Weaker economic conditions and an estimated decline in the expat population of about 12% (close to 230,000 people) led to a decline in GWP in the Omani insurance market by 4%-5% in 2020, says S&P Global Ratings.
The Egyptian insurance sector has posted a 25% jump in net surplus to EGP6bn ($382m)-comprising underwriting gains and investment returns-for the 12 months to 31 December 2020, compared to EGP4.8bn in 2019.
Dragon King Life has reported its first annual profit in 2020, following 11 years of losses.
The Chinese government's extensive fiscal and monetary programme to stimulate the economy is accelerating the return to higher economic growth rates, says Mapfre Economics.
Ant Group's online mutual aid platform Xiang Hu Bao attracted 105.59m members last year and extended financial help to 68,600 subscribers, according to data released by the platform.
The top 10 life insurers in China in terms of GWP commanded around two-thirds (67.8%) of the market last year, compared to a market share of 71.2% in 2019.
Munich Re, Google Cloud and Allianz have announced a joint partnership towards pioneering cyber insurance, a first-of-its kind collaboration between a major cloud provider and leading cyber insurance companies. .
The Life Insurance Association, Singapore (LIA Singapore) yesterday announced the election of its Management Committee at the Association's Annual General Meeting (AGM) held on 3 March 2021.
The Taiwanese insurance sector posted pre-tax profits of NT$233.1bn ($8bn) in 2020, an increase of 30.7% over 2019, according to data released by the Insurance Bureau of the Financial Supervisory Commission (FSC).
Insurance pricing will continue to increase across most business lines globally this year as carriers look to mitigate poor underwriting performance and the uncertainty brought on by the COVID-19 crisis.