Syarikat Takaful Malaysia Bhd (Takaful Malaysia) has given a ‘No Claim Rebate’ payment of RM239,281 to Universiti Malaya. Takaful Malaysia Corporate Direct Assistant General Manager Noraini Mohd Yusof said the university has been its client for the last two years and has been enjoying the benefits since then.
“Last year we paid out a record amount of RM31 million as our 15 per cent No Claim Rebate and given the positive growth in our General Takaful portfolio, we are confident of a higher rebate being disbursed this year…………………………………..Full Article: Source

Niger Insurance Plc has counseled members of the public to embrace takaful insurance as the National Insurance Commission (NAICOM) is striving to ensure that all adults in Nigeria are adequately protected by insurance.
The company’s Managing Director, Kolapo Adedeji, made this call during a chat with journalists in Lagos recently, said that Niger Insurance has a policy called Mutual Halal Plan which is based on this Islamic profit sharing and reciprocal guarantee principle of al-takaful………………………………………..Full Article: Source

Aljazira Takaful Ta`awuni has entered into a new agreement with both Aljazira Capital and Albilad Investment. Aljazira Capital becomes the underwriting manager for the company’s IPO under this deal signed in Jeddah. It also paves the way for Albilad Investment Company to become the underwriter.
A press release said 10,500,000 shares, representing 30 percent of the company’s capital, will be on offer. After the completion of the IPO, this will amount to SR 350 million divided into 35 million ordinary shares with a nominal value of SR 10 per share………………………………………..Full Article: Source

Takaful Ikhlas Sdn Bhd is looking to boost its family takaful business, regarded as a long term saving mechanism, to drive the company’s growth and profitability further. Its president and CEO Ab Latiff Abu Bakar said Takaful Ikhlas’ family takaful business should grow by another 10% to contribute 70% of its gross contributions in the next three to four years.
For the financial year ended March 31, 2012 (FY12), family takaful made up just over 60% of the operators contributions at RM501 million………………………………………..Full Article: Source

The insurance product is designed to boost the credit ratings of sukuk for sovereign issuers. A unit of the Jeddah-based Islamic Development Bank, a multilateral lending institution, has launched an insurance product designed to boost the credit ratings of sukuk (Islamic bonds) for sovereign issuers.
The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), rated Aa3 by Moody’s, hopes its insurance policy can help issuers tap into strong investor demand for investment-grade sukuk…………………………………….Full Article: Source

The Securities and Exchange Commission of Pakistan has passed three orders against a takaful company for not complying with the provisions of the Insurance Ordinance, 2000, and the Companies Ordinance, 1984, in which one of the orders relates to the interpretation of the exemption given under Proviso to Section 187(h) of the Companies Ordinance, 1984.
Moreover, the insurance division of SECP has also passed an order against a Life Insurance Company under Section 130(2) of Insurance Ordinance, 2000, as a result of adjudication of an appeal against the order of the federal insurance ombudsman………………………………………..Full Article: Source

Nigeria has issued new guidelines to oversee the operation of its takaful (Islamic insurance) industry, favoring a centralised format that is gaining favour across the Islamic finance world. Africa’s top oil producer and second biggest economy is trying to establish itself as the African hub for Islamic finance, having approved rules for issuing sukuk in March.
Nigeria, home to the largest Muslim population in sub-Saharan Africa, hopes the guidelines will boost insurance penetration. Its insurance sector had total assets of 621 billion naira ($3.9 billion) as of December 2011, according to official data………………………………………..Full Article: Source

Insurance major XL Group and Islamic specialist Cobalt underwriters will offer sharia-compliant insurance for companies buying commercial property, paving the way for Islamic investors to tap London’s subscription-based insurance market for the first time.
The new offering will allow multiple insurers to take part in Islamic insurance deals, adding scale to the fledgling sharia-compliant insurance industry in the UK………………………………………..Full Article: Source

Rating Services Limited has revised the outlook to stable from positive and affirmed the financial strength rating of C++ (Marginal) and the issuer credit rating of “b” of Boubyan Takaful Insurance Company KSC (CLOSED) (Boubyan) (Kuwait). Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.
The revised outlook reflects Boubyan’s decision not to ring-fence assets in favour of policyholders. As per A.M. Best’s Takaful (Shari’a Compliant) Insurance Companies criteria, the risk-adjusted capitalisation of Boubyan’s policyholders’ fund remains weak………………………………………..Full Article: Source

