Despite reporting an underwriting loss of $24m in 1H2019, QBE Insurance posted a 29% jump in statutory net profit amounting to $463m compared to $358m in the same period last year. Its cash profit after tax increased by 35% to $520m. This resulted in the combined operating ratio decreasing to 95.2% from 95.8% year-on-year.
The Central Bank of Bahrain (CBB) has granted five insurance licences since the beginning of this year until 18 August.
The Ministry of Finance (MoF) is working out an agreement with a consortium of insurers to provide insurance coverage for state assets, with the agreement expected to be signed by next month.
IAG New Zealand, the largest non-life insurer in New Zealand, has increased its profit by 79% in the year ended 30 June 2019 (FY2019), due to higher premiums and low natural disaster claims.
A mixed outlook is expected for the Turkish insurance sector this year.
Emirates Insurance, a leading UAE based insurer and reinsurer, has announced its half-year results, showing a 53% increase to AED90m ($24.5m).
AXA Affin General Insurance has entered into a partnership with BlueDuck, an online home rental platform for house owners and tenants in Malaysia. The general insurer will provide coverage for the homes and valuables whereby the platform's members are entitled to a one-year subscription to 'AXA SmartHome Optimum (Enhanced)' protection plan.
With global economic losses from Nat CAT and man-made disasters in the first half of this year amounting to $44bn, only about $19bn or 42% of these losses were insured as several large-scale disaster events occurred in areas with low insurance penetration according to Swiss Re Institute's preliminary sigma estimates.
Ping An Insurance (Group) Co, the country's largest insurer by market value, posted a 68.1% jump in first-half net profit, the fastest pace of growth in more than a decade, on a rise in retail customers, reported Reuters.
The digital transformation of property insurance will be different from that of life insurance, say respondents to a poll on technology in insurance. They also believe that life insurance companies and property insurance companies will apply InsurTech in significantly different ways.