Weaker economic conditions and an estimated decline in the expat population of about 12% (close to 230,000 people) led to a decline in GWP in the Omani insurance market by 4%-5% in 2020, says S&P Global Ratings.
The Egyptian insurance sector has posted a 25% jump in net surplus to EGP6bn ($382m)-comprising underwriting gains and investment returns-for the 12 months to 31 December 2020, compared to EGP4.8bn in 2019.
Dragon King Life has reported its first annual profit in 2020, following 11 years of losses.
Online life insurance business maintained steady growth in 2020, with a total of CNY211.08bn ($32.6bn) in premiums, a year-on-year increase of 13.6% compared to 2019, according to data released by the Insurance Association of China (IAC) that are based on 2020 Internet life insurance business information submitted by life insurance companies with online operations. The pace of growth was almost double the 6.9% increase in premiums produced by life insurers from all channels.
The top 10 non-life insurers in China in terms of premium income had a combined market share of 84.65% last year. This means that the remaining market share of around 15% was distributed among 80 other insurers.
The Taiwanese insurance sector posted pre-tax profits of NT$233.1bn ($8bn) in 2020, an increase of 30.7% over 2019, according to data released by the Insurance Bureau of the Financial Supervisory Commission (FSC).
Insurance market growth in Qatar in 2020 was fuelled by rate increases for large medical accounts and higher reinsurance rates, resulting in GWP growth of about 5%, according to Mr Emir Mujkic, director - lead analyst, Insurance Ratings at ?S&P in the report "GCC Insurers In 2021-- Robust Capital Supports Credit Quality".
Anticipated new and tougher regulations in Kuwait could lead to some capital raising and consolidation in 2021, says S&P Global Ratings.
Total insurance premiums in Jordan fell by 3.5% last year to JOD594m ($838m), compared to JOD615.3mi for 2019, according to official data issued by the Insurance Department of the Ministry of Industry, Trade and Supply.
Aon in a new collaboration with risk analytics company Praedicat, will develop a range of specialist liability reinsurance solutions to address product liability risks including nanomaterials and 5G.