The insurance industry in Tanzania has posted a total Gross Written Premiums (GWP) of TZS379.40bn ($146.2m) in the first three months of 2024, an increase of 13.6% compared to TZS333.8bn in the corresponding quarter of 2023, according to data released by the Association of Tanzania Insurers (ATI).
Listed insurers in the UAE generated profit before tax of AED722m ($197m) in 1Q2024, a 29% jump from the corresponding quarter in 2023, according to an analysis of the financial results of 26 companies by Badri Management Consultancy.
Three major Japanese non-life insurance companies have posted record consolidated net profits for the year ended 31 March 2024 (FY2023).
The Insurance Council of Australia (ICA) has established a new counter-fraud and scams function to provide an industry-wide capability focused on detecting organised fraud networks and identifying emerging fraud-related trends or criminal scams.
Some insurers in the UAE have increased premiums for losses arising from NAT Cat, while others are still considering adjustments in rates and will do so in the near future.
Tokio Marine Holdings (TMH), Japan's biggest P&C insurance group, has announced that it chalked up an 85.7% jump in net profits attributable to owners of the parent company to JPY695.8bn ($4.46bn) in the fiscal year ended 31 March 2024 (FY2023).
Taiwan's strengthening economy will likely underpin steady insurance demand and drive modest premium growth for the P&C insurance sector in 2024, said Taiwan Ratings, an S&P Global company.
International tax advisory firm Ernst & Young (EY) has raised concerns about the potential negative impacts of the proposed amendments to the VAT Act, 2013, particularly regarding the insurance sector.
The record profitability (after zakat & tax) seen in the insurance industry in 2023 has continued in 2024 with the sector reporting a 48% upsurge in net profits to SAR879m ($234m) in 1Q2024 from SAR594m in 1Q2023, says Badri Management Cosultancy.
AM Best has upgraded Dubai Insurance Company's (DIN) Financial Strength Rating to 'A' (Excellent) from 'A-' (Excellent) and the Long-Term Issuer Credit Rating to "a" (Excellent) from "a-" (Excellent) of Dubai Insurance Company (PSC) (DIN) (). The outlook of these credit ratings has been revised to 'Stable' from 'Positive"