China's insurance industry posted CNY4.7tn ($697bn) in premium income in 2022, an increase of 4.58% compared to 2021, according to statistics released by the CBIRC.
Home property insurance grew at the fastest pace in 2022 among the various branches of insurance in China, with an increase of 67.3% to CNY16.4bn ($2.44bn) compared to 2021, data released by the CBIRC show.
Affordable rental housing is an attractive, growing risk pool for property insurance solutions in China, given its combination of social protection features through the government's support and endorsement, and fully market-orientated financing for its construction and business operations, says Swiss Re Institute (SRI).
Insurance pricing in the fourth quarter in Asia increased by 2%, the same as in the prior quarter, according to the 4Q2022 "Global Insurance Market Index" report released yesterday by leading global insurance broker Marsh.
2023 is going to be a transformative year for the Korean insurance industry given that major regulatory changes are taking effect and their implications could be significant across the insurance sector, says Korean Re in a blog.
Dr Mohamed Farid Saleh, chairman of the Financial Regulatory Authority (FRA) has issued a decision (No. 194 of 2022) regarding rules and procedures for revising the licensing of takaful companies to allow them to operate in the traditional commercial insurance system in the Egyptian market. The decision was published in the Official Gazette on 29 January 2023.
Total premiums in the Thai non-life insurance sector are forecast to expand by 4.5-5% to reach THB282bn ($8.56bn) - THB287bn in 2023 on the back of economic revival, according to the Thai General Insurance Association (TGIA).
Chinese electric vehicle (EV) giant BYD has confirmed that it is working on a potential acquisition of E An Property & Casualty Insurance Co (E An P&C), an online insurer that was seized by Chinese regulators in 2020 as part of a crackdown on financial conglomerates, reported Reuters.
Ravaged by human disturbances, deforestation, drought and fires, over a third of the Amazon rainforest has been rapidly deteriorating according to two new studies which have raised concerns that the rainforest with a unique ecosystem may be approaching a point of no return.
Insurance adoption and penetration in India increased largely due to government schemes and financial inclusion initiatives, according to the "Economic Survey 2022-23" tabled in the Parliament yesterday.