Motor insurers are increasing not just auto insurance premiums, particularly because of losses incurred in this year's April rains, but also co-payments by insureds.
China's three biggest P&C insurers saw their command of the motor insurance market increase marginally to 71.25% for the first nine months of this year (9M-2024) from 71.17% for the corresponding period in 2023, in terms of market share.
Beijing BNP Paribas Tianxing Property and Casualty Insurance Co has received approval from the National Financial Regulatory Administration (NFRA) for its establishment.
Motorcycle insurance premiums are rising fast, rising to RWF180,000 ($132) at present from RWF40,000 in 2018 for a motorcycle that is less than five years old. The premium is expected to be hiked again when the motorcycle is over five years old.
Kenya's Court of Appeal last week upheld the High Court's decision to quash the Motor Insurance Underwriting Guidelines issued by the Insurance Regulatory Authority (IRA) in 2009.
Asia Pacific's insurance industry shows robust growth potential, particularly in accident and health, cyber insurance, and electric vehicle (EV) coverage, despite challenges, says global reinsurance broker, Gallagher Re.
NEV makers are unlikely to meaningfully expand into NEV insurance underwriting and compete directly with incumbent insurers, due to significant barriers, says Moody's Ratings in a new report.
A combination of favourable government policies and technological advancements in China will continue to support strong growth in new-energy vehicle (NEV) sales in the next 5-10 years, says Moody's Ratings.
The insurance broking community in the UAE has voiced serious concerns over the reported move by Emirates Insurance Federation's (EIF) to cap motor insurance commissions. The brokers have said that such a move could destabilise the UAE insurance industry.
Property and casualty (P&C) insurers in China , which has one of the fastest-growing new energy vehicle (NEV) markets, will see a more profound credit impact from NEV adoption compared to their global peers, says Moody's Ratings.