China's insurance sector saw premium income jump by 12.2% in 2019 to cross the CNY4tn mark for the first time. Total premium income reached CNY4.27tn ($615bn), with growth driven by life business, particularly health insurance.
The signing of the first phase of the trade agreement between the US and China on 15 January 2020 removes many formal barriers that have been obstacles to the opening up of China's financial markets, points Moody's Investors Service.
Five major listed Chinese insurance companies have posted combined premium revenue of CNY2,399.3bn ($346bn) in 2019, representing a year-on-year increase of 9.35% over 2018.
The Egyptian insurance market posted premiums of EGP31.8bn ($2bn) during the first 11 months of 2019, compared to EGP26.1bn in the corresponding period of 2018, representing a growth rate of 21.8%.
India's slowing economy will weigh on insurance premium growth over the next 2-3 years, although supportive measures put in place by the IRDAI will help counterbalance the deteriorating economic environment, says Moody's Investors Service.
Earlier this week, bushfire-ravaged Australia was struck by yet another Nat CAT - hailstorms - which resulted in estimated losses of at least A$320m ($218.9m) and over 20,000 insurance claims according to the Insurance Council of Australia (ICA).
Hong Kong listed PICC Property and Casualty Company has announced that based on estimates, the net profit of the company for the year 2019 is expected to increase by approximately 35% to 60% over 2018.
AIG has announced the appointments of Steven Barnett as Chief Executive Officer of Asia Pacific, General Insurance, and Thomas Lillelund as Chief Executive Officer of Middle East and Africa, General Insurance. Both appointments are effective immediately.
The India Rendezvous, being held in Mumbai 20-22 January, has generated considerable interest from around the world with over 650 delegates from 38 countries registered.
The Moroccan insurance market saw sustained growth in 2019, estimated industry professionals based on increases observed over the previous two years.