An expert discussion organized by the Latvian Insurers Association (LAA) "Lessons for Latvia from the summer storm" took place on October 31. The president of LAA stated that the storm that took place in July of this year has set a new record in terms of insurance claims.

The Moldovan government has approved amendments to the law on insurance and reinsurance activities, according to which insurance companies will be able to simultaneously hold licenses for life insurance and general insurance, bizlaw.md writes.

ARX, which is among top-5 insurers in Ukraine and operates in risk insurance, collected more than UAH 3.1 billion (~EUR 67.64 million) in premiums in the first 9 months of 2024, which is 14% more y-o-y. The company's paid claims amounted to almost UAH 1.3 billion/~EUR 28.36 million (+28% in UAH), Forinsurer writes.

The United Nations Development Program (UNDP), in cooperation with the National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP), conducted a training for the insurance market regulator and insurance sector specialists. Prof. Karel van HULLE, Professor, KU Leuven - Goethe University Frankfurt, Germany was the lector of the training.

NFP, an Aon company and a leading international insurance brokerage and consulting firm, announced its acquisition of HC Financial, a financial planning and corporate employee benefits advisory business based in Galway, Ireland, Aon said in its press-release.

Insurance Europe has called on the European Commission (EC) to withdraw its Artificial Intelligence Liability Directive (AILD), arguing that it would create legal uncertainty and discourage innovation.

Zurich Insurance Group (Zurich) delivered a robust performance in 9M 2024, with all businesses contributing positively. The P&C business continues to show strength while Life and Farmers build on their positive momentum.

Munich Re generated a net result of EUR 930 million in Q3 2024. The y-o-y decline in the quarterly result is attributable to above-average major losses from natural catastrophes. In the first three quarters, the net result amounted to EUR 4,692 million.

Swiss Re announced the strengthening of its P&C Re reserves in Q3, following a comprehensive review. The Group added USD 2.4 billion to P&C Re's prior year US liability reserves in the third quarter of 2024, bringing the total reserve additions to USD 3.1 billion for the first nine months of the year.

Bulgarian insurers wrote gross premiums worth EUR 1.19 billion in the first half of 2024, which is by 3.3% over the 1H2023 result. According to data provided by the market authority, life insurance GWP accounted for EUR 203.5 million, 9% up y-o-y, while non-life GWP reached EUR 989.9 million, 2.7% up y-o-y.

The Retail Investment Strategy (RIS) proposal presented by the European Commission in May 2023 is a key opportunity to boost EU citizens' participation in capital markets so that they can make the most of their money while supporting the European economy. Since its publication, member states have been busy defining their position in the Council, while the ECON Committee of the European Parliament adopted the report of Rapporteur MEP Stéphanie Yon-Courtin in March this year.

The National Bank of Ukraine (NBU) has drafted and proposed for public discussion amendments to the rules of compiling and submitting reports by participants of the non-banking financial services market, Interfax reports.

Insured losses from the extreme flooding in the eastern and southern regions of Spain are expected to be well above EUR 1 billion, given the significant damage to people, properties, vehicles, and businesses as well as to the region's agriculture sector, global rating and consultancy company Morningstar DBRS said.

Swiss Re agrees to sell iptiQ's European P&C business to Allianz Direct, in line with its strategic decision to withdraw from iptiQ. Allianz Direct, the pan-European online insurer of Allianz Group, will take over the risk carrier based in Luxembourg.

In the first nine months of 2024, Adris grupa achieved total consolidated revenue in the amount of EUR 842 million, which is 9% more y-o-y. Revenue from the sale of goods and services amounted to EUR 794 million (+9%).

Introduction of universal health insurance (UHI) in Armenia in 2025 is not planned, as the Minister of Finance of Armenia Vahe Hovhannisyan stated in the parliament on November 1, since the draft budget for next year does not include a corresponding expenditure item, ArmInfo reports.

From January to September 2024, Armenian insurers paid taxes in the amount of AMD 1.7 billion (USD 4.4 million), which is 6.3% higher y-o-y in local currency, ArmInfo writes with reference to the data of the State Revenue Committee of the Republic of Armenia.

A total of 405,604 hectares of cultivated land have been insured in Azerbaijan in the first 9 months of this year, Trend reports with reference to the Agrarian Insurance Fund.

Chubb reported net income for the quarter ended September 30, 2024 of USD 2.32 billion, or USD 5.70 per share, and core operating income of USD 2.33 billion, or USD 5.72 per share. Up 15.2% and 15.6%, respectively, with P&C underwriting and net investment income both up double-digit; global P&C and Life insurance net premiums written up 8.5% and 10.6%, in Constant Dollars, according to the press release.

The financial “health” indicators of the motor insurance sector have returned to the pre-pandemic negative levels, insurancedaily.gr writes.