South African life insurers and investment companies detected 8,931 cases of fraud and dishonesty in 2022. While losses worth ZAR1.1bn ($58m) were prevented, the industry lost ZAR77m to fraud in 2022.
Insurance companies that are members of the West African Insurance Companies Association (WAICA) are being urged to adopt the International Financial Reporting Standard (IFRS) 17.
The life insurance industry reported a 25.28% decline in new business premium income in November 2023 to INR26,494.83 crore from INR34,588.8 crore recorded a year ago. The fall in group premium and change in taxation norms for policies with a higher ticket size dragged down the premiums of the state-run Life Insurance Corporation of India (LIC) and private insurers, respectively.
The Australian Prudential Regulation Authority (APRA) has published findings of a survey on the sustainability of group life insurance in superannuation, undertaken by a sample of registrable superannuation entity (RSE) licensees, life insurers and reinsurers.
The insurance industry in Pakistan chalked up revenue growth of 27% increase in 2022, with the direct gross underwritten premium amounting to PKR579bn ($2bn), compared to PKR455bn in 2021, according to the 2023 annual report of the Securities & Exchange Commission of Pakistan (SECP).
The latest research from Cigna Healthcare has found that Hong Kong's vitality levels have significantly deteriorated during the first half of 2023, as the city continues to be plagued by high stress and burnout levels.
Solidarity Bahrain is expected to continue to achieve adequate operating results in the medium term as it continues to grow and integrate Al Hilal Life, while focusing on technical discipline, says AM Best.
Sidra Medicine, a Qatar Foundation entity, and GlobeMed Qatar, a healthcare benefits management company, have signed an agreement to offer eligible insured members of payers contracted with GlobeMed Qatar access to Sidra Medicine's women's and paediatric medical services.
Revamped regulations will support Chinese insurers' quality growth and better underlying credit fundamentals in 2024, leading to a neutral sector outlook for both the life and non-life segments, Fitch Ratings says.
Moody's Investors Service yesterday changed to 'Negative" from 'Stable' the outlooks on nine Chinese insurers and a related overseas subsidiary, following Moody's affirmation of the Government of China's issuer rating at 'A1' and change in the outlook to 'Negative' from 'Stable' on 5 December.