Global insurer Allianz says that it expects China's GDP growth to be +5.9% in 2020 and +5.8% in 2021, after +6.2% in 2019.
China Life Group's combined operating income in 2019 exceeded CNY900bn ($131bn), with its combined premium income exceeding CNY700bn and combined investment income surpassing CNY210bn, according to group data released at a 2020 working conference in Beijing yesterday.
The non-life insurance market is assessed as likely to have met its 5% growth target for 2019, the Thai General Insurance Association (TGIA) has said.
Growth in South Asia is estimated to have decelerated to 4.9% in 2019, substantially weaker than 7.1% in the previous year, reflecting a sharper-than expected and broad-based weakening in domestic demand, says the World Bank.
Regional growth in the Middle East and North Africa is projected to pick up to 2.4% in 2020 and to about 2.8% in 2021-22, as infrastructure investment and business climate reforms proceed, says the World Bank.
The aviation sector was greeted with the unfortunate news of the crash of Ukraine International Airlines flight in Iran on Wednesday which killed all 176 people on board. The Boeing 737-800 'plane was bound for Kiev when it crashed just minutes after taking off at the Imam Khomeini airport in Tehran.
The insurance industry posted revenue of VND160.18tn ($6.9bn) in 2019, up 20.54% against the previous year, according to the Ministry of Finance's Insurance Supervisory Authority (ISA).
The World Bank expects China's growth rate to slip below 6% this year for the first time since 1990, with further deterioration expected in the years ahead.
Regulatory risk and economic uncertainty have topped a poll conducted by the consultancy Protiviti as the top threats according to executives for 2020.
Guarantee insurance has edged out health insurance for the first time as the second largest class of business in China's P&C sector. This took place over the first 11 months of 2019. Health insurance has retreated to third place, according to data released by the CBIRC.