South Africa's five largest life insurers have seen recent death claims against fully underwritten life policies starting to return to pre-pandemic levels, according to the Actuarial Society of South Africa (ASSA).
In 2021 weather and water-related hazards caused total damage of $35.6bn in Asia. These climatic events affected nearly 50m people in the continent. During the year India suffered economic losses up to $3.2bn due to flooding.
Fire, collision and sinking, and damaged cargo are the top causes of marine insurance losses by value according to Allianz Global Corporate & Specialty's (AGCS) analysis of more than 240,000 claims worth EUR9.2bn in value.
Many life insurers in South Africa paid the highest number of claims in their history during the COVID-19 pandemic, according to Mr Hennie de Villiers, deputy chair of the Life and Risk Board Committee of the Association for Savings and Investment South Africa (ASISA).
The Insurance Board (IB) has started settling COVID-19 insurance claims that had been suspended for some time.
Long-standing insurance programmes in Australia may need to be revisited and could be challenged as premium increases for certain risks accelerate, says the insurance broker Honan Insurance Group as it comments on likely developments in the insurance sector for FY23-Q2, that is, October to December 2022.
Lloyd's and Aon in a new report have evaluated Russia president Vladimir Putin's invasion of Ukraine and focused on the actions the insurance industry can take to support clients in building resilience.
The insurance industry has already released almost PHP20.82bn ($353m) in total COVID payouts to policyholders who were infected by the virus from the start of the pandemic in March 2020 until end-June this year, according to data from the Insurance Commission (IC).
IBNR Insurance Consulting (IBNR) has opened an office in Singapore called IBNR Management Consulting, positioned to serve the insurance industry throughout Southeast Asia.
The insurance sector needs to consider hiking the pricing of its products in response to the increase in the degree and size of risks that it covers, according to Dr Mohamed Farid, chairman of the Financial Regulatory Authority (FRA).