The Communist Party branch of the Resolution and Disposal Department of the National Financial Regulatory Administration (NFRA) has stating that it will improve the resolution process for insolvent financial institutions that will give priority to self-rescue funds to absorb losses, and explore the use of private capital to participate in the restructuring of ailing small and medium-sized financial institutions.
India's general insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.9% from INR3.35tn ($40.36bn) in 2024 to INR4.89tn ($57.3bn) in 2028, in terms of gross written premiums (GWP), forecasts data and analytics company GlobalData.
The stability of Guoren Property and Casualty Insurance's underwriting profitability is expected to be tested, says Fitch Ratings.
With the launch of cultural insurance in April 2024 in Saudi Arabia covering artworks and cultural assets, insurance companies are beginning to provide insurance products for the cultural and heritage sector, according to the official spokesman for the Saudi Ministry of Culture, Mr Abdulrahman Almutawa.
Thailand's insurance regulator, the Office of Insurance Commission (OIC), has launched an insurance database system (IBS) in collaboration with the Thai General Insurance Association and general insurance companies.
The National Tax Service, under the Ministry of Economy and Finance, is looking into the reasons why corporate tax revenues have failed to increase proportionately despite insurers recording their highest-ever net profits after the adoption of IFRS 17 in 2023.
French global insurer has teamed up with the Universal Postal Union (UPU) to promote inclusive insurance, including in Africa. The partnership to scale inclusive insurance through postal networks globally starts with joint research, followed by technical assistance programmes.
Wataniya Insurance Company has reported a significantly improved net profit of SAR85m ($22.7m) in 2023 (under IFRS17 accounting standards) versus a net loss of SAR28m in 2022, notes Fitch Ratings.
The IRDAI has approved the acquisition of bankrupt Reliance Capital's life, general, and health insurance units by the conglomerate, the Hinduja Group, moving the group closer to finalising its deal for the insurers.
Shenergy Property & Casualty Insurance Co has opened officially for business, marking the occasion with an inauguration ceremony on 9 May.