Life insurance premiums in emerging markets, including those in Asia, will grow by 7.2% in real terms in 2024, with just 1.5% aggregate growth in advanced markets, says Swiss Re Institute (SRI).
Asia as a whole, including Australia and New Zealand, accounted for 24.5% of global premium volume in 2023 (2022: 25.5%), says Swiss Re Institute (SRI) in its report titled "World insurance: strengthening global resilience with a new lease of life", released yesterday.
Profits at UAE insurance companies' profits could plunge by up to one-fourth in the second quarter due to unprecedented rains in April, which caused severe property and vehicle damages.
The agency channel in Cambodia is generating more premiums as insurers try to reduce their dependence on the bancassurance channel.
India's life insurance sector saw a 14.8% y-o-y increase in premiums in June 2024, reaching INR42,434 crore ($5bn), with significant improvements in both premium collections and policy issuances. The performance highlights a strong and growing demand for life insurance in India.
Uganda's insurance industry registered robust growth rate in 2023 on the back of enhanced insurance customer confidence, improved distribution channels, and growth in online transactions, says the Insurance Regulatory Authority of Uganda (IRA) in a statement.
S&P Global Ratings (S&P) says that it continues to assess China Life Insurance Co's (China Life) capital and earnings as satisfactory and to view China Life as a core subsidiary of China Life Insurance (Group) Co (China Life Group).
China's Ping An Insurance is considering issuing a convertible bond worth up to $5bn, reported Reuters quoting two sources with direct knowledge of the matter.
Qingdao-headquartered Zhonglu Property and Casualty Insurance Company (Zhonglu Insurance) may put in place a more comprehensive reinsurance arrangement that would support its underwriting capacity, says Fitch Ratings.
Tokio Marine Holdings, MS&AD Insurance Group Holdings and Sompo Holdings posted strong results for the financial year ended 31 March 2024 (FY23) despite a series of corporate scandals, notes S&P Global Ratings.