The COVID-19 pandemic is hitting the Middle East & Africa region, particularly oil exporters, notes Swiss Re Institute.
Hotels in Egypt are demanding lower premiums rates for insurance policies and to be allowed to pay premiums in instalments.
Morocco tops the MENA region in terms of total insurance penetration, and life insurance penetration. This is despite the fact that in terms of premium volume, the country ranks as fifth largest in the region.
China may face a sharp rebound in non-performing loans at insurers and banks after COVID-19 relief incentives delayed the reflection of risk exposure on the balance sheet of lenders, reported Bloomberg.
Four major Japanese non-life insurers plan to raise their fire insurance premiums for homes by a national average of 6-8% in January 2021, reported Jiji Press quoting informed sources.
A key concern highlighted by the bushfires in the last season is the affordability of insurance, especially in New South Wales, Mr Rob Whelan, CEO of the Insurance Council of Australia (ICA), in an opening statement last Friday at a Senate inquiry into lessons from the bushfire season.
The non-life sector in the emerging insurance market of the Middle East and Africa is expected to suffer from this year's pandemic-induced recession, says Swiss Re Institute.
Non-life premium growth in China is forecast to fall to around 8% in 2020, the slowest growth since 1998, according to Swiss Re Institute.
China is no longer going to be the frontrunner in the region with respect to expected growth over the next decade according to a report by Allianz and Euler Hermes.
Four listed mainland Chinese companies announced in the first half of this year their decision to back out of plans to establish insurance companies in China.