In today's fast-changing environment, Japanese insurers must continue to transform in order to maintain competitiveness and grow globally, says the international professional services firm PwC.
The value of revenues earned worldwide by MGA, MGU and cover-holder groups (a.k.a. delegated underwriting authority / underwriting agency groups) was around $23.9bn in 2023, according to an analysis by Insuramore.
Minister of Treasury and Finance Mehmet Simsek has announced that Türkiye's compulsory earthquake insurance scheme, the Turkish Catastrophe Insurance Pool (TCIP) will be expanded to cover other disasters including flood, landslide, storm, hail, avalanche and forest fire.
Insurance companies in Egypt should establish a special department within their organisations to handle natural disaster management, according to insurance broker Ihab Kader.
The Australian Prudential Regulation Authority (APRA) has stressed that it encourages the directors and executives of insurance companies to elevate risk governance with a sense of urgency and to foster deeper self-reflection when mistakes do occur to ensure that root causes are effectively addressed.
The National Financial Regulatory Administration (NFRA) has released guidelines for promoting the development of inclusive insurance to better meet the needs of the people and the real economy.
Risk complexity in mainland China has continued to grow, and the risk landscape has become increasingly volatile, says Aon, a leading global insurance broking company, as it outlines trends in the insurance market.
To help strengthen the disaster resilience of African economies and societies, insurance regulators need to be empowered with a broader mandate that includes market development, national and regional risk pooling, and fostering collaboration between the public and private sectors, says Dr Corneille Karekezi, CEO of Africa Re.
The food and beverage (F&B) industry "is exposed to a widening range of disruptive forces, from droughts and natural disasters to political unrest and trade disputes", according to WTW's Global Food, Beverage and Agriculture Risk Report 2024: How the industry is managing emerging risks and challenges.
Global Insurance Law Connect's Risk Radar 2024 identified cyber security and Nat CAT linked to climate change and cyber security as challenges facing insurers in India this year.