reserving. An offsetting factor in the balance sheet strength assessment is DIN's high reinsurance dependence. The associated counterparty credit risk is mitigated partially by the use of a panel of financially sound reinsurance partners. The assessment also considers the material share of equity holdings in DIN's investment portfolio and its exposure to fair value fluctuations, which introduces the potential for volatility in capital and surplus. DIN has a track record of strong operating performance supported by robust underwriting results and steady investment income. In 2024, under IFRS 17, the company generated a net-net combined ratio of 93.2% (as calculated by AM Best), which was higher than in the prior year. The increase in combined ratio is driven primarily by the company's motor portfolio, which was impacted by the unprecedented rains in 2024 and challenging market conditions. The earnings of the Workers Protection Plan (WPP) and the Involuntary Loss of Employment (ILOE) products continued to make a material contribution to the company's technical results, due to low loss experience and significant inward reinsurance commissions. In recent years, DIN has enhanced its market position in a highly competitive market without compromising technical profitability. The successful roll out of the consortium managed products, which include the WPP and ILOE, has diversified DIN's business mix, which historically was concentrated primarily in motor and medical segments in line with other domestic insurers, and has consequently assisted DIN in materially growing its topline. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. 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. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Saad Abbasi Financial Analyst +44 20 7397 0316 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 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
Yahoo
20-05-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Dubai Insurance Company (PSC)
LONDON, May 20, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Dubai Insurance Company (PSC) (DIN) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect DIN's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. DIN's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), which has been supported by strong organic capital generation historically. The assessment factors in the company's sufficient liquidity and history of prudent reserving. An offsetting factor in the balance sheet strength assessment is DIN's high reinsurance dependence. The associated counterparty credit risk is mitigated partially by the use of a panel of financially sound reinsurance partners. The assessment also considers the material share of equity holdings in DIN's investment portfolio and its exposure to fair value fluctuations, which introduces the potential for volatility in capital and surplus. DIN has a track record of strong operating performance supported by robust underwriting results and steady investment income. In 2024, under IFRS 17, the company generated a net-net combined ratio of 93.2% (as calculated by AM Best), which was higher than in the prior year. The increase in combined ratio is driven primarily by the company's motor portfolio, which was impacted by the unprecedented rains in 2024 and challenging market conditions. The earnings of the Workers Protection Plan (WPP) and the Involuntary Loss of Employment (ILOE) products continued to make a material contribution to the company's technical results, due to low loss experience and significant inward reinsurance commissions. In recent years, DIN has enhanced its market position in a highly competitive market without compromising technical profitability. The successful roll out of the consortium managed products, which include the WPP and ILOE, has diversified DIN's business mix, which historically was concentrated primarily in motor and medical segments in line with other domestic insurers, and has consequently assisted DIN in materially growing its topline. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. 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. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Saad Abbasi Financial Analyst +44 20 7397 0316 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
20-05-2025
- Business
- Yahoo
AM Best Affirms Credit Ratings of Dubai Insurance Company (PSC)
LONDON, May 20, 2025--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Dubai Insurance Company (PSC) (DIN) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect DIN's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. DIN's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), which has been supported by strong organic capital generation historically. The assessment factors in the company's sufficient liquidity and history of prudent reserving. An offsetting factor in the balance sheet strength assessment is DIN's high reinsurance dependence. The associated counterparty credit risk is mitigated partially by the use of a panel of financially sound reinsurance partners. The assessment also considers the material share of equity holdings in DIN's investment portfolio and its exposure to fair value fluctuations, which introduces the potential for volatility in capital and surplus. DIN has a track record of strong operating performance supported by robust underwriting results and steady investment income. In 2024, under IFRS 17, the company generated a net-net combined ratio of 93.2% (as calculated by AM Best), which was higher than in the prior year. The increase in combined ratio is driven primarily by the company's motor portfolio, which was impacted by the unprecedented rains in 2024 and challenging market conditions. The earnings of the Workers Protection Plan (WPP) and the Involuntary Loss of Employment (ILOE) products continued to make a material contribution to the company's technical results, due to low loss experience and significant inward reinsurance commissions. In recent years, DIN has enhanced its market position in a highly competitive market without compromising technical profitability. The successful roll out of the consortium managed products, which include the WPP and ILOE, has diversified DIN's business mix, which historically was concentrated primarily in motor and medical segments in line with other domestic insurers, and has consequently assisted DIN in materially growing its topline. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments. 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. For more information, visit Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. View source version on Contacts Saad Abbasi Financial Analyst +44 20 7397 0316 Jessica Botelho-Young, CA Director, Analytics +44 20 7397 0310 Christopher Sharkey Associate Director, Public Relations +1 908 882 2310 Al Slavin Senior Public Relations Specialist +1 908 882 2318
Business Wire
20-05-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Dubai Insurance Company (PSC)
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of Dubai Insurance Company (PSC) (DIN) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect DIN's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. DIN's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR), which has been supported by strong organic capital generation historically. The assessment factors in the company's sufficient liquidity and history of prudent reserving. An offsetting factor in the balance sheet strength assessment is DIN's high reinsurance dependence. The associated counterparty credit risk is mitigated partially by the use of a panel of financially sound reinsurance partners. The assessment also considers the material share of equity holdings in DIN's investment portfolio and its exposure to fair value fluctuations, which introduces the potential for volatility in capital and surplus. DIN has a track record of strong operating performance supported by robust underwriting results and steady investment income. In 2024, under IFRS 17, the company generated a net-net combined ratio of 93.2% (as calculated by AM Best), which was higher than in the prior year. The increase in combined ratio is driven primarily by the company's motor portfolio, which was impacted by the unprecedented rains in 2024 and challenging market conditions. The earnings of the Workers Protection Plan (WPP) and the Involuntary Loss of Employment (ILOE) products continued to make a material contribution to the company's technical results, due to low loss experience and significant inward reinsurance commissions. In recent years, DIN has enhanced its market position in a highly competitive market without compromising technical profitability. The successful roll out of the consortium managed products, which include the WPP and ILOE, has diversified DIN's business mix, which historically was concentrated primarily in motor and medical segments in line with other domestic insurers, and has consequently assisted DIN in materially growing its topline. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Express Tribune
27-04-2025
- Business
- Express Tribune
Jobless in UAE? You may be eligible for unemployment compensation
UAE and other Arab states condemned the Israel attack on Iran. PHOTO: AFP Listen to article Workers in the UAE who have recently lost their jobs can now submit claims for compensation under the country's Unemployment Insurance Scheme, provided they have been subscribed for at least 12 consecutive months. According to the Ministry of Human Resources and Emiratisation (MOHRE), eligible workers must file their claim within 30 days of termination through the official website of the Involuntary Loss of Employment Scheme (ILOE) — Authorities have emphasised that before submitting a claim, the worker's employer must cancel the employee's work permit, a necessary step for the process. The Unemployment Insurance Scheme aims to offer financial support to those affected by job loss, helping them manage expenses while they search for new employment opportunities. The scheme is part of broader labour reforms in the UAE designed to enhance workforce protection and economic resilience. Workers are encouraged to visit the official ILOE platform to review eligibility requirements and the step-by-step claim process.
