The insurance industry has received at least 360,000 claims, with an estimated loss of CNY9.2bn ($1.4bn) to date, because of massive once-in-1,000-years floods that have hit several parts of Henan province for more than a week.
The Indian government is ready with a proposal to amend insurance laws to privatise one of the three unlisted state-owned general insurance companies.
The market segment outlook on Japan's non-life insurance industry, predominantly driven by carriers' profitable underwriting performance amid the COVID-19 pandemic, is stable, says AM Best in a report released last week.
IAG, one of Australia's largest insurer, has provided A$1.15bn ($847m) in the net corporate expense line for business interruption claims in the financial year ended 30 June 2021 (FY21).
The recent surge in COVID-19 cases in Indonesia, which led to the government tightening the rules and implementing emergency measures, has added to the woes facing the motor insurance business this year.
Sri Lanka's insurance industry players are seeking a postponement on the implementation of the new IFRS standard for insurance contracts-IFRS 17- which is scheduled to come into effect on 1 January 2023.
AVIC Industry Finance Holdings has announced that its subsidiary, AVIC Investment, has acquired a 50% equity of Groupama AVIC Property Insurance, a Sino-French joint venture.
The CBIRC has extended the government's takeover and management control of four insurance companies by another year to 16 July 2022.
General insurers are not prepared for new legislation that will require them to establish systems and processes to ensure good conduct and fair treatment of customers, according to the Financial Markets Authority (FMA).
The COVID-19 pandemic has led to muted premium performance in 2020 in both the life and non-life sectors of the insurance industry in Pakistan, says the central bank, the State Bank of Pakistan (SBP), in its 2020 financial stability review.