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.
While the Chinese insurance industry faces significant challenges, Fitch Ratings believes efforts from regulators and insurers will make the industry more resilient over the longer term.
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
The financial performance of Asuransi Asei Indonesia (Asei) is expected to remain volatile due to its high exposure to general insurance relative to its small size, and changes in reserves associated with its existing long-tail credit insurance business, according to Fitch Ratings Indonesia (Fitch).
Nasdaq-listed Zhibao Technology, an InsurTech company primarily engaged in providing digital insurance brokerage services through its operating entities in China, has announced that it would offer "Hui Jia Bao" (an inclusive homeowner insurance product offered by the company) in Nanjing.
Insurance companies in Vietnam have received at least VND2.76tn ($112m) in claims to date for damages caused by typhoon Yagi which made landfall in Vietnam on 7 September.
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.
Tree Digital Insurance Agency has launched the first pet insurance service in Saudi Arabia, to meet the needs of pet owners and to add innovation to the digital insurance market.
The insurance industry in Oman is grappling with increasing challenges due to the amplified impact of Expected Credit Losses (ECL), as insurers adopt IFRS 17 and as credit risks increase, according to Badri Management Consultancy, an international company offering actuarial, risk management, and consulting services.
The Insurance Council of New Zealand (ICNZ) is backing calls to speed up adaptation to climate change.