The Saudi Central Bank (SAMA) has announced the formal adoption of International Financial Reporting Standard 17-Insurance Contracts (IFRS 17) and International Financial Reporting Standard 9-Financial Instruments (IFRS 9) by the Saudi insurance sector.
In 2023, the sales environment of the insurance industry is expected to improve, both internally and externally, says China Merchants Securities (CMS).
China's insurance industry posted CNY4.7tn ($697bn) in premium income in 2022, an increase of 4.58% compared to 2021, according to statistics released by the CBIRC.
Home property insurance grew at the fastest pace in 2022 among the various branches of insurance in China, with an increase of 67.3% to CNY16.4bn ($2.44bn) compared to 2021, data released by the CBIRC show.
Motor insurance business continued to contribute the biggest share of premium income for non-life insurers in 2022, with a market share of 55.22%, according to data from the CBIRC.
Total premiums in the Thai non-life insurance sector are forecast to expand by 4.5-5% to reach THB282bn ($8.56bn) - THB287bn in 2023 on the back of economic revival, according to the Thai General Insurance Association (TGIA).
Government initiatives in the insurance sector and measures to improve financial inclusion have driven insurance adoption across segments in India according to the Economic Survey 2022-23 presented to the Indian parliament on 31 January 2023.
Climate change driven natural disasters caused global economic losses of $313bn in 2022, according to a new report by insurance broker Aon. Less than half of these losses were insured.
The insurance industry in Turkiye posted a 123.2% surge in total premiums to more than TRY235bn ($12.5bn) in 2022 compared to 2021, according to the Insurance Association of Turkiye (TSB).
The Indonesian Shariah Insurance Association (AASI) forecasts that the Islamic insurance market will grow by 9% -11% in 2023 in terms of contributions.