News - Insurance
Tobias SONNDORFER: climate and cyber related risks will be dominate the risk landscape in the next decade
Resilience, collaboration, innovation form the mix of ingredients that will help dealing with the increased volatility, Tobias SONNDORFER, Vice-Chairman of the Board of Directors, VIG Re stated at the AM Best's CEE Insurance Market Briefing – Vienna.
17 April 2024STATISTICS: RUSSIA, FY2023: net profit at the end of the year almost doubled
In 2023, the insurance market grew by a quarter to RUB 2.28 trillion (EUR 23.03 billion). The growth drivers in life insurance were all main types, including investment, accumulative and credit insurance, while in non-life insurance – motor segment, follows from data published by the Central Bank.
17 April 2024STATISTICS: GEORGIA, FY2023: market exceeded GEL 1 billion
According to the Georgian Insurance Supervision Service, the market in 2023 amounted to GEL 1.06 billion (EUR 357.47 million/+13.35%), which is almost 17% more y-o-y. Insurers’ paid claims reached GEL 614.29 million (EUR 206.46 million/+20.29%), which indicates an increase of 24%.
17 April 2024Lloyd’s announces new CCO and CEO of Lloyd’s Americas
Lloyds announced in a press release that Dawn Miller has been appointed as Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas, based in New York with effect from 1 September 2024.
17 April 2024GC appoints new Managing Director for global specialties
Reinsurance broker Guy Carpenter, a business of Marsh McLennan, announced the appointment of Richard Chu as Managing Director, Credit, Bond & Political Risk, Global Specialties.
17 April 2024Swiss Re approved the re-election of Jacques de Vaucleroy as Chairman of the BoD
Swiss Re's shareholders approved all motions put forward by the Board of Directors at reinsurer's Annual General Meeting (AGM).
17 April 2024ARMENIA: the government is ready to support agroinsurers and partially assume risks
As part of the pilot agroinsurance program, the Armenian government will not only subsidize insurance premiums, but also compensate the costs of insurance companies if a certain threshold of insurance payments is exceeded, as Minister of Economy Gevorg Papoyan said on April 12, ArmInfo writes.
17 April 2024ESTONIA: in 2023, traffic insurance cases caused by taxis resulted in a total loss of EUR 2.2 million
According to the statistics of the Estonian Traffic Fund (LKF), last year, app taxis caused twice as many traffic insurance cases as regular taxis and seven times more than other passenger cars.
17 April 2024KAZAKHSTAN: in 2023, net profit of the life insurance sector increased by 44.6%
In 2023, increased demand for life insurance products, both as a result of the risks and through legislative incentives, ensured growth of all key indicators of the life insurance market, according to the review of the Kazakhstan life insurance market for 2023, prepared by the AFK Analytical Center (Association of Financiers of Kazakhstan).
17 April 2024UKRAINE: in 1Q2024, TAS insurance group was leading in the MTPL market
In the first quarter of 2024, TAS Group confirmed its undisputed leadership in the MTPL market - in terms of collected premiums, number of settled claims and amount of payments, Forinsurer writes.
17 April 2024UZBEKISTAN: in 2023, the total charter capital of insurance companies increased by 22%
At the end of 2023, the total number of existing insurance contracts in Uzbekistan was about 9.74 million units, and the total number of concluded contracts was 9.13 million units (in 2022: 8.40 million and 7.95 million units, respectively). This indicates a stable pace of development of insurance activities, according to the Ahbor-Reyting rating agency.
17 April 2024UZBEKISTAN: Universal Sug‘urta ceased insurance activities
The license of Universal Sug‘urta for voluntary non-life insurance was canceled on April 2, the press service of the Uzbekistan's National Agency of Perspective Projects (NAPP) reported, gazeta.uz writes.
17 April 2024Mercer and Oliver Wyman release 2024 Global Insurance Investment Survey
Mercer and Oliver Wyman, businesses of Marsh McLennan, released their 2024 Global Insurance Survey. Drawing on insights of more than 80 insurers globally, the survey highlights their investment and portfolio positioning plans for 2024 and beyond.
17 April 2024Last chance to register for the 2024 edition of the IIF - ESG IN INSURANCE Conference
Last chance to register for the 2024 edition of the IIF - ESG IN INSURANCE Conference, on 16 April, in Vienna. See the full agenda online and register now to join participants from accross tens of insurance markets, as well as a stellar team of speakers that will share their views and experience on the most important ESG issues in the insurance framework.
11 April 2024Save the date! 2024 IAIS Global Seminar on 9-11 July 2024
The 2024 IAIS Global Seminar will take place virtually on 9-11 July 2024 from 13:00-15:00 (CEST), the International Association of Insurance Supervisors announced.
The panel sessions of the Global Seminar will explore the transformative power of artificial intelligence in the insurance sector and delve into the changing monetary policy landscape to discuss the steps insurers are taking in response.
There will also be opportunities to engage with the IAIS leadership for valuable insights into our strategic initiatives and share perspectives and ideas.
In line with our commitment to environmental sustainability, the Global Seminar will be held in a virtual format. This move aligns with the IAIS’ Environmental Policy, which includes targets to reduce our carbon footprint associated with meetings.
More details will soon follow on IAIS’s website, including the registration information.
11 April 2024POLAND: MTPL insurers record a technical loss for the first time since 2016
Due to the still low rates in TPL, the Polish motor segment recorded another decline in the technical result in 2023. Total motor insurance GWP amounted to EUR 6.5 billion, 8.5% up y-o-y. While GWP growth on the MoD line was of about 14%, on the MTPL class premiums went up by only 1.7% y-o-y.
11 April 2024POLAND: the Aegon, Compensa Życie and Vienna Life merger will give birth to a one of the largest life insurers
The new company resulting after the Aegon, Compensa Życie and Vienna Life merger planned for Q4 2024, will operate under the name Vienna Life. While preserving the name of one of the merging companies, the new market entity will go through a complex rebranding operation.
11 April 2024Zurich Insurance Group: Michel M. Liès confirmed for a new mandate as Chairman of the Board
The shareholders of Zurich Insurance Group Ltd (Zurich) confirmed Michel M. Liès as Chairman of the Board of Directors (Board) at today’s Annual General Meeting (AGM). They also elected John Rafter as a new member and confirmed all current Board members who stood for re-election.
11 April 2024ISF announces plans to facilitate investments in resilient infrastructure in developing/emerging markets
The Insurance Development Forum (IDF) announced plans to facilitate insurance sector investments in resilient infrastructure that will enhance the resilience of vulnerable communities in emerging and developing economies to risks from climate change and other natural disasters.
11 April 2024GDV: inflation still challenging for motor insurers, who are facing a second year of losses worth billion
German motor vehicle insurers are expected to make a loss of up to EUR 2 billion this year, thus witnessing a second year of negative balance, a top representative of the German Insurers’ Association (GDV) said.
11 April 2024
