News - Insurance

Sorin Greceanu elected as Vice President of the Council of Bureaux

On 24th September 2020, during the 54th General Assembly of the Council of Bureaux (CoB), 40 organisations were admitted as members of the Association in their capacities of Guarantee Fund, Compensation Body and/or Information Centre. CoB also announced the election of Sorin Greceanu, General Manager of the Romanian Motor Insurers Bureau (BAAR), as Vice-President of the organization.

A.M. Best confirms SCOR's Financial Strength Rating of 'A+ Superior' and its Issuer Credit Rating of 'AA-'

A.M. Best has decided to affirm SCOR's Financial Strength Rating of 'A+ (Superior)' and its Long-Term Issuer Credit Rating of 'aa-'. According to A.M. Best, this decision reflects "SCOR's balance sheet strength, which A.M. Best categorises as very strong, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management."

STATISTICS: NORTH MACEDONIA, 1H2020: Property insurance grew by 20.5%

During the first six months of 2020, the insurance market of North Macedonia amounted to MKD 5.2 billion (~EUR 83 million*) in gross premiums written (GWP) and MKD 1.8 billion (~EUR 29 million*) in claims paid. The overall GWP of the market decreased by 1.7%, while consolidated claims decreased by 6.8%, in local currency.

Willis Re report: COVID-19 crisis fuels cyber losses

Willis Re launched a new report about cyber attacks according to which surveyed risk professionals believed the overall level of cyber attacks will increase as a result of COVID-19. Of nearly 1,000 respondents to Willis Re's 2020 Cyber Risk Outlook survey, 86% believe frequency will increase, and 54% believe severity will rise, according to the annual, global survey by the reinsurance division of Willis Towers Watson.

Munich Re issues a EUR 1.25 billion green bond

Munich Re announced the issue of a subordinated green bond, with the volume issued amounting to EUR 1.25 billion. This bond highlights Munich Re's commitment to using the capital markets to help achieve a climate-friendly transformation of the economy.