RHB Research has estimated Syarikat Takaful Malaysia Bhd’s earnings for the first quarter ended March 31, 2013, to be higher at about RM30 million from RM26.3 million recorded in the same quarter last year.
The research house said Takaful Malaysia’s bancatakaful and agents would continue being the main drivers of the growth, on the back of its rejuvenated “We Should Talk” campaign as well as its enhanced sales force. “Takaful Malaysia is expected to release its first quarter results as early as May 17………………………………………..Full Article: Source

Syarikat Takaful Ma­laysia Bhd (Takaful Malaysia) an­nounced that it had recorded stel­lar results for 2012, underpinned by higher sales generated by the family and takaful business.
According to a press statement, Takaful Malaysia’s profit after tax and zakat (PATZ) surged by 31 per cent to RM100.1 million from RM76.4 million in the previous financial year, while its operat­ing revenue grew by 19 per cent to RM1.61 billion, and total asset size increased by nine per cent to RM6.4 billion………………………………………..Full Article: Source

The National Insurance Commission (NAICOM) has issued the guidelines for takaful as part of efforts to increase insurance penetration in Nigeria and boost the contribution of insurance to the national GDP.
According to a circular outlining the guidelines, all applicants seeking licences from the Commission to transact takaful business in Nigeria must possess the Certificate of Registration as a full-fledged takaful company in accordance with international best practice. In addition, such a company must have, as part of its name, words or terminologies that connote takaful operations………………………………………..Full Article: Source

Syarikat Takaful Malaysia Bhd aims for its revenue for the financial year 2013 to grow in line with the industry expansion of between 20% and 25%, said managing director Datuk Mohamed Hassan Kamil.
He said it needed to grow in line with the industry to improve its market share.Takaful Malaysia is the market leader in the group family takaful business. Last year, it captured 40% of the market and 20% of the combined family and general takaful businesses………………………………………..Full Article: Source

The Saudi Capital Market Authority (CMA) board has approved Aljazira Takaful Ta’awuni Company’s (ATT) initial public offering (IPO) of 10,500,000 shares, representing 30 percent of its share capital, amounting to SR 350 million.
The offer price will be SR 10 per share and the subscription period will be from May 13 to 19. Abdulmajeed Al-Sultan, chairman of Aljazira Takaful Ta’awuni Company, said the CMA’s decision would largely enhance its corporate governance practices and protect shareholders’ rights through furthering its commitment to the regulatory standards of joint stock companies that are listed in the market………………………………………..Full Article: Source

Syarikat Takaful Malaysia Bhd (Takaful Malaysia) expects revenue contributions from its Indonesian operations to easily increase to 20 per cent once the ruling on sales of takaful products by stand-alone takaful companies comes into force in 2015.
Group managing director, Datuk Hassan Kamil, said currently the Indonesian operations contributed about 10 per cent.“Our takaful company in Indonesia is a stand-alone company.“So by then we hope the competition will be more equal and fair.“Currently, the playing field is not level………………………………………..Full Article: Source

Prudential BSN Takaful Bhd (PruBSN) received multiple awards at the Malaysian Takaful Association’s Takaful Starnite 2013 recently.
In a statement Thursday, the company said PruBSN’s Direct Agency and Prudential Assurance Malaysia Bhd’s Agency brought home a total of 14 awards out of six categories namely Top Rookie, Top Agent, Top Unit Manager, Top Agency Manager (Direct), Top Agency Manager (Group) and Top Recruiter (Leader) awards………………………………………..Full Article: Source

Malaysia-based banking group AMMB Holdings is looking for potential buyers to dispose of certain stake in its life insurance operations, in a bid to raise nearly $600m from the deal.Sources familiar with the deal were quoted by the Wall Street Journal as saying that the auction sale of nearly 70% stake is expected to begin in the next two to three weeks.
After the first round of bidding, successful suitors will be shortlisted in June and prior to proceeding with the next round of auction, they will have to obtain the approval from Malaysia’s banking regulator………………………………………..Full Article: Source

Malaysian banking group AMMB Holdings Bhd has started seeking offers for its life insurance units, two people familiar with the deal said Wednesday, as the country’s fifth-largest banking group looks to raise as much as $600 million from the sale.AMMB is seeking to expand its profitable insurance business and is seeking a partner with expertise in the industry.
The first round of bids for a stake of up to 70% in the business are due in the next two to three weeks, one of the people said. Bidders will be shortlisted in June and must obtain approval from Malaysia’s banking regulator before they can proceed to the next round of bidding, another person told Dow Jones Newswires………………………………………..Full Article: Source

