Hannover Re anticipates prices and conditions to remain on a sustained stable level for the treaty renewals in property and casualty reinsurance as at 1 January 2025 and anticipates a balance of supply and demand in most markets.

The reinsurance market has achieved a sensible balance in an environment characterized by high demand, Munci Re representatives said at the “Rendez-Vous de Septembre” industry event in Monte Carlo.

According to the Georgian Insurance Supervision Service, at the end of 1H2024, the insurance market grew by 20.44%, amounting to GEL 711.77 million (EUR 236.61 million).

Europe's insurance industry welcomes Mario Draghi's report, backing the need to prioritize EU competitiveness. The industry supports the report's call to increase the flow of investments and savings across the EU, ensure Europe’s ambitious decarbonization plans are part of a larger coherent plan, and reduce regulatory burden.

Istanbul will host on 1-2 October the 3rd International Insurance Summit & Türkiye Rendezvous and XVI International Istanbul Insurance Conference.

The first-ever joint conference of all sections of the International Actuarial Association (IAA) will take place between September 22- 25, 2024, organized by the Institute of Actuaries in Belgium (IA|BE), in Brussels.

Envelop Risk, the data-driven cyber reinsurance and analytics specialist, launched Envelop Risk Solutions, its services business offering a spectrum of support for insurers and reinsurers seeking enhanced cyber performance.

Trucks make up a significant part of the cars that move on roads. However, this type of transport is also involved to a considerable extent in accidents on Czech roads.

The Georgian government is going to initiate a bill providing for compulsory civil liability insurance of vehicle owners, Business Georgia writes.

During the week, the amount of insurance indemnities paid out to clients affected by the storm at the end of July increased by EUR 2 million, reaching a total of EUR 9 million paid out to clients.

In the first half of 2024 motor insurers in Poland generated a total of PLN 8.85 billion (~EUR 2.05 billion) in premiums, which is 10.42% more y-o-y, the analysis of the Insurance Guarantee Fund (UFG) show, Gazeta Ubezpieczeniowa (Insurance Gazette) writes.

GROSS insurance company is expanding its partnerships with global insurance companies and brokers. Currently, GROSS cooperates with 79 countries in the global insurance market. In 1H2024, the volume of reinsurance accepted by GROSS from foreign companies increased to 392% y-o-y, Gazeta.uz writes.

BMS Group, the independent specialist insurance and reinsurance broker, appointed Richard Dudley as Group Chief Broking Officer. Based in London, Dudley will report to BMS Group’s CEO, Nick Cook.

The previous year has seen several insurance related legal issues arise in relation to war and political risk wordings, as emphasized in Carter Perry Bailey’s REINSURANCE ROUND-UP September 2024, presented in Monte Carlo by representatives of the specialist law firm.

Estonian insurers wrote gross premiums worth EUR 344.8 million in 1H 2024, by 8.16% more y-o-y. At the same time, paid claims increased by 5.46%, to EUR 207.72 million. The market portfolio’s structure remained largely unchanged, with only very small alterations of some LoBs’ weight.

The Hungarian insurance market saw an about 5% y-o-y increase in GWP, to EUR 2.2 billion, data provided by MNB show. However, denominated in local currency (HUF, Hungarian Forint) the market results show a higher growth rate, of almost 12%, the difference reflecting the depreciation of the Hungarian Forint against Euro.

"The key topics for the (reinsurance) industry remain largely unchanged from last year, but the challenges have intensified, leading to higher demand,” said Urs Baertschi, Swiss Re's Chief Executive Officer Property & Casualty Reinsurance in Monte Carlo. He named NatCat risks, economic uncertainty and geopolitical instability among the main reasons for which direct insurers seek reinsurance protection.

Albanian insurers wrote gross premiums worth EUR 118.43 million, 14.12% up y-o-y. The double-digit growth rate is partly owed to the about 6% appreciation of the Albanian Lek. In local currency, the market growth was 7.55%.

Risk coverage is a complex business whose ultimate objective is to protect the client. Providing value for money is a priority for the insurance industry.

Connect Underwriting Limited, the specialist reinsurance MGA, announced it launched the reinsurance MGA BRICS UW (BRICS), subject to regulatory approval, which will provide capacity to emerging markets.