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%.
Insurers that undertook compulsory motor third-party liability (CMTPL) insurance in 2021 saw the branch's underwriting results plunge into the red to a loss of CNY4.4bn ($648m) from a gain of CNY12.8bn in 2020, according to data from the CBIRC.
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.
The Islamic insurance sector in the GCC is expected to see gross written premiums/contributions (GWP/C) expand about 10% in 2022 and 5%-10% in 2023, says a new S&P Global Ratings report.
The top 12 sellers of COVID-19 and vaccine-related insurance policies in Taiwan have paid out NT$57.8bn ($1.9bn) in claims so far in 2022, wiping out more than three years of profits from the non-life insurance industry, according to the Financial Supervisory Commission (FSC).
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.
Gulf Insurance Group (GIG), one of the MENA region's biggest insurance groups, has announced a net profit of KWD15m ($48.9m) for the first half of 2022, an increase of 27% over the corresponding half of last year.
The Thai Life Assurance Association (TLAA) has revealed that the total premium received in the first half of this year stood at THB289.1bn ($8.1bn), falling by 1.94% compared to the corresponding half in 2021.
Nepali life insurance companies collected premiums totalling NPR138.64bn ($1.09bn) in the fiscal year ended 15 July 2022 (FY22), according to the insurance regulator Beema Samiti.
The insurance market in Egypt saw total premiums climb by 13.1% to EGP27.8bn in the first half of this year compared to about EGP24.5bn in the corresponding half of last year, according to statistics from the Egyptian Financial Regulatory Authority.