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.
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.
Total net written premiums (NWP) increased by 8.2% to SAR34.6bn ($9.2bn) in 2021 from SAR31.99bn in 2020, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
Qatar's insurance companies witnessed robust growth in net premium, while their net claims declined steeply in the first quarter of 2022, according to data released by the Qatar Central Bank (QCB).
Samsung Life Insurance Co, the country's top life insurer, has reported a 72.9% plunge in its first-quarter net profit due to losses from its variable life insurance business amid recent stock market volatility.
A common theme that increasingly pervades all three sectors of the insurance industry - general insurance, life insurance and health insurance - is the affordability and availability of insurance, Mr Wayne Byres, APRA chairman.
For the first time, the Securities and Exchange Commission of Pakistan (SECP) has forwarded suggestions to provincial governments to introduce fiscal measures to promote the insurance sector.
Insurance group Fidelidade Macau has posted a net profit of MOP42.2m ($5.2m) for 2021, representing a growth of 24% when compared with 2020.
The insurance sector posted premium growth of 8.4% in 2021, with total written premiums reaching SAR42.03bn ($11.21bn), compared to SAR38.78bn in 2020, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
Two thirds (101) of 153 insurance companies have reported negative comprehensive investment yields during the first quarter of this year.