China's insurance claim services for policies sold through the Internet have three major features: they are almost totally online, intelligent, and paperless, according to a study by the Institute of Finance and the Insurance and Economic Development Research Centre, both of the prestigious think tank, the Chinese Academy of Social Sciences.
Insurance companies in China are continuing to increase their capital, after the implementation in 2022 of the China Risk-Oriented Solvency System (C-ROSS) Phase II regime.
The re-opening of borders between mainland China and the territory on 6 February 2023, after a three-year lockdown because of the COVID-19 pandemic, portends well for the insurance markets of the Greater Bay Area (GBA), including Hong Kong.
Capitalisation is an important rating driver that underpins the ratings of a peer group of Chinese non-life insurers, says Fitch Ratings.
The Hong Kong insurance industry saw a 7% decrease in total gross premiums to HK$147.2bn ($18.8bn) in the first quarter of 2023 compared to the same period in 2022, according to provisional statistics released by the Insurance Authority (IA)
Algeria has begun work on launching parametric insurance to cover crops against certain natural disasters (drought, forest fires, etc), Mr Benseidi Abdallah, CEO of the reinsurer, Compagnie Centrale de Re´assurance (CCR), has said.
The Turkish Catastrophe Insurance Pool (TCIP) has started studies on a plan to double the maximum disaster insurance coverage to TRY1.28m ($61,850) from TRY640,000 at present for a residential property.
The insurance sector in Cambodia saw total premiums increase by 5.5% to $96m in the first quarter of this year compared to the corresponding quarter in 2022, according to the Insurance Association of Cambodia (IAC).
House insurance premiums jumped on average by 20.3% in the 12 months ended 31 March 2023, according to data collected by online insurance platform company Quashed.
Qatar Islamic Insurance Group's (QIIG) ability to generate strong operating returns is demonstrated by its five-year weighted average return-on-equity ratio of 13.8% (2018-2022), says AM Best.