Capacity from local and global insurers was limited, and placement challenges continued, especially for global programmes and for risk types that were not in appetite / preferred, says Aon in its "Q1 2024 Global Insurance Market Insights Report" released last week.
Insurance market conditions were generally on a softening trend in the first quarter of this year, with most risks experiencing price reductions, underwriting flexibility and sufficient (and increasing) capacity in a competitive market environment, says Aon.
Egyptian insurance companies generated EGP22bn ($466.2m) in premiums in nominal terms during the first quarter (January-March) of this year, 20.9% higher than the EGP18.2bn during the corresponding quarter in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
Manulife Singapore has announced significant enhancements to its Manulife Pro programme, aimed at raising the bar for excellence and improving service quality within the insurance sector.
Across Asia, market conditions were mixed, with renewal outcomes varying by line of business. Natural catastrophe property risks remained challenged. Financial Lines saw a general softening, says Aon in its "Q1 2024 Global Insurance Market Insights Report" released last week.
The Hong Kong insurance industry posted a 12.2% increase in total gross premiums to HK$165.1bn ($21.1bn) in the first quarter of 2024, according to provisional statistics released by the Insurance Authority (IA).
With forecast growth of 7.7% per annum over the next 10 years, China's life insurance market will be behind India's which is predicted to grow at 13.6% per annum, according to Allianz Research in its "Global Insurance Report 2024".
China's insurance industry reported insurance premium income of CNY2.54tn ($350bn) in the first four months of 2024, according to data from the National Financial Regulatory Administration (NFRA).
Nasdaq-listed Huize Holding, which operates an online insurance products and services platform in China, says that it is very focused on landing on its next market outside mainland China in the next two quarters of this year.
Listed life insurer New China Insurance (NCI) has announced that its board has approved a resolution to pay an interim dividend if the company produces distributable profits for the first half of this year.