The aggregate profits of 23 insurance companies operating in the local market surged by 38% to JOD26.7m ($37.7m) last year compared to 2019, according to a study by Sanabel Al-Khair Financial Investments.
Qatar Islamic Insurance Group (QIIG) has posted a 4% growth in shareholders' profits, totalling QAR75.73m ($20.8m) in for the financial year ended 31 December 2020 compared to QAR72.68m in 2019.
The change in Turkey's economic performance trend is favourable and can already be seen in the insurance industry, which experienced positive real growth in 2020, based on the data available at the end of the third quarter of last year, says Mapfre Economics.
In 2020, Malaysia's general insurance market outperformed the country's overall economy. While the Malaysia's GDP is forecasted to have dropped by 4.5% last year, general insurance premiums remained almost stable. This is one of the key findings of the Malaysian Insurance Highlights, a market survey by Malaysian Re.
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.