The CBIRC has unveiled new rules for accident insurance to address problems such as low payouts and abnormally high commissions.
The owners of a 98.78% stake in Dajia Insurance Group have failed to attract a single bid after extending the offer and despite lowering their asking price by 10% to CNY30.12bn ($4.68bn).
The digital Property and Casualty (P&C) personal lines market could reach a cumulative $7.5bn in premiums over the next five years in South and Southeast Asia, according to research by Swiss Re Institute.
Indonesian lawmakers last week passed the Harmonised Tax Law, (HPP) that among other things, imposes a minimum VAT of 5% on insurance services.
The management of AMI Assurances is targeting an average annual growth of 10% in the insurer's turnover, from TND144.1m ($50.8m) in 2020 to TND235.5m in 2025.
The top five insurers in terms of GWP in Oman commanded an aggregate premium income of OMR167m ($434m) in the first half of this year, commanding 75% of the overall market, according to an analysis carried out by Badri Management Consultancy.
With the wave of law reforms this year, general insurers have a collective 'insurance policy' for securing a trust-dividend. This represents an opportunity to move beyond the trust-deficit rent asunder by the Royal Commission, said ASIC deputy chair Karen Chester.
China's PICC and Ping An rank among the top 10 biggest non-life insurance groups in the world in terms of P&C gross direct premiums written, according to data compiled by Insuramore, a provider of marketing services and related consultancy with a primary focus on the insurance sector.
The profits of listed insurers in the Omani insurance industry for the first half of this year totalled OMR17m ($44m), a decline of 32% when compared with the OMR25m posted for the corresponding period in 2020, notes Badri Management Consultancy, an actuarial consulting company.
Cyber insurance has been profitable for US property and casualty (P&C) insurers for several years but recent growing losses tied to network intrusions, phishing incidents and denials of service will likely increase claims volume and average cost per claim going forward according to a recent report by Fitch Ratings.