While there could be some rate increases for motor policies in the second part of the year and for certain reinsurance lines, GWP growth in the UAE insurance market will likely remain relatively flat in 2021, due to economic uncertainty and a decline in the expat population in Dubai and other emirates in 2020-2021, says S&P Global Ratings in a new report.
UK insurance giant Aviva has agreed to sell its entire 40% shareholding in its pension and life insurance joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS (Aviva SA), to Ageas Insurance International.
Life insurance is the most preferred financial tool by individuals across India today.
The health protection gap in Asia was valued at $1.8tn in 2017, 10% of average household income, and is projected to widen more quickly and may become more persistent.
A new global programme will make compensation available to eligible individuals in 92 low- and middle-income countries without the need to resort to law courts. The programme being implemented by a collaboration of World Health Organization (WHO) and Chubb is the first global vaccine injury compensation mechanism.
The majority of insurance advisers in Asia are optimistic about the economy, the outlook for the life insurance industry and sales growth, despite being in the midst of a pandemic, according to a survey conducted by Sun Life. It also finds that COVID-19 is having a polarizing effect in the industry as digital becomes a critical tool for sales performance.
S&P Global Ratings says that it believes there remains high, albeit moderating, uncertainty about the evolution of the coronavirus pandemic and its economic effects.
GWP growth in Saudi Arabia is estimated to be up to 5% in 2021, supported by the Hajj and Umrah Medial Insurance Programme, the Inherent Defects Insurance Scheme, and higher motor insurance penetration, according to S&P Global Ratings.
S&P Global Ratings' ratings on insurers in the Gulf Cooperation Council (GCC) to remain broadly stable in 2021, mainly thanks to robust capital buffers and despite ongoing economic uncertainty relating to the COVID-19 pandemic, the international credit rating agency says.
Great Eastern Holdings' total weighted new sales (TWNS) rose 23% y-o-y to S$1,545.3 million (US$1,172.2 million), according to its financial results for year ended 31 December 2020.