Apart from the economic turmoil ravaging Lebanon, real non-life premium growth in the country is likely to remain constrained by strong competition and negative rate pressure, with insurers vying a slice of the pie in a market that is shrinking in size relative to inflation, says AM Best.
The Economic Community of West African States (ECOWAS) plans to digitise the Brown Card in all the countries of the community area.
The Egyptian Compulsory Vehicle Insurance Pool is working to help motor insurers meet the target of EGP1.3bn ($68.3m) in premium income in the current financial year ending 20 June 2023 (FY2023). This represents a targeted growth rate of 10%.
Liberty Mutual Insurance has completed its acquisition of Malaysian insurer AmGeneral Insurance (AmGeneral), a top-three motor insurer with a growing business in additional product lines.
The insurance regulator has met the top management of 26 insurance companies in a bid to resolve recent problems that have surfaced in compulsory motor third-party liability insurance (dubbed 'traffic insurance') in Turkiye.
China's insurance market grew to CNY2.85bn in terms of premium income in the first half of this year, a year-on-year increase of 5.1% on a comparable basis, according to data released by the CBIRC.
The government plans to implement compulsory insurance for private vehicles, according to Ministry of Economy and Finance secretary of state Mr Ros Seilava.
The insurance regulator says that it has observed that in recent weeks, motor insurers have adopted some practices that restrict methods for paying compulsory traffic insurance premiums. The restrictions make it difficult for customers to have motor third-party liability policies issued to them.
The Saudi Central Bank (SAMA) has instructed insurance companies to settle claims by individuals for motor third-party liability within five working days if the value of the claim does not exceed SAR2,000 ($532).