Tanzania's Commissioner of Insurance, Dr Baghayo Saqware, has highlighted the significant opportunities in the insurance sector arising from growing demand and favourable business conditions.
The revenue of the Algerian insurance sector increased to DZD89.8bn ($680m) in the first half of 2024, 7% higher compared to the first half of 2023, according to data released by the Algerian Union of Insurance and Reinsurance Companies (UAR).
Direct insurance companies in Tunisia recorded a solid increase in their turnover at the end of the first half of 2024, according to figures published by the General Insurance Committee (CGA).
The risk-adjusted capitalisation of Ping An Health Insurance Company of China (Ping An Health), as measured by Best's Capital Adequacy Ratio (BCAR), is expected to remain at the strongest level over the three years covered by the company's business plan, AM Best says.
International actuarial consulting firm Badri Management Consultancy says that it sees growth in the profitability of the Saudi Arabian insurance market.
The insurance industry in Oman is grappling with increasing challenges due to the amplified impact of Expected Credit Losses (ECL), as insurers adopt IFRS 17 and as credit risks increase, according to Badri Management Consultancy, an international company offering actuarial, risk management, and consulting services.
The combined net income of insurance companies that offer motor insurance reached KRW332.2bn ($248m) in the January-June period, down by 40.2% from KRW555.9bn for the corresponding period last year, according to the preliminary data from the Financial Supervisory Service (FSS).
The domestic non-life business of Japan's biggest general insurance company, Tokio Marine & Nichido Fire Insurance (TMNF), is expected to benefit from ongoing rate hike initiatives in key business lines, says AM Best.
People's Insurance's expansion into non-motor lines, such as fire and marine, is expected to support its long-term diversification, but motor insurance will remain dominant in the medium term, even though its contribution has been falling, says Fitch Ratings.
With interest rates remaining higher for longer, Lloyd's is looking to achieve another year of strong overall earnings this year, according to Mr Tim Prince, director, analytics, at AM Best.