Africa: Remittances from diaspora transforms insurance market

...non-life insurance products (automobile, home, etc.), with a complementary effect. But on the other hand, a substitution effect is taking place in life insurance, particularly in the poorest countrie...

Marine: International Group of P&I Clubs in tie-up to develop education & training

...The Singapore Maritime Foundation (SMF) and the International Group of P&I Clubs (IGP&I) signed a Memorandum of Understanding (MOU) on 17 April 2024 to cooperate in the promotion of education and training related to marine liability....

Thailand: Regulator to launch database on insurance agents and brokers

...non-life insurance brokers....

South Africa: Sanlam Group's earnings remain strong

...non-life business in 2023 also contributed to the group's operating performance. The group's net result from financial services (its main operating profit measure) improved 18% to ZAR12.4bn (...

South Korea: Life insurers intensify competition in health insurance market against non-life players

...Life insurance companies are moving farther into areas of health insurance business which are traditionally the domain of non-life insurance companies....

South Africa: Sanlam Group's earnings remain strong

...non-life business in 2023 also contributed to the group's operating performance. The group's net result from financial services (its main operating profit measure) improved 18% to ZAR12.4bn (...

Insurers focus on "motor insurance +" ecosystems

...non-life insurance in China....

March performance drives 1Q2024 topline of 5 biggest 'A'-listed insurance groups

Combined ratio of P&C insurance sector worsens in 1Q2024

...non-life insurers strengthened. This led their combined insurance premiums in 1Q2024 to jump by 4.4% to CNY315.5bn ($43.6bn) compared to the corresponding quarter in 2023....

Bangladesh: Insurance regulator unveils draft amendments to Insurance Act

...Non-Life Department, said the law was enacted more than 10 years ago and is outdated as the industry has changed a lot since then....

India: Emergence and growth of insurance lines will require additional capacity

...non-life insurance premiums as a percentage of GDP in India are relatively low at around 1%, resulting in a sizeable protection gap. Between 2015 and 2023, natural disasters in India caused an estima...

Singapore: MAS allocates over US$25m to train talent for $5tn sustainable finance market

...The Monetary Authority of Singapore (MAS) and Institute of Banking and Finance (IBF), supported by Workforce Singapore (WSG), yesterday launched the Sustainable Finance Jobs Transformation Map (JTM)....

Australia: Imminent El Nina phase expected to cause major rain events on the east coast

...The El Nino phase is weakening after a peak in November 2023, says global reinsurance broker Gallagher Re in its " Australian Autumn Climate Outlook" report....

Taiwan: 3 April quake results so far in claims totalling at least US$23.5m

...The 3 April magnitude-7.2 Hualien earthquake has led to at least 472 insurance claims and resulted in losses amounting to at least NT$762m ($23.5m) as of 8 April, according to the Taiwan Residential Earthquake Insurance Fund (TREIF)....

Asia Pacific: Global Risk Solutions launches single strategy for the region

...Global Risk Solutions (GRS), Liberty Mutual's global commercial and specialty (re)insurer and international insurance operations, has been restructured to bring together two business units in Asia - LSM and Asia Retail Markets - under a single unified strategy in the region....

Pakistan: Regulator says inclusive insurance is a priority

...The Securities and Exchange Commission of Pakistan (SECP) has issued a report that explores inclusive insurance in Pakistan, highlighting its untapped market potential....

Australia: New research project to test if financial rewards encourage young drivers to drive more safely

...Insurer AAMI, which is part of the Suncorp Group, has announced a new research project which will test whether financially rewarding young drivers in New South Wales would encourage safer driving behaviour, reducing accidents and injuries....

Egypt: Mid-tier insurer's operating performance seen as adequate despite high expense ratio

...non-life market share of approximately 5% in fiscal year 2023. The company’s profile is limited to operating within Egypt. In recent years, SCI has undertaken steps to formalise...

China: Fosun to sell shares in Belgium's biggest insurer in $778m deal

...Shanghai-headquartered multinational conglomerate Fosun International has reached an agreement with BNP Paribas Group to sell a stake in leading Belgian insurer Ageas to the latter's insurance subsidiary BNP Paribas Cardif....

Southeast Asia: Top 13 decarbonisation investment ideas present US$150bn green economy market opportunities

...Southeast Asian markets now have a window of opportunity to accelerate decarbonisation with actionable ideas and accelerators to unlock these ideas by 2030, according to a report by Bain & Company, GenZero, Standard Chartered and Temasek....

Thailand: General insurers expected to enter period of consolidation

...non-life insurance companies to grow organically and to invest in people and technology systems. Therefore, it is believed that there will be more mergers and acquisitions from now on....

Indonesia: 3rd biggest general insurer posts strong operating results

...The operating performance of Asuransi Astra Buana is assessed as strong, demonstrated by its five-year average combined ratio of 88.1% and return-on-equity ratio of 17.6% (2019-2023), according to AM Best....

Taiwan: Regulator announces EV insurance to be launched on 1 July

...Insurance specific to electric vehicles (EVs) will be launched on 1 July 2024, the Financial Supervisory Commission (FSC) announced....

South Korea: Non-life insurance segment outperforms life insurance business in 2023

...Non-life insurers’ net income expanded more rapidly by 50.9% to KRW8.26tn. The profit increases are attributed to the implementation of IFRS 9 and IFRS 17 and sales increases in protection-type...

Only 1 insurer assessed to have full range of investment management capabilities

...non-life insurers and more than a dozen insurance holding groups....

