The rise in uncertainty in the world is putting a strain on the insurance industry, and the industry must modernise to face this mounting uncertainty, according to Mr Mohamed Hassan Bensalah, the chairman of the Moroccan Insurance Federation (FMA).
The Indian government is open to a minority stake sale in General Insurance Corporation of India (GIC Re) and Life Insurance Corporation of India (LIC) in the current financial year which started on 1 April 2024, after assessing investor appetite, reported Reuters.
Moody's Ratings (Moody's) has changed the outlook on state-owned Namibia National Reinsurance Corporation (NamibRe) to 'Positive' from 'Stable'. Concurrently, Moody's has affirmed NamibRe's 'B1' insurance financial strength rating (IFSR), as well as its 'b1' Baseline Credit Assessment (BCA).
The Financial Services Authority (OJK) granted a reinsurance business licence to Orion Reasuransi Indonesia (Orion Reinsurance) on 4 April 2024.
Moody's Ratings (Moody's) has changed the outlook to 'Stable' from 'Negative' of Peak Reinsurance (Peak Re) and it affirms the reinsurer's 'Baa1' insurance financial strength rating (IFSR) and the 'Baa3 (hyb') backed subordinated debt rating of the subordinated perpetual securities issued by Peak Re (BVI) Holding'. These securities are irrevocably and unconditionally guaranteed by Peak Re.
Closing India's large protection gaps and supporting the growth of new and existing insurance lines will require significant additional capacity, as well as innovation, according to Aon in its "Reinsurance Market Dynamics April 2024" report.
Global Risk Solutions (GRS), Liberty Mutual's global commercial and specialty (re)insurer and international insurance operations, has been restructured to bring together two business units in Asia - LSM and Asia Retail Markets - under a single unified strategy in the region.
Hong Kong's Insurance Authority (IA) held its Insurance-linked Securities (ILS) Conference earlier in April 2024. The conference, tailored specifically for institutional investors and related professional service providers, was the first of its kind.
Africa-focused reinsurers are rising to the challenge of the increasingly evolving risk landscape, even as persistent high inflation and slowing economic growth weigh on the continent, says Munich Re.
GIC Re, India's only locally incorporated reinsurer, plans to increase the proportion of its international business to diversify its revenue sources.