The local general insurance industry is expected to see growth of between 6% and 9% in earned premium income this year, according to General Insurance Association of Malaysia (Piam) chairman Chua Seck Guan.
He said the earned premium income for the general insurance sector grew 106% to RM12.41bil last year, from RM6.02bil in 2002………………………………………..Full Article: Source

As the Omani banking sector is currently in a major transition phase with the Islamic banking products and Islamic banking windows, the Takaful insurance also known as Islamic insurance will have a major impact on the society, says Rawny Khadr, (pictured) Vice-President (Development and Marketing), Dhofar Insurance.
He said that since there is a market for Islamic banking and a number of banks have been granted an “Islamic banking window” it would follow that there will be demand for Takaful insurance products which will relate to loans taken out from banks……………………………………….Full Article: Source

Malayan Banking Bhd’s unit, Etiqa Insurance and Takaful, is targeting to rake in a premium income of RM3 million when it signs up between 3,500 and 4,000 policy holders during the on-going Malaysian Unit Trust Week.
The company is leveraging on the programme to promote both its Triple Lifestyle Protector Insurance Plan and the Prisma Takaful Plan in Kangar and the northern region. “Both the plans will provide policyholders with protection benefits and cash returns every few years, with more education opportunities and savings………………………………………..Full Article: Source

Etiqa Insurance and Takaful is on its way to becoming the market leader for insurance and takaful with a total combined gross premium and contribution of RM5.4 billion for its financial year ended Dec 31, 2012 (FY12).
The insurance and takaful arm of Malayan Banking Bhd (Maybank) claims to be the leading takaful operator in Malaysia with a market share of 49.9% in general takaful and 36.3% in family takaful………………………………………..Full Article: Source

The number of takaful operators worldwide has increased to 200, with four additional companies entering the segment compared to 196 the previous year, latest figures in 7th World Islamic Insurance Directory (WIID) have shown.
The four new takaful companies originated from North Africa, with the recent socio-political changes in the region proving positive for the nascent development of Islamic finance. Overall, the GCC continues to lead the way with 77 operators followed the Far East with 40. The WIID also shows that global Islamic insurance contributions, including Iran, grew 24.2% to reach US$17.4 billion as at end 2011…………………………………….Full Article: Source

Etiqa Insurance and Takaful Bhd, which has increased its gross written premium from RM2.8 billion in 2006 to RM5.4 billion this year, aims to be the market leader for insurance and takaful by 2015. Etiqa, the insurance and takaful arm of Malayan Banking Bhd (Maybank), said it is the number one takaful operator in Malaysia with a market share of 49.9 per cent in general takaful and 36.3 per cent in family takaful.
“Etiqa registered an 11 per cent growth year-on-year in profit before tax, soaring to RM660.5 million as a result of improved surplus transfer from the life insurance and family takaful fund and favourable investment performance of all funds,” it said in a statement…………………………………….Full Article: Source

Takaful Insurance of Africa Ltd., Kenya’s only Shariah-compliant insurer, plans to expand its operations into five East African nations, Chief Executive Officer Hassan Bashir said.
Under Takaful’s five-year plan spanning 2013-2017, it will expand into Ethiopia, Tanzania, Uganda, Somalia and the autonomously governed enclave of Somaliland, where it was granted a license this year, he said. Islamic insurance is known as takaful…………………………………….Full Article: Source

The global family takaful industry is on track for a sharp growth with its gross contributions set to treble by 2016 to $5.6 billion, an industry study said. The growth of family takaful has outperformed the growth in conventional life insurance, and over the past five years it has picked up pace at a compound annual growth rate, or CAGR, of 32 per cent, according to a report released at the opening of the 8th Annual World Takaful Conference, or WTC, in Dubai on Monday.
The global takaful industry has been experiencing double-digit growth rates with the GCC and Malaysia being the major contributors, said David McLean, executive of the WTC………………………………………..Full Article: Source

