Sukoon Insurance (Sukoon) continues to exhibit above-average operating performance, despite the heavy floods that hit the UAE in 2024, according to S&P Global Ratings (S&P).
The Government Service Insurance System (GSIS) announced that it has surpassed its non-life insurance premium target for the third consecutive year, highlighting its continued role in safeguarding public assets across the country.
The insurance market in Senegal saw significant growth with a turnover reaching FCFA290bn ($504m) in 2024, revealed Mr Papa Amadou Diagne, executive secretary of the Financial Services Quality Observatory (OQSF).
Misr Insurance Company (MIC), Egypt's biggest non-life insurer, has a track record of robust operating performance, notes AM Best.
Wataniya Insurance Company's profitability is expected to remain strong despite competition, says Fitch Ratings.
China's insurance industry is undergoing a sharp contraction in executive pay, driven by tighter regulatory scrutiny and formal pay restraint policies. The latest data shows that in 2024, only five unlisted insurers reported senior executive annual salaries exceeding CNY5m ($690,000), down from 10 in 2023. In some cases, individual pay packages dropped by as much as 67%.
China's booming NEV sector, now with a market penetration rate exceeding 40%, is driving rapid growth in NEV motor insurance. In Q1 2024, NEV commercial motor insurance premiums reached CNY314.3bn ($43.3bn), up 44% year-on-year. Meanwhile, claims-related filings rose 36.3%, a slower pace than premium growth, reflecting improvements in risk levels driven by advances in vehicle technology.
These are the highlights for all events and updates across the industry this week.
The Saudi insurance market saw mixed financial results in the motor and medical lines in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm. These two branches are the main pillars of the Saudi insurance sector, contributing a combined 84% of total insurance revenue in 2024.
Cambodia's insurance industry recorded gross premiums of $357m in 2024, up from $36.1m in 2012, an annual average growth rate of 25%, according to the Khmer Times.