In 2024, premiums from new energy vehicle (NEV) commercial insurance reached approximately CNY117.7bn ($17.66bn), marking a 52.93% year-on-year increase. This milestone represents the first time NEV commercial insurance annual premiums surpassed CNY100bn. Meanwhile, settled claims for NEV commercial insurance totalled around CNY58.7bn, a 63.47% year-on-year rise. Across the broader auto insurance market - including both commercial insurance and the Compulsory Automobile Liability Insurance (CALI) - premiums grew by 4.52%, with settled claims up by 9%.
Solidarity Bahrain, one of the largest insurers of Bahrain, has introduced a pioneering mobile application, 'Solidarity Drive', aimed at promoting safer driving behaviours across Bahrain.
On 10 January, the China Financial Regulatory Administration (CFRA) reported that after a 6.8-magnitude earthquake struck Dingri County in Shigatse, Tibet, the CFRA quickly activated an emergency response.
The outlook for Sri Lankan non-life insurers' underwriting profitability is optimistic and gradually likely to improve as they enhance their practices and shift focus to more profitable non-motor segments according to a new Fitch Ratings report about the island nation's non-life insurance industry published in January 2025.
Consumption of alcohol, which is a known carcinogen, accounts for TWD5.3bn ($161m) in annual health insurance costs in Taiwan. It also contributes to traffic accidents caused by drunk driving which in turn lead to avoidable insurance payouts by the insurance companies.
Health and motor insurance premiums will increase in Dubai from 1 January 2025, as insurers hike rates to keep pace with the rising expenses in healthcare and vehicle repair costs.
As China continues to lead the way globally in producing and selling new energy vehicles (NEV), the trend has spurred a sixfold increase in related insurance premiums for this segment in just the past five years alone, according to a new AM Best report.
Recently, the Financial Regulatory Administration released the operational data for China's insurance industry as of November 2024. From January to November, the industry reported total primary insurance premium income of CNY5.36tn($750.4bn), comprising CNY1.31tn in property insurance and CNY4.05tn in life insurance. Primary insurance claims expenditure reached CNY2.08tn, reflecting year-on-year growth of 6.2% in premium income and a significant 20.2% increase in claims.
The month of November 2024 saw motor insurance loss ratios surge for major motor insurers in South Korea. As the loss ratios breached the 90% mark, it increased the probability of a hike in motor insurance premium.
The Algerian Union of Insurance and Reinsurance Companies (UAR) plans to digitise the vehicle insurance certificate to allow policyholders to obtain it online, the UAR president, Mr Youcef Benmicia, has announced.