The Strategy and Budget Office (SBO) of the Turkish Presidency has published a preliminary analysis of the financial impact of the destructive 6 February earthquakes in southern Turkiye, using post-disaster needs assessment methodology.
For the first time, many non-life insurance companies have decided to link the pricing of fire insurance policies to the claims experience.
Since 20 March 2023, insurance companies have not been required to pay claims from policyholders with mild COVID-19 symptoms.
The government of Djibouti has signed the first-ever multi-year, multi-peril agreement on the African continent with the African Risk Capacity Group (ARC Group) to protect its most climate-vulnerable communities.
Amhara Bank, incorporated in June 2022, and other promoters are working to establish an insurance company in Ethiopia with a paid-up capital of ETB2bn ($37.7m), the largest amount of initial capital for a new insurer in the country.
The General Insurance Association of Japan (GIAJ) will continue to promote the active involvement of its member companies in disaster prevention and mitigation activities, Mr Giichi Shirakawa, the association's chairman, has said.
The Insurance Council of Australia (ICA) has called for the Federal Government to continue funding its Disaster Ready Fund (DRF) past the five-year budgeted commitment to better prepare for and protect Australian communities from worsening extreme weather.
The Financial Services Authority (OJK) continues to strengthen the insurance industry by ensuring that industry players are ready to implement the Statement of Financial Accountant Standards (PSAK) 74 concerning Insurance Contracts starting 1 January 2025.
Nan Shan General Insurance reported a significant net loss of NT$1.3bn ($42.4m) for the as of the end of September 2022, notes AM Best.
About a dozen local privately held insurance companies out of a total 46 have been unable to pay reinsurance premiums worth over $100m to foreign reinsurers due to a lack of foreign currencies.