The General Insurance Fund (GIF) is presenting a choice to holders of COVID-19 insurance policies who have lodged claims against insolvent insurers that collapsed under the weight of COVID-19 liabilities.
The insurance sector has urged President Bola Tinubu and state governors to include insurance experts in their economic teams.
Robust economic development and lines of compulsory insurance have been the main drivers of industry expansion in the region in recent years, says Swiss Re Institute (SRI).
The insurance penetration rate in Turkiye reached 2.3% for the first time in the last 10 years and the country is moving towards the goal of reaching 3%, according to Mr Ugur Gulen, who was re-elected as the president of the Insurance Association of Türkiye (TSB) in April 2024.
The unaudited 1Q2024 net profits reported by China's five major 'A-share'-listed insurance groups amounted to a combined CNY83bn ($11.5bn), 9.2% lower than in the corresponding quarter in 2023.
Motor insurance premiums accounted for 43.7% of non-life insurers' total premiums in 1Q2024, representing a drop of one percentage point from 44.7% in 1Q2023, according to data released by the National Financial Regulatory Administration (NFRA).
Insurers have paid compensation amounting to over CNY206m ($28.5m) as of the end of April 2024 for losses caused by heavy floods in Guangdong last month.
Insurance rates in the Pacific region declined by 2% in the first quarter of 2024, according to the "Global Insurance Market Index" published by Marsh.
Payouts on claims arising from the 1 January magnitude-7.5 Noto earthquake remain ongoing with the total insured loss, as estimated by the General Insurance Association of Japan (GIAJ), tentatively expected to exceed JPY100bn ($660m), says Aon.
Qatar Insurance Company (QIC Group, QIC), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a net profit of QAR194m ($53.3m) for the first quarter of 2024, 11% higher than the QAR175m posted for the corresponding quarter in 2023.