Inflation is taking a toll on the insurance industry, particularly on motor insurance, which accounts for over 70% of the market.
Dr Mohamed Farid, the chairman of the Financial Regulatory Authority (FRA) has called on insurance companies to adjust their operations to the recently enacted Unified Insurance Law.
Bahrain-based Saudi Arabian Insurance Company (Damana) showed a steady improvement in its underwriting results in 2023 and the first half of 2024, driven largely by a reduction in its expense ratio, notes AM Best.
Although higher interest rates and more favourable mortality trends have led to improved conditions for life/annuity (L/A) reinsurance companies, they have also created more competition, with some backed by alternative investment managers or large private equity firms, according to a new AM Best report.
State-owned LIC, India's biggest life insurer, is set to enter the market for interest-rate derivatives, specifically, forward rate agreements (FRAs), reported Reuters.
The Company for Cooperative Insurance (Tawuniya), among Saudi Arabia's top three insurers in terms of insurance revenue and profits, has a Fitch Ratings calculated net income return on equity that improved to 34% (annualised) in 1H24 (2023: 18%, 2022: 10%), supported by strong underwriting performance and resilient investment income.
National Australia Bank (NAB) has agreed to sell 80% of its life insurance arm to Japan's Nippon Life Insurance Co for about US$1.7 billion, said a person familiar with the matter.
Respondents to a financial survey in Singapore believe that they need approximately S$612,045 ($469,870) to be considered financially free, up by 8% from S$566,640 in 2023.
The Financial Services Authority (OJK) is strengthening the development of health insurance to promote insurance penetration and density.
Retirees are grappling with rising costs for essential goods and services, seeing the cost of funding a comfortable retirement increase by 3.7% over the last 12 months, according to data released by the Association of Superannuation Funds of Australia (ASFA).