While the nature of motor insurance business varies from one Arab country to another, especially in terms of laws and regulations, all Arab motor insurance markets face common challenges that require taking prompt measures to control losses, said speakers at a recent webinar organised by the General Arab Insurance Federation (GAIF).
Zking Property & Casualty Insurance Co (ZKI) reported a combined ratio of 103% in 2023, from 98% in 2022, with an average ratio of 100% over 2021-2023, notes Fitch Ratings.
Motor insurance technology platform, Cheche Group, has entered into a strategic partnership with The Tokio Marine & Nichido Fire Insurance Company (China) (TMNCH), as Cheche continues to broaden its collaboration with insurance companies in China.
The average car insurance premium rose to A$1,717 ($1,176), in Australia, an increase of 16% compared to 2023, according to Mozo, a Sydney-headquartered company providing financial comparison services.
Clyde & Co has appointed Ms Hermoine Hui as partner. She focuses on insurance litigation and advises life and non-life insurers on policy-related matters. In her new role, she will further grow the firm's large insurance offering in Asia and support its wider international insurance practice.
A proposal has been sent to Finance Minister Nirmala Sitharaman to link insurance premiums of vehicles to the number of traffic violations recorded against the vehicles.
PICC ranked fourth biggest globally among insurers for its motor insurance gross direct premiums written (GDPW) in 2023, according to a global motor insurance market ranking by Insuramore, which provides marketing services and related consultancy with a focus solely on the insurance sector.
Comprehensive two-wheeler insurance is more popular than compulsory motor third-party liability insurance only, with 57% of owners opting for the former, compared to 43% choosing the latter, according to an analysis of two-wheeler insurance by Policybazaar, an online insurance platform company.
Non-life insurer Urtrust Insurance is expected to improve its investment returns in the near-term as it continues to divest of volatile equity-type investments and focus on steadier fixed-income type investments., says Fitch Ratings.
A number of car owners in South Africa believe that insurance is unnecessary after paying off their car financing, according to the results of a survey by the global information and insights company TransUnion.