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.
The National Tax Service, under the Ministry of Economy and Finance, is looking into the reasons why corporate tax revenues have failed to increase proportionately despite insurers recording their highest-ever net profits after the adoption of IFRS 17 in 2023.
French global insurer has teamed up with the Universal Postal Union (UPU) to promote inclusive insurance, including in Africa. The partnership to scale inclusive insurance through postal networks globally starts with joint research, followed by technical assistance programmes.
Wataniya Insurance Company has reported a significantly improved net profit of SAR85m ($22.7m) in 2023 (under IFRS17 accounting standards) versus a net loss of SAR28m in 2022, notes Fitch Ratings.
The IRDAI has approved the acquisition of bankrupt Reliance Capital's life, general, and health insurance units by the conglomerate, the Hinduja Group, moving the group closer to finalising its deal for the insurers.
Shenergy Property & Casualty Insurance Co has opened officially for business, marking the occasion with an inauguration ceremony on 9 May.
Qatar's listed insurance companies posted a combined net profit of QAR387.57m ($106.5m) for the first quarter of this year, according to quarterly financial statements published by the companies.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive making it mandatory for all life, general and stand-alone health insurers to provide a minimum level of coverage in villages or gram panchayat. The objective is to realise the vision of "Insurance for All" by 2047.
Growth in Malaysia's general insurance market is expected to rebound in 2024, said data and analytics company GlobalData.