The unaudited 1Q2024 net profits reported by China's five major 'A-share'-listed insurance groups amounted to a combined CNY83bn ($11.5bn), 9.2% lower than in the corresponding quarter in 2023.
Motor insurance premiums accounted for 43.7% of non-life insurers' total premiums in 1Q2024, representing a drop of one percentage point from 44.7% in 1Q2023, according to data released by the National Financial Regulatory Administration (NFRA).
Insurers have paid compensation amounting to over CNY206m ($28.5m) as of the end of April 2024 for losses caused by heavy floods in Guangdong last month.
Insurance rates in the Pacific region declined by 2% in the first quarter of 2024, according to the "Global Insurance Market Index" published by Marsh.
Payouts on claims arising from the 1 January magnitude-7.5 Noto earthquake remain ongoing with the total insured loss, as estimated by the General Insurance Association of Japan (GIAJ), tentatively expected to exceed JPY100bn ($660m), says Aon.
Qatar Insurance Company (QIC Group, QIC), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a net profit of QAR194m ($53.3m) for the first quarter of 2024, 11% higher than the QAR175m posted for the corresponding quarter in 2023.
Changing the risk profile of communities exposed to extreme weather in Victoria requires action to make homes, businesses, and communities more resilient to extreme weather, by shifting what is build and where it is built, according to the Insurance Council of Australia (ICA).
The Hong Kong Federation of Insurers (HKFI) has announced the appointment of its Governing Committee for the term 2024/2025.
The overseas branches of South Korean insurance companies saw their combined net income turn to red last year, according to the Financial Supervisory Service (FSS).
Arabian Shield Cooperative Insurance Company (ASC) has been assigned an Insurer Financial Strength (IFS) Rating of 'A-' by Fitch Ratings.