Earnings from real estate investments and developments have become the key drivers of operating performance for Qatar General Insurance & Reinsurance Company (QGIRC), says AM Best.
Gross premiums underwritten by non-life insurers grew by 5.2% to INR1.99tn ($26.4bn) for the financial year ended 31 March 2021 (FY21), according to preliminary data from the IRDAI.
An analysis of the financial reports of insurance companies in Bangladesh over the previous five years shows that an average, half of all insurance policies purchased in a year lapsed after the payment of the first-year premium.
Taikang Insurance Group's stable operating results and solid capital strength, despite challenging market conditions associated with the outbreak of the coronavirus pandemic, has led to Fitch Ratings to revise the outlook on Taikang Group's Long-Term Issuer Default Rating and its core life subsidiary's-Taikang Life Insurance -Insurer Financial Strength (IFS) Rating to 'Stable', from 'Negative'.
Insurers in Lebanon have received at least 16,000 claims for estimated losses of close to $1.1bn from last year's 4 August Beirut Port explosions, according to the latest report released in February by the Insurance Control Commission (ICC), Lebanon's insurance regulator. Only $60m of this total has been settled so far.
Lower-for-longer interest rates have a number of implications for the credit profiles of Asia-Pacific (APAC) insurers, with the overall impact dependent on existing product mixes and investment portfolios, says Fitch Ratings.
The IRDAI is allowing Indian insurance companies to invest in fund of funds (FoFs), a move seen as giving a boost to the private equity sector.
Despite the difficult environment brought about by the COVID-19 pandemic, the Gabonese insurance market recorded good results in 2020, achieving a turnover of FCFA104.1bn ($189m), which represents an increase of 2.63% compared to the previous financial year.
International credit rating agency AM Best continues to hold a negative market segment outlook on the insurance markets of the Gulf Cooperation Council (GCC). Factors supporting the outlook include COVID-19-driven uncertainty and the risk that further oil price volatility will maintain economic pressure across the region.
One of Tunisia's biggest insurance groups, GAT Assurances Group, in its insurance operations has posted a technical surplus of TND23.1m ($8.4m) in 2020, 64.4% higher than the surplus of TND14m for 2019.