The COVID-19 pandemic has shifted conversations in board rooms towards becoming more vigilant against long-term risks, while also prompting urgency in digital transformation efforts.
Insurers are urging the National Insurance Commission (NAICOM) to extend the recapitalisation deadline for the industry and to waive the 31 December 2020 deadline for the first phase of the recapitalisation exercise.
The National Insurance Commission (NIC) which is the regulatory and supervisory body of the insurance sector has published its latest list of insurance entities in good standing.
Terms and condition of 2021 reinsurance agreements, which are currently being negotiated and drafted, will be more stringent, while premium rates will increase, insurance executives have confirmed.
Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched an Asia Pacific Capital Advisory unit within Reinsurance Solutions to deliver a holistic approach to capital optimisation for re/insurers.
The Insurance Federation of Egypt (IFE) has revealed that the 1 January renewal of reinsurance agreements will see an increase in prices in most insurance branches because of global conditions.
A new national reinsurance company will soon start its activities in Cameroon with a capital of FCFA15bn ($27bn).
Labuan International Business and Financial Centre (Labuan IBFC) has continued to see growth in the insurance industry with 11 new licensed being approved in the first half of 2020 of which seven were captive insurance entities, reinforcing its jurisdictional reign in the Asia captive market.
The impact of the COVID-19 pandemic on the insurance industry is far from over, but the impact of low interest rates has just begun to be felt, according to Swiss Re China president John Chen Donghui.
Saudi Re is carrying out business in an improving operating environment due to better pricing dynamics - with the market hardening after a lengthy soft cycle - particularly for loss making segments, according to SIMAH's Credit Rating Agency, Tassnief.