The overall GWP in the Bahraini insurance sector is estimated to have fallen in 2020 due to lower economic activity, a decline in tourism from Saudi Arabia and other countries in the region, and a decrease in the sales of new cars, says S&P Global Ratings.
Non-life premiums generated by 38 insurance companies operating in the country reached $1.16bn in 2020, constituting an increase of 2% from $1.13bn produced by 44 insurers in 2019, according to the annual survey by Al-Bayan magazine of the insurance sector in Lebanon.
Adamjee Insurance, Pakistan's second largest non-life insurer based on GWP, continued to strengthen its underwriting performance in 2019, resulting in the insurer's overall earnings carrying equal weight between investment and underwriting results, says AM Best.
Several insurance companies are busy processing claims for losses suffered in floods that occurred at the beginning of this year.
Weaker economic conditions and an estimated decline in the expat population of about 12% (close to 230,000 people) led to a decline in GWP in the Omani insurance market by 4%-5% in 2020, says S&P Global Ratings.
The Egyptian insurance sector has posted a 25% jump in net surplus to EGP6bn ($382m)-comprising underwriting gains and investment returns-for the 12 months to 31 December 2020, compared to EGP4.8bn in 2019.
The Chinese government's extensive fiscal and monetary programme to stimulate the economy is accelerating the return to higher economic growth rates, says Mapfre Economics.
The top 10 non-life insurers in China in terms of premium income had a combined market share of 84.65% last year. This means that the remaining market share of around 15% was distributed among 80 other insurers.
The Australian insurance market has seen a period of prolonged hardening that has shifted from primarily rate increases to now deductible movement and coverage contraction, notes Aon, a leading glob
The Taiwanese insurance sector posted pre-tax profits of NT$233.1bn ($8bn) in 2020, an increase of 30.7% over 2019, according to data released by the Insurance Bureau of the Financial Supervisory Commission (FSC).