Cyprus based Olympic Insurance bankruptcy left 200,000 Bulgarian clients without MTPL insurance policies and beheaded the insurance market watchdog
Ralitsa AGAIN-GURI, deputy head of the Bulgarian Financial Supervision Commission (FSC) resigned in the wake of the Olympic insurance company bankruptcy scandal. Vladimir SAVOV, a FSC member, will temporary take over her tasks until a new appointment will be approved by the Parliament.
STATISTICS: BULGARIA 1Q 2018: GWP up to more than EUR 300 million
The total GWP by Bulgarian insurers in 1Q 2018 was BGN 608.07 million (EUR 310.90 million), up by 6.28% y-o-y, according to the quarterly statistics published on the FSC's website.
BULGARIA: The leasing arm of ARMEEC to acquire ERB Leasing
Bulgaria's ARMEEC Leasing, part of local insurer ARMEEC, intends to acquire the Bulgarian unit of ERB Leasing, part of Greece's Eurobank group.
Bulgaria: Bonus-Malus system one step closer to implementation
Ernst & Young, the Bulgarian Financial Supervision Commission's consultant on the bonus-malus system introduction for the MTPL insurance has submitted its final report, presenting no less than 11 possible scenarios for the system's design.
BULGARIA: Agricultural insurance co-financing scheme to receive extra funding
According to a recent decision of the Bulgarian State Fund Agriculture, the budget state aid scheme for agricultural insurance premiums co-financing will be increased by BGN 700,000 in 2018, to BGN 2.2 million (EUR 1.12 million), Novinite reports.
BULSTRAD VIG awarded Non-life Insurer of the Year in 2017
ZAD BULSTRAD VIENNA INSURANCE GROUP has been awarded the highest recognition on the insurance market in Bulgaria, during the 10th anniversary edition of the Bulgarian market's prestigious awards gala.
Bulgaria: ARMEEC sold 80% of its Russian unit shares
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.
Bulgaria: KBC completes acquisition of MetLife's 40% stake in UBB-MetLife joint venture
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).
STATISTICS: Bulgaria FY2017: Insurers' profits decreased by 4.8% y-o-y to EUR 52.6 million
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.
STATISTICS: Bulgaria: Three non-life insurers reported the largest profits during 3Q2017
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.
ON THE MOVE
MILLI Re announced new Manager appointment
Turkish reinsurer MILLI Re stated that Gokhan AKTAS has been appointed to the position of Manager of Foreign Inward Business on 01 September 2018.
Catherine DUFFY to Join AIG as Country Manager of Bermuda
American International Group - AIG announced that Catherine DUFFY will join the company's General Insurance business as Country Manager of Bermuda, at a date to be determined.
LIVE: 1st National Reinsurers Summit in Moscow: focus on global cooperation
Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the xprimm.com insurance portal as Media Partner.
The challenges associated with digitization in the insurance sector discussed at the "Insurance in the Digital Future" Conference, in Ljubljana
On September 13, 2018, the Insurance Supervision Agency of Ljubljana organized its 4th conference on insurance. The subject of the event was Insurance in the Digital Future. Visit the event's web page to see the conference materials and photo gallery.
LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"
The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.
Munich Re: aggregation risk of cyber insurance is 'the elephant in the room'
Only 5% of cyber losses are insured, estimates Christian Fuhrmann, chief executive of global clients/North America, Munich Re. Very complex by nature and continuously changing, cyber insurance is one of the biggest challenges for insurers, he said.
AXA obtained approvals for XL acquisition. Last day of independence for XL Group
AXA announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group previously announced on March 5, 2018. The acquisition is expected to close on September 12, 2018, pending the satisfaction of the remaining customary closing conditions.
FY2017 XPRIMM Property and Motor insurance reports to be launched in Monte Carlo
The latest editions of the XPRIMM Motor Insurance Report and Property Insurance Report will be launched in Monte Carlo, at the 62th edition of the "Rendez-Vous de Septembre," one of the most important international events dedicated to insurers, reinsurers, brokers, and reinsurance consultants.
Hannover Re: broadly diversified reinsurers with expertise and a very good rating will benefit from the current state of the market
Hannover Re expects to see stability in prices and conditions overall for the treaty renewals as at 1 January 2019 and promising opportunities for next year arising from digitalization, increased demand for coverage of cyber risks, as well as from various openings in the Asian growth markets.
Willis Re - Market still soft, but functional
Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.