A report by InsurTech Go Digit has revealed that there has been a spike in demand for travel policies in India in FY21-22 compared to pre-COVID levels in FY19-20.
Total net written premiums (NWP) increased by 8.2% to SAR34.6bn ($9.2bn) in 2021 from SAR31.99bn in 2020, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
India's flag carrier, Air India, under its new Tata management, has taken a INR608bn ($8bn) cover, costing it a premium of INR2.66bn to a syndicate of insurance companies, including Tata AIG General Insurance.
The likely huge insurance claims related to the cancellation of aircraft leases in Russia is already leading to "horrendous" hikes in the cost of renewing policies, Reuters reported, quoting the chief executive of major lessor BOC Aviation.
Tata Group-owned Air India has suspended its flights from Delhi to Moscow after international insurance underwriters conveyed to the airline that its flights landing in Russia would not be valid for insurance given the threat perception there on account of the war, two people familiar with the development told The Indian Express.
Egypt's Parliament has passed a government-drafted law on providing insurance to state-owned EgyptAir to ease difficulties faced by the national airline amid the Russia-Ukraine war.
Various insurance companies in China have paid at least CNY130m ($20.5m) as of 29 March to China Eastern Airlines and the beneficiaries of those who died in the plane crash that took place on 21 March.
Insurance claims related to the China Eastern Airlines Boeing 737-800 passenger jet that crashed in a remote mountainous part of southern China on 21 March could exceed CNY1bn ($157m), according to insurance industry sources.
A Boeing 737-800 plane carrying 123 passengers and nine crew members crashed in a remote mountainous area in southern China yesterday.
The direct impact of the Russia-Ukraine war on the Arab insurance market, as a result of dealing with Russian reinsurers, is negligible.