Brunei's takaful contributions grew 11% y-o-y in the first nine months of 2013 to B$134 million (US$105.6 million), outpacing conventional premiums' marginal growth of less than 1% to B$112 million during the same period, figures from the regulator have shown.
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Pak Qatar General Takaful Limited has joined hands with KASB Bank by signing a bancatakaful agreement that will protect the bank's customers against forced hold-ups during withdrawals from ATMs and KASB Bank branches throughout Pakistan.
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Pakistan's takaful sector has suffered a setback in its legal battle with the regulator over the controversial Takaful Rules 2012, after one of its key players backed out from the constitutional petition against the Securities and Exchange Commission of Pakistan (SECP).
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General Takaful Co (GTC) is expecting a GWP of QAR200 million (US$55 million) for 2013, a 30% increase from the previous year, said General Manager Majed Akel in an interview with Middle East Insurance Review.
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Standard & Poor's Ratings Services (S&P) said it expects to see disappointing 2013 results from almost all the 35 insurers and reinsurers in Saudi Arabia.
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The Saudi government has made third-party insurance mandatory for all factories handling hazardous materials in suburban areas, amid growing demand in several cities to remove factories and workshops from residential areas.
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The Company for Cooperative Insurance (Tawuniya), the largest non-life insurer in Saudi Arabia, has reported a net loss before zakat of SAR564.2 million (US$150.5 million) for 2013, compared to a net profit of SAR351.5 million for 2012, due to an increase in technical reserves.
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Dubai-based Dar Al Takaful has opened a new managed investment account with Daman Investments, to be managed under a Shariah-compliant mandate.
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