Solidarity Bahrain is expected to continue to achieve adequate operating results in the medium term as it continues to grow and integrate Al Hilal Life, while focusing on technical discipline, says AM Best.
The mainland Chinese insurance industry grew by 10.1% in the first 10 months of this year to a cumulative CNY4.52tn ($638bn), according to data released by the National Administration of Financial Regulation (NAFR).
Taikang Group's financial performance is considered as 'Very Strong' due to its consistently profitable results and rapid year-on-year growth in new business value (NBV) in life insurance operations in 1H2023 after the lifting of COVID-19-containment measures, says Fitch Ratings.
Mongolian National Reinsurance (Mongolian Re) projects that it would reduce its expense ratio gradually while expanding its premium scale and improving its operating efficiency over the short to intermediate term, according to AM Best.
Despite potential rate decreases, growth of the insurance industry in Asia is expected to be sustained in 2024, driven by rising demand in underpenetrated insurance markets such as China, Southeast Asia, and India, says CreditSights, a research unit of Fitch Solutions.
The Taiwanese regulator's latest adjustments and transitional measures for interest-rate risk will ease the negative spread pressure on life insurers and help them to manage asset-liability duration gaps under the localised Insurance Capital Standards (TW-ICS) and IFRS 17, Fitch Ratings says.
The surge in inflation influenced much of 2022, resulting in a tightening of monetary policy - and in turn - capital market volatility and a depreciation of currencies in some emerging markets, according to a recent report by Malaysian Re.
Japanese life and non-life insurers' underwriting fundamentals are likely to remain healthy overall in 2024, mainly because of waning effects from claims arising from the Covid-19 pandemic, Fitch Ratings says. As a result, Fitch has a neutral sector outlook for Japanese insurers.
Malaysian Reinsurance remains focused on gradually expanding its overseas business while reducing dependence on local business for growth, says Fitch Ratings. The share of overseas business grew to 52% of gross premiums in the financial year ended 31 March 2023 [FY2023] (FY2022: 48%), overtaking the domestic share for the first time.
The insurance sector in Nigeria looks likely to miss its target of achieving NGN148.30bn ($188m) from third-party motor insurance by 31 December, as against NGN56.76bn recorded in 2022.