Profitability in the Islamic general insurance branch varied across regions, with some markets facing rising claims pressures in 2024, the Islamic Financial Services Board (IFSB) said.
The Islamic insurance sector demonstrated sustained growth momentum in 2024, significantly outpacing the broader insurance industry, according to the "Islamic Financial Services Industry Stability Report 2025" published by the Islamic Financial Services Board (IFSB).
Prudential Singapore (Prudential) has set a new benchmark in the financial services industry, with 13 of its agency leaders receiving the 2025 Million Dollar Round Table (MDRT) Culture of Excellence (COE) Awards, out of a global pool of 33 winners. With more than a third of the award recipients, Prudential topped the table with the highest number of MDRT COE winners this year.
Lloyd's has announced that Mr Patrick Tiernan has been appointed as CEO by the Council of Lloyd's.
To help financial firms prevent fraud attempts on their companies and customers, US-headquartered FS-ISAC, which advances cyber security and resilience in the global financial system, has published "Leveling Up: A Cyber Fraud Prevention Framework for Financial Services".
The insurance industry is caught up in the middle of three megatrends -- climate change, the digital revolution and globalisation, said JBBoda Viva Indonesia Reinsurance Brokers president director Ricky Natapradja.
Cordinated action is urgently needed against the rising threats posed by extreme weather and natural catastrophes, says Zurich Insurance Group (Zurich).
Ten (10) fossil fuel companies caused more than $14tn of climate damage from 1991 to 2020, according to a study by a team at Dartmouth College, a private Ivy League research university.
Following the long-term annual growth trend of 5-7%, global insured natural catastrophe losses may reach $145bn in 2025, mainly driven by secondary perils like severe thunderstorms, floods and wildfires, says Swiss Re Institute in its latest sigma report. Primary perils like hurricanes and earthquakes pose biggest risks, potentially driving insured losses to $300bn or more in a peak year.
The Insurance Development Forum (IDF) Risk Modelling Steering Group (RMSG) has launched a new IDF web page housing a powerful suite of free, open-access risk modelling tools.