There is a huge potential to grow agricultural insurance business on the African continent but there is a need for further support from governments and insurers to raise their level of performance to cater to the needs of farmers, said speakers at the 49th Conference and General Assembly of the African Insurance Organisation (AIO).
The Insurance Development and Regulatory Authority (IDRA) has allowed life insurance companies to offer full-fledged health insurance policies, ending the monopoly of non-life insurers in the medical insurance market.
The Algerian government intends to review the country's 20-year-old compulsory natural disaster insurance and victim compensation law.
China's insurance sector maintained steady operation and adequate solvency in the first quarter of the year, the country's financial regulator has said.
The IRDAI is looking to launch a bundled product that will provide life, health, casualty, and property coverage in a single insurance policy at an affordable price, the chairman of the regulatory agency, Mr Debasish Panda, said.
Kenya: Insurers oppose proposal to levy VAT on insurance compensation for goods losses
The Kenya government is proposing to levy the standard 16% Value Added Tax on insurance compensation received by owners for the loss of goods on which VAT is payable.
The National Insurance Commission (NAICOM) has mandated takaful and retakaful companies to appoint officers to be called NAICOM Relationship Officers.
The Victorian Government has announced in its 2023-24 Budget that it plans to abolish business insurance duty as it introduces tax reforms to help businesses and grow the economy.
The UAE insurance sector continued to grow in 2022, with the number of licensed entities increasing by 5.53% to 553 in 2022 from 524 in 2021, according to the Central Bank of the UAE (CBUAE).
With several banks cutting interest rates on customer deposits since mid-May, wealth management and insurance products have become the focus of attention.