Latest news with #InvoluntaryLossofEmployment
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
Khaleej Times
10-03-2025
- Business
- Khaleej Times
UAE provides highest level of material wellbeing to residents in Arab world: UN report
The UAE provides the highest level of material well-being to its residents in the Arab region followed by Kuwait and Qatar, according to a UN report. According to the United Nations Economic and Social Commission for Western Asia (ESCWA), the other Arab countries that made it to the top list for material well-being were Saudi Arabia, Bahrain, Oman, Egypt and Tunisia under purchasing power parity (PPP)-based per capita GDP and per capita actual individual consumption (AIC). While GDP per capita is often used to depict the average standard of living in a country, AIC per capita provides a better capture of the material well-being of people within the economy. The material well-being takes into account physical, mental and financial health of the residents. Majed Skaini, International Comparison Programme regional programme manager for the Arab region at ESCWA and author of the report, said although Qatar ranked as the richest Arab country, it came only third in terms of material well-being of residents, measured through actual individual consumption per capita (AIC). 'The highest level of material well-being in the Arab region was scored by the UAE, which ranked 24th worldwide, followed by Kuwait in the 37th place and Qatar in the 38th,' he added. While GDP per capita is often used to depict the average standard of living in a country, AIC per capita is a widely used measure to assess the average material well-being of people within an economy. Skaini underscored that PPPs were used to conduct comparative economic analysis to gain more insights into industry competitiveness, investment opportunities, and government decisions on subsidies, taxation and other fiscal instruments. 'PPPs are also used in measures related to health, energy, education and the environment,' he added. AIC per capita shows purchasing power standards (PPS) and it includes all goods and services that households use, irrespective of whether they were purchased and paid for by households directly, by government, or by nonprofit organisations. It can be considered as an indicator of the material welfare of households. The UAE's high ranking in material well-being could be attributed to numerous factors including mandatory health insurance across the country, the Involuntary Loss of Employment scheme to provide a certain degree of protection for individuals, and end-of-service benefit initiatives introduced for the private sector workers in Dubai to secure their financial future. Importantly, residents of the UAE and other oil-producing Gulf countries enjoy strong buying power due to their high per capita income, which is one of the highest in the world. According to the United Nations Economic and Social Commission for Western Asia (ESCWA) entitled 'Real sizes of Arab economies between 2017 and 2023,' per capita AIC in PPP terms shows that although Qatar was the richest country in the region, it did not have the highest level of well-being. From the perspective of consumers, Qatar is the most expensive Arab country, followed by the UAE and Kuwait. Syria continued to be the least expensive Arab country. Egypt and the Sudan are second and third least expensive, respectively. According to the UN ESCWA report, t he Arab economy accounts for nearly 5 per cent of the world global gross domestic product (GDP), with Egypt and Saudi Arabia ranking among the 20 biggest economies worldwide and contributing with 27 per cent and 24 per cent, respectively, to the regional economy.
