The property insurance market in the Asia-Pacific (APAC) region is projected to grow at a compound annual growth rate (CAGR) of 10.8%. The property insurance portfolio in APAC wrote around $93bn in written premiums and this is expected to touch $152bn in 2028 according to a new report by GlobalData.
The value of recently-launched rail projects that are to be insured exceeds DZD400bn ($3bn), indicated the president of the Algerian Union of Insurance and Reinsurance Companies (UAR), Mr Youcef Benmicia.
The mandatory divorce policy set out in the recently-enacted Unified Insurance Law will apply to those about to get married, according to lawmaker Ihab Ramzy, a member of the Legislative Committee of the House of Representatives.
Germany-based global composite insurer Allianz SE's proposed acquisition of Singapore's Income Insurance should not materially change the competitive landscape in Singapore's insurance market, says Fitch Ratings.
Finance Minister Nirmala Sitharaman has proposed in the 2024 Budget unveiled yesterday that a reduction in the TDS (Tax Deducted at Source) rate to 2% from 5% on payouts from life insurance policies.
The Australian Consumers Insurance Lobby (ACIL), a consumer advocacy group, has stressed the urgent need to address the disparity in insurance premiums between northern and southern Australia, advocating for a fairer and more equitable system.
MAPFRE Sigorta reported a much improved financial performance in 2023, with a net income of TRY72m ($2.18m) [2022: a loss of TRY401m], noted Fitch Ratings.
Cathay Life Insurance maintained its status as the flagship subsidiary of Cathay Financial Holdings as it reported an after-tax net profit for the single month of June of NT$8.94bn ($272m), and a cumulative after-tax profit of NT$48.26bn for the first half of the year, according to corporate announcements made by the group.
The Insurance Authority (IA) says that it and the country's insurance sector was unaffected by the 19 July massive global tech outage.
Al Ahleia Insurance Co (Al Ahleia), which is the majority shareholder of Kuwait Re, has an operating performance that is commensurate with a strong assessment, says AM Best.