All markets in advanced Asia reported non-life premium growth increases in 2019, according to Swiss Re Institute.
Swiss Re Institute has forecast that non-life premium growth in emerging Asia in 2020 and 2021 will average 3% each year, well below the historic trend of 8%. The near-term outlook is clouded by the COVID-19 crisis.
China's share of global premiums will continue to rise rapidly to an estimated 18% in 2030, half the share of the US, Swiss Re Institute predicts in its latest sigma report. The forecast 18% is almost double China's 10% share of the global market last year.
The government has called off the long-deliberated merger of the three public sector non-life insurers - National Insurance, Oriental Insurance and United India Insurance - and has announced an additional capital infusion of INR99.5bn ($1.3bn) into the companies.
Zurich UK has announced that it will be returning GBP300,000 ($375,808) to travel insurance policyholders and is now in the process of offering a refund or rescheduling cover for every single policy holder (8,000 customers) who were unable to travel during the UK's lockdown.
Amid the COVID-19 pandemic, Generali's P&C unit Global Corporate & Commercial (GC&C) Iberia & LatAm has developed a new system for remote facility inspection through mobile phones in Spain.
Consumers of financial services products have gone increasingly digital in the COVID-19 era, with almost 80% now preferring online access. Customers are also demanding better value for money from providers, a KPMG Australia survey of over 1,500 people has found.
Lockton Insurance Brokers UAE has appointment Mr Faris Khatib as its new CEO. Mr Khatib will provide executive leadership to Lockton MENA Limited's subsidiary in the UAE.
Up to 1m homes in bushfire-prone areas have little or no fire protection, but in some cases it would be cheaper to knock down and rebuild them than upgrade them, a royal commission has been told.
The total damage suffered in heavy floods in several parts of the country in June is estimated at about TRY38m ($5.54m), Mr Atilla Benli, president of the Turkey Insurance Association (TSB), has said.