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).
Insurance pricing will continue to increase across most business lines globally this year as carriers look to mitigate poor underwriting performance and the uncertainty brought on by the COVID-19 crisis.
Insurance market growth in Qatar in 2020 was fuelled by rate increases for large medical accounts and higher reinsurance rates, resulting in GWP growth of about 5%, according to Mr Emir Mujkic, director - lead analyst, Insurance Ratings at ?S&P in the report "GCC Insurers In 2021-- Robust Capital Supports Credit Quality".
A tight market is likely to continue in Singapore, at least through the first half of 2021 as the COVID-19 situation evolves, says Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions.
AIG has joined a taskforce established by The Geneva Association to develop and hone climate risk assessment methodologies and tools for the insurance industry.