News - Insurance
BELARUS: Unified motor insurance system to start operating on January 1, 2025
A unified motor insurance system will start operating in the Union State on January 1, 2025, according to the amendments to the federal law "On compulsory motor third party liability insurance of vehicle owners", which were adopted on November 27 by the Federation Council of the Federal Assembly of Russia, BELTA reports.
3 December 2024BULGARIA: Fitch Ratings maintains at B+ the IFS rating of Euroins
Fitch Ratings has maintained at B+ the insurer financial strength (IFS) rating of Bulgaria's Insurance Company Euroins, the main operating subsidiary of Euroins Insurance Group (EIG), part of Eurohold Bulgaria, with a stable outlook, as SeeNews reports.
3 December 2024CROATIA: The market rises by 11.41% y-o-y by the end of October
The total GWP in Croatia in the first 10 months of 2024 amounted to EUR 1.6 billion, which is 11.41% more y-o-y. Of the total, EUR 271.3 million (17%) came from life insurance, and EUR 1.3 billion (83%) - from non-life, osiguranje.hr reports.
3 December 2024CYPRUS: The acquisition of CNP Cyprus by Hellenic Bank has been approved
Hellenic Bank informed that, following its previous announcement on July 10, 2024 regarding its agreement with CNP Assurances for the acquisition of CNP Cyprus Insurance Holdings Limited, the Competition Protection Committee approved the acquisition on 27 November 2024, cyprusinsurancenews.com writes.
3 December 2024KAZAKHSTAN: life insurance and accident insurance are among the most popular insurance products
The number of insurance contracts with individuals, including compulsory travel insurance (CTI), in Kazakhstan increased by 38% to 18 million units in January-October of this year, according to a market study by ranking.kz.
3 December 2024SERBIA: Serbian Insurance Days: the insurance sector in the past 10 years recorded a positive trend and more than doubled
“The key indicators of the insurance sector's operations in the past 10 years have recorded a positive trend and more than doubled”, said the governor of the National Bank of Serbia, Jorgovanka Tabaković opening the 8th edition of the Serbian Insurance Days Conference, organized on November 27 in Zlatibor.
3 December 2024TURKIYE: TSB: additional USD 2-3 billion of reinsurance protection will be needed in 2025
The Insurance Association of Turkey (TSB) has set its expectations for 2025 for the industry. The expectations are published in an information booklet of TSB, where the Association explains the steps taken by the Turkish insurance industry after the February 2023 earthquakes, Middle East Insurance Review reports.
3 December 2024UKRAINE: INGO joins the League of Insurance Organizations of Ukraine
INGO Insurance Company has become a new member of the League of Insurance Organizations of Ukraine (LIOU), which opens up additional opportunities for the company for cooperation, development of industry initiatives and participation in the formation of common strategies to strengthen the country's insurance market, Forinsurer writes.
3 December 2024UKRAINE: TAS Insurance Group premiums increase by 36% in 10 months
For the period from January to October of this year, total GWP of the TAS Insurance Group amounted to UAH 3,980.45 million (~EUR 89.47 million), which is 36.1% more y-o-y, Forinsurer reports.
3 December 2024UZBEKISTAN: draft law on agricultural risk insurance has been developed
A draft law “On agricultural risk insurance” has been developed in Uzbekistan, which was discussed on November 25 during the presentation of proposals for food security governance, increase of cotton and cereal crop yields, gazeta.uz writes.
3 December 2024Aon to acquire in-house insurance agency business of Mitsubishi Chemical Group
Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire the in-house insurance agency business of Mitsubishi Chemical Group (MCG) enhancing Aon’s risk and health capability offering in Japan, the company says in its press-release. The transaction is expected to be completed in early 2025.
3 December 2024Zurich becomes a leading travel insurer by acquiring AIG’s global personal travel business
Zurich Insurance Group has successfully acquired AIG’s global personal travel insurance and assistance business, including Travel Guard, for USD 600 million, plus a potential earn-out payment. The transaction makes Zurich one of the largest travel insurers globally, serving more than 20 million customers and 200 distribution partners.
3 December 2024Poland: motor insurance claims grow in number and value in the first three quarters pf the year
In 3Q 2024, insurers in Poland processed over 1.4 million claims under MTPL and motor own damage insurance (MoD). According to the data of the Insurance Guarantee Fund Information Centre, paid claims reached PLN 14.3 billion, including PLN 8.1 billion for MTPL and PLN 6.2 billion for MoD claims.
28 November 2024STATISTICS: MOLDOVA, 3Q2024 results: pre-tax profit down almost 23%
According to the National Bureau of Statistics, the insurance sector of Moldova grew by 10.90% to MDL 2,421.91 million (EUR 124.52 million) at the end of 3Q2024. At the same time, paid claims grew by 26.02% and reached MDL 901.87 million (EUR 46.37 million).
26 November 2024STATISTICS: KYRGYZSTAN, 3Q2024: double-digit growth rates both in GWP and paid claims
The insurance sector of Kyrgyzstan grew by 56.29% at the end of 3Q2024, reaching KGS 3,734.84 million (EUR 39.80 million), according to data published by the Service for regulation and supervision of the financial market of Kyrgyzstan.
26 November 2024STATISTICS: BELARUS, 3Q2024: voluntary insurance generates over 67% of premiums and paid claims
At the end of 3Q2024, the insurance sector of Belarus amounted to BYN 1,929.51 million (EUR 538.31 million), which is 17.46% more y-o-y in local currency, according to data published by the Ministry of Finance of the Republic of Belarus.
26 November 2024OAK Reinsurance receives Lloyd’s permission to underwrite
Oak Reinsurance (“OAK Re”), a global reinsurance company, announced that its Lloyd’s Syndicate 2843 has received permission to underwrite business incepting from 1 January 2025. This follows the approval in principle that was received in September 2024.
26 November 2024Guy Carpenter to acquire the remaining 51.5% of the Athens-based reinsurance broker
Guy Carpenter, a leading global risk and reinsurance specialist and a business of Marsh McLennan announced that it has entered into an agreement to acquire the remaining 51.5% of shares of Carpenter Turner, an Athens-based regional leader in the reinsurance broking and advisory business, the company said in its press-release.
26 November 2024VIG, 3Q2024: strong performance despite storm Boris’ impact; profit forecast for 2024 confirmed at up to EUR 875 million
Vienna Insurance Group (VIG) reported for 3Q 2024 GWP worth EUR 11.5 billion (+8.0% y-o-y) and profit before taxes of EUR 666.5 million (+8.5% y-o-y), while the P&C net combined ratio remained the same as previous year at 94.3%. Management confirms profit forecast for 2024
26 November 2024Climate change and biodiversity loss: Both fundamental challenges for our time
Insurance companies, as underwriters and major institutional investors, hold responsibility and power in many areas of sustainable development. Fortunately, behaving responsibly and pursuing profitability objectives are not mutually exclusive. The sector must ambitiously face the global challenges that threaten not only our entire economic system but the very future of humankind.
25 November 2024
