Around 170 insurance and reinsurance companies in China have filed their 1Q2022 solvency reports as of 15 May 2022, the first such reports to adhere to rules under China Risk-Oriented Solvency System (C-ROSS) Phase 2 .
Chinese life insurers' top-line growth and earnings are pressured by a combination of weak insurance demand and capital-market volatility, says Fitch Ratings. However, these challenges are balanced by stable exposure to opaque alternative investments and solid solvency buffers.
The aggregate premium growth rate of China's five major listed life insurers was flat in the first four months of this year, standing at 0.3% year on year with combined premiums reaching CNY791.2m ($117.6m).
More than 70% of Generation Z regard purchasing insurance as an important means of health protection, and 50% of users use insurance to diversify property risks, according to a recent survey commissioned by Zhongan Online P&C Insurance.
Statistics from the Monetary Authority of Macau (AMCM) show that the gross premium of the life insurance business in Macau jumped to MOP33bn ($4.08bn) in 2021, representing an increase of 29% compared to the MOP25.6 billion in 2019.
The Securities & Exchange Commission of Pakistan (SECP) should take notice of the rampant practice among insurers of rejecting claims, according to Mr Abdul Basit Khan, Advisor to Federal Insurance Ombudsman (FIO).
The Financial Services Authority (OJK) has approved the establishment of a member representative body (BPA) for AJB Bumiputera 1912, one of Indonesia's oldest insurers, which has been struggling with insolvency for a number of years.
The aggregate profit of insurance companies listed on UAE stock exchanges fell by 12.9% to AED590.87m ($160.86m) for the first quarter of this year, compared to AED678.07m for the corresponding quarter in 2021.
A survey by AIA Singapore has revealed that two-thirds (66%) of Singapore's local workforce are worried about job loss due to illness or disabilities and more than half (53%) do not have any disability income protection.
Australian specialist healthcare underwriting agency Tego Insurance will now also offer a combined liability package for the aged care sector.