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).
The claims settlement ratio in the insurance sector in Bangladesh fell from 88% in 2020 to 68% in 2021, according to Professor Main Uddin, a former chairman of the Department of Banking and Insurance at Dhaka University, citing the latest available statistics.
The government flagship farm insurance scheme, the Pradhan Mantri Fasal Bima Yojana (PMFBY), lacks an independent mechanism to verify the validity of data provided by insurance companies.
In New Zealand vehicle insurance is the number one thing that people complain about to the Insurance & Financial Services Ombudsman Scheme (IFSOS). Vehicle insurance complaints constituted 23% of all complaints the IFSOS investigated in the past year.
Insurers have so far paid out NZ$2.053bn ($1.22bn) of a newly updated estimate of the cost of general insurance claims for the twin climate disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle of $3.5bn across 112,812 claims.
Global reinsurers are cutting back on the covers they provide against medium-sized natural catastrophe risks due to investor pressure after several years of large catastrophe losses and improved profitability in other areas according to an analysis by Fitch Ratings.
Australia's general insurance industry yesterday announced a commitment to a Professional Standards Framework to support Claims Handling and Settling Services, said the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).
Local insurers are feeling the impact of the climate crisis, with claims on natural disaster insurance policies more than tripled over the past five years.
Public-sector insurers are reviewing their investment in Health Insurance TPA of India (HITPA), a captive services company.
Al Ahleia Insurance Company has announced that it has obtained preliminary approval from the Kuwait Insurance Regulatory Unit to establish a subsidiary.