While there could be some rate increases for motor policies in the second part of the year and for certain reinsurance lines, GWP growth in the UAE insurance market will likely remain relatively flat in 2021, due to economic uncertainty and a decline in the expat population in Dubai and other emirates in 2020-2021, says S&P Global Ratings in a new report.
The Insurance Council of Australia (ICA) yesterday welcomed the commencement of proceedings in the Federal Court of Australia to test the application of further issues in relation to pandemic coverage in business interruption policies.
GWP growth in Saudi Arabia is estimated to be up to 5% in 2021, supported by the Hajj and Umrah Medial Insurance Programme, the Inherent Defects Insurance Scheme, and higher motor insurance penetration, according to S&P Global Ratings.
S&P Global Ratings' ratings on insurers in the Gulf Cooperation Council (GCC) to remain broadly stable in 2021, mainly thanks to robust capital buffers and despite ongoing economic uncertainty relating to the COVID-19 pandemic, the international credit rating agency says.
Great Eastern Holdings' total weighted new sales (TWNS) rose 23% y-o-y to S$1,545.3 million (US$1,172.2 million), according to its financial results for year ended 31 December 2020.
Both the Insurance Council of Australia (ICA) and Master Builders Australia (MBA) have committed to working with the government to improve information sharing between the sectors, and to improving consumer information on housing resilience.
One of the challenges faced during 2020 in underwriting non-payment insurance was convincing Structured Credit and Political Risk (SCPR) insurers to accept new clients, says Mr Matthew Solley, managing director, Structured Credit and Political Risk, at Gallagher.
The insurance sector in Morocco posted a turnover of MAD47.7bn ($5.4bn) in 2020, an increase of 2% compared to 2019, according to data released by the Insurance and Social Insurance Supervisory Authority (ACAPS).
One of the largest insurers in the UAE, Oman Insurance Company, has announced that it has attained its highest customer satisfaction score to date, with 87% of its customers being satisfied or very satisfied with its services.
The aggregate full-year profits of insurance companies in China for 2020 are expected to have exceeded CNY343.2bn ($53.1bn), an increase of CNY29.85bn or 9.5% higher than in 2019. The favourable results were backed by investment income of around CNY1.1tn.