In Indonesia's (re)insurance market, health protection products will "experience adjustments in both premium pricing and terms and conditions (T&C) to better meet the evolving needs of the market and ensure financial sustainability" over the coming year, according to Indonesia Re president director Benny Waworuntu.
The Competition Council (CC) has pointed out major structural challenges facing the insurance market, among several other key sectors of the economy, stressing the urgent need to promote genuine competition in the market.
The fierce competition whipped up around this year's Middle East Insurance Industry Awards has resulted in a list of finalists comprising a total of 55 insurers, brokers, risk managers, service providers and industry leaders.
International actuarial consulting firm Badri Management Consultancy says that it sees growth in the profitability of the Saudi Arabian insurance market.
The insurance industry in Oman is grappling with increasing challenges due to the amplified impact of Expected Credit Losses (ECL), as insurers adopt IFRS 17 and as credit risks increase, according to Badri Management Consultancy, an international company offering actuarial, risk management, and consulting services.
Nepal Insurers' Association (NIA) has filed a writ petition against the government in the country's supreme court for not settling the payments due to the insurers for the COVID-19 claims incurred in 2020-21. NIA has sought the highest court's intervention to make the government liable to pay the insured amounts. NIA is the umbrella organisation of country's non-life insurers.
The circumstances are all too familiar: a mutating virus that can spread from animals to humans, a threat amplified by a globalised world, has created what experts say is a public health emergency of international concern.
The insurance industry may be one of the few that can claim good business prospects against the backdrop of a global economic downturn, participants said at an industry forum in Shanghai recently.
After a tough year in 2023, the business performance of life insurance companies has not yet recovered.
The GST Council has arrived at a broad consensus on reducing or removing GST on health and life insurance premiums from the current 18%, but a final decision would be taken in the next meeting.