The State Council, which is China's cabinet, has issued the notice, "Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of the Insurance Industry". The "Opinions" set out measures to be taken for the reform and development of China's insurance industry in the next five to 10 years.
A stocktake of the Chinese insurance industry shows that there were over 200 (re)insurance companies operating in the country as of 30 June 2024
In Indonesia's (re)insurance market, health protection products will "experience adjustments in both premium pricing and terms and conditions (T&C) to better meet the evolving needs of the market and ensure financial sustainability" over the coming year, according to Indonesia Re president director Benny Waworuntu.
The fierce competition whipped up around this year's Middle East Insurance Industry Awards has resulted in a list of finalists comprising a total of 55 insurers, brokers, risk managers, service providers and industry leaders.
Global reinsurance giant, Hannover Re, anticipates prices and conditions to remain on a sustained stable level for treaty renewals in property and casualty reinsurance as at 1 January 2025 and anticipates a balance of supply and demand in most markets.
With interest rates remaining higher for longer, Lloyd's is looking to achieve another year of strong overall earnings this year, according to Mr Tim Prince, director, analytics, at AM Best.
BMS Group has appointed Mr Richard Dudley as group chief broking officer, effective December 2024. In his new role, he will support the continued build-out of the London and Bermuda reinsurance platform.
The business risk exposure of African reinsurers is concentrated on a few commercial sectors, such as energy, infrastructure, and transportation, notes Fitch Ratings.
Higher property values, urbanisation and rising repair costs due to inflation are expected to drive demand for property (re)insurance, especially in areas with intensifying natural catastrophe risks, said Swiss Re.
The operating performance of Sierra Leone-headquartered WAICA Reinsurance Corporation (WAICA Re) is viewed as strong, considering it has reported robust return-on-equity (ROE) ratios in recent years, which have significantly exceeded the benchmark interest rates in the markets where it operates, says AM Best.