Insurance pricing will continue to increase across most business lines globally this year as carriers look to mitigate poor underwriting performance and the uncertainty brought on by the COVID-19 crisis.
Insurance market growth in Qatar in 2020 was fuelled by rate increases for large medical accounts and higher reinsurance rates, resulting in GWP growth of about 5%, according to Mr Emir Mujkic, director - lead analyst, Insurance Ratings at ?S&P in the report "GCC Insurers In 2021-- Robust Capital Supports Credit Quality".
A tight market is likely to continue in Singapore, at least through the first half of 2021 as the COVID-19 situation evolves, says Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions.
AIG has joined a taskforce established by The Geneva Association to develop and hone climate risk assessment methodologies and tools for the insurance industry.
Total insurance premiums in Jordan fell by 3.5% last year to JOD594m ($838m), compared to JOD615.3mi for 2019, according to official data issued by the Insurance Department of the Ministry of Industry, Trade and Supply.
Aon in a new collaboration with risk analytics company Praedicat, will develop a range of specialist liability reinsurance solutions to address product liability risks including nanomaterials and 5G.
The UN Environment Programme (UNEP) has issued a market-first practical toolkit for financial institutions to pivot their activities towards financing a sustainable blue economy.
The bushfire season has highlighted the importance of accessible and affordable insurance coverage, Dr Sean Carmody, APRA executive director, Cross-Industry Insights and Data Division, said yesterday at a hearing held by the Senate Standing Committee on Finance and Public Administration, which is conducting an inquiry into the lessons to be learned in relation to the devastating Australian bushfire season 2019-20.
The aggregate profits of 23 insurance companies operating in the local market surged by 38% to JOD26.7m ($37.7m) last year compared to 2019, according to a study by Sanabel Al-Khair Financial Investments.
Qatar Islamic Insurance Group (QIIG) has posted a 4% growth in shareholders' profits, totalling QAR75.73m ($20.8m) in for the financial year ended 31 December 2020 compared to QAR72.68m in 2019.