The third largest Bulgarian insurer in GWP terms has sold 80% of its Russian unit ITIL ARMEEC shares, announced the Financial Supervision Commission without providing further information, wrote SeeNews.

Belgian financial group KBC said it has completed the acquisition, through its Bulgarian subsidiary DZI Insurance, of MetLife's 40% stake in UBB-MetLife Life Insurance Company, a life insurance joint venture between United Bulgarian Bank (UBB) and MetLife (UBB-MetLife).

Bulgarian insurers ended 2017 with a 7.50% y-o-y growth-rate in GWP, to BGN 2.20 billion (EUR 1.12 billion), while the aggregate value of net profit decreased by 4.80% y-o-y to BGN 102.83 million (~ EUR 52.58 million), according to the Bulgarian FSA preliminary figures.

The aggregate GWP of Bulgarian insurers increased by 7.56% y-o-y to BGN 1.64 billion (EUR 839.72 million) during the first nine months of 2017, quarterly statistics from the Financial Supervisory Commission (FSC) show.

Belgian financial group KBC announced it reached an agreement with MeLife to aqcuire MetLife's remaining 40% stake in Bulgarian joint venture UBB-MetLife Life Insurance Company through DZI, its Bulgarian insurance subsidiary.

The Bulgarian Financial Supervision Commission (FSC) has revoked the licence of the life insurer SyVZK (TUMICO - Trade Union Mutual Insurance Cooperative) for carrying out insurance activity for all classes, forbidding the company to conclude any new contract for six months.

Bulgarian insurers managed to achieve a 10.14% increase in GWP in the first half of 2017, to EUR 581.6 million. The market growth was almost entirely provided by the non-life segment, especially the motor insurance lines.

The Financial Supervision Commission in Bulgaria has decided that beginning with 2018 drivers with a "spottiness" driving history will pay a higher fee for the MTPL insurance, reports Novinite.

The total GWP by Bulgarian insurers in 1Q 2017 was BGN 572 million (EUR 293 million), up by 9.7% y-o-y, according to the quarterly statistics published on the country's financial regulator website.

Bulgarian insurance brokers have mediated gross premiums worth BGN 617.9 million (EUR 315.9 million), 15.6% up y-o-y, in 1H2017. The largest share of the total mediated premium came from the MTPL insurance line.

Insurance Europe's 10th International Conference, taking place today, 24 May, in Madrid, Spain, focuses on "Overcoming underinsurance" and gathers insurance professionals and representatives of authorities from all over Europe.

PensionsEurope believes that private pension saving should be encouraged to compensate for potential lower state pension benefits. In particular, we support a regulatory environment encouraging workplace pension membership, Matti LEPPALA, Secretary General CEO, PensionsEurope & Chair, OPSG of EIOPA stated on 16 May, at FIAR.

Are the insurers and the brokers ready for the GDPR challenge? What effects will GDPR have on the Romanian insurance industry and on consumers? What are the main issues in implementing GDPR? These were just a few of the topics debated during the GDPR Workshop taking place at FIAR 2018.

The second part of the REINSURING NATCAT RISKS Conference taking place at FIAR 2018 focused on the best solutions for closing the NatCat insurance gap. Christian KREUTZER, Head Market Underwriting CEE, Swiss Re Europe, and Evgeny POTOKOV, Senior Underwriter South Eastern Europe, SCOR Global P&C Deutschland were among the speakers that joined the debates.

NatCat exposure versus coverage, the largest natural catastrophe risks affecting Europe, as well as the best solutions for closing the insurance gap were just a few of the topics analyzed during the REINSURING NATCAT RISKS Conference taking place at FIAR 2018.

The second day of debates at FIAR 2018 started with The Brokers' Conference, the event dedicated to the mediation market in Romania and in the CEE region. The first part of the conference focused on a market overview and also analyzed the challenges of the IDD implementation, as well as the potential impact of IPID for MTPL and PAD.

The 21st edition of the International Insurance-Reinsurance Forum was officially opened on Monday night, with the XPRIMM Reinsurance Awards.

The INSURANCE IN A DIGITAL WORLD Conference, taking place at FIAR 2018, brought into debate the impact of digitization on the insurance industry. The first part of the conference focused on risks & opportunities of digitalization for both industry and consumers, as well as case studies and best practices: BigData & IoT, BlockChain, Peer-to-Peer, and AI.

During the second part of the Insurance Market Trends Conference, taking place at FIAR 2018, the debates focused on the current situation in Romania and the sustainable development for a growing and stable insurance market, as well as the challenges and opportunities for the local insurers.