New business premiums in the life and general insurance industry recorded double-digit growth in the first half of 2024, exceeding MYR20bn ($4.7bn), said Bank Negara Malaysia (BNM) governor Mr Abdul Rasheed Ghaffour.
The African insurance market is experiencing significant transformation driven by various trends that present both opportunities and challenges.
The AqabaConf2025, to be held jointly by the Jordan Insurance Federation (JIF) and the General Arab Insurance Federation (GAIF) is scheduled to take place between 11-14 May 2025.
The Financial Services Authority (OJK) believes that the Islamic insurance sector in Indonesia will consolidate in the next few years.
The Competition Council (CC) has pointed out major structural challenges facing the insurance market, among several other key sectors of the economy, stressing the urgent need to promote genuine competition in the market.
The fierce competition whipped up around this year's Middle East Insurance Industry Awards has resulted in a list of finalists comprising a total of 55 insurers, brokers, risk managers, service providers and industry leaders.
The insurance industry in Oman is grappling with increasing challenges due to the amplified impact of Expected Credit Losses (ECL), as insurers adopt IFRS 17 and as credit risks increase, according to Badri Management Consultancy, an international company offering actuarial, risk management, and consulting services.
Dubai Islamic Insurance and Reinsurance Co (Aman) has said that it "will be taking the necessary steps to protect its interests", after Abu Dhabi National Takaful Company (ADNTC) stated that it had terminated an agreement to acquire Aman's life insurance portfolio.
Estimates are that, in 2023, a third of the total number of insurance companies in Indonesia (excluding Shariah business units or windows [UUS]) that have a capital of less than IDR250bn ($16m), meaning that they are unlikely to meet new minimum capital requirements by the deadline of 2026, and so will likely be involved in M&As, according to Algo Research which offers research on the Indonesian financial sector.
Syarikat Takaful Malaysia Keluarga, the country's first Islamic insurer, reported that its net profit for the first half of the year (1HFY2024) grew by 5.3% to MYR195.40m ($45.1m) from MYR185.50m in the previous half-year period, as total takaful revenue climbed 23.4% to MYR1.69bn from MYR1.37bn.