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.
Oman Reinsurance Company (Oman Re) has generated a good financial performance, as reflected in net income return on equity of 8.4% in 2023 (2022: 7.5%), says Fitch Ratings.
The Indonesian Life Insurance Association (AAJI) has announced that the life market chalked up premium income of IDR46tn ($2.8bn) in the first quarter of 2024.
The UAE's biggest insurer Orient Insurance will continue to increase its revenue by at least 10% per year in 2024 and 2025, as the insurer continues to expand its business in the UAE and in the wider Middle East and North Africa region, says S&P Global Ratings.
Takaful contributions in Egypt jumped by 56.4% during the first quarter of this year to reach EGP2.8bn ($747m), compared to EGP1.8bn during the corresponding period in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
Several non-life insurance companies in Vietnam have reported profit increases of over 40% in the first quarter of 2024.
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.
Global credit rating agency AM Best says that it expects Vietnam National Reinsurance Corporation (VINARE) to continue delivering strong operating performance, supported by favourable underwriting performance and robust investment income.
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).
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".