News - Insurance

KOSOVO: CBK limits non-life insurers expenses to 24% of GWP

In order to improve the financial strength of local insurers, Central Bank of Kosovo (CBK) introduced at the beginning of February 2020 a set of rules that will limit the overall commissions and operational costs of non-life insurers to a maximum amount of 24% of all non-life gross written premiums volume.

ALBANIA: Authority launches MTPL damage registry

The Albanian Financial Supervisory Authority (AFSA) has announced the launch of a public online registry of all damages incurred for MTPL insurance policies, the insurance consumers being able to follow the course of their indemnities based on a unique identification number.

SCOR achieves 15.8% GWP growth during 2019

For the full financial year 2019, SCOR Global P&C experienced a strong gross written premiums growth, of 15.8% at current exchange rates, to EUR 7.1 billion. This was driven both by Reinsurance (+16.2%) and Specialty Insurance (+14.4%).

RUSSIA: in 2019 over 22% of car owners got maximum MTPL discounts

In 2019 almost 90% of car owners (33.8 million people) got MTPL discounts (bonus-malus coefficient less than 1) and 48% of all car owners (18.3 million people) had discounts of 20% or more, according to Igor YURGENS, the president of the Russian Association of Motor Insurers (RAMI).

KAZAKHSTAN: new edition of the Concept of the financial sector's development until 2030 to be adopted before July 1

Kazakhstan's insurance market is showing positive growth dynamics: assets in 2019 increased by 15%, to KZT 1.2 trillion, liabilities - by 13%, up to KZT 653 billion (which is 54% of the total assets), equity increased by 8%, to KZT 553 billion, as Madina ABYLKASYMOVA, the Chairman of the Agency of Kazakhstan for regulation and development of the financial market stated.

ARMENIA: 5 of 6 active insurers in 2019 increased their profit

According to the data of the Financial Rating of Armenian insurance companies, prepared by ArmInfo, total net profit of local insurers in 2019 increased 7.3 times (vs. a decline by 67.6% in 2018), and reached AMD 1.4 billion (USD 3 million).

STATISTICS: TURKEY, FY2019: Local market sees double-digit growth at the end of the year

The Turkish insurance industry totaled TRY 69.24 billion (EUR 10.37 billion) in premiums in 2019, according to data released by the Turkey Insurance Association (TSB). The figure represents a nominal increase in local currency of 26.69% over 2018, while the same indicator calculated in European currency was 14.90% due the deprecietion of Turkish Lira against Euro.