Qatar Islamic Insurance Group's (QIIG) ability to generate strong operating returns is demonstrated by its five-year weighted average return-on-equity ratio of 13.8% (2018-2022), says AM Best.
MS&AD Insurance Group Holdings (Aioi Nissay Dowa Insurance, Mitsui Sumitomo Insurance), Sompo Japan Insurance, Tokio Marine & Nichido Fire Insurance and Nippon Life Insurance have concluded a memorandum of understanding to carry out joint studies on business initiatives to develop sustainable finance.
The Insurance Development and Regulatory Authority (IDRA) has allowed life insurance companies to offer full-fledged health insurance policies, ending the monopoly of non-life insurers in the medical insurance market.
State-controlled LIC, India's biggest insurer, has posted an increase in consolidated net profit after tax of 7.7 times for the financial year ended 31 March 2023 (FY2023). The net result reached nearly INR360bn ($4.4bn).
PICC Life Insurance has signed an agreement to set up a CNY100m ($14.1m) insurance trust with Beijing-based China Credit Trust Co, one of the biggest trust companies in China.
The management of Orient Insurance, the largest and most profitable listed insurer in the UAE, took strategic steps over the past 12 months to improve the average asset quality of its investment portfolio by shifting a significant amount of fixed deposits from lower-rated or unrated banks to higher-rated banks, S&P Global Ratings (S&P) has pointed out. As of first-quarter 2023, about 86% of investments were in investment-grade entities compared with only 19% at year-end 2021.
Bajaj Allianz Life has launched the country's first term insurance product designed for Type 2 diabetics and pre-diabetic individuals. The plan is targeted at a segment that ends up being underinsured as they are denied cover at standard rates for health reasons.
The earnings of Malaysia's local insurance and takaful sector are expected to stage some recovery this year amid volatility in the global financial markets, according to RAM Rating Services (RAM Ratings).
The IRDAI is looking to launch a bundled product that will provide life, health, casualty, and property coverage in a single insurance policy at an affordable price, the chairman of the regulatory agency, Mr Debasish Panda, said.
Retirees continue to face significant upward pressure on their household budgets amid historically high consumer price inflation, says the Association of Superannuation Funds of Australia (ASFA), which is the peak policy, research and advocacy body for Australia's superannuation industry.