Total net written premiums (NWP) increased by 8.2% to SAR34.6bn ($9.2bn) in 2021 from SAR31.99bn in 2020, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
Qatar's insurance companies witnessed robust growth in net premium, while their net claims declined steeply in the first quarter of 2022, according to data released by the Qatar Central Bank (QCB).
Insurance group Fidelidade Macau has posted a net profit of MOP42.2m ($5.2m) for 2021, representing a growth of 24% when compared with 2020.
The average annual motor insurance premium charged in the first quarter of this year was in the range of CNY1,000 ($147) to CNY3,000, according to the 1Q2022 quarterly solvency reports filed by 59 property insurers as of 9 May. More specifically, the average auto premium for the 59 companies amounted to CNY2,015.
Over 80% of 155 insurance companies in China that have released their 1Q2022 solvency reports show a decline in solvency ratios as of 31 March 2022 compared to levels in 2021.
Abu Dhabi National Insurance Company (ADNIC), a leading regional multi-line insurer, has reported a net profit of AED84.7m ($23m) for the first quarter of this year.
Regional insurance group, Gulf Insurance Group (GIG), has announced a net profit of KWD9.8m ($32.3m) for the first quarter of 2022, compared to KWD5.5m for the corresponding quarter last year.
The world's largest reinsurer Munich Re Group has reported a first-quarter profit of EUR608m ($640m) for 1Q2022 compared to EUR589m for the corresponding quarter in 2021.
AM Best expects National General Insurance Company (NGI) to grow modestly over the short-to-medium term, with a focus on achieving bottomline profitability and a balanced portfolio.
Qatar Islamic Insurance Group (QIIG) employs a hybrid takaful model, whereby the shareholders' fund charges the policyholders' fund a wakala fee based on gross written contributions (GWC) and a mudarabah fee based on investment income, notes AM Best.