The size of the insurance market in Central Africa is about $1.1bn, with a penetration rate of no more than 0.7%, indicating the enormous potential for growth, especially with increasing urbanisation and infrastructure development, said the Insurers Federation of Egypt (IFE).
The number of people killed in road accidents in Tunisia has increased by 10.3% since the beginning of the year, despite a decrease in the total number of accidents, according to statistics published by the National Road Safety Observatory.
Turkiye is actively addressing new avenues to increase inclusivity of the financial ecosystem, including strengthening the takaful regulatory infrastructure and its framework, said the Insurance and Private Pension Regulation and Supervision Authority (SEDDK) Vice President Ali Burak Kurtulan at the opening of the DWIC Connect Istanbul held on 7 July.
DBV Insurance Group Joint Stock Company has been fined VND200m ($7,700) by Vietnam's National Competition Commission for engaging in unfair competition practices.
China's National Medical Products Administration (NMPA) and National Healthcare Security Administration have launched joint inspections of medical institutions and pharmaceutical wholesalers in the Inner Mongolia Autonomous Region and Shanxi Province following the identification of suspicious activity through drug traceability code screening.
South Korea's Ministry of Health and Welfare announced that it will conduct a three-month investigation from August to October, targeting medical institutions identified as having a high risk of fraudulent claims, including those suspected of operating as 'manager hospitals', which are illegally operated hospitals that are effectively controlled by non-medical investors while using licensed doctors as nominal operators.
Implementation guidelines for insurance experts have been prepared for the latest regulation on mandatory motor third-party liability insurance (also called traffic insurance), according to Mr Ahmet Nedim Erdem, Chairman of the Executive Committee of Insurance Experts of the Union of Chambers and Commodity Exchanges of Türkiye (TOBB).
The captive insurance and insurance-linked securities (ILS) sectors in Singapore are forecast to see clear growth soon after the Protected Cell Company (PCC) framework is launched by the Monetary Authority of Singapore (MAS), according to Mr Simon Goh, Partner and Head of Insurance & Reinsurance Practice at the law firm Rajah and Tann Singapore.
The Tunisian insurance sector is set for a profound transformation by 2030, with nationwide natural disaster insurance coverage, reform of the Insurance Code and an overhaul of the motor vehicle regime, according to the five-year strategic development plan unveiled by the General Insurance Committee (CGA).
The Systemic Risk Coordination and Monitoring Committee (CCSRS) has said that the insurance sector continued its growth momentum against a generally favourable economic backdrop.