International tax advisory firm Ernst & Young (EY) has raised concerns about the potential negative impacts of the proposed amendments to the VAT Act, 2013, particularly regarding the insurance sector.
The record profitability (after zakat & tax) seen in the insurance industry in 2023 has continued in 2024 with the sector reporting a 48% upsurge in net profits to SAR879m ($234m) in 1Q2024 from SAR594m in 1Q2023, says Badri Management Cosultancy.
AM Best has upgraded Dubai Insurance Company's (DIN) Financial Strength Rating to 'A' (Excellent) from 'A-' (Excellent) and the Long-Term Issuer Credit Rating to "a" (Excellent) from "a-" (Excellent) of Dubai Insurance Company (PSC) (DIN) (). The outlook of these credit ratings has been revised to 'Stable' from 'Positive"
Gulf Insurance Group (GIG) has announced a net profit of KWD10.9m ($35.6m) for the quarter ended 31 March 2024, 5.2% lower compared to KWD11.5m for the corresponding quarter last year.
The Caisse Nationale de Mutualité Agricole (CNMA), which dominates the agricultural insurance market, is preparing to launch "very soon" a product covering crops for climate change risks, such as drought and floods.
The Communist Party branch of the Resolution and Disposal Department of the National Financial Regulatory Administration (NFRA) has stating that it will improve the resolution process for insolvent financial institutions that will give priority to self-rescue funds to absorb losses, and explore the use of private capital to participate in the restructuring of ailing small and medium-sized financial institutions.
India's general insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.9% from INR3.35tn ($40.36bn) in 2024 to INR4.89tn ($57.3bn) in 2028, in terms of gross written premiums (GWP), forecasts data and analytics company GlobalData.
The stability of Guoren Property and Casualty Insurance's underwriting profitability is expected to be tested, says Fitch Ratings.
With the launch of cultural insurance in April 2024 in Saudi Arabia covering artworks and cultural assets, insurance companies are beginning to provide insurance products for the cultural and heritage sector, according to the official spokesman for the Saudi Ministry of Culture, Mr Abdulrahman Almutawa.
Thailand's insurance regulator, the Office of Insurance Commission (OIC), has launched an insurance database system (IBS) in collaboration with the Thai General Insurance Association and general insurance companies.