News - Insurance
STATISTICS: GEORGIA, 1H2021: overall market growth rate, as well as in life and non-life insurance, were almost the same - about 19%
The Georgian insurance market ended 1H with an increase of 19% y-o-y, GWP reached GEL 448.64 million (EUR 119.29 million), according to the data published by the Georgian Insurance Supervision Service.
20 September 2021STATISTICS: RUSSIA, 1H2021: GWP grew by 21%, however, insurers' profit dropped y-o-y
The insurance market in 2Q exceeded the result of the same period last year as well as pre-covid levels. Total GWP for the first half of 2021 amounted to RUB 894.2 billion rubles (+21% y-o-y)/EUR 10.37 billion, according to the data published by the Bank of Russia. Market paid claims increased to RUB 384.5 billion (+29.6%).
20 September 2021NORTH MACEDONIA: paid claims in private health insurance in 1H increased by 87.5% reaching EUR 1.5 million
In 1H2021, the number of contracts in private health insurance increased by 48%, GWP reached EUR 3.8 million. Insurance companies of North Macedonia for the first half of 2021 for reported insurance events paid 87.5% more y-o-y, Insurance Supervision Agency (ISA) reports.
20 September 2021GEORGIA: real estate is insured only for 6.9% of the population
Currently, in Georgia, real estate is insured only for 6.9% of the population, since no one insures property voluntarily - mainly clients of insurance companies in this segment are legal entities or buyers of apartments in the primary real estate market who received mortgage loans and are required to purchase insurance, Business Georgia writes.
20 September 2021AZERBAIJAN: voluntary life insurance at the end of July grew by 22% y-o-y
GWP in voluntary life insurance in Azerbaijan from January to July 2021 increased by 22% y-o-y and reached AZN 194 million (EUR 96 million*), Trend reports.
20 September 2021BOSNIA: net profit of ASA Osiguranje rose by almost 14% in 1H
Bosnian insurer ASA Osiguranje's net profit rose to BAM 1.47 million (~EUR 752,000) in 1H (vs BAM 1.29 million in the same period last year), which is about 14% more y-o-y, SeeNews reports.
20 September 2021THE BIGGEST FAILURE in the Romanian insurance industry: ASF has decided to withdraw CITY Insurance's operating license and open bankruptcy proceedings
The Board of the Financial Supervisory Authority has decided to reject the short-term financing plan and the recovery plan, to withdraw the operating license, to declare insolvency and to file for the opening of bankruptcy proceedings against CITY Insurance - the largest player in the local market, with a 20% share of the total industry and 45% in the MTPL segment.
20 September 2021Insurance Europe: the European insurance industry can play a key role in the transition to sustainability
The European insurance industry is fully committed to supporting the ambitious objectives of the European Green Deal.
16 September 2021Insurance Europe: it is important to prioritize the completion of the environmental taxonomy
Insurance Europe, in its response to a consultation by the European Commission on a draft report by its Platform on Sustainable Finance on a social taxonomy, stressed that it is important to prioritize the completion of the environmental taxonomy.
16 September 2021Third capital increase for Euroins Romania, of over EUR 24 million
Euroins Romania's shareholders approved a new capital increase amounting to over EUR 24 million (RON 120 million), the third in recent months. The most recent audit showed that Euroins Romania exceeded all financial indicators set by law, with the SCR at 118.5% and the coverage of the MCR at 278.4%.
16 September 2021Non-executive Board members backed Donnet to remain Generali CEO for a third mandate
Philippe Donnet is proposed to be reappointed as CEO at Generali for a third mandate after the non-executive members of the Board have taken note of its availability to remain CEO for a new term and expressed their "appreciation of the work undertaken, and the results achieved" by the executive.
16 September 2021Vincent Foucart will become CEO of SCOR P&C Partners in early 2022, following Sylvie Van Viet's retirement
After 25 years with SCOR, Sylvie Van Viet will retire in the first quarter of 2022, as the French reinsurer announced in a statement. She will be succeeded by Vincent Foucart as CEO of P&C Partners. Christoph Spichtig will then become Deputy CEO of P&C Partners, relocating to Europe in early 2022
16 September 2021MTPL tarrifs' liberalization in Bosnia & Herzegovina postponed
Government of the Federation of Bosnia and Herzegovina (FBiH) approved an amendment to the Law on Compulsory Traffic Insurance, which extends the use of the common tariff by one year (until end of October 2023), while full tariffs liberalization was pushed until November 1, 2026, wrote osiguranje.hr.
16 September 2021Delegated underwriting authority groups earned have intermediated premiums worth USD 100 billion
The value of revenues earned worldwide by MGAs, MGUs and cover-holder groups (a.k.a. delegated underwriting authority groups) was around USD 12.5 billion in 2020, implying premiums intermediated by such groups in that year of approximately USD 100 billion, a ranking and analysis completed by Insuramore found out.
15 September 2021RUSSIA: SberStrakhovanie Life celebrates 9 years on the market
On September 7, 2021, SberStrakhovanie Life celebrated 9 years on the market. During this time, 26 million clients have used the company's insurance programs and concluded almost 55 million contracts, according to the insurer's press-release.
15 September 2021GEORGIA: the insurance market ended 1H with a decrease in profits
The first six months of 2021 the Georgian insurance market ended with a decrease in profits, Trend reports referring to the National Bank of Georgia.
15 September 2021UKRAINE: at the beginning of September the number of insurance companies was 170
At the beginning of September 2021, 153 non-life insurers (previously 160) and 17 life insurers were working in the Ukrainian insurance market, Forinsurer reported.
15 September 2021CROATIA: in the first 8 months the insurance market grew by 12% y-o-y
GWP of Croatia-based insurers increased by 12.09% y-o-y from January to August of 2021, reaching HRK 8.13 billion (EUR 1.09 billion*), the Croatian Insurance Bureau said on September 14, SeeNews reports.
15 September 2021ESTONIA: in August LKF sent 10,300 reminders on termination of MTPL insurance
In August, the Estonian Traffic Insurance Fund (LKF) sent 10,300 reminders on termination of MTPL policies. About 60% of those who received reminders, renewed their insurance contracts, LKF said.
15 September 2021RUSSIA: KPMG: the average annual growth rate of the insurance market by 2024 will exceed 11%
KPMG prepared a report forecasting development of the insurance market in Russia in 2021-2024, based on an analysis of historical indicators, current market trends, regulation, drivers of insurance product development and general expectations of industry experts.
15 September 2021XPRIMM Newsletter
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