Malaysia is promoting overseas investment by its takaful firms (Islamic insurers) as it seeks to internationalise its Islamic finance industry, but a lack of expertise and low risk appetite are likely to slow the drive. The takaful firms currently invest little abroad; a shift from the safety of local assets to better-yielding instruments abroad could boost their profits while increasing demand for sukuk (Islamic bonds) from the Gulf.
Malaysia’s takaful firms are already major investors in domestically issued sukuk, holding over 60% of their RM19 billion (US$6.1 billion) of assets in domestic private and government debt securities as of December 2012, according to central bank data. Assets were up 12.4% from a year ago………………………………………..Full Article: Source

More than 400 international Islamic insurance industry leaders from the Middle East, South East Asia, Africa and beyond to gather in Dubai at the 8th Annual World Takaful Conference (WTC 2013) for discussions that will tackle the threats to sustainable profitability and discuss a new growth map for moving towards sound underwriting profitability.
More than 400 key players and thought leaders in the global Takaful industry will be gathering on the 15th and 16th of April 2013 in Dusit Thani, Dubai, for the 8th Annual World Takaful Conference (WTC 2013), according to a press release from its organisers. (Press Release)

Takaful Insurance of Africa Limited (TIA), East Africa’s first Takaful operator, made history again, Saturday, by becoming the first insurance company in Kenya and East Africa to share its profits with clients.
At the event attended by over 500 of the company’s clients, brokers and agents, TIA announced that from gross premium income of just over KES 178 million and underwriting profit of KES 26 Million in 2011, it would share 60 per cent or KES 15.6 million of the underwriting profit, with its 4000 Clients who did not make any claims during the year………………………………………..Full Article: Source

Insurance professionals have confirmed that, contrary to their expectation, consumers of takaful insurance, an Islamic financial product targeted at Muslims in the Northern part of the country, consist more of Christians from the South-East extraction.
The Vice Chairman of the Chartered Insurance Institute of Nigeria (CIIN) Oyo State Chapter, Mr. Babatunde Omosola, disclosed this at the 2013 Media Retreat, a programme hosted by the professional body for members of that National Association of Insurance Correspondents (NAICO) in Ibadan, Oyo State recently………………………………………..Full Article: Source

Shariah-based Takaful Insurance of Africa is banking on product diversification and opening of more shops to establish itself better in the region.
The insurer has already acquired an operating licence from the Retirement Benefits Authority to start a Shariah-compliant pension scheme while the Insurance Regulatory Authority (IRA) allowed it to transact long-term insurance business or family Takaful known in conventional insurance as life insurance………………………………………..Full Article: Source

Contrary to belief that Takaful insurance is solely for Muslims, reports have shown that South-Easterners who are predominantly Christians now have the highest subscribers’ rate of the products.
The Vice-Chairman, Chartered Insurance Institute of Nigeria (CIIN) Oyo State Chapter, Babatunde Omosola, who disclosed this at the 2013 Media Retreat Organised by CIIN, for members of National Association of Insurance Correspondents (NAICO) in Ibadan, said South-Easterners have embraced Takaful insurance products because of its simplicity………………………………………..Full Article: Source

In line with the Sharia law on insurance of sharing profits and losses, Takaful Insurance of Africa company has shared Sh15.6 million surplus from its premium pool with clients. The company on Saturday issued 2,000 clients who contributed to the company’s premium pool over the last one year with cheques for various amounts depending with the money they paid for various covers.
The three highest paid customers took home Sh240,000, Sh150,000 and Sh100,000 respectively. Takaful insurance which follows the sharia law on business, operates on the principle of shared responsibility. Therefore the insurance company offering takaful services operates the insurance fund raised from premiums in return for a share of the surplus on underwriting and a share of profit from investment………………………………………..Full Article: Source

With continued growth forecast for Oman’s insurance market, A M Best Co believes the new takaful licensing regulation will generate additional competition in an already crowded market. Over the long term, A M Best, a credit-rating organisation dedicated to the insurance industry, expects that underwriting profitability challenges in Oman could lead some insurers to exit the market, while larger insurers will maintain their leading positions.
In a report entitled ‘Oman’s Market Offers Opportunities; Fierce Competition Remains,’ A M Best says the pending introduction of takaful licensing regulation by the Capital Market Authority is likely to create further interest from new entrants………………………………………..Full Article: Source

The new, highly state-aided private pension system has made the mouths of Islamic banks water, as two of Turkey’s non-interest, Islam-compliant banks look to establish a joint company.
The new regulations opening the way for Islamic banks to found non-interest pension funds and most recently enabling them to invest private pension funds in non-interest financial instruments encouraged Albaraka Türk and Kuveyt Türk to enter this business field. Another Islamic bank, Asya Participation bank already has its own private pension arm, while other Islamic banks were working with agency………………………………………..Full Article: Source

