Jordan's insurance market continued to grow in 2024 with the premium volume jumping by around 8% while paid claims increased by 6.5%, according to preliminary data released by the sector's regulator.
Takaful International Company has announced that the first Islamic Insurance Company in Bahrain, says that its total net profit reached BHD1.65m ($4.38m), representing a 9% growth from BHD1.51m in 2023, mainly attributed to strong investment performance.
A sharp rise in insurance sales in Taiwan is fuelling concerns over increased capital outflows, which could push the New Taiwan dollar to levels last seen during the global financial crisis, reported the Taipei Times.
2024 proved to be a pivotal year for the UAE insurance industry, showcasing its resilience in the face of unprecedented weather-related losses, according to international actuarial consulting firm Badri Management Consultancy.
Kuwait Reinsurance Company (Kuwait Re) has announced that it achieved a profit after tax of KWD14.13m ($45.8m) in 2024 compared to KWD10.83m in the previous year, a jump of 30.4%, according to a statement the company lodged with the Kuwait stock exchange.
Orient Insurance, the leading UAE insurance provider and a subsidiary of the conglomerate Al-Futtaim, has announced that its net profit after tax increased by 15% to AED731m ($199m) in 2024, up from AED636m in 2023, according to the company's preliminary financial results for the year ended 31 December 2024.
As property insurers release their solvency reports, data shows that over 60 insurers generated more than CNY900bn ($123.5bn) in auto insurance premiums in 2024, with underwriting profits seeing significant growth compared to 2023. However, despite the overall positive trend in the auto insurance market, challenges persist in the NEV insurance sector.
China's National Financial Regulatory Administration recently released data showing that health insurance premiums totaled CNY977.4bn ($134bn) in 2024, marking an 8.2% year-on-year growth. However, this figure fell slightly short of the industry's earlier projection of CNY 1tn. Among the total, life insurers generated CNY773.1bn in health insurance premiums, up 6.15%, while property insurers recorded CNY204.3bn, reflecting a 16.6% increase.
These are the updates on insurance regulation across China this week.
Singapore's life insurance industry ended the year strong with a 19.7% growth, reaching a total of S$5.87bn ($4.34bn) in weighted new business premiums for YTD 4Q2024, compared to last year, primarily due to an increase in the annual premium business, said the Life Insurance Association of Singapore.