Insurance premiums in the Egyptian market increased in nominal terms by 30.4% in 2023 to reach EGP74.1bn ($1.55bn), compared to EGP56.8bn in 2022.
The future of the insurance industry hinges on its response to several tough questions, according to APRA executive director of insurance Sean Carmody.
The General Insurance Association of Singapore (GIA) yesterday announced year-on-year growth for both its domestic and offshore general insurance segments, with a combined increase of 10.1% in gross written premiums to S$10.2bn ($7.6bn).
As few as 19% of South Africans have an insurance product of any kind. The only insurance category with a relatively high take-up rate is funeral cover, with estimations of around 40% of South Africans having some form of funeral cover in place, says Mr Kobus Botha, executive head of Commercial and Operations of technology solutions provider, Ignition Financial Services.
The Hong Kong general insurance industry is set to grow at a compound annual growth rate (CAGR) of 6.3% from HK$67.0bn ($8.6bn) in 2024 to HK$85.6bn ($10.9 bn) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
The insurance sector in Bangladesh faces significant challenges in extending coverage to the vast rural population, with only a small fraction currently insured.
Insurance companies in Nigeria are ceding their business to local and foreign reinsurers, while also incurring higher reinsurance expenses especially in overseas cessions due to the weaker naira.
Wafa Assurance, a leading insurer in Morocco, has posted a consolidated turnover of MAD12,724m ($1,266.4m) for 2023, an increase of 9.3% compared to 2022.
Stronger financial support is to be given to high-quality economic development, including improving the pricing mechanism for new-energy auto insurance, Mr Li Yunze, head of the National Financial Regulatory Administration (NFRA).
The insurance industry in Cameroon posted a turnover of FCFA272.44bn ($454.76m) in 2023, 6.3% higher than the FCFA256.34bn recorded for 2022, according to provisional data from the Association of Insurance Companies of Cameroon (ASAC).