The top four insurance companies in Saudi Arabia, based on 2021 premium income, have reported weaker net results for the first quarter of this year, as a result of higher claims.
Trading in shares of Life Insurance Corporation of India (LIC) opened and closed yesterday at prices below the company's IPO price.
Laureola Advisors, a specialist asset manager focused exclusively on life settlements, has opened an office in Sydney, following a soft entrance to the Australian market two years ago.
Health insurance, which includes both compulsory and non- compulsory lines, accounted for 59.7% of the 2021 total market gross written premiums (GWP) in Saudi Arabia. Health GWP in 2021 amounted to SAR25.11bn ($5.63bn) in underwritten premiums, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
The profitability of the motor insurance branch in Morocco has deteriorated sharply in recent years to the point of pushing the regulator into introducing a provision for price risk to discipline the market.
Singapore's life insurance industry recorded a total of S$1.21 billion (US$868 million) in weighted new business premiums for 1Q2022, a slight 2% dip compared to 1Q2021, according to The Life Insurance Association, Singapore (LIA).
Samsung Life Insurance, South Korea's top life insurer, has disclosed that its 1Q2022 net profit plunged by 72.9% due to losses in its variable life insurance business amid recent stock market volatility.
Munich-headquartered global insurer Alliianz has announced that its net income attributable to shareholders stood at EUR0.6bn ($0.62bn) for 1Q2022, down 78.1% from the corresponding quarter in 2021.
General insurance is becoming a commodity, says Mr Nizar Juma, chairman of Jubilee Holdings, an investment holding company primarily operating in the regional insurance sector.
Insurance start-up UIB Assurances has obtained the approval of the Ministry of Finance to extend the regulatory deadline for it to launch its activities to the fourth quarter of 2022.