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"It is likely that 2013 will be remembered as the "year of the flood," sais GUY CARPENTER's "Global Catastrophe Review, 2013" report. For the CEE region, though, also 2014 may compete for this unappealing title. Exactly one year after the historical flooding in the Balkans which cause losses of over EUR 17 billion in May-June 2013, Bosnia & Herzegovina and Serbia were drowned by torrential rainfalls which washed away lives, houses and crops causing losses of over EUR 4 billion.
The above title suggests neither the season's sales ready to begin in the big clothing shops, nor the traditional 'groceries shopping' before the winter. It is all about buying intelligence to feed your future business decisions.
Flood damage could exceed EUR 11 billion a year in Europe by 2080, a study released by the European Commission recently warned, while the number of people affected by droughts could increase sevenfold, and coastal damage from sea level rise could triple. The southern region of Central Europe, where damages could rise from the present EUR 2 billion/year up to EUR 5.2 billion/year and Southern Europe, which would also experienced a considerable increase in damages totaling up to EUR 1.3 billion/year are among the most potentially affected regions under the simulation scenarios used in the EC study.
There are still many regions in Europe where the summer hasn't really started. However, despite the capricious weather, many of us are on our way or preparing for the summer vacation. Still, preparations for this autumn's newest set of insurance reports are on their way and the studies will be waiting for you upon your return.
At the end of 2013, five of the major Western insurance groups operating on the CEE, CIS and Turkish markets - VIG, GENERALI, ALLIANZ, UNIQA and GROUPAMA -, were harvesting about 30% of total written premium across the region, meaning in absolute terms, about EUR 11.5 billion. At the same time, the three most important "domestic" players in the CEE - PZU, TRIGLAV and CROATIA Osiguranje -, gathered GWP of about EUR 5.3 billion while only on the Russian market, the Top 5 companies - ROSGOSSTRAKH Lyubertsy, SOGAZ, INGOSSTRAKH, RESO-GARANTIA and SOGLASIE -, totalled written premiums of over EUR 7.5 billion. Looking at these figures, it is obvious that the "Westerners" who entered the region in the last 20 years have encountered a strong competition on the Eastern markets.
Under the pressure of the ever closer enforcement of the new European insurance directives in prevention, discussions about transparency, fair sales practices, solvency, customer's protection, risk control etc. were repeated to the point of becoming trivial in recent years.
5 days of networking
attendants from over 20 countries
a picturesque city
"The cars we drive say a lot about us," said once a popular character. Maybe it wouldn't be wrong to ad ... "as well as the kind of insurance we buy for it."
The keywords: trust, fairness, transparency, effectiveness ...
The context: the European Conference on Consumer Protection in Financial Services, Bucharest
The actors: EIOPA, IAIS, European supervisors, relevant insurers
The issue: how to restore the consumers' confidence in the financial markets, especially in the insurance one
The solutions: trust, fairness, transparency, effectiveness ...
The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.
On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.
The German insurer TALANX announced the Supervisory Board has completed the generational shift at Board level.
In Reinsurance, SCOR Global P&C announces the following appointments, effective April 1, 2019:
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.
Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.
Climate risks have always produced high impact events, causing material and human losses that often have remained in collective memory as reference points. On the other hand, cyber risks are just emerging, but they are already demonstrating a potentially catastrophic impact which still needs to be better understood and assessed.