Profitability in the Islamic general insurance branch varied across regions, with some markets facing rising claims pressures in 2024, the Islamic Financial Services Board (IFSB) said.
The Islamic insurance sector demonstrated sustained growth momentum in 2024, significantly outpacing the broader insurance industry, according to the "Islamic Financial Services Industry Stability Report 2025" published by the Islamic Financial Services Board (IFSB).
The absence of rains coupled with rising premium rates has led to insurance revenue growing by 21% in the first three months of 2025 in the UAE, reaching AED11.9bn ($3.2bn) versus AED9.8bn in the corresponding period last year, says Badri Management Consultancy, an international actuarial and risk consulting company.
Rising costs, increased climate-related claims, and aggressive pricing strategies are putting pressure on margins across the industry, says Badri Management Consultancy, an international company specialising in actuarial and management consulting services.
Neova Katilim Sigorta maintained its leadership in the participation insurance (takaful) market with a contribution volume of TRY6.6bn ($170.8m), representing a 41.2% market share, in the first quarter of this year, according to data released by the Insurance Association of Türkiye (TSB).
Qatar's seven listed insurers have reported a combined net profit of QAR424m ($116.5m) for the first quarter of 2025 against QAR382m for the corresponding period of the previous year, according to corporate disclosures lodged with the Qatar Stock Exchange.
Gross written premiums for Egypt's insurance market in the first two months of this year reached EGP21.3bn ($420m), up from EGP15bn in the corresponding period in 2024, a jump of 40.5%, according to a recent report published by the Financial Regulatory Authority (FRA).
Malaysia's insurance regulator, Bank Negara Malaysia (BNM) has announced two new appointments to the Shariah Advisory Council (SAC), namely Professor Amir Shaharuddin and Professor Abdul Rahim Abdul Rahman.
The need for insurance in the MENA region has never been stronger than it is today -- and that's why the insurance industry is attracting the best of the best at every level across the market.
The Competition Authority of Kenya (CAK) has approved the proposed acquisition of 65% of the issued share capital in Takaful Insurance of Africa by Tamini Insurance unconditionally.