Health insurance, which includes both compulsory and non- compulsory lines, accounted for 59.7% of the 2021 total market gross written premiums (GWP) in Saudi Arabia. Health GWP in 2021 amounted to SAR25.11bn ($5.63bn) in underwritten premiums, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
The profitability of the motor insurance branch in Morocco has deteriorated sharply in recent years to the point of pushing the regulator into introducing a provision for price risk to discipline the market.
Singapore's life insurance industry recorded a total of S$1.21 billion (US$868 million) in weighted new business premiums for 1Q2022, a slight 2% dip compared to 1Q2021, according to The Life Insurance Association, Singapore (LIA).
Samsung Life Insurance, South Korea's top life insurer, has disclosed that its 1Q2022 net profit plunged by 72.9% due to losses in its variable life insurance business amid recent stock market volatility.
Munich-headquartered global insurer Alliianz has announced that its net income attributable to shareholders stood at EUR0.6bn ($0.62bn) for 1Q2022, down 78.1% from the corresponding quarter in 2021.
Insurance start-up UIB Assurances has obtained the approval of the Ministry of Finance to extend the regulatory deadline for it to launch its activities to the fourth quarter of 2022.
General insurance is becoming a commodity, says Mr Nizar Juma, chairman of Jubilee Holdings, an investment holding company primarily operating in the regional insurance sector.
Total net written premiums (NWP) increased by 8.2% to SAR34.6bn ($9.2bn) in 2021 from SAR31.99bn in 2020, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
Qatar's insurance companies witnessed robust growth in net premium, while their net claims declined steeply in the first quarter of 2022, according to data released by the Qatar Central Bank (QCB).
Samsung Life Insurance Co, the country's top life insurer, has reported a 72.9% plunge in its first-quarter net profit due to losses from its variable life insurance business amid recent stock market volatility.