The changing regulatory landscape, higher minimum capital requirements, and the fragmented market will further drive M&A activity for Saudi Arabian insurance companies, says Fitch Ratings in a new report.
Insurance companies have paid only 3.6% of about $1.5bn in insured losses arising from last year's 4 August explosion in Beirut Port, as they await the results of investigations into the incident.
The five major A-share listed insurance companies in China have posted an aggregate premium income of CNY2.49tn ($385bn) in 2020, an increase of 3.65% compared to 2019.
The life insurance supervision department of the CBIRC has established a new "negative list" for life insurance products in order to further regulate the product development and management at life insurance companies, curb life insurance product risks, and protect the interests of consumers.
China's leading on-demand food delivery firm Meituan has announced that it is to shut down its mutual aid platform, which offers financial aid for medical treatment by getting members to club together and share expenses equally, as regulators toughen their stance on the overextension of Internet-based giants into peripheral fields that lack regulation.
The general manager of Ant Group's insurance business department has quit to work for traditional insurer Sunshine Property and Casualty Insurance amid growing uncertainty over the future of the firm's online insurance operations, Shanghai Securities News has reported.
Several polls have shown one main reason that couples in China are reluctant to have more than one child is the high cost of raising children, says Yuan Xin, a professor at the Institute of Population and Development of Nankai University.
Indian insurers look set to withstand the economic downturn, as general insurance premium growth will remain in positive territory and life premiums will remain broadly flat despite the weakening economy, says Moody's Investors Service says in a new report.
China's urban residents showed a strong willingness to save more in the coming months and a declining appetite for consumption and investment, according to the latest survey from the country's central bank, the People's Bank of China (PBOC).
Leading insurer Great Eastern yesterday announced that its S$1m ($756,000) GREAT Vaccine Fund launched on 15 January for its customers is now expanded to cover the customers' immediate family members, employees and financial representatives and their respective immediate family members.