The Council of Australian Life Insurers (CALI) has achieved a significant development in its Partner Program by securing Equisoft, a provider of digital solutions for the financial sector, as its inaugural corporate partner.
BMS has appointed Mr Rob Wendin as managing director of its newly created global healthcare liability division. In his new role, he and the division will work with BMS Re's treaty healthcare liability team to ensure cedents, hospitals, integrated systems and captives continue to benefit from the best-in-class service.
Since the reopening of Hong Kong's borders in February 2023, the insurance industry in Hong Kong has experienced a strong revival, with a surge in interest from both local consumers and Mainland Chinese visitors (MCVs), the latter helped by an easing of travel restrictions, notes BMI, a unit of Fitch Solutions.
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).