The non-life insurance sector posted an increase of 8.97% in premiums in 2023 compared to 2022, according to updated data from the Association of Insurance Companies of Cameroon (ASAC). Non-life insurance represents 67.42% of the overall turnover of the industry in 2023.
Orient Insurance has a track record of very strong operating profitability, notes AM Best, adding that in 2023 (under IFRS 17) the insurer generated a return-on-equity ratio of 15.5% and a net-net non-life combined ratio of 85.8% (both as calculated by AM Best).
Sabanci Ageas Health Insurance has changed its name to Medisa Sigorta and increased its issued capital by TRY400m ($12.22m).
Taiping Science and Technology Insurance Co (Taiping Technology) is seeing its first change of shareholders after six years of establishment during which it has been making losses.
Aioi Nissay Dowa Insurance (China) Company (ADIC), part of the Mitsui Sumitomo Insurance group, generates an adequate performance as demonstrated by a five-year operating ratio of 95% and a five-year average return-on-equity ratio of 6% (2019-2023), notes AM Best
Asian Reinsurance Corporation's (Asian Re) operating performance, though marginal, is on an improving trend, notes AM Best.
Japanese life insurers have reported a significant increase in core profits and net income after tax, benefiting from lower pandemic-related claims and an improved investment environment with higher interest rates and a weakened yen, noted CreditSights, a Fitch Group company which has just published its outlook for the life insurance sector.
Kuwait Insurance Company (KIC) has a track record of strong operating performance supported by robust underwriting results from both non-life and life portfolios over the past five years, notes AM Best.
Cambodia's insurance sector continued to expand, with the total premium reaching $96.6m in the January-March period this year, according to data from the Insurance Regulator of Cambodia (IRC).
National General Insurance Company (NGI) has a track record of strong operating performance and generated a return on equity of 14.4% in 2023 [2022: 9.1%] (as calculated by AM Best).