A number of global insurance companies have had to defer their plans for entry into India’s domestic market due to uncertainty surrounding policy frameworks and rising costs in the wake of new Insurance Regulatory and Development Authority (IRDA) guidelines.
The latest sigma report from Zurich-based reinsurer Swiss Re has shown a 17.1-per-cent rise in the total premiums of 13 Middle East and North African (MENA) markets in 2011, taking the total combined figure to US$31.4 billion (a 0.7-per-cent share of global premiums).
Price adjustment in compliance with the European Court of Justice’s recent ruling on gender-neutral premiums is not expected to have any significant impact on UK life insurers, according to global ratings agency Fitch Ratings.
Fitch Ratings says in a newly-published report that the European insurance sector should be able to absorb shocks arising from a hypothetical Greek exit from the euro, provided such an exit were orderly.
UK-based business adviser Deloitte has released a new report in which a number of insurers state their belief that the industry will miss the January 2014 compliance deadline for the implementation of Solvency II.
An ageing and increasingly mobile population will mean that Chinese demand for life insurance remains strong in the coming years, despite recent financial tightening measures from Beijing, according to a local insurance executive.
Italian and Spanish insurers are most exposed to a Greek exit from the eurozone – through the contagion effect it could have on Italian and Spanish sovereign and bank debt – while most German and UK insurers are well insulated from rising risks in the eurozone periphery, says global agency Fitch Ratings.