At a recent meeting of the Global Reinsurance Forum (GRF) Emmanuel Clarke, President and CEO PartnerRe, has assumed the role of GRF Chairman for a two-year term, succeeding Kevin O'Donnell, CEO RenaissanceRe, who became Chairman in 2018. Jean-Jacques Henchoz, CEO Hannover Re, was elected Vice Chairman.
Insurance Europe and the CFO Forum have submitted a joint response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on the review of technical implementation means for Solvency II supervisory reporting and public disclosure on wave three of the reporting consultations.
There is no doubt that the pandemic has a kind of impact on the insurance industry we have not seen before. Some carriers might tend to cut costs and postpone investments.
Pensions & Investments WorldPensionSummit 2020
has launched a call for nominations for the most innovative pension funds in technology, communication, plan design and investment, seeking for the future winners of the 2020 INNOVATION AWARDS.
On June 15, those interested to harness the capabilities of the digital solutions will have the opportunity to meet some of the most interesting Israeli insurtech startups and technologies, in a virtual meeting hosted by Kobi BENDELAK, the founder of Insurtech Israel and Prof. Klime POPOSKI, Insurance department of University St. Kliment Ohridski, Macedonia. XPRIMM support the event as Media Partner.
Insurance Europe has responded to a consultation by the European Commission on its proposals for a European data strategy.
Following the reduced incomes and the changes on the employment segment, the COVID-19 pandemic also produced changes in Romanians' perception of risks and consumption behavior, according to the latest UNSAR-IRES Barometer.
The Montenegrin insurance market increased by 12.32% y-o-y during Q1 2020 to EUR 24.80 million, as data from the Insurance Supervisions Agency shows. The non-life insurance segment accounted for EUR 20.44 million of the total GWP, up by 9.54% on the year, while the life-insurance companies expanded by 27.44% y-o-y to EUR 4.36 million.
At the end of March 2020, the Kosovo insurance market totaled EUR 21.91 million, 2.22% more y-o-y, the market statistics published by the Central Bank of Kosovo - CBK indicates. During the reported period, claims paid by insurers totaled EUR 12.69 million, up by 17.57% y-o-y.
According to the results of the 2020 first quarter, the Tajik insurance market saw a rapid growth, expanding by more than 11% y-o-y. Market GWP exceeded TJS 92 million (~EUR 8.22 million), as the data published by The National Bank of Tajikistan show.
Insurers of Azerbaijan ended the first quarter of 2020 with GWP worth of AZN 241 million (~EUR 128.5 million), which in local currency reflects an increase of 19.7% y-o-y, as the data published by the regulator show.
LLOYD's announced the appointment of Marc LIPMAN as President, LLOYD's Canada, and Attorney-in-Fact (AIF) for LLOYD's Underwriters. Marc LIPMAN assumes the role of AIF from Lisa DUVAL, who stepped in last year on an interim basis and now returns to LLOYD's International Regulatory Affairs in London.
The Agricultural Insurance Fund needs to obtain a license from the Central Bank of Azerbaijan. It will be possible only after the number of companies, participating in the charter capital of its management company, is defined, Trend reports citing Fuad SAGIDOV, Chairman of the Fund's Board.
Total income of insurers for the first three months of the year reached KZT 166.81 billion (~EUR 0.34 billion), and net profit tripled y-o-y (KZT 55.34 billion). About 39% of the total income of insurance companies was provided by their investment activities, Allinsurance.kz reports.
The state share (25%) of KAFOLAT insurance company, which is one of the TOP-5 insurers of Uzbekistan, will be sold at an online auction. The price of the share package is USD 2.2 million, as Trend informed with a reference to the State Asset Management Agency.
"Increasing inequality, dramatically shifting consumer behaviors and a lockdown that is having a significant toll on young people's prospects, mental health and wellbeing are highly interdependent issues which impact the global economy, geopolitics and our societies in equal measure," commented John Scott, Head of Sustainability Risk and Zurich Insurance in the WEF & Zurich Insurance Covid-19 Risk report
In the first quarter 2020, Ukrainian insurers paid UAH 2.78 billion (~EUR 91.89 million) insurance premiums under risk reinsurance contracts, which is 37.4% less y-o-y, said Oleksandr ZALETOV, the member of the National Commission for the State Regulation of Financial Services Markets, Forinsurer reports.
Turkmenistan is about to introduce a mandatory insurance for the passengers of all transport types, Turkmenportal informs. The corresponding draft of the latest edition of "Rules for mandatory state insurance of passengers of all types of transport and transport complex employees" was presented by Deputy Chairman of the Cabinet of Ministers, Gadyrgeldi MUSHSHIKOV, at a recent session of the government.
During May 2020, S&P Global Ratings affirmed the ratings of multiple (re/)insurance groups and companies, including Munich Re, Fairfax and NN.
At the end of May 2020, the Ministry of Finance (MoF) from Latvia has submitted to the Cabinet of Ministers an assessment prepared in co-operation with the Central Bank of Latvia and the Financial and Capital Market Commission (FCMC) regarding a possible merge between the Central Bank and FCMC, planned to start in 2022 - 2023.