General Insurance Corporation (GIC Re), the state reinsurer of India, announced they will expand their business in Russia.
The President of the Management Board of GENERALI Polska companies Andrea SIMONCELLI was recognized by Gazeta Bankowa as the Insurance Manager of the Year. This title was awarded by the Competition Jury for successful acquisitions and consolidation of the insurance market in Poland, as the Italian insurer informed in a statement.
Aon plc announced the acquisition of Cytelligence Inc, a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees to help organizations respond to cyber security threats and strengthen their security position.
After 20 years, the PZU Group leaves the PZU Tower in Warsaw. The largest Polish insurer has signed a letter of intent with the Skanska Group, which assumes renting space in the Generation Park complex. Several thousand PZU employees will move to the headquarters temporary location in the second quarter of 2022.
Qatar Insurance Company (QIC) closed year 2019 with a net profit of USD 184 million, 1.1% higher than 2018's level (FY2018: USD 182 million).
Aon announced the 2019 results of the fourth quarter and the full year. The figures of the fourth quarter (3 months) show an increase of 4% in the consolidated revenues, to USD 2.885 billion (4Q2018: USD 2.770 billion).
Marsh & McLennan Companies (MMC) reported financial results for the fourth quarter and year ended December 31, 2019.
The key issues affecting the Middle East insurance market were analyzed, at the end of January 2020, at the "InsureTek Middle East 2020"
event, a one day conference and awards gala.
The CEE insurance market saw a 3.6% y-o-y increase in GWP at regional level, to EUR 28.68 billion. A similar increase (3.8%) was witnessed on the paid claims side, insurers paying compensations and indemnities in a total amount of EUR 17.25 billion.
Total investments directed to InsurTech platforms reached USD 6.37 billion in 2019, according to the new Quarterly InsurTech Briefing from Willis Towers Watson. This value represents 33.9% of the historical total, following a record-breaking USD 1.99 billion of investment in 75 projects during the last quarter of 2019 alone.
Based on the 3Q2019 results, last year was a successful one for Hungarian insurance companies, the 11% y-o-y increase in GWP justifying optimistic expectations for the year-end result. "Premium income of the sector is expected to exceed HUF 1,100 billion (~EUR 3.3 billion) by the end of the year," said Mihaly ERDOS, vice president of the Hungarian Insurance Association (MABISZ).
AXA announced the appointment of Matthieu Andre, currently Deputy CEO and Chief Strategic Development Officer of AXA Europe, as CEO of Architas Holding. This appointment will be effective March 1, 2020, and subject to any required regulatory approval.
The human cost of disasters is not just measured in the deaths and injuries that they cause, but also in terms of their lasting economic impact on survivors and countries. Natural disasters don't just destroy homes, factories, shops, and fields; they can altogether annihilate years of economic growth, which is essential for developing economies.
Digital transformation empowers consumers to be more informed and independent than ever before, and equips insurers with the tools to cater to customers' current and future needs. This leads to the development of new data-driven business models, impacting the entire insurance value chain, the latest Swiss Re sigma publication says.
Establishing a national disaster insurance scheme is one of the main features of the UNDP's NAP for Bosnia & Herzegovina. Improving BiH's preparedness for dealing with Nat Cat events is instrumental considering the expected increase in flood losses and the very low current insurance coverage.
Starting January 6th, 2020, Alina OSOIANU returns to the position of Executive Director of Moldovan Motor Insurers Bureau (BNAA). It will be the second time when she holds this position inside BNAA, after she lead the institution between 2015-2018.
In 2019, ALSKOM insurance company concluded around 285 thousand of insurance contracts while generating GWP worth of over UZS 50 billion (~EUR 4.7 million), company's preliminary results show, published on its website.
According to the Motor (Transport) Insurance Bureau of Ukraine (MTIBU), total number of e-MTPL policies in 2019 exceeded 1.2 million units, while the GWP under electronic contracts amounted to about UAH 929.7 million (~EUR 35.18 million), Forinsurer reports.
On January 22, 2020, Yanko NIKOLOV was appointed as a Chairman of the Managing Board of EUROINS Ukraine.
The National Bank of Ukraine created two new departments - on methodology for regulating activities of non-banking financial institutions and on insurance market supervision, Forinsurer reports with reference to Interfax-Ukraine.