The declining creditworthiness of many African debt issuers has led to increased asset risk and will test the resilience of the continent's reinsurers' balance sheets, according to a new AM Best report.
The prospective underwriting performance of National Reinsurance Corporation of the Philippines (Nat Re) is expected to be supported by ongoing portfolio remediation measures, including reduced participation and/or exiting from unprofitable non-life treaties, says AM Best.
The implementation of the first Egyptian actuarial tables for life insurance will commence soon, which will contribute to supporting life insurance business and promoting the fair pricing of products, Dr Mohamed Farid, chairman of the Financial Regulatory Authority (FRA) has said.
Prospects for the MENA reinsurance market may arise from growing product offerings in primary markets, namely in cyber and liability lines of business, according to a new AM Best report.
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, continues to steer the city's position as a global hub for the insurance and reinsurance industry.
In the April renewals in Japan, cedants generally secured the reinsurance capacity they required, says The Toa Reinsurance Company in its latest annual report on Japan's insurance and reinsurance markets released earlier this month.
The Australian Consumers Insurance Lobby (ACIL) has said that the Cyclone and Cyclone-Related Flood Reinsurance Pool needs improvement.
Africa's insurance market pays out $6-8bn annually to western insurance entities mainly through brokerage and reinsurance services, according to the former secretary-general of the Africa Insurance Organisation (AIO), Ms Prisca Soares.
Premiums generated by insurance and reinsurance companies inMorocco reached nearly MAD31bn ($3bn) in the first half of 2023, according to data released by the Insurance and Social Security Supervisory Authority (ACAPS).
On 10 September 2023, the National Administration of Financial Regulation (NAFR) issued the "Notice on Optimising the Solvency Supervision Standards of Insurance Companies" that took immediate effect.