China's insurance industry is undergoing a sharp contraction in executive pay, driven by tighter regulatory scrutiny and formal pay restraint policies. The latest data shows that in 2024, only five unlisted insurers reported senior executive annual salaries exceeding CNY5m ($690,000), down from 10 in 2023. In some cases, individual pay packages dropped by as much as 67%.
China's booming NEV sector, now with a market penetration rate exceeding 40%, is driving rapid growth in NEV motor insurance. In Q1 2024, NEV commercial motor insurance premiums reached CNY314.3bn ($43.3bn), up 44% year-on-year. Meanwhile, claims-related filings rose 36.3%, a slower pace than premium growth, reflecting improvements in risk levels driven by advances in vehicle technology.
These are the highlights for all events and updates across the industry this week.
The Saudi insurance market saw mixed financial results in the motor and medical lines in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm. These two branches are the main pillars of the Saudi insurance sector, contributing a combined 84% of total insurance revenue in 2024.
Cambodia's insurance industry recorded gross premiums of $357m in 2024, up from $36.1m in 2012, an annual average growth rate of 25%, according to the Khmer Times.
The 25 listed direct insurers in Saudi Arabia reported a combined profit after zakat of SAR3.2bn for 2024, 2% lower than the SAR3.3bn chalked up for 2023. The profits fell despite the combined investment income jumping 21%, from SAR2.6bn in 2023 to SAR3.1bn in 2024, according to an analysis by Badri Management Consulting, an international actuarial and risk consultancy firm.
A huge surge in overseas travel has resulted in a spike in the demand for travel insurance products from non-life insurance companies.
The first quarter of 2025 has brought unexpected challenges for China's personal insurance sector, as the traditional peak season for sales cooled significantly.
On April 14, Generali China Insurance (GCI) announced that its shareholder, Assicurazioni Generali (Generali), had resolved to increase GCI's capital by CNY392m ($54.88m) in 2025.