Insurance -

VIG, 2018: top results for premiums and profit before taxes

Editor: Cosmin CONCEATU
2019-03-21

Vienna Insurance Group (VIG) published its 2018 annual report. The Group's overall result shows increases on premiums volume, profit increases and a reduced combined ratio.

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

Editor: Daniela GHETU
2019-03-21

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

FITCH: rising claims costs are challenging UK motor insurers

Editor: Daniela GHETU
2019-03-21

UK motor insurers' profit margins will remain under pressure as insurers struggle to increase premium rates to keep pace with rising claim costs, Fitch Ratings says in a new report. It is difficult to put up prices without losing business as the market is highly competitive and price-sensitive in the UK.

ROMANIA: The insurance market increased by 4.5% in 2018

Editor: Adina TUDOR
2019-03-21

"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.

Editor: Marina MAGNAVAL
2019-03-21

In 2018, the share of the Russian National Reinsurance Company (RNRC) in total outward reinsurance of the Russian insurance companies amounted to 10% (vs 7.3% a year ago), according to a report by RNRC.

GEORGIA: GPI Holding - Estonian model will boost insurance business

Editor: Marina MAGNAVAL
2019-03-21

Applying the Estonian model for profit taxation (insurance companies will not be subject to income tax on reinvested profits) will boost development and growth, according to the General director of GPI Holding, Paata LOMIDZE, reported Caucasus Business Week.

LITHUANIA: Ukrainian insurer GUARDIAN gets new shareholder from Lithuania

Editor: Marina MAGNAVAL
2019-03-21

In March 2019, Ukrainian insurer GUARDIAN announced in a press release that Lithuania citizen, Arunas SIKSTA, was about to acquire the company as a new shareholder, the insurer said.

TALANX boosts 2018 key indicators despite heavy Q4 Nat Cat losses; confirms 2019 targets

Editor: Andrei Victor
2019-03-21

Hanoover-based insurer TALANX reported impressive FY2018 results, despite heavy Q4 Nat Cat losses, as the company reported in a statement.

KAZAKHSTAN: in January this year, voluntary classes generated 87% of GWP as market driver

Editor: Marina MAGNAVAL
2019-03-21

In January this year, 87% of total GWP was generated by voluntary insurance. The total market GWP increased by 40.8% y-o-y and paid claims went up by 10.9%, according to the National Bank of Kazakhstan.

UKRAINE: FITCH affirmed Ukraine at B- with stable outlook

Editor: Marina MAGNAVAL
2019-03-21

In March 2019, FITCH Ratings affirmed Ukraine's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a stable outlook, according to the agency's official report.

UNIQA gradually drops investments in coal-based industry

Editor: Cosmin CONCEATU
2019-03-21

UNIQA Group wants to completely withdraw its capital market investments related to coal industry. UNIQA Austria states that at the end of January 2019, its investment portfolio was already coal-free.

Bulgaria: Boiko ATANASSOV appointed as FSC's head

Editor: Andrei Victor
2019-03-21

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

RUSSIA: Alexander ZARETSKI steps down from the presidency at METLIFE

Editor: Marina MAGNAVAL
2019-03-21

On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.