The East African insurance sector, still dominated by non-life insurance, has been on a rising trajectory, despite macroeconomic and geopolitical challenges in the region, says the global professional services firm, Deloitte.
The insurance sector in Morocco recorded a record half-yearly turnover of MAD32.7bn ($3.3bn) in 1H2024, growing by 5.2% compared to the first six months of 2023, according to data published by the Moroccan Insurance Federation.
Several Nat CAT modelling firms have given a range of estimates of insured losses incurred because of Hurricane Milton, reported Business Insurance. Milton, deemed the most intense Atlantic hurricane on record, made landfall in Florida on 9 October.
The combined insurance service results of listed insurance companies in Oman plunged by 85% to OMR2.6m ($6.8m) for the first nine months of this year from OMR16.9m for the corresponding period in 2023, according to an analysis by Badri Management Consultancy.
The Property and Casualty Insurance Department of the National Financial Regulatory Administration (NFRA) has issued an exposure draft on rating indicators and scoring rules for P&C insurers. The proposed evaluation system is compliance- and risk-oriented.
Four of the five largest "A"-share listed insurance companies in China have issued profit estimates for the first nine months of this year, with year-on-year increases of at least 60%.
Chinese P&C insurers are increasing government bond allocations and reducing capital requirements for credit risks, says Mr Frank Yuen, VP senior credit officer at Moody's Ratings.
China's five largest listed insurance companies in the 'A'-share market posted a combined total premium income of CNY2.38tn ($334.2m) in the first three quarters of this year, rising by 5.79% compared to the corresponding period of 2023.
On EAIC Insurance Day, which falls every year on 18 October, the general secretary of the East Asian Insurance Congress (EAIC) , Mr Masayuki Tanaka has sounded the need to raise awareness of bio-diversity loss in Asia.
With summer fast approaching, the Insurance Council of Australia (ICA) is urging homeowners and tenants to prepare for the upcoming storm and bushfire season.