Dr Mohamed Farid Saleh, chairman of the Financial Regulatory Authority (FRA) has issued a decision (No. 194 of 2022) regarding rules and procedures for revising the licensing of takaful companies to allow them to operate in the traditional commercial insurance system in the Egyptian market. The decision was published in the Official Gazette on 29 January 2023.
Total premiums in the Thai non-life insurance sector are forecast to expand by 4.5-5% to reach THB282bn ($8.56bn) - THB287bn in 2023 on the back of economic revival, according to the Thai General Insurance Association (TGIA).
Chinese electric vehicle (EV) giant BYD has confirmed that it is working on a potential acquisition of E An Property & Casualty Insurance Co (E An P&C), an online insurer that was seized by Chinese regulators in 2020 as part of a crackdown on financial conglomerates, reported Reuters.
Ravaged by human disturbances, deforestation, drought and fires, over a third of the Amazon rainforest has been rapidly deteriorating according to two new studies which have raised concerns that the rainforest with a unique ecosystem may be approaching a point of no return.
Insurance adoption and penetration in India increased largely due to government schemes and financial inclusion initiatives, according to the "Economic Survey 2022-23" tabled in the Parliament yesterday.
Preliminary data totals across Asia Pacific showed an insured loss for 2022 from Nat CAT events at $11bn, according to Gallagher Re.
Losses from the severe rainfall and floods that hit Auckland last week will be capped at NZ$50m ($32.4m), net of reinsurance cover, for the Brisbane-headquartered financial services group, Suncorp. The Group has a comprehensive reinsurance programme that provides protection for New Zealand losses.
The State Administration for Market Regulation has approved the registration of a business name, "Shenergy Property Insurance Co, Ltd" on 16 January 2023, fuelling talk that the Shanghai government-owned group will be taking over an insurance company.
Manufacturers have warned that some companies could forego insurance coverage in the face of premium hikes amidst current hard economic times.
The insurance industry in Turkiye posted a 123.2% surge in total premiums to more than TRY235bn ($12.5bn) in 2022 compared to 2021, according to the Insurance Association of Turkiye (TSB).