The impact of COVID-19 on the Saudi insurance industry is expected to be moderate given the high concentration of the market in non-life business and measures taken by the government to cover the healthcare costs of infected people, reveals The Financial Stability Report (FSR) for 2020 issued by the Saudi Arabian Monetary Agency (SAMA).
The government is in the process of introducing medical coverage and a pension scheme for the self-employed, Minister for Labour and Professional Integration Mohamed Amekraz has announced.
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The insurance regulator has sent a circular to insurers to disclose their health insurance underwriting policy, in a move to ensure all general health policies cover disability, HIV and mental health.
The Kazakhstan insurance market achieved rapid growth in 2019, driven by further development of the life segment, the introduction of new mandatory products and the rollout of electronic contracts for mandatory motor insurance, notes AM Best.
EC3 Brokers MEA has partnered with the Dubai International Financial Centre Authority (DIFCA) to establish a group health scheme that facilitates the development of a cost-effective health insurance programme for companies operating within the DIFC.
Allianz unveiled the first edition of its "Global Pension Report", taking the pulse of pension systems around the world with its proprietary pension indicator, the Allianz Pension Indicator (API). The indicator follows a simple logic: It starts the analysis with the demographic and fiscal prerequisites and then continues to examine pension systems along their two decisive dimensions: sustainability and adequacy. Hence, it is based on three pillars and takes all in all 30 parameters into account, which are rated on a scale of 1 to 7, with 1 being the best grade. By adding up all weighted subtotals, the API assigns each of the analysed 70 countries a grade between 1 and 7, thus providing a comprehensive view of the respective pension system.
The life insurance market will have to wait till the end of the year to see how the customer sentiments change in the wake of the coronavirus pandemic, says Mr Tarun Chugh, MD & CEO of Bajaj Allianz Life Insurance.
The life insurance industry's performance has continued to worsen, with net loss after tax standing at A$1.8bn ($1.2bn) for the year to March 2020 (FY2020), says the Australian Prudential Regulation Authority (APRA) in its Quarterly Life Insurance Performance Statistics publication for the March 2020 quarter.
Hyundai Marine & Fire Insurance, one of Korea's biggest non-life insurers, is about to sell its office building located in affluent Gangnam-gu in southern Seoul.