The Insurance Association of China (IAC) has released the "2023 China Insurance Industry Social Responsibility Report". This is the fifth consecutive edition of the report, setting out how the insurance industry has been fulfilling social responsibilities.
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).
Japanese-related business, which accounted for 83% of Mitsui Sumitomo Insurance China's (MSI China) book, will remain the key contributor to the insurer's underwriting profit, says S&P Global Ratings (S&P).
Insurance companies and banks are looking for more guidance from the industry regulator on bancassurance operations following the issuance of new regulations.
Composite insurance rates in the Pacific region, comprising mainly the Australian market, declined by 5% in the second quarter of 2024, after falling by 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Composite insurance rates in Asia declined 3% in the second quarter of 2024, following a dip of 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
The property insurance industry in the Asia-Pacific (APAC) region is projected to grow at a compound annual growth rate (CAGR) of 10.8% from an estimated $93.1bn in 2023 to $152.2bn in 2028, in terms of written premiums, according to data and analytics company GlobalData.
Property insurance premiums across New Zealand have increased by nearly 30% in just 18 months, with more insurers now pricing down to address level as their risk modelling becomes more sophisticated.
EFU General Insurance (EFUG), the largest non-life insurer in Pakistan, has a history of robust operating profitability, with a five-year (2019-2023) weighted average return on equity of 12.9%, supported by positive underwriting and investment results, says AM Best.