The National Financial Regulatory Administration (NFRA) has granted approval to Shenzhen BYD Property Insurance to adopt statutory automobile liability insurance (SALI) terms and premium rates in eight markets in China.
The financial data of 79 unlisted property and casualty insurance companies that have published their 1Q2024 solvency reports show that they posted a combined net profit of CNY2.03bn ($281.5m) in the first three months of this year.
Over the medium to long term, substantial growth in the property and casualty reinsurance in the APAC region continues to be anticipated, says Hannover Re in its outlook on the sector.
The pre-tax profit of insurance companies in Taiwan for the first three months of this year stood at NT$105.3bn ($3.25bn), according to data released by the Financial Supervisory Commission (FSC).
The Moroccan insurance sector improved its profitability in 2023, achieving a net profit of MAD4.5bn ($448.4m), an increase of 5.8% over 2022, according to the Insurance and Social Welfare Supervisory Authority (ACAPS).
The London-headquartered Institute and Faculty of Actuaries (IFoA) is holding its inaugural Middle East Conference this month with two events - in Riyadh and Dubai.
The West African Insurance Companies Association (WAICA) has stressed the need for the harmonisation of insurance regulation and education to strengthen regional cooperation and build a vibrant insurance market in the West African sub-region.
The sales of insurance policies directly by insurance companies still dominate the Saudi insurance market, as the percentage of policies sold through insurers was around 50.3% in 2023, compared to 46.1% through insurance brokers and 3.6% by insurance agencies.
A new global survey of 1,800 supply-chain leaders has revealed that average response time for supply chains to respond to disruptions is five days, hindering progress on resiliency and risk mitigation.
In Asia, one in three business leaders reported that political risk was the biggest threat to their business this year.