The Supervisory Boards of Hannover Ruck SE and E+S Ruckversicherung AG have appointed Thorsten Steinmann as a member of the Executive Board of Hannover Re and E+S Ruck effective 1 September 2024. He will succeed Michael Pickel, who will retire on 31 December 2024 after 25 successful years at Hannover Re.

The Supervisory Board of the Slovene health insurer Vzajemna Insurance Company appointed Matija Senk as the new Chairman of the Management Board, wrote n1info.si here. His mandate started on March 1^st.

German reinsurer Hannover Re generated Group net income of EUR 1.8 billion for the 2023 financial year (previous year: EUR 0.8 billion) and thus beat its guidance of at least EUR 1.7 billion.

Global insurance broker Marsh announced that it intends to exercise its option to acquire the majority of shares in Beassur Marsh, a leading insurance broker in Morocco. The announcement follows Marsh’s acquisition of a stake in the business in June 2019. Terms of the transaction were not disclosed.

According to the Estonian Insurance Association (EKsL), 529 insurance fraud cases were registered last year, with an attempt to defraud EUR 2 million. At that, the average scam amount was EUR 3,800, and larger frauds exceeded EUR 100,000.

Lithuanians’ awareness of the importance of home insurance is increasing after major disasters. The head of Gjensidige's claims department for the Baltic countries, Viktorija Katiliene noticed that after every major incident, the interest in home insurance increases significantly, which indicates a change in the public's attitude from "don't care" to "necessary", draudimas.lt wrote.

At the 9th edition of the Institution of the Year project PZU won the title of the "Best Insurer in Poland" for another year in a row.

The results of the Eurobarometer survey published last year show that the level of financial literacy in the EU is low on average (18% of EU citizens have high financial literacy). There are considerable differences between EU countries. Only in four EU member states 25% of people have a high level of financial literacy, i.e. the Netherlands, Sweden, Denmark, and Slovenia.

The largest insurance company in Slovakia - Pojistovna Kooperativa, part of Austrian Vienna Insurance Group acquired 35% stake in insurance broker Universal Maklersky Dom from the Dutch UMD Group B.V., informed FinReport.sk here.

After again generating record Group net income of EUR 1,581 million in financial year 2023, the Talanx Group is proposing that the General Meeting lift the dividend per share by 35 cents to EUR 2.35.

“The global reinsurance industry has struggled to source, develop, and trade in ESG transactions. From concerns about being too far from the risk to influence the behavior of insureds to questions about the cost of green transactions, the result has been an industry commitment to ESG that has largely fallen flat”, explains Tom Johansmeyer, Global Head of Index Classes, Inver Re.

Less than 4 weeks to go! Register now and join market participants from across the Central and Eastern Europe (CEE) insurance markets at AM Best's CEE Insurance Market Briefing - Vienna on Wednesday, 17th April 2024.

Insurers are in the business of risk, but the risk landscape constantly changes. Around ten to fifteen years ago, there was a degree of stability globally, with less anguish about the economic, environmental and geopolitical forces at play. In the recent five to ten years there have been frequent natural catastrophes, pandemics, supply chain breakdowns, heightened inflation and interest rate rises, that are forcing industry participants to consider whether we are in a Poly/Permacrisis, and how to manage it.

With a new team at the helm at the market authority, several upgrades of the regulatory framework under way and market players’ strong willingness to improve the market environment, the Romanian insurance field is a business area worth exploring. The 25^th edition of FIAR – the International Insurance-Reinsurance Forum provides the ideal platform to meet these opportunities.

The event will take place in Bucharest, at the Sheraton Hotel, on 26-28 May.

The Forum will host four conferences that will address the most challenging issues in the current insurance landscape in a total of four conferences:

27 May

The Azerbaijan Insurers Association together with XPRIMM are pleased to announce a new edition of the most important event in the Caucasus Region, the Azerbaijan International Insurance Forum, to be held in Baku, on 20-21 June.

The Law “On Health Insurance” was adopted in Tajikistan 15 years ago in 2008, but its implementation has been delayed for the 5^th time, ASIA-Plus reports.

In 2023, VIG Re – the reinsurance arm of the Vienna Insurance Group -, reported GWP growth by 13.7%, to EUR 900.7 million, driven by significant growth of the non-life treaty business across all segments. Under the new IFRS 17/9 accounting standards, insurance service revenue for the year was EUR 819.4 million.

At today's meeting of the Supervisory Board of Vienna Insurance Group (VIG),

At the end of December 2023, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 1.11 billion, up by 12.02% y-o-y, while the amount paid in claims and indemnities increased by 10.64% y-o-y to EUR 710.93 million, according to the quarterly figures published by the Central Bank (Latvijas Banka).

During last year, the Lithuanian insurance market grew by 17.22% y-o-y (or by EUR 212 million) to EUR 1.45 billion, while the value of payments expanded by 20.70% y-o-y to EUR 632.47 million, according to the market figures published by the Bank of Lithuania – Lietuvos Bankas.

Munich Re HealthTech announced the promotion of Bilal Ramadan to Chief Executive Officer. Bilal Ramadan started in his new role on March 1, 2024 and reports to Owais Ansari Head of Munich Re Life & Health, MENA, Pakistan & Takaful Business.