General insurers in Japan have paid out a cumulative JPY90.97bn ($579m) in claims as of 31 May 2024 for the 1 January Noto Peninsula Earthquake, announced the General Insurance Association of Japan (GIAJ).
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).
China Taiping Insurance Group is preparing to commence operations in Luxembourg with the country to serve as the springboard for the group to other EU markets.
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.
Taiping Science and Technology Insurance Co (Taiping Technology) is seeing its first change of shareholders after six years of establishment during which it has been making losses.
Aioi Nissay Dowa Insurance (China) Company (ADIC), part of the Mitsui Sumitomo Insurance group, generates an adequate performance as demonstrated by a five-year operating ratio of 95% and a five-year average return-on-equity ratio of 6% (2019-2023), notes AM Best
Kuwait Insurance Company (KIC) has a track record of strong operating performance supported by robust underwriting results from both non-life and life portfolios over the past five years, notes AM Best.
The IRDAI has issued a comprehensive master circular on general insurance business as part of reforms in the non-life sector, ushering a new era of measures for simplified and customer-centric insurance solutions towards seamless customer experience and ease of operations for insurers in a calibrated manner.
Cambodia's insurance sector continued to expand, with the total premium reaching $96.6m in the January-March period this year, according to data from the Insurance Regulator of Cambodia (IRC).