The 36 insurance companies in the private sector in Egypt commanded a share of 68.8% of total premiums collected in 2020, according to data from the Financial Regulatory Authority (FRA).
Kuwait Insurance Company's (KIC) strong operating performance, demonstrated by a five-year average (2015-2019) return-on-equity ratio of 8.4%, is driven by the company's solid technical results, notes AM Best in a report.
The general insurance industry reported a net profit after tax of A$35m ($26.9m) for the year ended 31 December 2020, which was 1.1% of the A$3.1bn posted for 2019, according to data released by the Australian Prudential Regulation Authority (APRA).
The overall GWP in the Bahraini insurance sector is estimated to have fallen in 2020 due to lower economic activity, a decline in tourism from Saudi Arabia and other countries in the region, and a decrease in the sales of new cars, says S&P Global Ratings.
Non-life premiums generated by 38 insurance companies operating in the country reached $1.16bn in 2020, constituting an increase of 2% from $1.13bn produced by 44 insurers in 2019, according to the annual survey by Al-Bayan magazine of the insurance sector in Lebanon.
Adamjee Insurance, Pakistan's second largest non-life insurer based on GWP, continued to strengthen its underwriting performance in 2019, resulting in the insurer's overall earnings carrying equal weight between investment and underwriting results, says AM Best.
Several insurance companies are busy processing claims for losses suffered in floods that occurred at the beginning of this year.
Weaker economic conditions and an estimated decline in the expat population of about 12% (close to 230,000 people) led to a decline in GWP in the Omani insurance market by 4%-5% in 2020, says S&P Global Ratings.
The Egyptian insurance sector has posted a 25% jump in net surplus to EGP6bn ($382m)-comprising underwriting gains and investment returns-for the 12 months to 31 December 2020, compared to EGP4.8bn in 2019.
The Chinese government's extensive fiscal and monetary programme to stimulate the economy is accelerating the return to higher economic growth rates, says Mapfre Economics.