The Financial Regulatory Authority is preparing the necessary technical and operational studies that could lead to the establishment of a national reinsurance company.
Peak Reinsurance Company (Peak Re), the Hong Kong-based global reinsurer, has announced that it has achieved its best-ever net profit of $200m, as the reinsurer released its annual results for the year ended 31 December 2023.
Oman Re, the Sultanate of Oman's sole reinsurer, has announced a significant surge in its net profit after tax for the first quarter of 2024, reaching an impressive OMR977K ($2.5m).
Africa Specialty Risks (ASR), the pan-African focused (re)insurance group, has launched ASR Syndicate 2454 focused on underwriting business across Africa.
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.
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.
The Japanese catastrophe reinsurance market has reached a turning point, although property risk, engineering and casualty lines remained somewhat challenging at the April renewal, according to Aon.
The rise in uncertainty in the world is putting a strain on the insurance industry, and the industry must modernise to face this mounting uncertainty, according to Moroccan Insurance Federation chairman Mohamed Hassan Bensalah.
The Indian government is open to a minority stake sale in General Insurance Corporation of India (GIC Re) and Life Insurance Corporation of India (LIC) in the current financial year which started on 1 April 2024, after assessing investor appetite, reported Reuters.
Moody's Ratings (Moody's) has changed the outlook on state-owned Namibia National Reinsurance Corporation (NamibRe) to 'Positive' from 'Stable'. Concurrently, Moody's has affirmed NamibRe's 'B1' insurance financial strength rating (IFSR), as well as its 'b1' Baseline Credit Assessment (BCA).