Fitch Ratings has assigned UAE-based Union Insurance Company a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a 'Positive' outlook.
Professionals in the insurance sector do not receive sufficient training in risk management, in the view of Mr Ceyhan Hancioglu, general manager of Magdeburger Insurance.
Bancassurance sales personnel say that they encountered teething problems in the early stages of the implementation in August 2023 of rules on commission fees payable in bancassurance.
Trust Mutual Life Insurance, China's only mutual life insurer, has announced that it plans to increase its operating fund (akin to registered capital for a company) by CNY325m ($45.9m) by inducting a new member.
The Financial Services Authority (OJK) is transforming its supervisory work in the insurance, guarantee and pension fund sector, by implementing an early intervention system and other changes.
The insurance industry stabilised in 2023 following muted natural catastrophe events and the positive effects of strategic initiatives implemented by insurers over the last few years to moderate risk exposures, such as premium rate increases and underwriting limitations, according to KPMG South Africa.
Africa Specialty Risks (ASR), the pan-African and Middle East focused (re)insurance group, has announced that Africa Specialty Risks Ltd (ASR Ltd), ASR's UK-based entity is operating as a Lloyd's service company, underwriting on behalf of ASR Syndicate 2454.
Insurance authorities have granted approval for the establishment of a new insurance company headquartered in Suzhou, a vibrant city in eastern China. The new company, with a national licence, is registered as Dongwu Property & Casualty Insurance.
The National Financial Regulatory Administration (NFRA) is working to improve insurance services for technology-based businesses throughout their entire lifecycle, according to Mr Yin Jiang'Ao, director of the Property Insurance Supervision Department of the NFRA.
WTW has appointed Mr Gerald Dolina as head of Philippines and head of corporate risk and broking Philippines and Mr James Matti as managing director, health, wealth and career Philippines. Both appointments are effective 2 January 2025.