Mal Bazaar, an Egyptian InsurTech startup, has strengthened its market position after acquiring a licensed insurance brokerage and securing approval from the Financial Regulatory Authority (FRA).
Among the top 300 broking groups globally, the Asia-Pacific/Australasia region is the base for 33 groups. China is the home country for 15 of the top 300 groups, according to Insuramore.
Nasdaq-listed Huize Holding, which operates an online insurance products and services platform in China, says that it is very focused on landing on its next market outside mainland China in the next two quarters of this year.
Gallagher Re has appointed Mr George Sherriff as CEO and Mr Tsuyoshi Noguchi as chairman.
Insurance intermediary licences are now being offered at basement bargain prices, compared to once-high prices demanded when many investors rushed to acquire such licences.
Lockton Korea is focusing on organic growth, in line with the group's management approach and plans to achieve 20% annual growth under the latest plan, according to Mr Ben Son, CEO of the brokerage.
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 Ardonagh Group, one of the world's largest independent insurance broking platforms, has entered into a Scheme Implementation Deed (SID) to acquire all of the issued ordinary shares in PSC Insurance Group.
The Nasco Insurance Group, an international group that specialises in direct and reinsurance broking, has acquired the retail insurance broking company, Crescent Global Insurance Services (Crescent).
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.