Listed insurance companies in Oman have reported combined net profit growth of 43% to OMR35m ($91m) for 2020 compared to OMR24.6m in 2019, according to data compiled by investment firm Ubhar Capital (U Capital).
The government is studying a proposal to inject more capital into three state-run general insurers-National Insurance, Oriental Insurance and United India Insurance-in the fiscal year ending 31 March 2022 (FY22) to boost their solvency levels and enable them to meet regulatory requirements in the aftermath of the COVID-19 pandemic.
Insurers have raised their plea for the government to forego implementing the next and final tranche of an increase in the industry's capital requirements by the end of 2022.
The insurance regulator is considering making property insurance compulsory in the country, as part of its bid to grow the insurance industry in Tanzania.
The National Insurance Commission (NAICOM) has advised the federal government to adequately insure its assets.
The Central Bank of Saudi Arabia (SAMA) says that it continues to work on a number of development initiatives and structural reforms in order to develop the insurance sector and for the sector to achieve alignment with the Kingdom's "Vision 2030" goals.
The changing regulatory landscape, higher minimum capital requirements, and the fragmented market will further drive M&A activity for Saudi Arabian insurance companies, says Fitch Ratings in a new report.
Etihad Credit Insurance (ECI), the UAE's federal export credit company, has signed an agreement with Masdar, Abu Dhabi Future Energy Company, to work on initiatives aimed at supporting investment in renewable projects that will contribute to reducing carbon emissions.
Insurance companies have paid only 3.6% of about $1.5bn in insured losses arising from last year's 4 August explosion in Beirut Port, as they await the results of investigations into the incident.
The five major A-share listed insurance companies in China have posted an aggregate premium income of CNY2.49tn ($385bn) in 2020, an increase of 3.65% compared to 2019.