Latest news with #InvoluntaryLossofEmployment
Mid East Info
20-07-2025
- Business
- Mid East Info
Al Ansari Exchange Introduces Cash Payout Service for ILOE Claims in Collaboration with the Insurance Pool - Middle East Business News and Information
Al Ansari Exchange, the UAE's leading remittance and foreign exchange company, has introduced a new cash payout service for Involuntary Loss of Employment (ILOE) insurance claims in partnership with the ILOE's Insurance Pool PSC. The service is now available across more than 270 Al Ansari Exchange branches nationwide. This initiative aligns with Al Ansari Exchange's strategy to expand its portfolio of accessible and inclusive financial services, aiming to provide integrated solutions for insured individuals under the ILOE scheme supervised by the Ministry of Human Resources and Emiratisation, which offers eligible insured individuals cash compensation for a limited period in the event of unemployment. 'Providing accessible financial solutions to individuals across all segments of society is at the heart of our mission,' said Ali Al Najjar, Chief Operating Officer of Al Ansari Exchange. 'This new cash payout service for ILOE claims ensures that beneficiaries receive timely support when they need it most, with the added convenience of our nationwide network.' As one of the channels for premium collections under the ILOE scheme managed by ILOE Insurance Pool, Al Ansari Exchange now extends its services to allow customers to conveniently collect their claims payout in cash at any of its branches across the UAE. 'This service will provide an important additional channel for paying ILOE's claims, thus facilitating access to compensation for subscribers,' said Abdellatif Abuqurah, Chairman of ILOE's Insurance Pool. 'This reflects the ILOE's Insurance Pool commitment to providing the highest quality standards for services in line with the government's directives.' The insured individuals must submit their claims within 30 days from the date of unemployment through the ILOE Scheme website at the ILOE mobile application, or by calling the dedicated ILOE call centre at 600599555. Customers can also check the status of their claims through these channels to complete the process of receiving their compensation upon approval. This new service underscores Al Ansari Exchange's role in supporting the financial well-being of the workforce in the UAE, reinforcing its mission to deliver customer-centric solutions that respond to evolving community needs.
Web Release
20-07-2025
- Business
- Web Release
Al Ansari Exchange Introduces Cash Payout Service for ILOE Claims in Collaboration with the Insurance Pool
Al Ansari Exchange, the UAE's leading remittance and foreign exchange company, has introduced a new cash payout service for Involuntary Loss of Employment (ILOE) insurance claims in partnership with the ILOE's Insurance Pool PSC. The service is now available across more than 270 Al Ansari Exchange branches nationwide. This initiative aligns with Al Ansari Exchange's strategy to expand its portfolio of accessible and inclusive financial services, aiming to provide integrated solutions for insured individuals under the ILOE scheme supervised by the Ministry of Human Resources and Emiratisation, which offers eligible insured individuals cash compensation for a limited period in the event of unemployment. 'Providing accessible financial solutions to individuals across all segments of society is at the heart of our mission,' said Ali Al Najjar, Chief Operating Officer of Al Ansari Exchange. 'This new cash payout service for ILOE claims ensures that beneficiaries receive timely support when they need it most, with the added convenience of our nationwide network.' As one of the channels for premium collections under the ILOE scheme managed by ILOE Insurance Pool, Al Ansari Exchange now extends its services to allow customers to conveniently collect their claims payout in cash at any of its branches across the UAE. 'This service will provide an important additional channel for paying ILOE's claims, thus facilitating access to compensation for subscribers,' said Abdellatif Abuqurah, Chairman of ILOE's Insurance Pool. 'This reflects the ILOE's Insurance Pool commitment to providing the highest quality standards for services in line with the government's directives.' The insured individuals must submit their claims within 30 days from the date of unemployment through the ILOE Scheme website at the ILOE mobile application, or by calling the dedicated ILOE call centre at 600599555. Customers can also check the status of their claims through these channels to complete the process of receiving their compensation upon approval. This new service underscores Al Ansari Exchange's role in supporting the financial well-being of the workforce in the UAE, reinforcing its mission to deliver customer-centric solutions that respond to evolving community needs.
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
