The estimated insurance losses from the unexpectedly severe floods earlier this month in South Korea will place pressure on the financial performance of the country's non-life insurers, Fitch Ratings says.
Gross Premiums Written (GPW) in the UAE are predicted to grow by approximately 5% in 2022, says S&P Global Ratings.
Total premiums in Turkiye's insurance sector surged by 93% in the first half of this year to TRY90.9bn ($5.1bn) compared to the corresponding period of the previous year, according to statistics from the Insurance Association of Turkiye (TSB).
Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for both corporates and individuals, recorded gross written premiums of AED3.23bn ($1.21bn)in the first half of 2022. This represents an increase of 20.9%, compared to AED2.67bn for the corresponding period in 2021.
Emirates Insurance (EIC) has a track record of strong operating performance, reporting a five-year (2017-2021) weighted average return on equity of 9.5%, says AM Best.
The financial performance of Hong Kong-based FWD General Insurance (FWD GI) is expected to continue to improve, despite premium growth volatility from a shifting product mix and pressure on the combined ratio from IT investments, says Fitch Ratings.
Sydney-headquartered QBE Insurance Group, one of the world's top 20 general insurance and reinsurance companies, has announced that its net profit after tax attributable to equity holders of the company stood at $151m for the first half of this year, 66% down from $441m in the corresponding half in 2021.
The Australian Prudential Regulation Authority (APRA) has published its updated plan to reinforce the financial soundness of the insurance, banking and superannuation industries over the next four years 2022 to 2026.
Insurance companies are expected to face huge claims for vehicles damaged by flood as a result of one of the heaviest rain storms in 80 years to hit Seoul.
The Saudi insurance market is expected to see Gross Premium Written (GPW) grow by 5%-10% in 2022, according to S&P Global Ratings.