China's five major listed insurance group companies posted an aggregate premium income of CNY1,174bn ($174bn) in the first four months of this year, 3.45% higher than in the corresponding period in 2021.
The non-life insurance market in mainland China posted an aggregate net profit of CNY15.82bn ($2.34bn) for the first quarter of this year, representing a drop of 15.8% from the corresponding quarter in 2020.
Around 170 insurance and reinsurance companies in China have filed their 1Q2022 solvency reports as of 15 May 2022, the first such reports to adhere to rules under China Risk-Oriented Solvency System (C-ROSS) Phase 2 .
The net profits of South Korea's non-life insurance industry soared by 72% year on year in 2021 to a record-high of KRW3.7tn ($3.0bn), thanks to markedly improved underwriting performance, especially in the automobile insurance line, notes AM Best.
Statistics from the Monetary Authority of Macau (AMCM) show that the gross premium of the life insurance business in Macau jumped to MOP33bn ($4.08bn) in 2021, representing an increase of 29% compared to the MOP25.6 billion in 2019.
The aggregate profit of insurance companies listed on UAE stock exchanges fell by 12.9% to AED590.87m ($160.86m) for the first quarter of this year, compared to AED678.07m for the corresponding quarter in 2021.
Starr Insurance Companies has announced an agreement with FPG Insurance Holdings Ltd (HK) and local Thai shareholders to purchase FPG Insurance Public Company Limited (FPG Thailand), a Thai non-life insurance company, together with local Thai parties.
The top four insurance companies in Saudi Arabia, based on 2021 premium income, have reported weaker net results for the first quarter of this year, as a result of higher claims.
Insured losses arising from the Great Malaysian Flood in December 2021 could amount to approximately MYR1.5bn ($342m) to MYR2bn, according to an assessment by Malaysia Reinsurance, says Mr Zainudin Ishak, president & CEO of the reinsurer.
The IRDAI is allowing general insurers to design new and customised products for fire and allied perils related to dwellings, micro and small enterprises, in its bid to increase insurance penetration and provide a wider choice to policyholders.