News - Insurance

STATISTICS: 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%).

GEORGIA: 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.

THE 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.

Third 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%.

MTPL 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