Insurers are lobbying for more tax incentives from the government ahead of the delivery of the 2024 Budget, scheduled to be read on 23 July 2024. The insurers want to increase the appeal and affordability of insurance offerings through tax incentives.
There was a much smaller variance in property catastrophe quotations during the mid-year property reinsurance renewals in Australasia, compared to 2023, as reinsurers have been relatively accepting that they have reached levels of long-term price sustainability, according to Gallagher Re, one of the largest global reinsurance brokers.
The net profit of Gulf Union Alahlia Cooperative Insurance Company improved to SAR125m ($33.3m) in 2023, versus a net loss of SAR18m in 2022 (restated on an IFRS17 basis), notes Fitch Ratings.
Natural catastrophes, which are increasing in terms of frequency and the size of economic losses they cause, should prompt Arab insurance markets to exert greater efforts to face this threat, said speakers at a recent seminar addressing Nat CAT threats in the region.
Bank Negara Malaysia (BNM) has issued the Policy Document on Claims Settlement Practices (PD CSP) which sets out the minimum standards on the handling and assessment of general insurance and general takaful claims.
Road traffic accidents cost Zimbabwe losses of over $400m each year, the managing director of the Zimbabwe Traffic Safety Council of Zimbabwe (TSCZ), Mr Munesu Munodawafa, has said.
The insurance industry, including takaful, grew by 4% to DZD48.4bn ($359.6m) in 1Q2024 in terms of overall revenue (direct and reinsurance acceptances), according to provisional data from the National Insurance Council (CNA).
Two-thirds of registered motorcycles in Turkiye do not have compulsory motor third-party liability insurance (also known as traffic insurance), according to Mr Bendevi Palandoken, the chairman of the Confederation of Turkish Tradesmen and Craftsmen (TESK).
Vietnam government and state-owned enterprises plan to divest some of their shareholdings in the country's two biggest insurers, namely, Baoviet Holdings (BVH) and PVI Holdings.
The NCBA Group, the fourth-biggest bank by market capitalisation, has acquired fully the insurer AIG Kenya from American International Group following receipt of all regulatory and corporate approvals.