Africa Specialty Risks (ASR), the Africa and Middle East focused (re)insurance group, announces the launch of the first Africa Focused Lloyd's Consortium.
These are the highlights for all events and updates across the industry this week.
The Insurance and Social Security Supervisory Authority (ACAPS) in Morocco is currently conducting a feasibility study on the introduction of mandatory home insurance. This approach is part of a comprehensive vision of protection against home-related risks and modernisation of the insurance framework in Morocco, reported Hespress.
Taiwan's insurance sector recorded a total pre-tax profit of $10.89b (TWD351.3b) in November 2024. Life insurance companies' contribution was $10.71b (TWD326.3b) in November 2024 according to the data from the Insurance Bureau.
In 2024, PICC experienced significant changes in both product offerings and leadership. Frequent personnel adjustments continued, including multiple changes at the group level, while challenges in key metrics for its core P&C insurance business came to the forefront.
New Zealand has confirmed the final regulations for the levy on insurance contracts that will fund Fire and Emergency New Zealand (FENZ) from July 2026. New Zealand's minister of internal affairs Ms Brooke van Velden in a press statement said the Government has agreed to the final regulations for the levy.
Nepal Insurance Authority (NIA) plans to tighten the procedure for purchase and construction of real estate for office purposes by insurance companies. The Authority recently released the draft regulation 'Insurance Company's Fixed Asset Purchase Directive, 2081 BS for public feedback and suggestions.
Five major 'A'-share listed insurance companies have achieved a combined premium income of CNY2.67tn ($365.50bn) for the first 11 months of this year, 5.6% higher than in the corresponding period in 2023. All five companies showed positive premium income growth.
Nasdaq-listed Zhibao Technology, an InsurTech company primarily engaging in providing digital insurance brokerage services through its operating entities in China, has announced its strategic expansion into the pet insurance market in the country.
Orient Group, the UAE's biggest insurer in terms of insurance income and profits, is on an expansion drive that includes opening new branches in the Gulf and Middle East countries and abroad, according to Mr Omer Elamin, president of Orient Group and chairman of Orient Takaful Insurance Egypt.