It stated that “one of the most notable highlights of the Industry in 2022 was the increase in third-party motor insurance policy rates by the National Insurance Commission , the apex regulator, on 22 December 2022.”
In the near term, Agusto & Co. expected the introduction of a risk-based capital regime to gain momentum, while NAICOM continues to implement policies and directives that would boost the Industry’s sustainability. It stated that takaful insurers offer alternatives to conventional insurance and their model is based on the concept of social solidarity, cooperation and mutual indemnification of losses of members.
Also, Agusto & Co. expected a modest performance by the Industry in full year 2023, supported by the rising yield environment.