With forecast growth of 7.7% per annum over the next 10 years, China's life insurance market will be behind India's which is predicted to grow at 13.6% per annum, according to Allianz Research in its "Global Insurance Report 2024".
China's insurance industry reported insurance premium income of CNY2.54tn ($350bn) in the first four months of 2024, according to data from the National Financial Regulatory Administration (NFRA).
2024 marks the fifth year of the establishment of the Dajia Insurance Group in June 2019 by the Chinese authorities to take over the operations of the now-defunct Anbang Insurance Group.
The number of insurance agents has fallen to 2.81m as of the end of 2023, a plunge of 69% from the end of 2019. While the decline is tapering off, there are no signs of when it will stop.
Property-catastrophe reinsurance market pricing at 1 June 2024 has moderated, after notable rate increases in 2022 and 2023, observes Howden Re, the reinsurance and strategic advisory arm of Howden.
The Monetary Authority of Singapore (MAS) yesterday issued an updated set of Guidelines on Fair Dealing. A key change is that the scope of the Guidelines has been expanded to apply to all financial institutions (FIs), and all products and services they offer to their customers.
Moody's Ratings says that its outlook for Japan's property and casualty (P&C) insurance sector is stable, underpinned by strong overall profitability and capitalisation.
Union Insurance Company reported materially improved operating results in 2023, driven by a recovery in underwriting profitability to pre-pandemic levels, and the release of reserve provisions for pandemic insurance claims, notes AM Best.
Pricing of insurance is continuing to moderate as rates decline, according to Marsh's May 2024 report, Asia Insurance Market Pricing: 2024 First Quarter. In Asia, rates in 1Q declined 2% after remaining flat for three prior quarters.
The high domestic interest rate environment in the Philippines will keep insurers' investment yields strong as companies reinvest their assets into higher yielding fixed-income instruments upon maturity, according to AM Best.