The insurance sector saw total written insurance premiums increase to AED47.2bn ($12.8bn) in 2022, 6.5% higher than the AED44.3bn recorded in 2021, according to statistics released by the Central Bank of the UAE (CBUAE).
The Indonesian Life Insurance Association (AAJI) has announced that the total revenue of the sector amounted to IDR223.0tn ($14.72bn) in 2022, representing a drop of 7.5% compared to 2021, indicating that revenue was under pressure.
Kenya's insurance sector is on track towards full recovery and is poised to record positive growth in the next five years, according to industry experts.
SALAMA Islamic Arab Insurance, the leading takaful company in the UAE, says that its revitalised investment strategy has resulted in the group's investment income rising to AED40.66m ($11.07m) in 2022 from AED18.43m in 2021.
China Taiping Insurance (Macau) Company Limited (CTIM), the territory's largest non-life insurer, continues to be profit generating in 2022, supported by positive underwriting results, and partially offset by unfavorable investment results, says AM Best.
Muang Thai Life Assurance Public Company Limited (MTL) is expected to see its underwriting results normalise due to continued strong demand for health-related products, says Fitch Ratings.
The Tunisian Insurance and Reinsurance Company (STAR), the biggest insurer in Tunisia based on revenue, has announced a net profit for the financial year ended 31 December 2022 of TND31.9m ($10.2m) against TND21.1 in 2021.
In 2022, the insurance industry's health insurance premium income reached CNY865.3bn, a year-on-year increase of 2.4%, and the growth rate, which has been sliding, is predicted to fall further. At the same time, the premium growth rates of the health insurance business of life insurance companies and property insurance companies are markedly different.
The premium income of the mainland Chinese insurance industry stood at CNY1.02tn ($149bn) in the first month of this year, representing a year-on-year increase of 3.8%, according to statistics released by the CBIRC on 21 March.
The Life Insurance Department of the CBIRC is reported to have held a forum with the Insurance Association of China and representatives of more than 20 insurance companies to discuss liability costs and asset-liability management in the life insurance industry.