S&P Global Ratings (S&P) says that it's too early to assess the full financial and ratings impact on South Africa's insurance sector of last week's extreme weather events in the South and East regions.
The UAE general insurance industry is set to grow at a compound annual growth rate (CAGR) of 4.7% from AED37.8bn ($10.3bn) in 2024 to AED45.5bn in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
The Jordan Insurance Federation (JIF) held its annual meeting last week to discuss the Federation's annual administrative report for 2023 and review vital issues affecting the future of the insurance industry in Jordan as well as to elect a new board of directors for the coming term.
The first phase of Bima Sugam, a proposed ground-breaking one-stop online platform for insurance services, is expected to be launched around April next year, IRDAI chairman Debasish Panda said at a 7 June meeting with the CEOs of life, general and health insurers.
Hong Kong-based insurer bolttech Insurance saw its insurance service result increase to HK$54m in 2023, from HK$29m a year ago, on a fall in insurance service expenses. The favourable underwriting performance was partly attributed by the release of reserves, says Fitch Ratings.
Vehicle owners have been complaining about the refusal of insurance companies to write off, as total losses, vehicles that had been damaged in recent floods.
The growth of the mainland Chinese non-life sector slowed in 1Q2024 on deceleration in the expansion of motor insurance, which accounted for 44% of sector premiums, says Fitch Ratings. Motor insurance growth decelerated to 2.6% year on year in 1Q2024 despite strong sales of new-energy automobiles.
Risk complexity in mainland China has continued to grow, and the risk landscape has become increasingly volatile, says Aon, a leading global insurance broking company, as it outlines trends in the insurance market.
Billionaire Richard Li has revived plans to list pan-Asian insurer FWD Group in Hong Kong, reported Reuters quoting three people with direct knowledge of the matter, after regulatory delay and market volatility scuppered previous attempts to take it public.
The government-run natural disaster insurance provider, EQC, has secured a record level of reinsurance of NZ$9.2bn ($5.7bn) from 1 June 2024 to protect New Zealand homeowners from the impact of natural hazards and keep home insurance affordable.