Alwaleed Philanthropies grants housing, car projects to 332 Saudi beneficiaries

Updated 13 September 2015
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Alwaleed Philanthropies grants housing, car projects to 332 Saudi beneficiaries

RIYADH: Alwaleed Philanthropies, chaired by Prince Alwaleed bin Talal, believes in helping to provide a better life for its citizens.
Community development is one of its main focus areas and as part of the 10,000 housing units and 10,000 cars to Saudi citizens program, the first and second groups of Saudi male and female beneficiaries have already received their housing units and cars.
Alwaleed Philanthropies aims to improve the living standards of citizens through various community development programs. One of its major initiatives is the housing and cars program to Saudi citizens who are eligible as per the criteria preset by Alwaleed Philanthropies. The housing program is a continuation of the prince’s commitment to provide 10,000 housing units for female and male Saudi beneficiaries.
Alwaleed Philanthropies aims to cover individuals who are not eligible to the housing program offered by the Ministry of Housing.
Affording a home is a major concern to most Saudi citizens nowadays. Rent is a big burden weighing on the family’s budget, especially since majority of the families are young.
According to the latest official population census of the Kingdom, youth constitutes the majority of the Saudi people.
The housing and cars initiatives aim to provide savings, whether on transportation or rent, to allow extra disposable income to these families.
Therefore, Alwaleed Philanthropies is continuing its housing initiative as part of the promise of providing 10,000 housing units for 10,000 Saudi families; that is, approximately 60,000 Saudi citizens since the average of each family in Saudi Arabia includes around six members.
This initiative will be ongoing for the next 10 years. Eligibility criteria are clearly defined on Alwaleed Philanthropies website.
Each year, Alwaleed Philanthropies distributes 1,000 units to beneficiaries who are not eligible to the aid provided the Ministry of Housing. The housing initiative has already distributed 1,240 units thus reaching 10,558 female and male Saudi citizens.
According to Alwaleed Philanthropies research findings, affording a home is a major concern to most Saudi citizens nowadays.
The housing and cars initiatives, aim to provide savings, whether on transportation or rent, to allow extra disposable income to these families. This disposable income will be used to improve their standards of living.
Alwaleed Philanthropies worked for 35 years to support and initiate projects in 94 countries, regardless of gender, race or religion. It collaborates with a range of philanthropic, government and educational organizations to combat poverty, empower women and youth, develop communities, provide disaster relief and create cultural understanding through education.


Rivals ride rising rates as Lloyd’s abandons some ship insurance

Updated 6 min 10 sec ago
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Rivals ride rising rates as Lloyd’s abandons some ship insurance

  • Premiums for marine insurance are increasing after a surge in catastrophe losses in the past two years

LONDON/NEW YORK: Rivals to Lloyd’s of London are riding a rising tide of marine insurance rates, leaving the 330-year-old market behind after it jettisoned sections of its oldest line of business last year.
Premiums for marine insurance, which until 2018 had fallen for years due to rising competition and lower claims, are increasing after a surge in catastrophe losses in the past two years and growing geopolitical tensions..
For Lloyd’s, still reeling from two years of losses due to the heavy claims from natural disasters, it will still take 12-24 months before the segment returns to profit, Chief Executive John Neal told Reuters in New York last week.
Neal said that although the sector had performed better in the first quarter, syndicates needed to set “the right price” for the risks and consider whether all types of marine business were insurable after Lloyd’s told its 99 members to cut the worst 10% of their business last year.
Broker Gallagher said in a February report that 10 Lloyd’s syndicates have withdrawn or reduced their marine business. That has benefited the smaller London company market, which operates separately in the City.
“We are definitely seeing business from Lloyd’s coming through our door,” said a senior London company market insurer.
Marine cargo rates are up 12-14% this year, Miles Taffs, head of marine and aviation at Lloyd’s for MS Amlin, said, while sources say yacht rates have risen by at least 20%, and by triple digits in some locations.
“The (London) company market has demonstrated greater flexibility in its approach, as have other European markets, particularly France and Scandinavia,” Alexander Mott, marine director at broker AFL, said.
The Standard Syndicate at Lloyd’s no longer writes new business, while other firms have moved. Norwegian marine insurer Skuld said it will close its Lloyd’s syndicate in July, and switch the business to Oslo and the London company market.

American revolution

Against this backdrop, Asia Pacific and North American insurers have won business in marine cargo, said a spokeswoman for the International Union of Marine Insurance, which said global marine insurance premiums totalled $28.5 billion in 2017.
And the United States and Scandinavia have also gained from the move away from Lloyd’s, Carl Day, vice president, property, marine and energy at CNA Hardy, which pulled out of marine hull insurance last year, said.
Although marine insurance slipped to 7% of business at Lloyd’s in 2018, down from 8% a decade ago, it remains bigger than energy, motor or aviation.
Lloyd’s, which started life providing shipping information and insured ships during the American Revolution and the Napoleonic Wars, has a huge chunk of that market.
Its marine insurance and reinsurance gross written premiums totalled 3.8 billion pounds ($4.85 billion) in 2017, nearly double comparable business in the London company market, the International Underwriting Association said.
But the IUA is compiling premiums data for the London company market for 2018 and has so far seen a rise in business, including in marine, a spokesman said.
While Lloyd’s is still dominant in the market, it cannot afford to take its historic strength for granted.
“The Lloyd’s market is still the most important marine hub in the world, but it needs to adapt ... rather than hoping that business will simply come back,” AFL’s Mott said.