The National Financial Regulatory Administration (NFRA) has issued a draft guideline to promote the development of commercial specialised pension insurance, and transform the scheme from its current pilot basis to a fully operational model.
The impact on China Pacific Insurance (CPIC) of the authorities' move to lower pricing interest rates of traditional insurance products would be limited, the giant insurer says in a bulletin released on 1 June.
Insurance companies in China are continuing to increase their capital, after the implementation in 2022 of the China Risk-Oriented Solvency System (C-ROSS) Phase II regime.
The re-opening of borders between mainland China and the territory on 6 February 2023, after a three-year lockdown because of the COVID-19 pandemic, portends well for the insurance markets of the Greater Bay Area (GBA), including Hong Kong.
There is a huge potential to grow agricultural insurance business on the African continent but there is a need for further support from governments and insurers to raise their level of performance to cater to the needs of farmers, said speakers at the 49th Conference and General Assembly of the African Insurance Organisation (AIO).
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.
The Algerian government intends to review the country's 20-year-old compulsory natural disaster insurance and victim compensation law.
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.
China's insurance sector maintained steady operation and adequate solvency in the first quarter of the year, the country's financial regulator has said.
Kenya: Insurers oppose proposal to levy VAT on insurance compensation for goods losses
The Kenya government is proposing to levy the standard 16% Value Added Tax on insurance compensation received by owners for the loss of goods on which VAT is payable.