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.
Global insurer Generali and the United Nations Development Programme (UNDP) have launched the "Insurance Innovation Challenge Fund", with the initiative to be started in Asia.
Abu Dhabi will be hosting the 28th Conference and General Assembly of the Federation of Afro-Asian Insurance and Reinsurance (FAIR) from 19 to 22 November 2023. This will be the first time that FAIR is staging the conference in the UAE.
Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) is expected to report a positive net result in 2023 but its underwriting operations would continue to make heavy losses, says Fitch Ratings.
Creditors of Syn Mun Kong Insurance Public Company (SMK), which was rendered insolvent by the weight of COVID-19 pandemic claims, will vote on a business rehabilitation plan for the insurer on 27 September 2023.
Samsung Fire & Marine Insurance (SFM), South Korea's biggest general insurer, has a long-term track record of strong operating performance supported by highly stable underwriting performance with a low level of combined ratio compared with its peers and robust investment profits, says AM Best.