Insurance companies in Ghana should focus on building their capacities and make attractive offers for importers and exporters who ship cargo through the country's ports, according to the president of the Ghana Union of Traders Association, Dr Joseph Obeng.
Four insurers listed on the Bahrain Stock Exchange have posted an aggregate net profit of BHD13.75m ($36.45m) for the 2020 financial year, an increase of 17% compared to BHD11.78m for the year 2019.
Some regulators in the GCC are reportedly assessing the impact of insurance rates if pandemic risks were insured, S&P Global Ratings says.
The COVID-19 pandemic has presented primarily a threat to insurers' premium volume. Insurance lines closely linked to GDP growth and exports such as Motor or Trade Credit and Marine were directly affected by the pandemic or the decline in exports.
An increase in competition and resumption of nonessential medical treatment could cause claims to rise to more normal levels and, consequently, lead to weaker but still profitable underwriting results in 2021, according to a report by S&P Global Ratings.
Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) 2020 financial performance was strong, with net income increasing 14% (to TRY460.6m [$62m] on an unconsolidated basis) compared with 2019, while the combined ratio improved to 106%, from 111%, notes Fitch Ratings. These improvements largely reflect lower claims frequency in motor and health insurance as a consequence of the COVID-19 pandemic.
Premium growth in China's P&C insurance sector is expected to be in the low teens over the next two years, forecasts S&P Global Ratings in its "APAC Insurance 2021: Managing Higher Volatility" report released this month.
Following up on moves that delegate the supervision of insurance companies to regional bureaux, the CBIRC has sharpened its supervision system by reorganising functions and duties of its departments at head office level.
The five major A-share listed insurance companies in China have posted a combined premium income of CNY581.5bn ($87bn) in January 2021, a year-on-year increase of 6.26%.
Insurance support for communities in New Zealand hit by extreme weather events has hit a new annual record of NZ$248m ($185m), with insurance customers making more than 13,600 weather related claims for the 12 months to December 2020, says the Insurance Council of New Zealand (ICNZ).