The Kenyan government has withdrawn the proposed 2.5% levy on motor vehicles in the Finance Bill 2024 in the face of the tax's likely unfavourable impact on the insurance industry.
The Indonesian General Insurance Association (AAUI) has announced that general insurance premium income in the first quarter of this year reached IDR32.7tn ($2bn), increasing by 26.1% compared to the corresponding quarter in 2023.
The Philippines' general insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.5% from PHP145.4bn ($2.6bn) in 2024 to PHP209.0bn ($3.8bn) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a leading data and analytics company.
The Financial Services Authority (OJK) is working with relevant ministries and institutions to issue regulations covering Mandatory Third Party Liability (TPL) Insurance.
The Insurance Association of China (IAC) and the China Automobile Maintenance & Repairs Trade Association (CAMRA) have issued jointly a standard covering the repairs and replacement of common spare parts for vehicles involved in accidents.
Premiums issued by insurance and reinsurance companies in Morocco reached MAD17.24bn ($1.73bn) in the first quarter of 2024, an increase of 1.8% compared to the corresponding quarter of the previous financial year, according to the Insurance and Social Security Supervisory Authority (ACAPS).
The insurance market in Singapore continued to adjust to the evolution of risk over the past 12-24 months, noted Aon, a leading global insurance broking company.
The UAE general insurance industry is set to grow at a compound annual growth rate (CAGR) of 4.7% from AED37.8bn ($10.3bn) in 2024 to AED45.5bn in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
Vehicle owners have been complaining about the refusal of insurance companies to write off, as total losses, vehicles that had been damaged in recent floods.
Electric vehicle (EV) insurers in China chalked up a combined ratio of above 100% in 2023, and the growing share of EV premiums in total motor business pushed the combined ratio of the branch higher, noted Swiss Re Institute.