Emirates Identity Authority and “Abu Dhabi Local Departments Takaful Fund” signed a strategic partnership agreement to adopt the “Smart” ID card and activate it as a main and permanent source of data for the people benefiting from the services provided by the fund, in order to improve processes and facilitate procedures and develop customer services, by utilizing the data and information provided by the authority for identity authentication and individuals’ identity verifications purposes.
This agreement comes out of the keenness by both parties to support and reinforce the strategic partnership relations already effectively established between the two, contributing to fulfilling the needs of the Emirate community and reflecting positively on economic and social levels, and achieving public interest………………………………………..Full Article: Source

Amana Takaful Maldives, a subsidiary company of Amana Takaful Sri Lanka and the only Shari’ah compliant Takaful (insurance) provider in the Maldives was recently awarded by the Maldives Monetary Authority (MMA) at its annual ‘Finance Night’ in recognition of the contribution made to the finance sector of country.
The Finance Night, themed ‘Maalee Rey’, is an initiative of the MMA which acknowledges the contributions of financial institutions towards the development of the Maldivian economy………………………………………..Full Article: Source

Although the Islamic Financial Services Act (IFSA) is expected to see some takaful players, especially those with a composite licence, split their life and general operations, it has not deterred their gameplan to strengthen and grow their takaful business amid the growing and competitive Islamic insurance landscape.
The Financial Services Act (FSA) and the IFSA are likely to come into effect by mid this year and would, among others, require conventional and takaful insurers to relinquish their composite licences, and conduct their life and general insurance businesses under separate units or subsidiaries………………………………………..Full Article: Source

Prudential BSN Takaful Bhd (PruBSN) announced new business sales, up 15 per cent to RM265.7 million on an Annual Contribution Equivalent (ACE) basis for the financial year ended December 31, 2012 (2011 figure stood at RM231 million).
According to a press release, gross contributions increased by 38 per cent to RM782.3 million, up from RM568.9 million in 2011. The results confirmed PruBSN as the leading takaful provider in Malaysia with a market share of 28.4 per cent. “The strong performance in 2012 was underpinned by the strength of Prudential’s franchise in Malaysia, its robust multi-distribution channel strategy and new product launches,” it stated………………………………………..Full Article: Source

Although the Islamic Financial Services Act (IFSA) is expected to see some takaful players, especially those with a composite licence, split their life and general operations, it has not deterred their gameplan to strengthen and grow their takaful business amid the growing and competitive Islamic insurance landscape.
The Financial Services Act (FSA) and the IFSA are likely to come into effect by mid this year and would, among others, require conventional and takaful insurers to relinquish their composite licences, and conduct their life and general insurance businesses under separate units or subsidiaries………………………………………..Full Article: Source

Takaful is an insurance contract that is compliant with Shariah, the body of Islamic law. The name derives from the Arabic verb “kafalah” that means mutual guarantee. Islamic insurance is based on the principle of mutuality where policyholders own the company and share in its profits. There are three main types of takaful: mudharaba, wakala and a hybrid of the two.
Islamic law forbids “riba,” a concept that means interest, usury and the exploitation of the poor. It also prohibits “gharar,” meaning risk, uncertainty, hazard and deceit. “Maysir,” which is the acquisition of wealth by chance, or gambling, is also proscribed………………………………………..Full Article: Source

A.M. Best Europe - Rating Services Limited has assigned a financial strength rating of B++ (Good) and an issuer credit rating of “bbb” to Takaful International Company BSC (TIC) (Bahrain). The outlook assigned to both ratings is stable.
The ratings of TIC reflect its sound domestic profile, satisfactory risk-adjusted capitalisation and sound track record of technical profitability. However, the ratings are tempered by the weaker overall earnings of the company, its higher risk investment portfolio, unsophisticated enterprise risk management (ERM) and the country risk associated with Bahrain………………………………………..Full Article: Source

