The European Council’s recently released report Forward look2025 – Time for Leadership highlights how climate change is profoundly impacting the insurance industry, where rising costs and widening coverage gaps risk pushing the continent toward a potential insurance crisis.

The recent wildfires sweeping through Los Angeles have caused unprecedented destruction, with economic losses currently estimated by AccuWeather to reach up to USD 275 billion, while officials warn the region isn’t in the clear yet. This catastrophe is poised to become one of the most financially devastating natural disasters in U.S. history.

According to the Q3 2024 market data published by the Financial and Capital Market Commission (FKTK), the Latvian insurance market totaled GWP worth EUR 918.26 million, about 9.8% more y-o-y.

Insurers active on the Romanian market wrote gross premiums worth EUR 3.39 billion in the first three quarters of 2024, which is by 11.45% more y-o-y. Out of this total, local insurers accounted for EUR 2.88 billion, while the remaining EUR 513 million were generated by branches of EU insurers operating on FOS/FOE.

The regional insurance market of the former Soviet Union* countries grew by 37.61% in euros over the first three quarters of 2024, amounting to EUR 28.54 billion, according to xprimm statistics.

Swiss Re's Board of Directors proposes Morten Hübbe and George Quinn for election as new members of the Board at the upcoming AGM on 11 April 2025. Current Board members Philip Ryan and Sir Paul Tucker will not stand for re-election.

DARAG Group, a leading legacy acquirer with a focus on the European and UK market, and wefox Insurance AG, the Liechtenstein-domiciled insurance carrier of wefox Group, announced the transfer of a run-off portfolio including Motor Damage and Third Party Liability, Private Liability and Property business across Germany, Italy and Switzerland.

Reimbursement of medical expenses, hospitalization, surgical procedures, and temporary incapacity to work were the Top 5 most accessed coverages in the Romanian life insurance market in 2023, while 4 out of the 5 largest indemnities paid under this insurance line were granted as a result of the insured individuals' deaths, data provided by UNSAR show.

On January 1, 2025, Gregor Pilgram, CEO of Generali Versicherung AG (Austria), assumed the position of President of the Austrian Insurance Association VVO. He will hold this position for the next two years.

American International Group (AIG) announced that Christopher Flatt, currently Head of AIG North America Alternative Channels, has been named Global Chief Underwriting Officer, effective immediately. Mr. Flatt will report directly to Peter Zaffino, Chairman & Chief Executive Officer, AIG and join the company’s Executive Leadership Team, the Group said.

WTW, a leading global advisory, broking and solutions company, announced the appointment of Hugo Wegbrans as Head of Corporate Risk and Broking (CRB) Europe and Simon Delchar as Global Head of Placement, the company said.

Aon plc, a leading global professional services firm, announced the appointment of outgoing Lloyd's of London’s CEO, John Neal as Global Chairman of Climate Solutions and Global CEO of Reinsurance for Aon, effective following the conclusion of his notice period.

Starting last December 1, road insurance was extended to all-terrain vehicles, such as snow vehicles and TRVs registered as all-terrain vehicles. Today, however, only 15% of all-terrain vehicles have motor insurance. If a snow vehicle or other off-road vehicle is used, it must have road insurance, LKF wrote.

Allianz announced its renewed inclusion in the prestigious Dow Jones Sustainability Index (DJSI) for 2024, a testament to the company's commitment to sustainable action. This recognition underscores Allianz's long-term efforts to drive change and create a positive social and environmental impact globally, the company said in its press release.

NN Group, an international financial services company, active in 10 countries, with a strong presence in a number of European countries and Japan, announced the completion of the sale of its Turkish operations to Zurich Türkiye, the Group said in its press release.

According to data collected by Rankomat, last year MTPL prices increased by 25% compared to 2023. The experts believe that drivers will face further increases in 2025, Gazeta Ubezpieczeniowa (Insurance Gazette) writes.

The largest compensation received by a Romanian homeowner whose residence was protected by an optional insurance policy and affected by a fire exceeded EUR 422,000, according to an analysis conducted among UNSAR (the professional union of the Romanian insurers) members.

On January 2^nd, SCOR announced that it has finalized the sale of its stake in the capital of Humensis to Huyghens de Participations, the holding company of the Albin Michel group.  

The Ukrainian insurance market demonstrated growth in all key indicators for the first 9 months of 2024 - assets, insurance premiums and paid claims. GWP rose by 12.18% to UAH 38.30 billion (EUR 833.48 million), and paid claims - by 25.30% to UAH 15.07 billion (EUR 327.95 million), according to data published by the National Bank.

A newly established partnership combining Aon’s extensive client expertise with Moody’s advanced suite of digital tools, will enhance insurance broking and risk management outcomes for clients by delivering innovative insurance and risk management solutions for clients.