The Market Today

Market Participants

In May 2025, Mada Insurance Brokers launched the first online insurance aggregator service in Bahrain.

Legislation and Regulations

It was reported in June 2025 that the government has introduced draft legislation to create mandatory cessions on each and every risk as well as on facultative and treaty reinsurance business. The rate itself would be set by separate decree with cessions made either to the planned new national reinsurer or alternatively to the state itself, seemingly making provision for possible further delays in establishing a national reinsurer.

Market Trends

The challenging economic and social conditions in Haiti have continued. In 2025, it was reported that GDP had fallen for six consecutive years. Two leading insurers, both subsidiaries of banks, reported that their gross written premiums had fallen, one by 14% and the other by 25%, and their business produced a technical loss for the year to 30 September 2024. One of these insurers said they had cut back on property and casualty insurance (auto and property) because of the exposure to violent crime.

Other Developments

To protect consumers from chronic inflation, in March 2025 the government requested profit margin caps and/or price increase caps on a wide range of consumer goods and services, including retail insurance lines. For household insurance, the government has requested a "voluntary" price freeze, which will keep premiums at their December 2024 level through to 30 June 2026, regardless of the effect of index linking on buildings and contents sums insured.

Legislation and Regulations

The enforcement of compulsory motor third party liability insurance (CMTPL) for individuals was initially delayed from 1 January 2025 to 1 July 2025 and has reportedly been extended once again to 1 September 2025, partly due to penetration remaining very low. The government has been requiring proof of a CMTPL policy when re-registering motor vehicles in an attempt to increase compliance.

Law No 89 on Insurance and Insurance Activities of 29 April 2025 will take effect after six months and will replace the existing insurance law, Law No 96 On the Organisation of Insurance. As expected, it has introduced measures to enhance digitalisation of the market as well as a regulatory framework for takaful.

Market Trends

According to figures from the insurance regulator, total premium income has continued to surge in 2024 growing by 71% compared to 2023 to premiums of KGS 5.2bn (USD 57.5mn); although this figure includes life income this made up only 0.1%. At least part of this growth appears driven by a huge increase in premium income for the state insurer which booked KGS 1.3bn (USD 14.4mn) in 2024 compared to just KGS 178.6mn (USD 2.0mn) in 2023, which also now makes it the largest insurer.

Legislation and Regulations

On 17 June 2025, Law No XV-283 was published, defining "security contribution" as a monetary obligation for insurers under Lithuanian and EU legislation, aiming at financing the State Defence Fund. This contribution applies to non-life insurance policies where Lithuania is the location of the insurance risk, with exemptions for compulsory MTPL for personal vehicles and agricultural property insurance. Insurance companies operating in Lithuania, as well as those from other European Economic Area countries and branches of third-country insurers, must pay the contribution quarterly at a fixed rate of 10% based on total premiums from applicable non-life insurance policies during the payment period. The law will take effect on 1 January 2026, covering policies initiated or amended from that date, with regulatory measures to be established by 31 December 2025.

Legislation and Regulations

On 17 February 2025, Acuerdo No 1 of January 2025 was published in the Official Gazette, outlining new requirements for foreign reinsurers and reinsurance brokers. The new legislation repeals Acuerdo No 4 of 13 December 2012, introducing stricter supervisory measures, including:

• Clearer role definitions, meaning that brokers are explicitly limited to intermediary functions with no involvement in underwriting or claims
• Increased documentation requirements, including regulatory compliance history
• Mandatory local representation — compared to Acuerdo No 4of 13 December 2012, which previously allowed foreign reinsurers to operate in Panama without a physical presence
• Stricter deadlines for the submission of information, with a tiered sanction system for non-compliance

As well as these changes, reinsurers and reinsurance brokers are now able to submit documents electronically, rather than having to carry out administrative procedures in person. Acuerdo 1 of January 2025 also updates the minimum rating requirements for foreign reinsurance registrations, including a rating of Baa3 from Moody's.

Legislation and Regulations

In February 2025, Resolution SBS No 556-2025 was issued, modifying Resolution SBS No 1041-2016, updating the investment regulations for insurance companies. It aims to expand investment options and align with international regulations, among other things.

Market Participants

In February 2025, SBS approved Nacional de Seguros SA, a company based in Colombia, for authorisation to organise a new insurance company in Peru, focusing on general risks. The new company will be 60% owned by Nacional de Seguros SA and 40% by a Panamanian national.

Other Developments

The 2024 bushfire season (July - November) was severe, with widespread fires impacting 22 regions and burning around 3,500 hectares, resulting in at least 24 deaths and approximately 288 injuries by October 2024. The devastation extended beyond natural landscapes, destroying farmland and affecting cocoa and palm plantations, as well as archaeological sites and local communities.

The insurance market experienced growth in 2024, marking a 9.48% nominal annual increase. Net premiums totalled PEN 22.19bn, of which non-life accounted for PEN 9.04bn. This growth has been uneven across different business types, with accident and health coverages declining by 1% compared to 2023, while the average non-life insurance increased by 5%. In 2023, the insurance market also experienced a notable growth of 11.36%, amounting to PEN 20.27bn, of which PEN 8.59bn was from the non-life sector.

Market Participants

In May 2025, it was reported that shareholders of Baloise and Helvetia have approved a merger to form Helvetia Baloise Holding Ltd. The merger will reportedly create the second-largest insurance group in Switzerland and a leading European insurer, having a business volume of CHF 20bn across eight countries.

Other Developments

In June 2025, the Swiss Elemental Risks pool (Der Schweizerische Elementarschaden-Pool) reported CHF 300mn (USD 329.67mn) in insured losses for 2024, mainly due to summer storms in Vallis and Ticino, of which 85% were from floods, 4% from hail, and 7% from storms.

In May 2025, a significant section of the Birch glacier collapsed, causing extensive damage to the evacuated Swiss village of Blatten and reportedly leaving one person missing. The disaster resulted in insured losses estimated at CHF 320mn (USD 351.65mn), primarily affecting buildings and household contents, as well as business interruptions and vehicles.