As insurance companies release their 2024 annual claims reports, a clearer picture of the industry's claims landscape is emerging.
In 2024, premiums from new energy vehicle (NEV) commercial insurance reached approximately CNY117.7bn ($17.66bn), marking a 52.93% year-on-year increase. This milestone represents the first time NEV commercial insurance annual premiums surpassed CNY100bn. Meanwhile, settled claims for NEV commercial insurance totalled around CNY58.7bn, a 63.47% year-on-year rise. Across the broader auto insurance market - including both commercial insurance and the Compulsory Automobile Liability Insurance (CALI) - premiums grew by 4.52%, with settled claims up by 9%.
On January 22, China Pacific Insurance (CPIC) announced that its net profit attributable to shareholders for 2024 is projected to range between CNY42.2bn ($6.33bn) and CNY46.3bn. This represents an increase of approximately CNY14.9bn to CNY19bn compared to the previous year, with a year-on-year growth rate of 55% to 70%.
Recently, an investor inquired whether PICC engages in overseas projects and which industries its insurance products cover. In response, PICC's board secretary Zeng Shangyou explained that the company offers a diverse range of insurance products, including overseas property insurance, engineering insurance, cargo insurance, short-term export credit insurance, marine insurance, special risk insurance, liability insurance, and overseas travel accident and health insurance. These products are specifically designed to protect the overseas interests of Chinese enterprises.
MNRB Holdings has reported a 36.93% increase in its third quarter net profit which amounts to MYR115.86m ($25.90m) registering a surge from MYR84.61m a year earlier. The company has achieved this milestone on the back of a MYR136.7m jump in the group's insurance service earnings.
China's medical insurance fund achieved a balanced budget in 2024. In fact, it also achieved slight surplus, which will ensure the safety and sustainability of the fund.
The Financial Regulatory Authority (FRA) issues a decision to increase the minimum capital of insurance companies to enhance financial solvency and as part of the implementation of the Unified Insurance Law. Insurance companies are required to increase their capital to EGP600m ($11.9m) within two years.
Global sukuk volumes will likely cross $1tn outstanding in 2025 according to Fitch Ratings. Sukuk will also remain a major part of the debt capital markets in a number of Organisation of Islamic Cooperation (OIC) countries.
The Philippine Health Insurance Corporation (PhilHealth) continues to be in sound financial position despite being given zero subsidies for 2025.
The outlook for credit fundamentals for sovereigns in the Middle East and North Africa (MENA) remains stable, said Moody's Ratings in a new report.