AM Best is maintaining a stable outlook on China's non-life insurance segment given the growth momentum in the motor and non-motor segments, as well as the domestic economic recovery following the removal of COVID-19-related restrictions, partially offset by a weaker 2024 economic outlook.
InsurTech company Shory.com has joined hands with the Abu Dhabi Government services platform TAMM, representing the Department of Government Enablement - Abu Dhabi (DGE) to provide citizens and residents of the emirate with a seamless and hassle-free solution for their car insurance needs.
The development of new-energy vehicles has introduced new risk management needs to the automotive industry, with improvements needed along the entire industry chain, including raw materials, supply chain and production processes, according to Mr Andreas Glunz, the legal representative of BMW (China) Insurance Brokers.
Motor insurers in Turkiye announced a combined loss of TRY10.6bn ($367m) in automobile third-party liability insurance ( called traffic insurance) for the first nine months of this year, a jump of 34% year on year, according to data from the Insurance Association of Turkiye (TSB).
The number of road accidents caused by foreigners on Tunisian territory totalled 744 in the nine months to 30 September 2023, an increase of 37% year on year.
The motor insurance industry in China is projected to grow at a compound annual growth rate (CAGR) of 4.5% from CNY871.2bn ($129.1bn) in 2023 to CNY1.1tn ($171.9 bn) in 2028, in terms of gross written premiums (GWP), says data and analytics company GlobalData.
The premiums for electric vehicle (EV) insurance policies for electric cars have declined by about 50%, especially after demand increases for such cars, according to Mr Moh'd Mazhar Hamadeh, chairman of the Motor Committee of the Emirates Insurance Association.
Eight major non-life insurance companies have signed a protocol, committing themselves to discipline in the motor insurance branch.
South Africa has experienced an increasing number of hijackings. According to the latest crime statistics, the annual total for hijackings in South Africa has reached its highest point ever.
Vietnam has joined the ASEAN Compulsory Motor Insurance (ACMI) system, which requires motor vehicle owners from other ASEAN member states transiting or travelling to Vietnam to register for compulsory third-party liability insurance.