Most of Islamic finance products and services, particularly financing transactions, necessitate procuring an insurance cover (Takaful). This is to mitigate certain inherent risks in underlying contracts or structures that cannot otherwise be excluded or mitigated in a Sharia compliant manner. The Takaful model for insurance is based on the principle of mutual cooperation and indemnification.
Therefore, Takaful cover can easily be used to mitigate market and credit risks in many Sharia nominate financing contracts, without breaching the mandatory Sharia principles which prohibit exclusion or mitigation of certain risks in such contracts. In some commonly used structures for sukuk and investment products, the proceeds of Takaful cover are the only source of payment for the investors in the event of total loss of the underlying assets………………………………………..Full Article: Source

Central Depository Company of Pakistan Limited (CDC) has signed a Memorandum of Understanding (MoU) with Life Insurance and Takaful companies of the country to implement a Centralised Information Sharing Solution for Insurance Industry (CISSII).
The signing ceremony was held at CDC House, which was attended among others by senior officials of CDC, life insurance companies and SECP. On this occasion, Chairman State Life Insurances Corporation of Pakistan Shahid Aziz Siddiqi, CEO CDC Mohammad Hanif Jakhura and Commissioner Insurance Division - SECP Mohammad Asif Arif were also present………………………………………..Full Article: Source

A.M. Best Europe - Rating Services Limited has assigned a financial strength rating of B+ (Good) and an issuer credit rating of ‘bbb-’ to National Takaful Company (Watania) PJSC (Watania) (United Arab Emirates). The outlook assigned to both ratings is stable.
The ratings for Watania reflect its strong prospective risk-adjusted capitalisation, supported by strong reinsurance protection, a conservative investment strategy and its sound business plan. Offsetting rating factors are below target results in 2012 and the execution risk Watania faces in the competitive UAE insurance market………………………………………..Full Article: Source

Leading industry players in the international takaful industry will take part in the 8th Annual World Takaful Conference (WTC 2013), which is set to be held on April 15 and 16 at the Dusit Thani, Dubai. The event, co-located with the 3rd Annual Middle East Islamic Finance and Investment Conference (MEIFIC 2013), will feature high-profile discussions that will focus on ’sustaining growth and boosting profitability’ in the global takaful industry.
“The global takaful industry continued to show double-digit growth last year, with recent reports indicating an exciting, if slightly slowing, average growth rate of around 19 per cent for global takaful contributions,” said conference chief executive David McLean. (Press Release)

Rating Services Limited has assigned a financial strength rating of B+ (Good) and an issuer credit rating of “bbb-” to National Takaful Company (Watania) PJSC (Watania) (United Arab Emirates).
The ratings for Watania reflect its strong prospective risk-adjusted capitalisation, supported by strong reinsurance protection, a conservative investment strategy and its sound business plan. Offsetting rating factors are below target results in 2012 and the execution risk Watania faces in the competitive UAE insurance market………………………………………..Full Article: Source

The lack of awareness and the transient nature of expatriates are key factors linked to the very low levels of insurance penetration in the Middle East and North Africa (Mena), experts told Gulf News.
The Ernst & Young’s Global Insurance Consumer Survey 2012 reported that insurance across the region remains underdeveloped, with penetration rates pegged below 2 per cent in almost all GCC countries. Life insurance, in particular, is nascent, accounting for less than 20 per cent………………………………………..Full Article: Source

Composite Insurer Amãna Takaful PLC reported a profit of Rs. 49.7m as per the unaudited accounts for 2012 with an impressive growth of 22.4% in Gross Written Premium, well above the industry’s 10.6%.The company’s performance in terms of total Gross Written Premium (GWP) of Rs. 1,553.8m for 2012 compares with Rs.1, 269.1m of 2011.
In this performance, the General Insurance business accounted for Rs. 1,193.9m, growing significantly at 23.7% over 2011. The Life segment’s Gross Written Premium of Rs. 359.9m, reflects a growth of 18.5% in the same comparison. These results reflect a substantial upside against the industry performance of 14.6% and 5.5% on General and Life businesses respectively. (Source IASL)……………………………………….Full Article: Source

India’s General Insurance Corp (GIC Re), the 15th largest re-insurer in the world, is planning to convert its Dubai office into a subsidiary as part of strengthening the Middle East and North Africa (Mena) business from which it generated premium worth $385mn.
The public sector re-insurance giant is also focusing more on life and Islamic ‘takaful’ in a big way to make its presence felt in the Mena region, P K Bhagat, general manager of GIC Re, said. “We might consider converting Dubai office into a subsidiary in the next few years as part of strengthening the operations in the Mena region,” he said………………………………………..Full Article: Source