The Australian insurance sector will remain resilient as operating challenges ease in the next few years. Insurers will likely respond to moderating inflation with lower premium hikes, however profitability should remain sound across all segments, said S&P Global Ratings (S&P).
The Thailand general insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 4.5% over 2024-28, from THB310.9bn ($9bn) in 2024 to THB370.8bn in 2028, in terms of gross written premiums (GWP), according to GlobalData, a leading data and analytics company.
The IRDAI has approved the withdrawal of Paytm General Insurance Limited's (PGIL) application for a general insurance licence, according to Indian multinational technology company One 97 Communications, owner of Paytm, in a stock exchange filing on 12 June 2024.
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