With a rise in credit risk, the Omani insurance industry faces increasing challenges due to the enhanced impact of Expected Credit Losses (ECL), says the Dubai-headquartered international actuarial consulting company, Badri Management Consultancy.
Malaysian Reinsurance (Malaysian Re) and Pacific Life Re, Singapore Branch (Pacific Life Re) recently signed an extension to the Memorandum of Understanding (MoU) on providing sustainable retakaful solutions to takaful operators.
Kuwait Insurance Company (KIC) has a track record of strong operating performance supported by robust underwriting results from both non-life and life portfolios over the past five years, notes AM Best.
Qatar Islamic Insurance Group (QIIG) is assessed to have a strong operating performance, says AM Best. The insurer has reported robust technical performance consistently, with a five-year (2019-2023) weighted average combined ratio of 72.0%.
Dubai-listed Arabian Scandinavian Insurance Company - Takaful (ASCANA) has rebranded itself as Sukoon Takaful.
Takaful contributions in Egypt jumped by 56.4% during the first quarter of this year to reach EGP2.8bn ($747m), compared to EGP1.8bn during the corresponding period in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
Two insurers are planning to start marketing the Philippines' first takaful products in the next 12 months, the Insurance Commission (IC) head has said.
The lnsurance Commission (lC) has promulgated the Consolidated Guidelines for Takaful Window Operation as the regulator recognises the need to provide broader insurance coverage and options for all Filipinos, especially those in the Muslim community. The regulator also recognises the growing takaful market.
The Malaysian Takaful Association (MTA) has launched a takaful post-retirement medical cover initiative.
A leading Islamic financial institution, Kuwait Finance House (KFH), has signed the first-of-its-kind Global Takaful Alliance agreement with the United Nations Development Programme (UNDP).