Islamic Arab Insurance, one of the UAE's largest takaful companies, plans to raise the ceiling on foreign ownership in the company to the maximum permissible under UAE law of 49%, the company says. The existing cap is 25%.
A mutual microinsurance model, which incentivises its members to be healthy, aims to have about 1m new lives by 2022, having set up nine local mutuals across urban, rural and tribal geographies with over 300,000 people already covered by it.
The UAE Insurance Authority (IA) has issued new regulations relating to life insurance and family takaful insurance, that are in line with the latest international standards and that balance the interests of all parties in the market.
Bank Negara Malaysia Assistant Governor Encik Adnan Zaylani Mohamad Zahid spoke about "Leading in a Disruptive World - Revolutionising Takaful" at the Takaful Rendezvous organised by Asia Insurance Review. Asia Advisers Network brings you the highlights.
Takaful is often seen as way to help increase insurance penetration among the masses but affordability has proven to be a big obstacle in the industry's growth.
The technical loss rate of takaful companies in Egypt decreased by 9.5 percentage points in the first half of this year to 14.8%, compared to 24.3% for the corresponding half of last year.
Within the context of Malaysia, takaful is often seen as way to help increase insurance penetration among the masses but affordability has proven to be a big obstacle in the industry's growth. Several speakers alluded to this at the Takaful Rendezvous 2019 in Kuala Lumpur yesterday, suggesting that both insurers and takaful providers have to find a way to make protection much more affordable for people especially in emerging economies.
Chinese people who seek medical treatment in places where their government-run basic health insurance accounts are not registered have enjoyed greater convenience in reimbursing their costs.
A comparison of nearly 30 metrics across mutual, stock, and other categories underscores the overall financial strength of mutual insurers.
Another what's new article to give you a quick highlight of some of the latest industry news and developments.