Orient Insurance, the leading UAE insurance provider and a subsidiary of the conglomerate Al-Futtaim, has announced that its net profit after tax increased by 15% to AED731m ($199m) in 2024, up from AED636m in 2023, according to the company's preliminary financial results for the year ended 31 December 2024.
The Insurance Federation of Egypt (IFE) feted a special milestone on 11 February 2025 -- its 70th anniversary -- at a celebratory event attended by senior insurance industry officials, top executives and professionals.
Composite insurance rates in Asia dropped by 3% in 4Q2024, as compared to 4% in 3Q2024, according to Marsh's "Asia Insurance Market Rates: 2024 Fourth Quarter", published in February 2025. Of the countries surveyed, Korea's rates fell the most by 9%, while Taiwan's rates increased by 11%.
According to a digital report published by Marsh, (re)insurers in the Middle East are "eager to expand their property portfolios".
Sompo has appointed Ms Lily Claydon as CRO, effective 3 March 2025. In her new role, she will be responsible for leading Sompo's APAC risk management, governance and analytics, in addition to developing talent and capabilities across the region. She will also join the APAC executive team based in Singapore.
SCOR has appointed Mr Holger Schaefer as global head of casualty and environmental impairment liability within SCOR Business Solutions, effective 1 March 2025. He takes over from Mr Daniel Carerras, who moved on to the role of CUO, casualty.
Aon has appointed Mr Wesley Roy head of property for Australia and New Zealand. He joins Aon's Reinsurance Solutions team.
On 10 January, the China Financial Regulatory Administration (CFRA) reported that after a 6.8-magnitude earthquake struck Dingri County in Shigatse, Tibet, the CFRA quickly activated an emergency response.
Africa Specialty Risks (ASR), the Africa and Middle East focused (re)insurance group, announces the launch of the first Africa Focused Lloyd's Consortium.
These are the highlights for all events and updates across the industry this week.