A new report from ratings agency AM Best has suggested that insurance demand in the Middle East and North African (MENA) regions is being overshadowed by global financial slowdown and lingering political instability, with the majority of markets projecting only single-digit growth for the remainder of 2012.
New research from Finaccord, a UK market research consultancy specialising in financial services, reveals that competition among underwriters of professional indemnity (PI) insurance in Australia and Canada is at least as strong as in Europe’s more developed markets, while South Africa is likely to provide growth potential in several niche segments.
ING announced on 18 October that it has reached an agreement to sell its life insurance, general insurance, pension and financial planning units in Hong Kong and Macau, and its life insurance operation in Thailand, to Pacific Century Group (PCG) for a combined consideration of US$2.14 billion (€1.64 billion) in cash.
A new report on the Lloyd’s of London insurance market published by Guy Carpenter & Company, LLC, has found that Lloyd’s is seeking to improve its global competitiveness despite mounting challenges, which include low investment returns, record catastrophe losses, subdued economic growth in development markets, and uncertainty over the future of the eurozone.
The US government has had its patience and investment rewarded for its bailout of American International Group (AIG) in 2008, as in September it saw a profit of $12 billion after selling $18 billion worth of stock in the firm.
Fitch Ratings says its outlook for the global reinsurance sector remains stable, as capital, underwriting and operating trends are expected to support reinsurers’ current ratings over the next one to two years.
Global reinsurance intermediary Aon Benfield has released the latest edition of its Global Catastrophe Recap report, which reviews the natural disaster perils that occurred around the world during August.
Taiwanese life insurer China Life Insurance is predicted to continue to outperform its peers, despite a challenging operating environment in which years of low interest rates and few opportunities for long-term investment have caused many insurers to pursue opportunities elsewhere.