India's general insurance industry posted an increase of 5% in gross premium to INR1,987bn ($26.5bn) in the financial year ended 31 March 2021 (FY21).
COVID-19 has shown that pandemic-related business interruption (BI) is directly linked to the decisions of governments to implement lockdown measures, making it impossible for insurers to model and price such a risk. As such, BI risk is uninsurable by insurers alone, said a report from the Geneva Association.
The 29 listed insurance companies on the Saudi bourse reported an aggregate GWP of SAR38.3bn ($10.2bn) in the year ended 31 December 2020, 3.5% higher than in 2019, according to an analysis by regional boutique actuarial consulting firm, Badri Management Consultancy.
The Association of British Insurers (ABI) has launched a free online mental health training platform for improving the level of understanding of mental health in customer-facing roles.
Life insurers in India reported high individual APE growth of 90% y-o-y in March 2021 on a low base translating to 40% y-o-y growth in the fourth quarter of financial year 2021 and 8% y-o-y for financial year 2021.
There is a major move online by the consumers for the insurance purchase process for personal products like life, health, and property and casualty insurance according to a new survey conducted by Society of Insurance Research (SIR).
COVID-19 upturned our lives in many ways. Uncertainties made the consumer focus on securing the financial future of their loved ones, thereby scaling the demand for life insurance in the country. As the demand for life insurance shot up, an uptake in recruitment of insurance agents was also witnessed.
India's biggest life insurer, the state owned Life Insurance Corporation (LIC), has reported its highest-ever annual new business premium that amounted to INR1.84tn ($24.4bn) for the financial year ended 31 March 2021 (FY21). The figure represented growth of 4% over FY20's INR1.77tn.
China-headquartered Leapstack, an AI-enabled InsurTech company specialising in healthcare, has announced a strategic plan to ink strategic partnerships with multiple Korean insurance companies as the company advances into the South Korean market.
HSBC Life, HSBC Group's insurance business, has appointed Ying Teoh as global head of customer proposition, HSBC Life and Insurance Partnerships, based in Hong Kong.