Moody's Investors Service says that it expects the level of government support for PICC Property and Casualty Company Limited (PICC P&C), China's biggest non-life insurance company, to remain largely stable.
The premium income of China's five major 'A'-share listed insurance companies increased by 4.29% in the first seven months of this year, compared with the corresponding period last year, reaching CNY 1,748bn ($257.9bn) in aggregate, according to financial data released by the five groups.
PICC, which continues to lead in the property and casualty insurance business, has made breakthroughs in life insurance. Data show that in the first seven months of this year, PICC Life Insurance's premium growth rate was the fastest among the life insurance subsidiaries of the five large 'A'-share listed insurance groups, exceeding 10% and reaching 11.36%.
India's four government-owned general insurers are expected to undergo major organisational restructuring soon to cut costs, redeploy staff and improve customer service, say industry officials.
IAG, the biggest non-life insurer in New Zealand, has outlined practical steps to help reduce flood risk in the country as the insurer remains committed to being a part of the solution when it comes to natural hazard-prone areas.
The General Arab Insurance Federation (GAIF) has conducted a study of various scenarios for the development of the Arab insurance sector till the year 2030. The best scenario sees the sector posting the highest gross premium income of $133bn in 2030 whereas the least desirable is where the premium income envisaged is the lowest at $67bn.
Around 9.2m residential properties in Turkiye lack earthquake insurance at present, 23 years after the 17 August 1999 magnitude-7.6 earthquake that hit the Marmara region.
Around 1m households (approximately 10% of the total) - defined as 'vulnerable' - spend more than four weeks of their gross annual income on home insurance, according to research report released yesterday by the Actuaries Institute.
The Company for Cooperative Insurance (Tawuniya), among the top three insurers in Saudi Arabia, has posted a nearly 30% increase in GWP in the first half of this year to SAR6.73bn, compared to SAR5.19bn in 1H2021, according to the company's interim condensed consolidated financial results.
Housing Bank has announced that it is raising the insurance premium for cover related to housing loans, a move which is welcomed by insurers.