Vietnam: Insurance market sees premium growth continue to slow in 1Q2024

...non-life insurance sector...

Taiwan: 3 April 'quake insurance claims unlikely to exceed losses chalked up in 2016 tremblor

...non-life insurance industry....

New Zealand: Fire service proposes more equitable levy

...Fire and Emergency New Zealand (FENZ) has started a public consultation on the proposed Fire and Emergency levy for the period 1 July 2026 - 30 June 2029....

China: Cost of insuring Xiaomi's first EV unveiled

...The insurance premium for Xiaomi Automobile's first electric vehicle (EV) model is similar to that for fossil-fuel-powered cars which are about 66% more expensive....

India: South African insurance giant signs deal to increase stakes in life & non-life JVs

...Africa's largest non-banking financial services group Sanlam, through its wholly owned subsidiary Sanlam Emerging Markets Mauritius, has announced that an agreement has been reached to increase the Sanlam Group's effective shareholdings in two Indian insurance companies. The deal, when completed, will make Sanlam the majority shareholder in both JVs....

Philippines: Non-life sector drives profit growth in 2023

...non-life insurance companies which recorded PHP9.11bn in net income, up by 30.1% from PHP7.00bn in 2022....

China: Ping An receives Low Risk ESG rating again

...Ping An Insurance (Group) Company of China (Ping An) has again received a "Low Risk" ESG Risk Rating from Sustainalytics, and ranked first in mainland China's insurance sector....

Thailand: Policyholder protection fund running out of money

...The General Insurance Fund (GIF), whose purpose is policyholder protection, has said that it must postpone compensation to policyholders of insurance companies that have had their licences revoked....

India: Private-sector general insurance market grows 2x as fast as state-run rivals in FY2024

...non-life insurance industry in India grew by 12.78% year-on-year (Y-o-Y) in terms of gross direct premium written in FY2024 to INR2.89tn ($34.7bn), compared to 16.4% in the previous financial year....

India: Technology adoption changes competition in motor insurance industry

...The entry of new players in the list of the top 10 motor insurers in India has changed the competitive dynamics of the country's related insurance industry, said data and analytics company GlobalData....

Vietnam: Biggest non-life insurer shows robust operating results

...non-life insurer in Vietnam based on 2022 direct premiums and it continues to grow its market share. The company has a strong market position in commercial and industrial lines of business, including...

South Korea: Biggest non-life insurer stops new bancassurance business

...Samsung Fire & Marine Insurance, South Korea's biggest general insurer, has stopped offering bancassurance services after 21 years of such collaboration with banks....

Bangladesh: New law to make motor insurance mandatory

...The Bangladeshi Cabinet has approved a draft law that would make insurance compulsory for all registered vehicle owners....

Taiwan: Property insurers to maintain profitability as quake insurable losses estimated at up to US$1bn

...Insurable losses from the 3 April magnitude-7 earthquake that struck Hualien in eastern Taiwan will be between $0.5bn and $1bn, according to CoreLogic, a US-based provider of financial, property, and consumer information, analytics and business intelligence....

GCC: Revenue of 76 listed insurers rises by 19% to US$32.2bn in FY2023

...non-life insurance business in KSA. In 2023, Cigna was granted the first foreign branch licence to commence operations in the Kingdom....

Zhongyuan makes underwriting gains through disaster prevention and loss reduction efforts

...non-life insurers in China. With a focus on the agricultural sector, ZYIC has a moderate operating scale, with about a 0.4% share of the domestic non-life insurance market by direct premiums in 2023....

PICC Group's net profit falls on lower investment returns

...Non-life business continued to dominate operations, contributing 91.1% of the total insurance revenue of the Group in 2023 (2022: 90.7%)....

China: Robust reinsurance market despite economic slowdown

...non-life insurers continue to demonstrate resilience. Longer term, a large protection gap and big investment in renewables and high-tech sectors will support increased demand for both traditional and...

Taiwan: 5.5m residential properties remain uninsured for 'quake risk

...There are still about 5.5m residential units in Taiwan that lack earthquake insurance even though the Taiwan Residential Earthquake Insurance Fund (TREIF) has been operating since 2002, according to data from the Insurance Bureau....

Japan: 2 major non-life insurers issue CAT bonds

...Mitsui Sumitomo Insurance Company and Aioi Nissay Dowa Insurance Co, as members of the MS&AD Insurance Group, have jointly issued the "Tomoni Re 2024" catastrophe bonds (CAT bonds) in Singapore covering domestic natural disaster risks in Japan....

Global: French reinsurer delivers buoyant financial performance

...non-life business is similar across all countries with outperformance in Canada and Latin America....

Australia: Estimates of Christmas Storm insured losses raised to over US$1bn

...PERILS, the independent Zurich-based organisation providing industry-wide catastrophe insurance data, has disclosed its second industry loss estimate for the Australia Christmas Storms....

India: Increased reinsurance capacity seen during 1 April renewal

...Reinsurance renewal rates. after a steep rise in the last financial year, have been nearly flat for India in April renewals on account of increased reinsurance capacity and favourable loss experience, according to industry players....

Taiwan: Residential earthquake insurance coverage in quake-hit Hualien stands at only 30%

...Taiwan's biggest earthquake in at least 25 years killed nine people yesterday and injured more than 1,000. Scores of people are missing as a result of the disaster....

Nigeria: Insurance industry crosses NGN1tn GWP milestone

...non-life insurance sector accounted for 61.3% or around NGN615bn of all premiums writ...