The UNDP is working with partners to create the largest partnership of its kind, the Global Takaful Alliance, according to a staement posted on the website of the UNDP Insurance & Risk Finance Facility.
The total profits of the UAE insurance sector amounted to AED2.5bn ($681m) in 2023, compared to AED1.96bn in 2022, according to the Central Bank of the UAE (CBUAE).
Financial resilience is a top priority for the insurance authorities in Türkiye and there are great efforts being made to strengthen the insurance sector, said Mr Davut Mentes, chairman of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK).
The UAE insurance sector reported that written premiums increased by 31.2% year on year (y-o-y) in the first half of 2024 to AED35.7bn ($9.75bn), according to the latest Quarterly Economic Review issued last week by the Central Bank of the UAE (CBUAE).
The insurance company , El Djazair Takaful, has started to distribute its insurance surplus to insured companies and individuals, according to a statement released by the company.
Islamic Arab Insurance (Salama) has pulled out of a deal to acquire part of the general and group life portfolios of Dubai Islamic Insurance and Reinsurance (Aman).
Life insurer Pru Life UK has commissioned a comprehensive study to assess the financial health and behaviour of Filipino Muslims.
UAE-based Orient Insurance, which is the biggest insurer in the country, has confirmed that it plans to expand into Saudi Arabia, Egypt and Australia, according to a statement lodged with the Dubai Financial Market (DFM).
New business premiums in the life and general insurance industry recorded double-digit growth in the first half of 2024, exceeding MYR20bn ($4.7bn), said Bank Negara Malaysia (BNM) governor Mr Abdul Rasheed Ghaffour.
The African insurance market is experiencing significant transformation driven by various trends that present both opportunities and challenges.