The insurance sector has urged President Bola Tinubu and state governors to include insurance experts in their economic teams.
The insurance penetration rate in Turkiye reached 2.3% for the first time in the last 10 years and the country is moving towards the goal of reaching 3%, according to Mr Ugur Gulen, who was re-elected as the president of the Insurance Association of Türkiye (TSB) in April 2024.
Robust economic development and lines of compulsory insurance have been the main drivers of industry expansion in the region in recent years, says Swiss Re Institute (SRI).
The unaudited 1Q2024 net profits reported by China's five major 'A-share'-listed insurance groups amounted to a combined CNY83bn ($11.5bn), 9.2% lower than in the corresponding quarter in 2023.
China Life Insurance, the nation's largest life insurer, has announced that its net profit fell year on year by 9.3% in 1Q2024 as investment yields declined.
PICC Group has reported a 23.5% plunge in net profits attributable to owners to CNY8.96bn ($1.24bn) in the first quarter of 2024, compared to the corresponding period in 2023.
Motor insurance premiums accounted for 43.7% of non-life insurers' total premiums in 1Q2024, representing a drop of one percentage point from 44.7% in 1Q2023, according to data released by the National Financial Regulatory Administration (NFRA).
Aviva-COFCO Life Insurance Co has maintained solid premium growth over the past few years, reporting a 43% increase in premium income in 2023, mainly driven by the strong growth of its long-term regular-premium savings products, notes Moody's Ratings.
Economies in developing Asia and the Pacific have an opportunity to reap a "silver dividend" in the form of additional productivity from older people, which could boost gross domestic product in the region by 0.9% on average.
Around four out of 10 (43%) policyholders in India who lodged medical insurance claims in the past three years faced hurdles in getting their claims paid, according to a survey by LocalCircles, a social media platform for the community, governance and urban daily life.