The National Insurance Commission (NAICOM) has mandated takaful and retakaful companies to appoint officers to be called NAICOM Relationship Officers.
The UAE insurance sector continued to grow in 2022, with the number of licensed entities increasing by 5.53% to 553 in 2022 from 524 in 2021, according to the Central Bank of the UAE (CBUAE).
The Indonesian Life Insurance Association (AAJI) does not rule out the possibility that there could be mergers and acquisitions in the sector to meet capital requirements over the longer term.
Takaful International Company (GIG Takaful Bahrain), which provides Islamic insurance solutions in Bahrain, has announced that it has become the first takaful company in the region to adopt new Financial Accounting Standards (FAS) 43 and 30, issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The National Insurance Commission (NAICOM) has issued two sets of guidelines for the (re)takaful sector.
Islamic insurers, licensed under Morocco's takaful regulations, generated contributions totalling MAD11.8m ($1.18m) in 2022, the first year of their operations, according to data released by the Insurance and Social Welfare Control Authority (ACAPS).
Asuransi Allianz Life Indonesia (AALI) is currently working on spinning off its Shariah insurance unit, namely, Allianz Syariah, with the process expected to be completed in the second half of this year.
Insurance companies in Oman are facing challenges in the face of the high number of motor and health insurance claims, intensified competition in the market, and the continuing rise in inflation.
5th Pillar Family Takaful, a newly licensed takaful company, has received the largest ever foreign direct investment (FDI) in the Pakistani takaful sector.
The National Insurance Commission (NAICOM) has licensed eight microinsurers and four takaful companies in a bid to improve inancial inclusion gap.