Gross written premiums in the UAE insurance sector rose by 21.4% in 2024 to AED64.8bn ($17.6bn), according to the Central Bank of the UAE (CBUAE).
Gross written premiums generated in the insurance market in Egypt reached EGP11.7bn ($232.6m) in January, up from EGP8.4bn achieved in the same month in 2024, according to the Financial Regulatory Authority in its latest monthly publication.
As of March 13, data shows that insurance companies nationwide have received 216 fines, totalling CNY69.36m ($9.57m).
These are the updates on insurance regulation across China this week.
Hong Kong's insurance regulator, the Insurance Authority (IA), has instigated a conviction against Aurex Insurance Brokers, a licensed broker company. This is the first time the IA has instigated such an action.
Pakistan's insurance regulator, the Securities and Exchange Commission of Pakistan (SECP) has issued a consultation paper eliciting public input on a proposed policy framework for the issuance of ordinary shares with varied rights and privileges by companies.
The Australian Prudential Regulation Authority (APRA) has made minor changes to reporting standard SRS 101.0 Definitions for Superannuation Data Collections, reporting standard SRS 553.0 Investment Exposure Concentrations and Valuations and reporting standard SRS 606.0 RSE Profile to align to the APRA Connect taxonomy and clarify reporting requirements.
Malaysia's insurance regulator, Bank Negara Malaysia (BNM), has appointed Encik Aznan bin Abdul Aziz as deputy governor for a three-year term, effective 1 April 2025, and Ms Cindy Siah as assistant governor.
The chairman of the Financial Regulatory Authority (FRA) Dr Mohamed Farid has emphasised the importance of establishing actuarial departments within insurance companies, given the vital role actuarial models and estimates play in assessing risks, pricing insurance products and enhancing insurance companies' financial stability.
India's first private sector reinsurance company is set to commence operations soon.