Kenya's insurance sector is on track towards full recovery and is poised to record positive growth in the next five years, according to industry experts.
The hard market in (re)insurance is expected to continue, based on increased demand for coverage and because of inflation-driven higher values of insured assets, says Swiss Re Institute (SRI) in a new report.
Saudi Reinsurance Company (Saudi Re) has posted net profits before zakat of SAR56.74m ($15.10m) in 2022, an annual increase of 6.43% compared to 2021.
Around 25% of Munich Re Group's reinsurance premium income last year stemmed from Asia and MENA, says the global reinsurance giant in its annual report for 2022. Australia and New Zealand contribute around 5% to premium income.
The Financial Services Authority (OJK) continues to strengthen the insurance industry by ensuring that industry players are ready to implement the Statement of Financial Accountant Standards (PSAK) 74 concerning Insurance Contracts starting 1 January 2025.
About a dozen local privately held insurance companies out of a total 46 have been unable to pay reinsurance premiums worth over $100m to foreign reinsurers due to a lack of foreign currencies.
The distribution network is picked by several top insurance executives as the most important driver that their companies rely on to grow their business in the next two years.
Gallagher Re has appointed Mr Vinod Krishnan to lead its new treaty reinsurance team in India. It comes as an agreement to acquire the treaty reinsurance broking operations of WTW India was signed, with the transaction completion being subject to receipt of regulatory approval.
Management actions will likely return the French global reinsurance group SCOR to underwriting and overall profitability in 2023 while maintaining its market positions in life and P&C reinsurance, according to S&P Global Ratings (S&P).
Risk Exchange (DIFC), an international reinsurance intermediary based in Dubai Internationl Financial Centre, and Timber Creek Insurance Group, a reinsurance company based in the US, have signed a global MGA agreement.