Fitch Ratings has assigned African Risk Capacity Insurance Company Limited (ARC) an Insurer Financial Strength (IFS) Rating of 'BBB+' and a Long-Term Issuer Default Rating (IDR) of 'BBB'. The rating outlook is 'Stable'.
Insurance companies are currently in a frantic race to sell as much insurance as possible in various lines of business, at preferential prices.
The IRDAI has named three public sector insurance companies - Life Insurance Corporation (LIC), General Insurance Corporation (GIC Re) and New India Assurance - as 'too big or too important to fail' (TBTF) institutions or Domestic Systemically Important Insurers (D-SIIs) for the year 2020-21 fiscal year.
Sompo Holdings has said that Sompo Japan Insurance will not insure and invest in new construction of coal-fired power plants in Japan, except for projects for which underwriting, investment and financing have already been announced.
Total premium revenue in the Vietnamese insurance market was estimated at VND83,084bn ($3.57bn) for the first six months of this year, an increase of 15.02% over the same period in 2019, according to an update from the Insurance Administration and Supervision Department which is under the Ministry of Finance.
Insurance regulator IRDAI has said that only 5% of micro and small and medium-sized enterprises are insured, a situation brought into prominence by the COVID-19 pandemic.
The 4 August Beirut port explosion has led to significant uncertainty in the Lebanese insurance sector.
The Algerian insurance market posted a 12.5% fall in revenue to around DZD71bn ($551m) for the first half of this year compared to DZD81.2bn for the corresponding period of 2019, according to data released by the National Insurance Council (CNA).
An IRDAI working committee has recommended a comprehensive insurance cover for drones with a third-party liability which should be in line with aircraft or aviation liability - as is the practice in the developed nations - instead of following the Motor Vehicles Act.
Questions have been raised about insurers refusing to pay compensation for damages generated in the 4 August Beirut post explosion on the grounds that an official report has yet to be released stipulating the cause of the explosion.