Officials are discussing a proposal to increase the foreign direct investment (FDI) limit for insurance to 100%, from the current 74%, a move which has the backing of the Insurance Regulatory and Development Authority (IRDAI).
Locally-incorporated reinsurance players must step up to increase support for the development of the insurance industry in Indonesia and to reduce the deficit in the insurance sector's balance of payments.
Kenya Reinsurance Corporation has posted a 10% fall in profits after tax to KES1.06bn ($8.2m) for the first half of 2024 from KES1.17bn in 1H2023, despite a 20% jump in insurance revenue, according to the company's interim financial statements.
FBS Reinsurance Nigeria (FBS Re) has said that one of its functions is to combat capital flight in insurance and reinsurance businesses in the country and across Africa.
The finalists for the 28th Asia Insurance Industry Awards have been revealed, with 47 of the region's top insurers, reinsurers, brokers, risk managers and service providers making the shortlist. The awards are well known for their stringent criteria and transparent selection process, overseen by a panel of expert judges from across the insurance industry.
Hannover Re, one of the world's biggest reinsurers, increased its Group net income by 21% to EUR1.2bn ($1.3bn) in the first half-year and confirmed its full-year guidance for 2024.
Hannover Re's supervisory board has appointed Ms Brona Magee as a member of the executive board, effective 1 January 2025. She succeeds Dr Klaus Miller. In her new role, she will assume responsibility for the life and health reinsurance business group with Mr Claude Chèvre.
Nexus has appointed Ms Seline Low as deputy head of accident and health reinsurance - Asia. Nexus is a a specialty managing general agent.
Lloyd's Insurance Company (China) has earned upgrades from AM Best of its Financial Strength Rating (FSR) to 'A+' (Superior) from 'A' (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to 'aa-' (Superior) from 'a+' (Excellent).
Central Reinsurance Corporation (Central Re) Re posted a reported net profit of NT$2.1bn ($65m) in 2023, with a five-year return on equity of 7.0% (2019 - 2023), based on adjusted capital and surplus, notes AM Best.