News

Iran:Insurance industry sees premiums jump by 20% since March

Iranian insurance companies’ premiums during the first half of the current fiscal year (which started on 21 March) reached IRR166 trillion (US$4.15 billion), representing an increase of 20% compared with the corresponding period of last year.  Of the total, life insurance policies sold were worth more than IRR22 trillion, marking growth of 35% year-on-year, reported...

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China:Total premiums shoot up by 20% in Jan-August period

Total premium income for China’s insurance industry in the January-August period rose by 20.5% from a year earlier to CNY2.77 trillion (US$418.4 billion), data from the country’s insurance regulator showed yesterday. Premium income for property insurance firms by rose 14.4% to CNY690.1 billion, according to a statement posted on the CIRC website. Life insurance companies...

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Iran:Biggest local reinsurer seals deal with SCOR

The Central Insurance of Iran (CII), the insurance regulator and the largest domestic reinsurer, has announced an agreement with France’s SCOR, under which the global reinsurer will cover catastrophe excess of loss reinsurance for Iran. The deal was hailed by insurance experts as a watershed event for the development of Iran’s reinsurance business and the...

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Armenia & Iran expand re/insurance collaboration

Armenia and Iran are set to expand cooperation between their insurance industry, in a move hailed by key officials and industry leaders as a significant step for strengthening the two countries’ economic ties, Armenian news agency ARKA reported today. The Armenian ministry of Economic Development and Investments announced that minister Suren Karayan and the director...

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Winners of the 20th Asia Insurance Industry Awards 2016

Life Insurance Company of the Year Fubon Life Insurance Co Ltd For launching programmes which fill protection gaps for the elderly and those living in rural areas, as well as using technology efficiently to streamline the company’s processes for both agents and insureds while maintaining profitability and offering innovative investment products, Fubon Life is this...

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India:Non-life premiums soared 28% to US$9 bln in 1H FY2016-17

Total non-life insurance premiums collected by private and public-sector insurers surged by 28.3% to INR60,271 crore (US$902 crore) for the six months to 30 September. Government-owned insurers reported a 25.8% rise in premiums to INR32,869 crore during April-September while privately held insurance companies saw faster growth of 31.5% in premiums to INR27,402 crore, reported Press...

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China:Online insurer ZhongAn to accelerate technology innovation

ZhongAn Online Property & Casualty Insurance, China’s first online insurance company, has established a wholly-owned subsidiary, ZhongAn Information and Technology Services, to develop a new fintech ecosystem integrating technological research with financial innovation. The newly founded company will explore technology innovation through its “ABCD” plan, focusing on four main areas: Artificial Intelligence, Blockchain, Cloud Computing,...

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Egypt:Insurance premiums to increase by 30% with currency devaluation

Egypt’s decision last week to devalue its currency by 48% and to allow it to float will lead to insurance premiums rising by 25% to 30%, according to industry players. Insurance executives also expect reinsurance premiums to increase by up to 25% during next year’s renewals due to increases in the value of insured assets...

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