The underwriting results of most major domestic non-life insurers in Japan are expected to retreat moderately for the financial year ending 31 March 2023 (FY2022), says AM Best.
Managed retreat is often considered a last resort, but perhaps it is time to consider it as a powerful tool to adapt to rising sea levels, flooding and other climate change effects according to Zurich Insurance.
The German Supply Chain Due Diligence Act, which will come into effect in January 2023 is becoming a cause of concern for the various stakeholders in the insurance industry.
The IRDAI has approved the Bima Sugam, an online platform where all life and general insurance policies will be listed. It could start operating in 2023.
The New Zealand government has introduced the Fire and Emergency New Zealand (Levy) Amendment Bill to simplify the implementation of the insurance-based levy framework for Fire and Emergency New Zealand. The goal is also to minimise disruption and compliance costs and to ensure adherence to funding principles.
The aggregate underwriting profit (earned/incurred basis) of 29 non-life members of the General Insurance Association of Japan (GIAJ) more than doubled by JPY218bn to reach JPY310bn in the financial year ended 31 March 2022 (FY2021), says The Toa Reinsurance.
The insurance industry posted gross annual premium of PKR432bn ($1.9bn) in 2021, 21.7% higher than the PKR355bn chalked up in 2020, according to data compiled by the Securities and Exchange Commission of Pakistan (SECP).
The insurance market in Cambodia, Laos, Myanmar and Vietnam (CLMV) has a bright outlook, with double-digit growth opportunities, according to the Thai General Insurance Association (TGIA).
Gross premiums in the Ghanaian insurance market increased by 19% in 2021, according to provisional data released by the National Insurance Commission (NIC).
The Omani insurance industry wrote a total of OMR250m ($649m) gross written premium in the first half of 2022 (1H2021: OMR222m), representing growth of 13%.