China's three P&C insurance giants posted a combined CNY953.85bn in original premium income, with a market share of 64.2%, in 2022.
China's three biggest P&C insurers have released their 2022 financial statements that show that they dominate the motor insurance branch with a combined share of nearly 70% of the premiums of non-life insurers in China.
The People's Insurance Company (Group) of China (PICC Group) posted consolidated gross written premiums in 2022 which exceeded CNY600bn ($87.2bn) for the first time.
PICC P&C Insurance, the biggest non-life insurer in China, posted a year-on-year increase of 579.1% in underwriting profit to CNY10,329m ($1,502m) in 2022.
China Pacific Insurance (Group) Co [CPIC Group] has posted an 8.3% drop in net profit attributable to shareholders of the parent to CNY24.61bn ($3.58bn) in 2022.
The initial industry loss estimate for Cyclone Gabrielle is NZ$1,543m ($963m), based on loss data collected from the New Zealand insurance market, says PERILS, the independent Zurich-based organisation that provides industry-wide catastrophe insurance data.
French state-backed (re)insurer CCR has reported net income on a stand-alone basis of EUR67m ($74m) for 2022, about half of the EUR134m reported in 2021.
The Kuwaiti insurance market reported total premiums of KWD629.9m ($2.96bn) for the financial year ended 31 December 2022, according to industry data.
The Egyptian insurance sector collected premiums totalling EGP56.8bn ($1.84bn at current exchange rates) for the full year of 2022, according to data released by the Financial Regulatory Authority (FRA). This represents growth of 15.9% over 2021.
The motor insurance market in the UAE saw a fall in profitability in 2022 due to higher loss and commission ratios, note the international independent risk management, benefits and technology company Milliman in a report released earlier this month.