The underwriting performance of Zking Property & Casualty Insurance (ZKI) is expected to remain profitable in 2023, says Fitch Ratings.
Sentiment in the insurance market in China is upbeat about the prospects for the sector in 2024, say several analysts.
The mainland Chinese insurance industry grew by 11% in the first three quarters of this year to CNY4.25tn ($601bn), according to data released by the National Administration of Financial Regulation (NAFR).
Two-thirds (68%) of the top executives polled in the P&C insurance sector expect that the premium income of the non-life market will grow by 5% to 10% next year, according to the Taiwan Insurance Institute (TII).
Mid-sized insurer Lonpac Insurance is expected to maintain its strong operating performance over the medium term, says AM Best.
Suncorp Group Limited's (SGL) underwriting profitability is expected to see a modest deterioration over the next 12 to 24 months as higher natural hazard costs and rising reinsurance expenses offset strong premium rate increases, says Fitch Ratings.
Oman Re, the sole reinsurer in the Sultanate of Oman, says that it recorded a 35% surge in net profit after tax, reaching OMR1.8m ($4.7m) as opposed to OMR1.3m during the first nine months of 2022.
Vietnam's non-life insurance market will likely resume its growth momentum as global demand recovers and benefits the domestic economy, according to Mr Ken Lau, senior financial analyst at AM Best.
Motor insurers in Turkiye announced a combined loss of TRY10.6bn ($367m) in automobile third-party liability insurance ( called traffic insurance) for the first nine months of this year, a jump of 34% year on year, according to data from the Insurance Association of Turkiye (TSB).
The operating performance of Petrolimex Insurance Corporation (PJICO) is regarded as adequate, evidenced by a five-year weighted average return-on-equity ratio and combined ratio of 12.2% and 97.1% (2018-2022), respectively, says AM Best.