The combined insurance revenue of listed companies and foreign branches saw a 19% surge to AED42.4bn in 2023, compared to AED35.5bn in 2022, under IFRS 17, according to an analysis by Badri Management Consultancy, an international company offering actuarial services, financial services, Strategic HR consulting, data management and business intelligence.
Zking Property & Casualty Insurance Co (ZKI) reported a combined ratio of 103% in 2023, from 98% in 2022, with an average ratio of 100% over 2021-2023, notes Fitch Ratings.
Africa Specialty Risks (ASR), the pan-African and Middle East focused (re)insurance group, has announced that Africa Specialty Risks Ltd (ASR Ltd), ASR's UK-based entity is operating as a Lloyd's service company, underwriting on behalf of ASR Syndicate 2454.
Gulf Insurance Group (GIG) is expected to see its gross written premium remain broadly flat for 2024 but fall in 2025 following the revocation by the Health Ministry of a health insurance contract for retired citizens which had been awarded to the Group, according to AM Best.
Samsung Property & Casualty Insurance (China) [Samsung P&C China] is expected to continue to benefit from its largest shareholder, Samsung Fire & Marine Insurance (SFM), which is South Korea's biggest general insurer.
Insurance authorities have granted approval for the establishment of a new insurance company headquartered in Suzhou, a vibrant city in eastern China. The new company, with a national licence, is registered as Dongwu Property & Casualty Insurance.
The National Financial Regulatory Administration (NFRA) is working to improve insurance services for technology-based businesses throughout their entire lifecycle, according to Mr Yin Jiang'Ao, director of the Property Insurance Supervision Department of the NFRA.
The insurance industry's total original insurance premium income reached CNY4.38tn ($622bn) in the first eight months of the year, according to data released by the National Financial Regulatory Administration (NFRA).
Insurance clinics have been launched for market traders and artisans and other informa-sector workers in the Greater Accra Metropolitan Area (GAMA) to promote insurance inclusion and penetration.
The total profits of the UAE insurance sector amounted to AED2.5bn ($681m) in 2023, compared to AED1.96bn in 2022, according to the Central Bank of the UAE (CBUAE).