The composite insurance rate in the third quarter of 2024 decreased by 2% in the IMEA region, where rates for large and complex organisations are often driven or influenced by the reinsurance market, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
IRDAI chairman Debasish Panda is pitching for 100% foreign direct investment (FDI) in the insurance sector, saying a huge amount of capital is needed to achieve the goal of 'Insurance for All by 2047'.
An estimated 10,000 coastal properties in Auckland, Wellington, Christchurch, and Dunedin could become uninsurable by 2050 due to coastal erosion and inundation. Properties located in flood prone areas inland are similarly at risk, according to a report by the Helen Clark Foundation and engineering consultants WSP.
The Malaysian Takaful Association (MTA) has officially launched the Hijrah27 framework, a strategic transformation plan with the core objectives of broadening public understanding of Islamic insurance and expanding its reach to underserved segments of the country. The goal is also for takaful to be the preferred Shariah-compliant protection choice in the country while seeking to enhance professionalism among takaful personnel and promote ESG.
The Moroccan insurance sector has generated a net profit of MAD3.1bn ($312.5m) in the first half of 2024, 3% higher compared to the corresponding half in 2023, according to data from the Insurance and Social Welfare Supervisory Authority (ACAPS). This performance was due to improved technical results.
The market share of locally incorporated insurance companies in the UAE increased to 73.3% in 2023 from 71.4% in 2022, in terms of gross written premiums, according to the "Annual Statistical Report for the Insurance Sector of the UAE 2023" released by the Central Bank.
Government policy initiatives could generate additional insurance demand in China, according to leading global reinsurance broker Gallagher Re.
The 84 property and casualty insurance companies that have published their 2024 third-quarter solvency reports by 1 November chalked up a combined net profit of CNY50.68bn ($7.1bn) in the first nine months of this year, an increase of 13.6% year-on-year.
The Guangdong-Macau In-Depth Cooperation Zone on Hengqin island aims to facilitate entry by insurers from Portuguese-speaking countries into the mainland Chinese market, a senior financial official has said.
The Insurance Association of China (IAC) has released the 2024 edition of the "Blue Book on High-Quality Insurance Services for Rural Revitalisation", which provides an update on the work of insurers in rural areas.