The National Insurance Commission (NAICOM) is embarking on a market development drive to achieve its ambitious target of NGN1.5tn ($3.6bn) in annual premium income for the insurance sector as well as 10% insurance penetration and 10% insurance density by 2023.
The new president of the Association of Insurance Companies of Cameroon (ASAC), Mr Thiery Kepeden, who is also managing director of Axa Cameroon, says that his mandate includes increasing the turnover of the insurance market in Cameroon.
The Financial Services Commission (FSC) has given preliminary approval for a non-life insurance licence for Kakao. This is the first time a non-insurance company has been approved to offer digital insurance services.
Insurance premiums owing by businesses and even public institutions to insurers in Algeria are estimated to rise to DZD100bn ($749m) this month, from DZD60bn in September 2020, according to a source with the Algerian Union of Insurance and Reinsurance Companies (UAR).
State-owned Turkiye Sigorta is providing insurance coverage to the Amasra-1 well in the offshore Black Sea northern Sakarya Gas Field where 135bn cubic meters of gas was discovered recently.
China's financial services sector encapsulates the problem with indirect barriers to the Chinese market, according to the European Business in China Business Confidence Survey 2021 (BCS).
The CBIRC has issued its "Corporate Governance Guidelines for Banking and Insurance Institutions", that has taken effect since 2 June. The goal is to improve the quality of corporate governance in insurers and banks so as to ensure their sound development.
Chinese Internet giant Tencent's plan to invest in Samsung Property & Casualty Insurance (Samsung P&C) in China is seen as one more step in the technology conglomerate's continued expansion in the insurance field.
China's insurance industry will continue to play an active role in promoting social stability and boosting economic growth during the duration of the government's 14th Five Year Plan that covers the years 2021 to 2025. The insurance industry's participation will be at a higher level than previously, as it undergoes supply-side reforms, supports the high-quality development of the real economy, drives innovation and creates new demands, according to the international professional services firm EY.
Two insurance companies have received approval to start operations in the Xiong'an New District which is located in Hebei Province, around 100km southwest of Beijing. They are reportedly the first insurers to be given the green light in the development zone.