The insurance market in Korea is expected to decline by 0.7% in 2023 compared to an increase of 11.6% in 2022, with total premiums projected to reach KRW250.9tn ($186bn), according to a blog on the website of Korean Re.
Cathay Century Insurance's voluntary motor insurance branch, a major business line for the insurer, has contributed to an improving underwriting margin supported by better pricing and the insurer's ongoing efforts to refine the risk quality and product composition, says AM Best.
More than three quarters (76%) of travellers from India who went overseas did not buy travel insurance for their last trip, according to a recent survey commissioned by ICICI Lombard General Insurance.
Vietnam, Indonesia, Thailand, and the Philippines face unique emerging risks, resulting in distinct nuances within their insurance sectors, says the Singapore-headquartered regional InsurTech company, Igloo.
The insurance industry in the Philippines raked in a net income of PHP22.4bn ($393.5m) in the second quarter of 2023, 4.23% higher than in the corresponding period in 2022, according to data released by the Insurance Commission (IC).
Two-thirds (65%) of residential properties in Istanbul, making up approximately 4.15m homes, have taken up mandatory earthquake insurance, according to data released data by the Turkish Catastrophe Insurance Pool (TCIP).
A senior insurance executive has proposed a minimum price for natural disaster insurance so that the price of the basic insurance policy, to which Nat CAT cover is attached, would remain unaffected.
Less than half (49.4%) of the Southeast Asians participating in a survey perceive climate change with high urgency levels, even as the region experiences extreme weather disasters fuelled by global warming.
The IRDAI expects to launch all-in-one affordable insurance product, Bima Vistaar - the first of its kind - soon. The policy offers life, health and property coverage.
The prospective underwriting performance of Sompo Japan Insurance's (SJ) domestic business is expected to be impacted positively by various underwriting initiatives, including shortening the policy duration and rate increases in its fire line, says AM Best.