While preliminary estimated insured property losses arising from the floods in April in the UAE are likely to exceed US$650m, they could reach as high as $850m, with the most affected emirate being Dubai, says Guy Carpenter, a leading global risk and reinsurance specialist.
Arabian Shield Cooperative Insurance Company (ASC) has been assigned an Insurer Financial Strength (IFS) Rating of 'A-' by Fitch Ratings.
The Insurance Council of New Zealand (ICNZ) has endorsed findings that New Zealand needs to act decisively in the face of natural hazards risks to ensure insurance is affordable and available in the future.
Alta, which operates a private-market digital securities exchange in Asia, and Phillip Securities Pte Ltd (PSPL), the largest retail broker in Singapore, yesterday announced the inaugural trade for the first tranche of shares from Income Insurance shareholders.
Despite the low insurance penetration in Uganda, there is a growth potential in the market that can be tapped by various industry players, according to the international professional services firm Deloitte.
Growth prospects for the insurance sector remain plentiful in the insurance markets of the Gulf Cooperation Council (GCC), said global credit rating agency AM Best.
Insurance companies are willing to insure industrial and commercial facilities that take risk mitigation measures, according to Minister of State for Financial Affairs Mohammed bin Hadi Al-Husseini.
Fraud in the motor insurance branch is estimated to cost insurers 4% to 5% of overall turnover in Morocco's insurance sector.
The insurance industry in New Zealand is moving towards greater use of risk-based pricing for residential dwelling insurance, meaning that the value of insurance premiums is more tailored to the specific risks a property faces (e.g. seismic or flood), according Reserve Bank of New Zealand financial stability assessment and strategy director Kerry Watt.
Overall, Shinkong Insurance Company's underwriting profitability and return on equity have consistently outperformed the industry average over the past five years, AM Best said.