There is a critical need for the Ethiopian government to attach importance to the insurance industry, on a par with the attention given to banks and other financial institutions, senior executives of insurance companies have said. This is because the insurance market plays a vital role in supporting national projects and pushing economic growth.
The first quarter of 2025 brought a series of devastating natural disasters across the globe and Asia was not spared from their destructive impact.
Willis has appointed Mr Steve Hutchinson as head of property and casualty for Hong Kong and Macau, effective 2 May 2025.
The 25 listed direct insurers in Saudi Arabia reported a combined profit after zakat of SAR3.2bn for 2024, 2% lower than the SAR3.3bn chalked up for 2023. The profits fell despite the combined investment income jumping 21%, from SAR2.6bn in 2023 to SAR3.1bn in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm.
The Insurance and Social Security Supervisory Authority (ACAPS) and the Moroccan Insurance Federation (FMA) have signed a charter relating to gender integration in the design and marketing of insurance products.
Regional expansion will be a priority for diversified financial services group ZimRe Holdings, according to its chairman, Mr Desmond Matete, who was speaking at the presentation of the group's financial performance for the year ended 31 December 2024. The expansion plan leverages the African Continental Free Trade Area (AfCFTA).
The Central Bank of Egypt's decision last week to cut interest rates by 225 basis points has direct and indirect repercussions on the Egyptian insurance market, with the impacts varying depending on the type of insurance and the nature of the companies operating, said Mr Alaa El-Zoheiry, chairman of the Federation of Egyptian Insurance Companies.
Thailand's insurance regulator, the Office of Insurance Commission (OIC), has been working with the relevant organisations, such as the Insurance Assessors Association and the Thai Loss Surveyors and Assessors Association, to coordinate the system for receiving damage notifications relating to insured buildings.
In Asia, the construction industry is set to experience continued growth this year because of both government stimulus and private investments.
While 82.9% of Australian air passengers do buy travel insurance, 43.9% did not lodge claims for lost bags, according to the findings of a survey released by Compare the Market, a price comparison website. The survey also found that 8.3% were reimbursed whereas 30.7% were not.