News - Insurance

Hungarian Central Bank fined GROUPAMA HUF 49.5 million

The Central Bank of Hungary - Magyar Nemzeti Bank (MNB) the regulator and supervisor of Hungarian insurance market fined local insurer GROUPAMA Biztosito HUF 49.5 million (about ~ EUR 137,500) for the violations of MTPL's portfolio management, IT security, remuneration policy, risk management system, and other deficiencies of customer information and complaint handling.

Estonia: 41% of traffic accidents happen in parking lots

According to the most recent statistics published by Estonian Motor Insurance Bureau, in the first eleven months in 2020, in the country there were about 25,000 traffic insurance accidents subject to insurance, of which 10,300 were related to parking lots.

AM Best confirms credit ratings of EyeMed Insurance Company

Financial Strength Rating of EyeMed Insurance Company (EIC) (Phoenix, AZ) was confirmed of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a". The outlook of these Credit Ratings (ratings) is stable.

Generali admitted to the Cooperative Compliance regime

Assicurazioni Generali was admitted to the Cooperative Compliance regime, established by Legislative Decree n. 128/2015, according to a Generali press release. This will enable an innovative way to maintain constant and preemptive dialogue with the Italian Revenue Agency (Agenzia delle Entrate).

Insurance Europe: Work to improve PRIIPs KID must prioritise insurance consumers

Following press reports that the European Commission has put pressure on the European Supervisory Authorities (ESAs) to propose, by the end of January, technical solutions to make the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs) suitable for undertakings for collective investment in transferable securities (UCITS), in view of the end of the exemption for these funds from PRIIPs rules in December 2021, William Vidonja, head of conduct and business at Insurance Europe, said:

STATISTICS: Macedonian insurance sector responses to COVID-19 with 5.2% contraction after Q3

Macedonian insurers posted nine-months 2020 aggregate GWP worth MKD 7.52 billion (~EUR 122 million), 5.22% less y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.

Non-life GWP dominated the market portfolio accounting more than 84% of the total GWP (MKD 6.33 billion, or EUR 102.7 million) - of which MTPL (40.75% of total), property (20.13%), MoD (8.18%) and GTPL (2.11%) - , the remaining share of 16% being represented by the life insurance segment: GWP of MKD 1.18 billion (EUR 19.2 million).

TRIGLAV (15.18% market share), EUROLINK (11.85%) and MAKEDONIJA (11.41%) were the largest non-life insurers, while CROATIA (38.34%), GRAWE (30.95%) and WINNER LIFE (17.87%) were the top 3 life insurers.

Access and download the 3Q2020 Macedonian insurance market statistics.