More insurance customers are surrendering their policies for cash due to financial burdens exacerbated by high inflation and costly borrowing rates.
South Africa's President Cyril Ramaphosa has signed into law a Bill that aims to provide universal health coverage, reported Reuters.
AM Best has upgraded Dubai Insurance Company's (DIN) Financial Strength Rating to 'A' (Excellent) from 'A-' (Excellent) and the Long-Term Issuer Credit Rating to "a" (Excellent) from "a-" (Excellent) of Dubai Insurance Company (PSC) (DIN) (). The outlook of these credit ratings has been revised to 'Stable' from 'Positive"
Gulf Insurance Group (GIG) has announced a net profit of KWD10.9m ($35.6m) for the quarter ended 31 March 2024, 5.2% lower compared to KWD11.5m for the corresponding quarter last year.
The Communist Party branch of the Resolution and Disposal Department of the National Financial Regulatory Administration (NFRA) has stating that it will improve the resolution process for insolvent financial institutions that will give priority to self-rescue funds to absorb losses, and explore the use of private capital to participate in the restructuring of ailing small and medium-sized financial institutions.
Nippon Life Insurance Company (Nippon Life), the biggest life insurance company in Japan, has announced that it has reached an agreement with Corebridge Financial and its parent company American International Group (AIG) to acquire a 20% equity interest in Corebridge.
Wafa Assurance, a leading insurance company in Morocco, has received approval to operate a life insurance subsidiary in Gabon, in a strategic move to expand its footprint in Africa.
Singlife has introduced Singlife Dementia Cover, the first insurance policy in the market specifically designed to provide annual financial support to individuals diagnosed with dementia and other mental health conditions.
The sale of health insurance policies with maternity benefits is growing at 80% annually, according to data from Insurtech platform company, PolicyBazaar.
The National Tax Service, under the Ministry of Economy and Finance, is looking into the reasons why corporate tax revenues have failed to increase proportionately despite insurers recording their highest-ever net profits after the adoption of IFRS 17 in 2023.