The number of employees working in insurance companies in Türkiye increased by 8% to 27,540 people at the end of 2024, compared to the previous12 months, the Insurance Association of Türkiye (TSB) said in a statement.
Data, analytics and insights platform GlobalData expects the APAC reinsurance market to reach $68.4bn in 2029 in terms of reinsurance accepted premiums, growing at a compound annual growth rate of 4.8% from $54bn in 2024.
India's first private sector reinsurance company is set to commence operations soon.
Markel Group has appointed Mr Simon Wilson as CEO of Markel Insurance, which consists of Markel Specialty, Markel International and Markel Global Reinsurance. He is currently president of Markel International.
Saudi Reinsurance Co (Saudi Re) yesterday announced that it posted a net profit after zakat and attributable to shareholders of SAR474.8m ($126.6m) for 2024. This figure is 281% higher than the SAR124.4m chalked up in 2023.
AM Best's ratings of (re)insurers in the Middle East and North Africa (MENA) have generally trended positively. This is despite challenging regional geopolitical conditions, says the global credit rating agency.
Key challenges in the Nigerian insurance market include sluggish growth, low penetration rates, and the under-utilisation of technology, according to a report launched by the Financial Institutions Training Centre (FITC).
While higher reinsurance costs in the UAE will spur premium growth, they may also weigh on earnings, particularly those of smaller and midsize players, according to S&P Global Ratings credit analyst Emir Mujkic.
Interest in asset-intensive reinsurance as a solution is broadening across Asia, Aon's strategic growth leader for Life and Health Reinsurance Solutions, APAC, Danny Alexander has said.
To lead its newly established M&A and Strategic Solutions team, Miller has appointed Mr Andrew Johnson, Ms Edwina Charlton and Mr Rupert Newman as head of broking.