The UAE insurance sector continued to grow in 2022, with the number of licensed entities increasing by 5.53% to 553 in 2022 from 524 in 2021, according to the Central Bank of the UAE (CBUAE).
With several banks cutting interest rates on customer deposits since mid-May, wealth management and insurance products have become the focus of attention.
The Indonesian Life Insurance Association (AAJI) does not rule out the possibility that there could be mergers and acquisitions in the sector to meet capital requirements over the longer term.
Life insurance companies in India are looking at new avenues and strategies to counter the impact of the removal of tax exemptions for non-unit-linked insurance policies with premium of over INR500,000 ($6,040) that was given effect in the 2023 Budget.
The IRDAI is working to implement, by 1 August, two high-tech projects - Health Claims Exchange and Bima Sugam - to deepen insurance penetration and simplify claims procedures.
The Indonesian regulator's proposal to raise minimum paid-up capital requirements for insurers may initiate a capital inflow into the sector, strengthening insurers' capital profiles and supporting the industry's development, Fitch Ratings says.
The General Committee for Insurance Companies has launched its "Stay Aware" campaign to raise public awareness about purchasing motor insurance policies from unlicensed parties.
Algeria will pass a new law this year, with implementing texts, relating to the management of disaster risks, according to Prime Minister Aïmene Benabderrahmane.
The IRDAI is working on proposals to amend insurance legislation that would provide for rationalised capital requirements, composite registration, one-time registration of intermediaries, value-added services by insurers, and the sale of other financial products by insurers, according to Mr Debasish Panda, IRDAI chairman.
The State Council, which is China's cabinet, has appointed Mr Li Yunze as the director of the newly-formed regulator, the National Financial Regulatory Administration (NFRA).