Asuransi Allianz Life Syariah (Allianz Syariah), a newly spun-off takaful insurer, is targeting West Java for its business.
Almost all (93%) of Indonesia's insurance industry players are optimistic about the future growth of their companies over the next five years, according to the findings of a survey by the Financial Services Authority (OJK) conducted in 2023.
Indonesia's Vice President Ma'ruf Amin has urged insurance companies to spin off their Shariah business units (UUS) before the deadline of December 2026.
Moody's Investors Service (Moody's) says that it expects Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful), which is among the top five insurers in Saudi Arabia, to maintain good profitability for this year.
Management actions implemented by Abu Dhabi National Takaful Company (ADNTC) since 2020, including the restructuring of the family takaful reinsurance programme and strategic diversification of the underwriting portfolio, are expected to contribute toward maintaining the company's strong underwriting performance over the coming years, says AM Best.
Given the expanding role of the Shariah insurance industry and the growing demand for Shariah insurance among the public, a comprehensive strategy is necessary to develop the Islamic insurance market, says the Financial ?Services Authority (OJK).
Members of the International Cooperative and Mutual Insurance Federation (ICMIF), which include takaful companies, have $1tn in assets under management (AUM) in investments which are aligned to sustainable investment frameworks, according to the new 2023 edition of the "ICMIF Members Sustainable Investment Report", an increase of 32% from the $759bn collectively invested by members in 2022.
The Malaysian Takaful Association (MTA) aims to extend the Takaful-4-All insurance campaign to all levels of society in every state across the country.
The Financial Regulatory Authority (FRA) has revealed its strategic efforts to develop the private insurance fund market as part of its comprehensive strategy for non-banking financial services for 2023-2027.
The Financial Services Authority (OJK) has said that there were still 27 insurance and reinsurance companies in Indonesia that did not have actuaries as of 9 October 2023, even though there were less than three months for these companies to submit their requests for a fit and proper test to the OJK for an appointed actuary by the end of this year.