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.
State-run listed reinsurer GIC Re has announced that its net profit after tax for the fiscal year ended 31 March 2024 (FY24) reached INR64,973m ($779.2m), 2.9% higher than in FY23.
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.
The board of Takaful Emarat Insurance will ask shareholders to vote on special resolutions on whether to continue the company's operations by raising its capital or wind up the company.
The insurance industry saw its net income soar by 45% to more than PHP14.29bn ($246m) in the first quarter of this year, compared to PHP9.86bn in the corresponding quarter in 2023, according to data from the Insurance Commission (IC).
Higher investment income averaging at a quarterly rate of return on investments (ROI) of 1.7% (1Q2023: 1.3%) has boosted the first-quarter earnings of 77 listed insurers in the GCC region, according to Insurance Monitor, a research and consulting firm.
Motor insurance premiums in Saudi Arabia achieved a record level of about SAR14.3bn ($3.81bn) in 2023, jumping by 38% compared to 2022, according to a study by the Financial Analysis Unit of the publication Al-Eqtisadiah.
China's five major 'A'-share listed insurance groups posted a cumulative insurance premium income of CNY1.25tn ($176bn) in the first four months of 2024, 1.47% higher than in the corresponding period in 2023.
Insurance companies in South Korea saw their combined net profit shrink more than 11% from a year earlier in the first three months of the year, according to data from the Financial Supervisory Service.
The insurance industry in Tanzania has posted a total Gross Written Premiums (GWP) of TZS379.40bn ($146.2m) in the first three months of 2024, an increase of 13.6% compared to TZS333.8bn in the corresponding quarter of 2023, according to data released by the Association of Tanzania Insurers (ATI).