Higher interest rates have resulted in life insurance premium growth in advanced markets, according to Swiss Re's sigma report, World insurance: strengthening global resilience with a new lease of life.
The pre-tax profit of insurance companies in Taiwan for the first six months of this year stood at NT$229.7bn ($6.99bn), 313.1% higher than in 1H2023, according to data released by the Financial Supervisory Commission (FSC).
The government has asked state-controlled general insurers, who are struggling to improve their solvency ratio and profits, to the exit the motor and health insurance segments, which have been identified as significant loss-making branches.
Societe Tunisienne de Reassurance (Tunis Re), the leading reinsurer in the northern African country, has reported a 12.5% increase in turnover in the first six months of this year to TND118.6m ($38.2m), compared to the corresponding half in 2023, according to data published by the reinsurer.
The results of Hyundai Marine & Fire Insurance Co's (HMF) long-term insurance lines are expected to improve from premium rate increases and the company's efforts to improve the medical indemnity loss ratio trend, while both auto and general lines remain relatively stable, said AM Best.
Taishan Property & Casualty Insurance Co (Taishan P&C), in which Germany's ERGO Group has a 24.9% stake, is expected to report better operating results in 2024-2025 on an improvement in underwriting results and a stable investment yield, said Fitch Ratings.
The Congolese insurance market posted total premiums of $320m in 2023, compared to a mere $70m in 2018, according to the director-general of the Insurance Regulatory and Control Authority in the DRC (ARCA), Alain Kanyinda.
The total premium production of the Turkish insurance companies in the first half of 2024 jumped by 80.8% compared to the corresponding six months in 2023.
China's five major 'A'-share listed insurance companies have announced their proposed dividend distribution for 2023 would amount to CNY75.52bn ($10.4bn) combined.
Continuous portfolio overhaul will likely help Sompo China sustain profitable underwriting, which aligns with the parent group's increasing focus on profitability, says S&P Global Ratings (S&P).