Daily Archives: June 1, 2018

Chubb Arabia Cooperative Insurance Company s’est vu attribuer la notation A3 de solidité financière des compagnies d’assurance par l’agence Moody’s

AL KHOBAR, Arabie saoudite, 1er juin 2018 /PRNewswire/ — L’agence Moody’s Investors Service a annoncé qu’elle a attribué une notation A3 de solidité financière des compagnies d’assurance (IFSR selon l’anglais) à Chubb Arabia Cooperative Insurance Company.

Chubb (PRNewsFoto/Chubb)

Basée à Al Khobar, en Arabie saoudite, Chubb Arabia est une grande compagnie d’assurance multi-lignes pour les biens commerciaux et multirisques, qui propose également de l’assurance accidents aux particuliers et des contrats d’assurance vie collectifs à un groupe diversifié de clients.

Abdul Aziz Al Khereiji, directeur général de Chubb Arabia Cooperative Insurance Company, a déclaré :

« Je suis ravi et très honoré de voir que Moody’s a attribué une notation A3 de solidité financière des compagnies d’assurance à Chubb Arabia. Cela représente un jalon important pour notre compagnie et reflète le travail acharné de notre équipe tandis que nous poursuivons le développement de nos activités dans le Royaume. »

Avis aux rédacteurs en chef

Vous trouverez des précisions sur l’annonce de Moody’s en cliquant sur ce lien.

À propos de Chubb

Chubb est la compagnie d’assurance IARD cotée en bourse la plus importante au monde. Présente dans 54 pays et régions du globe, Chubb offre des assurances IARD aux particuliers et aux entreprises, des assurances accidents et des assurances maladie complémentaires aux particuliers, de la réassurance et des assurances vie à un éventail de clients très diversifié. En qualité de compagnie de souscription, nous évaluons, couvrons et gérons les risques avec perspicacité et discipline. Nous indemnisons les sinistres de manière juste et rapide. La compagnie se caractérise aussi par l’étendue de son offre de produits et de ses prestations de services, l’ampleur de son réseau de distribution, son exceptionnelle solidité financière et l’excellence de ses activités dans le monde entier. La société mère Chubb Limited est cotée à la bourse de New York (NYSE : CB) et est intégrée à l’indice S&P 500. Chubb dispose de bureaux de direction à Zurich, New York, Londres et dans d’autres villes et emploie environ 31 000 personnes à l’échelle planétaire.

Chubb Arabia Cooperative Insurance Company est une filiale partiellement détenue par le groupe Chubb.

Logo – https://mma.prnewswire.com/media/324916/Chubb_Logo.jpg

Chubb Arabia Cooperative Insurance Company assigned A3 insurance financial strength rating by Moody’s

AL KHOBAR, Saudi Arabia, June 1, 2018 /PRNewswire/ — Moody’s Investors Service has announced that it has assigned an A3 insurance financial strength rating (IFSR) to Chubb Arabia Cooperative Insurance Company.

Chubb (PRNewsFoto/Chubb)

Based in Al Khobar, Saudi Arabia, Chubb Arabia is a large capacity multiline commercial property and casualty insurer which also provides personal accident and group life insurance to a diverse group of clients.

Abdul Aziz Al Khereiji, Managing Director, Chubb Arabia Cooperative Insurance Company, said:

“I am delighted and very proud that Moody’s has assigned an A3 insurance financial strength rating to Chubb Arabia. This is a significant achievement for the company and is reflective of the hard work by our team as we further develop our business in the Kingdom.”

Note for Editors

Details of the Moody’s announcement can be found here

Ab out Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.

Chubb Arabia Cooperative Insurance Company is a partially-owned affiliate of Chubb Group.

Logo – https://mma.prnewswire.com/media/324916/Chubb_Logo.jpg

Chubb Arabia Cooperative Insurance Company assigned A3 insurance financial strength rating by Moody’s

AL KHOBAR, Saudi Arabia, June 1, 2018 /PRNewswire/ — Moody’s Investors Service has announced that it has assigned an A3 insurance financial strength rating (IFSR) to Chubb Arabia Cooperative Insurance Company.

Chubb (PRNewsFoto/Chubb)

Based in Al Khobar, Saudi Arabia, Chubb Arabia is a large capacity multiline commercial property and casualty insurer which also provides personal accident and group life insurance to a diverse group of clients.

Abdul Aziz Al Khereiji, Managing Director, Chubb Arabia Cooperative Insurance Company, said:

“I am delighted and very proud that Moody’s has assigned an A3 insurance financial strength rating to Chubb Arabia. This is a significant achievement for the company and is reflective of the hard work by our team as we further develop our business in the Kingdom.”

