Takaful Ikhlas sees gross contributions for its financial year ending 31 March 2015 hitting MYR800 million (US$229 million), up from MYR772 million in the previous year, driven by an awareness programmes and agency business.
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Moody's Investors Service (Moody's) has upgraded to Ba1 from Ba2 the insurance financial strength rating (IFSR) of Oman-based Al Madina Insurance Company. The rating carries a positive outlook.
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Eight insurance companies have requested to increase their capital through rights issues, of which five have received the green light from Saudi Arabia's Capital Market Authority.
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Several insurers operating in Saudi Arabia have increased accident deductibles imposed on car owners by 400%, reaching SAR5,000 (US$1,332) from SAR1,000 previously.
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Saudi Arabia's traffic authority plans to introduce a long-awaited points system for motorists, which could see drivers banned permanently from the road for repeated violations and accidents, apart from fines and imprisonment. The scheme is aimed at promoting road safety in the Kingdom.
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Dubai-based Shariah-compliant investment company National Bonds Corporation (NBC) will be introducing a takaful product to companies and individuals, said CEO Mohammed Qasim Al Ali.
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