Capacity from local and global insurers was limited, and placement challenges continued, especially for global programmes and for risk types that were not in appetite / preferred, says Aon in its "Q1 2024 Global Insurance Market Insights Report" released last week.
Insurance market conditions were generally on a softening trend in the first quarter of this year, with most risks experiencing price reductions, underwriting flexibility and sufficient (and increasing) capacity in a competitive market environment, says Aon.
Egyptian insurance companies generated EGP22bn ($466.2m) in premiums in nominal terms during the first quarter (January-March) of this year, 20.9% higher than the EGP18.2bn during the corresponding quarter in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
Across Asia, market conditions were mixed, with renewal outcomes varying by line of business. Natural catastrophe property risks remained challenged. Financial Lines saw a general softening, says Aon in its "Q1 2024 Global Insurance Market Insights Report" released last week.
Non-life insurers have agreed to resume farm insurance business after the government gave them its commitment to settle NPR970m ($7.3m) in premium subsidy arrears as soon as possible.
The Hong Kong insurance industry posted a 12.2% increase in total gross premiums to HK$165.1bn ($21.1bn) in the first quarter of 2024, according to provisional statistics released by the Insurance Authority (IA).
Watania Takaful has said that it had rejected zero motor claims, even though in the first few days after the heavy rains in April, the company received three times the daily average number of motor claims and an average number of daily calls of over 1,000 from customers.
With forecast growth of 7.7% per annum over the next 10 years, China's life insurance market will be behind India's which is predicted to grow at 13.6% per annum, according to Allianz Research in its "Global Insurance Report 2024".
China's insurance industry reported insurance premium income of CNY2.54tn ($350bn) in the first four months of 2024, according to data from the National Financial Regulatory Administration (NFRA).
The number of insurance agents has fallen to 2.81m as of the end of 2023, a plunge of 69% from the end of 2019. While the decline is tapering off, there are no signs of when it will stop.