ZhongAn Online P&C Insurance, China's first online-only insurer, settled 428m claims lodged by 166m policyholders in 2022, with the total amount of claims paid for the year exceeding CNY11.9bn ($1.75bn).
The last flow of business interruption claims stemming from COVID-19-related lockdowns in the Gulf Cooperation Council region can be expected between now and the spring, according to Mr Wayne Jones, a partner based in global legal firm Clyde & Co's Dubai office, from where he heads up Clyde & Co's re/insurance team in the region.
The Financial Regulatory Authority (FRA) has issued new rules relating to claims settlement in the supplementary auto insurance branch.
Fitch Ratings expects stable underwriting results from motor class to underpin the profitability of the non-life insurance sector.
South Africa's five largest life insurers have seen recent death claims against fully underwritten life policies starting to return to pre-pandemic levels, according to the Actuarial Society of South Africa (ASSA).
In 2021 weather and water-related hazards caused total damage of $35.6bn in Asia. These climatic events affected nearly 50m people in the continent. During the year India suffered economic losses up to $3.2bn due to flooding.
Fire, collision and sinking, and damaged cargo are the top causes of marine insurance losses by value according to Allianz Global Corporate & Specialty's (AGCS) analysis of more than 240,000 claims worth EUR9.2bn in value.
Many life insurers in South Africa paid the highest number of claims in their history during the COVID-19 pandemic, according to Mr Hennie de Villiers, deputy chair of the Life and Risk Board Committee of the Association for Savings and Investment South Africa (ASISA).
The Insurance Board (IB) has started settling COVID-19 insurance claims that had been suspended for some time.
Long-standing insurance programmes in Australia may need to be revisited and could be challenged as premium increases for certain risks accelerate, says the insurance broker Honan Insurance Group as it comments on likely developments in the insurance sector for FY23-Q2, that is, October to December 2022.