The non-life insurance sector posted an increase of 8.97% in premiums in 2023 compared to 2022, according to updated data from the Association of Insurance Companies of Cameroon (ASAC). Non-life insurance represents 67.42% of the overall turnover of the industry in 2023.
Orient Insurance has a track record of very strong operating profitability, notes AM Best, adding that in 2023 (under IFRS 17) the insurer generated a return-on-equity ratio of 15.5% and a net-net non-life combined ratio of 85.8% (both as calculated by AM Best).
Sabanci Ageas Health Insurance has changed its name to Medisa Sigorta and increased its issued capital by TRY400m ($12.22m).
The Insurance Association of China (IAC) has issued its "Proposal on the Insurance Industry Pro-Actively Carrying Out Anti-Insurance Fraud Work". The proposal, issued on 12 June, states that insurance fraud must be dealt with severely and is not to be tolerated.
Some insurance companies in China will halt on 30 June the sales of incremental wholelife insurance policies that have an assumed interest rate of 3% and instead launch new policies with an interest rate of 2.75% on 1 July.
The number of family offices in China has been growing, with insurance companies being relatively new players in the market.
Japanese life insurers have reported a significant increase in core profits and net income after tax, benefiting from lower pandemic-related claims and an improved investment environment with higher interest rates and a weakened yen, noted CreditSights, a Fitch Group company which has just published its outlook for the life insurance sector.
The National Rural Health Alliance (the Alliance) has voiced concern over new extras offered by some of Australia's biggest health insurers with the claim that they will be an offset to high premiums.
China Life Insurance, the country's biggest insurer, is purchasing half of a Beijing property project for CNY3.1bn ($436m).
The IRDAI has issued a Master Circular on Life Insurance business in a move towards making life insurance simple, easy to understand and enhancing transparency for a well-informed decision by prospects/policyholders.