Note for Editors

Details of the Moody’s announcement can be found here

Ab out Chubb

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.

Chubb Arabia Cooperative Insurance Company is a partially-owned affiliate of Chubb Group.

Logo – https://mma.prnewswire.com/media/324916/Chubb_Logo.jpg

Labour on endorsement of labour bills by National Assembly

Endorsement by the National Assembly of the labour bills

A significant step was taken on 29 May 2018 when the National Assembly passed the National Minimum Wage Bill, the Basic Conditions of Employment Amendment Bill and the Labour Relations Amendment Bill.

These Bills capture the agreements reached by the social partners on measures to strengthen labour stability and collective bargaining and on the modalities for the introduction of the first national minimum wage. During the Committee stage in the National Assembly, changes were introduced which will strengthen the legislation and clarify certain aspects.

The next step in the process will be for the National Council of Provinces (NCOP) to consider the Bills. If the NCOP passes the Bills, they will be submitted to the President for assent at which point the date of implementation of the national minimum wage is likely to be made known. If the NCOP amends or rejects the Bills, they will be referred back to the Assembly portfolio committee.

The National Minimum Wage Bill

This Bill seeks to improve the lives of the lowest paid workers in the labour market and carries the promise of addressing the inequality and poverty challenge in South Africa. The Bill establishes the National Minimum Wage Commission and sets the first National Minimum Wage at R20 per hour.

The National Minimum Wage Commission will take over many of the functions of the current Employment Conditions Commission. The Commission will recommend annual adjustments to the level of the national minimum wage and review it on a regular basis in order to take into account the impact of the level on employment, collective bargaining, poverty and inequality.

It is significant that South Africa will join several countries around the world that have implemented a national minimum wage as an instrument of economic and social development. It must be said however, that setting the level was an extremely delicate balancing act, in that social partners had to ensure that the national minimum wage is set at a level that will yield a meaningful impact on the wages of the lowest paid workers, while guarding against any negative impact on employment.

In order to demonstrate flexibility, provisions for businesses that may be unable to afford the national minimum wage, to apply for exemption are included.

Basic Conditions of Employment Amendment Bill

The proposed amendments in the Basic Conditions of Employment Amendment Bill are primarily consequential to the introduction of the National Minimum Wage Bill. These are designed to reinforce and create an enabling legal environment for the enforcement and monitoring of the National Minimum Wage. The Basic Conditions of Employment Amendment Bill also re-defines the role and scope of the Commission for Conciliation Mediation and Arbitration, (CCMA) on matters that may arise with respect to the implementation of National Minimum Wage, such as underpayment claims.

It is noteworthy that the Bill streamlines the process that deals with non-compliance and makes access to social justice more accessible than it is currently the case. The Labour Inspector does not have to approach the Labour Court in order to enforce an Order, as the Bill makes provisions for the CCMA to play that role.

This takes away the cost associated with access to the Labour Court and the cost associated with serving writs of execution, as the CCMA will henceforth assume that responsibility on behalf of a worker who is underpaid. The Bill also prohibits any downwards variation of working conditions with the intention of circumventing compliance with the National Minimum Wage Legislation.

The Labour Relations Amendment Bill

The Bill seeks to create provisions to give effect to the agreement by social partners on measures to enhance labour stability, in particular to strengthen collective bargaining and to prevent violent and prolonged strikes. An important feature of the Bill is that it introduces an advisory arbitration measure to resolve strikes that are intractable, violent or may cause a local or national crisis.

The Bill also gives effect to the Code of Good practice on Collective Bargaining, Industrial Action and Picketing that was agreed at NEDLAC and that will be published once the Bill has been promulgated. The Code is intended to provide practical guidance on collective bargaining, the resolution of disputes of mutual interest and the resort to industrial action.

Source: Government of South Africa

Gauteng Legislature on Charlotte Maxeke hospital labour unrest

Charlotte Maxeke Hospital Labour unrest

The Chairperson of the Gauteng Provincial Legislature’s Portfolio Committee on Health, Honourable Nompi Nhlapho strongly condemns the unwarranted behaviour demonstrated by the labour unions at Charlotte Maxeke hospital.

We respect workers’ rights to protest, but health care is an essential service which deals with people’s lives. The lives of the people must at all times be protected. We need to ensure that patients receive the best possible care in our health Care facilities said Chairperson Nhlapo.

We urge the Gauteng Department of health to act speedily to resolve the labour disputes. It is completely unacceptable that health care services of the hospital were disrupted. We call upon law enforcement agencies to act decisively and bring to book those implicated in vandalising and intimidation of those workers serving our patients at Charlotte Maxeke Hospital added Chairperson Nhlapo

Source: Government of South Africa