A common insurance market in West Africa will lead to important prospects as well as bring about cost savings, among other benefits to the population, according to Mr Mamadi Dampha, deputy permanent secretary at the Ministry of Finance and Economic Affairs.
Insurance rates in the first quarter of 2024 declined 2% in the IMEA region, where rates for large and complex organizations are often driven or influenced by the reinsurance market, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, has consolidated its position as the principal hub for the (re)insurance industry, with the highest gross written premiums (GWP) recorded in its 20-year history of $2.6bn in 2023, increasing by 23% from $2.1bn in 2022.
The Insurance Regulatory and Development Authority of India (IRDAI) held deliberations with insurance companies on the pricing and other modalities of the all-in-one affordable insurance product, Bima Vistaar.
China's insurance sector is expected to double in size in the coming decade amid robust economic growth, making the country a more significant market for Swiss Re, according to Mr Christian Mumenthaler, CEO of Swiss Re Group.
Mid-tier non-life insurer Tower is expected to decrease its expense ratio over the medium term as the company grows its premium base and improves efficiency through IT transformation, according to AM Best.
A majority stake in Lotte Insurance, South Korea's seventh biggest non-life insurer, has been placed for sale for over KRW2tn ($1.45bn).
Ping An Insurance (Group) Company of China (Ping An) has announced that its net profit attributable to shareholders stood at CNY36,709m ($5,071m) in the first quarter of this year, a fall of 4.3% compared to the corresponding quarter of 2023.
Apart from outlining the main goals of green insurance development on both the asset and liability sides, the National Financial Regulatory Administration (NAFR) has spelt out the specific responsibilities of insurers in green insurance development.
Consumers in China rank health risk protection as their first priority in insurance purchases, leading to critical illness (CI) insurance being the product with the highest ownership rate in 2023.