The Japanese government has decided to reduce compulsory motor third party liability insurance premiums by 16.4% on average, beginning in April.
Hana Financial Group has embarked on expanding its non-banking affiliates by offering to purchase 70% of The-K Non-Life Insurance shares. Currently, the group is said to be in the process of negotiating the deal with the insurer.
Motorists whose vehicles were damaged during heavy rainfall, that rapidly flooded roads earlier this month, must be protected by insurance companies, a minister confirmed yesterday.
Insurance industry players have estimated that losses suffered by insurance companies arising from traffic accidents during the recent rains range between AED50m ($13.6m) and AED60m to date.
The rains that fell on Jakarta on New Year's Eve and New Year's Day have cost insurers $79m in property and motor losses, according to the General Insurance Association of Indonesia (AAUI).
A comprehensive reform plan for automobile insurance will be launched this year, Mr Huang Hong, a CBIRC vice chairman, has said.
China's automobile sales dropped by 8.2% in 2019 to 25.77m units, reported Reuters citing data from the China Association of Automobile Manufacturers (CAAM).
The General Directorate of Taxation (DGI) has set the amount of a new pollution tax for this year at DZD1,500 ($12.55) for passenger cars and DZD3,000 for all other vehicles and rolling stock.
Many general insurance companies anticipate that premium income in the sector would increase this year by 1.5-3%, slowing down from 2019 when the premium growth rate is estimated at 5%.
South Korean non-life insurers are raising premiums for their car policies starting this month by an average of 3.5% to offset increasing losses from higher loss ratios.