Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

  • Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".
  • The agricultural insurance market in CEE is estimated at about EUR 300 million, of which EUR 100 million - the Polish market, according to a presentation made by GENNILARD&CO at Lloyd's seminar dedicated to CEE markets. "Is a huge protection gap. The penetration rates are very low, to zero in some markets. Agricultural insurance is unpopular, due to limited scope and availability".
  • London Market Group - LMG launched the firs-ever campaign to promote the capital city of UK as the world's insurance hub. The campaign slogan is "London makes it possible", and provides "buyers with clear case for coming to London to solutions to the risk they face", LMG representatives said quoted by Insurance Day.
  • Lloyd's revises hurricane loss to USD 4.8 billion as follow: USD 900 million - impact of hurricane Maria, while the estimates for the other two (Harvey and Irma) reduced by 10% USD 3.9 billion.
  • Swiss Re's Nicola RAUTMANN, Market Executive Austria & CEE, told Reactions the CEE property reinsurance market is competitive because is attractive to global reinsurers as a diversifying region from a nat cat perspective.
  • Jorg BRUNIECKI, Head of Global Client and Broker Management, PartnerRe told Insurance Day that, that the recent hurricane season underlined the extend of the protection gap in one of the richest parts of the world. "The problem of underinsurance remains difficult to solve for political reasons. Forcing individuals to purchase insurance by legislative means risks making insurance premium seem like a new tax".
  • More than one third of businesses (~38%) in EMEA region experienced a genuine cyber loss in the past 24 months, averaging USD 3.3 million - but only 15% of their probable maximum loss is covered by insurance, according to a survey of 500 businesses made by AON in collaboration with Ponemon Institute.
  • The reinsurance market of Africa is expected to return on growth in 2018, after that in 2016, the insurance market declined by more than 15% to USD 61 billion amid the depreciation of a lot of key African currencies against USD. In local currencies, most of markets continued to grow. Overall, the African reinsurance market is around USD 7 billion.
  • AXIS Capital has appointed former Swiss Re senior executive Steve ARORA as the chief executive of its reinsurance business. He will begin his new role in January 2018 and will be based in Zurich.
  • Jamie SANDERS, a former director of the UK's National Cyber Crime unit has joined MARSH London team as Cyber Risk Consultant.
  • Ludger ARNOLDUSSEN (ex MUNICH Re management board member) has joined modelling company RMS as senior managing director within the company's client service organisation
  • Lloyd's insurer BEAZLEY named David Roberts as its new Chairman. He will join the company on November 1.

Related articles

Reputation of travel insurers affected by flight operators

The travel insurance industry has perennially suffered from a lack of customer awareness around policy terms, and is currently facing issues surrounding customer satisfaction, according to the research and consulting firm GlobalData.

2017-11-15
photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

2017-11-14

PartnerRe appoints Turab HUSSAIN as Chief Risk Executive

Turab HUSSAIN has been appointed to the position of Chief Risk and Actuarial Officer at PartnerRe, starting from December 4, 2017. He succeeds Marvin PESTCOE, who will retire in 2018 after working to ensure a smooth transition.

2017-11-13

ON THE MOVE

TOP EVENT

photodune-3834701-laughing-girl-xs

"IIF2017 - Insurance in the DIGITAL World" Conference took place in Vienna

"IIF2017 - Insurance in the DIGITAL World" conference brought together in Vienna well-known insurance professionals from all over the world who analyzed the latest digital trends in the industry, taking into account the fast digitalization of the financial services providers' world, in particular in the insurance field, which is creating both huge opportunities and strong challenges for the players.

14.11.2017

photodune-3834701-laughing-girl-xs

Croatian Insurance Days Live

On 9 November has started in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners.

09.11.2017

photodune-3834701-laughing-girl-xs

The 2017 Baden Baden Meeting: Short recap

The Baden-Baden meeting, one of the key events in the reinsurance calendar, has just set the final point of this year's edition. XPRIMM Publications have reported from the meeting's premises. Let's recap!

26.10.2017

Baden Baden Headlines 3: CEE insurance markets are attractive for reinsurers

Central and Eastern Europe insurance markets are an important source of business for Lloyds, total premium income from this region increasing by EUR 64 million since 2010, pointed out the Lloyd's representative in a seminar dedicated to CEE insurance markets: "We are seeing strong growth from Czech Rep, Poland, Slovakia and Ukraine. At the same time are some contractions from Russia, Bulgaria, Romania and Hungary due to challenging trading conditions as political implications and other sanctions".

25.10.2017

Baden Baden Headlines 2: cyber insurance market set to grow under regulatory presure; nat cat events more frequent, but losses per event are decreasing

Asian insurance market, especially the Indian market - are considered to be "the new El-Dorado" of the global re/insurance market, with rapidly expanding markets and an dynamic environment: "Indian P&C re/insurance markets are expected to grow at a pace of 15% per annum", according  to Victor PEIGNET, CEO, Global P&C, SCOR SE. The French -based reinsurer setted-up its Indian branch in 2016, after the authorisation from the local market authority - IRDAI. India's re/insurance market has become more attractive for global companies following the relaxation of regulatory requirements, and lately, "big names" in the industry entered the market by opening branches: GEN Re, SCOR, Lloyd's of London, MUNICH Re, SWISS Re, Reinsurance Group of America (RGA), HANNOVER Re, XL Catlin and others.

24.10.2017

BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

23.10.2017

photodune-3834701-laughing-girl-xs

Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.

23.10.2017

See all