The combined premium income of China's three biggest P&C insurers grew steadily in the first half of 2024, expanding by 4.54% year on year to CNY585.42bn ($80.69bn).
The risk-based capital metrics of China Huanong Property & Casualty Insurance Company (CHIC) are expected to remain under pressure in the near to medium term, due to uncertainty around its overall capital raising activity.
China remained the second largest insurance market in the world in 2023, with total premiums of $724bn. This represents a 10% global market share, says Swiss Re Institute (SRI). The market share was stable compared to 2022 when it stood at 10.3%.
A total of 13 insurance companies, including pension insurers, received approval from the National Financial Regulatory Administration in the first six months of this year for capital increases.
Five major A-share insurance companies in China have posted a combined premium income of CNY1.76tn ($242.92bn) for the first half of this year, a year-on-year increase of 3.03%, according to statements filed with the stock exchange.
Chubb has appointed Mr Ben Howell as country president of general insurance business in Australia and New Zealand, effective 1 September 2024 and subject to regulatory approval. In his new role, he will have responsibility for Chubb's P&C and personal lines operations across Australia and New Zealand.
Turkiye overtook Saudi Arabia as the biggest market among 13 markets in the Middle East and North Africa, according to data published by Swiss Re Institute (SRI).
The profitability of Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) improved substantially in 2023, supported by both stronger, albeit still negative, underwriting performance and higher investment income as interest rates rose sharply in 2H23, notes Fitch Ratings.
Munich-headquartered global insurer Allianz, through its wholly-owned subsidiary, Allianz Europe (the Offeror), has announced a pre-conditional voluntary cash general offer to acquire at least 51% of the shares of one of Singapore's biggest composite insurers.
Commercial banks can continue to sell investment-linked insurance products through the bancassurance channel.