The readiness of insurance companies to spin off their Shariah business units has changed in the wake of the COVID-19 pandemic, according to the chairman of the Indonesian Shariah Insurance Association (AASI), Mr Tatang Nurhidayat.
Asuransi Sinar Mas (ASM), considered one of Indonesia's largest general insurers, is likely to record lower growth over the medium-term to improve its business risk profile, says Fitch Ratings.
State-owned Bank Negara Indonesia (BNI) is considering strategic options including potentially selling its stake in a life insurance business that could value the unit at about $1bn, reported Bloomberg citing people familiar with the matter.
Rey Assurance, a dedicated and integrated health, life and critical illness InsurTech company in Indonesia, yesterday announced $4.2m in seed funding to advance its digital health products and leading technology platform.
Asuransi Allianz Life Indonesia ( Allianz Life) plans to spin off its Shariah business unit next year.
Manulife has launched a new learning platform for its 60,000 insurance advisers in Vietnam and will soon launch the platform in four other markets in Asia.
Allianz Asia Pacific (Allianz) and The Hongkong and Shanghai Banking Corporation (HSBC) yesterday announced a 15-year extension of the bancassurance distribution agreement covering six markets in Asia.
The Indonesian Shariah Insurance Association (AASI) is urging the government to require collateral or guarantees to back the issuance of Islamic bonds or sukuk, so as to promote the development of the takaful sector.
The Financial Services Authority (OJK) is preparing regulations covering the marketing of insurance products through digital platforms, said Mr Riswinandi, the chief of the non-bank financial industry supervision department at the regulatory agency.
The Indonesian Life Insurance Association (AAJI) sees that the sector saw a fall in revenue in the first quarter of 2022, which was driven by a shift in consumers' perspective on buying life insurance.