The growth of the mainland Chinese non-life sector slowed in 1Q2024 on deceleration in the expansion of motor insurance, which accounted for 44% of sector premiums, says Fitch Ratings. Motor insurance growth decelerated to 2.6% year on year in 1Q2024 despite strong sales of new-energy automobiles.
Risk complexity in mainland China has continued to grow, and the risk landscape has become increasingly volatile, says Aon, a leading global insurance broking company, as it outlines trends in the insurance market.
Billionaire Richard Li has revived plans to list pan-Asian insurer FWD Group in Hong Kong, reported Reuters quoting three people with direct knowledge of the matter, after regulatory delay and market volatility scuppered previous attempts to take it public.
The government-run natural disaster insurance provider, EQC, has secured a record level of reinsurance of NZ$9.2bn ($5.7bn) from 1 June 2024 to protect New Zealand homeowners from the impact of natural hazards and keep home insurance affordable.
The Insurance Authority (AI) has approved on 2 June an application from Salama Cooperative Insurance Company to increase its capital by SAR100m ($26.7m) via a rights issue.
Online P&C insurer, Tk.cn Insurance, has reported three consecutive years of positive net operating profits, although its underwriting margin narrowed in 2023, says Fitch in a commentary.
ALDI Australia, a supermarket chain, yesterday announced its expansion into the insurance sector with the launch of ALDI Insurance.
The nine insurance companies that form a pool to underwrite the UAE's Involuntary Loss of Employment Scheme (ILOE) increased the revenues and profits in 1Q2024.
The Insurance Council of New Zealand (ICNZ) has lauded the additional funding allocated in Budget 2024 to invest in building resilient communities affected by the Auckland Anniversary Weekend flooding and Cyclone Gabrielle events.
Capitalisation is an important rating driver that underpins the ratings of the Chinese non-life insurers, says Fitch Ratings in a special report on a peer review of several companies.