Polish insurer PZU informed in a statement that on 23 February 2024, the Company's Supervisory Board (SB) dismissed the President of the PZU SA Management Board and other five Members. “The dismissal resolutions did not include information on the reasons for the dismissal and came into force upon adoption”, informed PZU.

GWP on voluntary personal life insurance (except for life insurance within the framework of the state educational savings system) in 2023 increased by 19.8%, reaching KZT 225 billion (~EUR 0.45 billion). At the same time, the segment’s share in total market premiums decreased from 20.9% to 18.9%, Allinsurance.kz reports.

German insurer Allianz informed that it has completed the acquisition of Tua Assicurazioni S.p.A. from Italian insurer Assicurazioni Generali for a consideration of EUR 280 million. The acquisition was initially reported in October 2023 (click here for details).

To compete against international reinsurers’ better prices, and increase profitability, insurers in countries part of the Commonwealth of Independent States (CIS), will likely grow their reinsurance business, but this would also bring new risks. New reinsurance activities will support CIS profitability and enhance their diversification, according to Moody’s analysts, Report informed.

Health insurance is the most popular type of insurance in Latvia. The president of the Association of Latvian Insurers, Janis Abasins, explained the 10% annual increase in health insurance by the fact that employers need healthy employees, lsm.lv wrote.

Insurance companies PZU Ukraine and PZU Ukraine life insurance (among the top 25 insurers in Ukraine) have summed up preliminary results for 2023. PZU Ukraine collected UAH 1,869 million (~EUR 44.37 million) in premiums, which means an increase of 46.1% y-o-y, Forinsurer reports.

Since 2023, the number of online insurance services provided by Uzagrosugurta (O‘ZAGROSUG‘URTA), which is among the top 5 insurance companies in Uzbekistan (based on the 1H2023 results), has increased from 18 to 26, gazeta.uz writes.

Zurich insurance group posted FY 2023 Group business operating profit (BOP) up by 21% to a record USD 7.4 billion.

Tobias SONNDORFER, Vice-Chairman of the Board of Directors, VIG Re, will give the Keynote Speech on the changing landscape for CEE (re)insurers at AM Best's CEE Insurance Market Briefing – Vienna, on 17 April.

Doris PÖPPLEIN, Senior Sustainability Analyst, and Dr. Annina ANGSTMANN, Head P&C Solutions NCEE, Director, Swiss Re Solutions, Switzerland will address the Disaster Risk Resilience topic in the ESG context at the upcoming ESG IN INSURANCE Conference, in Vienna, on 16 April.

David Onoprishvili was appointed, by decree of the Georgian Government, for a new mandate of 5 years at the top of the Georgian State Insurance Supervision Service, starting February 12, 2024.

Allianz Group’s total business volume rose by 5.5% to EUR 161.7 billion in 2023, while the operating profit increased by 6.7% to EUR 14.7 billion. For 2024, the group targets an operating profit of about EUR 14.8 billion.

The Austrian insurance industry may pride itself with positive stats for 2023 totalizing over 50 million contracts, paid indemnities of EUR 17.6 billion, by 5.0% higher y-o-y, and premiums increased to EUR 20.3 billion, the Austrian Insurance Association (VVO) said.

Consolidated insurance revenues of Croatia osiguranje, including regional branches, amounted to EUR 476 million in 2023, which is 11% more y-o-y. The company, part of the Adris Group, achieved a consolidated net profit before minority interests in the amount of EUR 58.5 million.

Munich Re posted a profit of EUR 4.59 billion for the 2023 financial year – slightly higher even than the revised profit target of EUR 4.5 billion announced in October 2023, up from the initial figure of EUR 4.0 billion. Insurance revenue from insurance contracts issued rose y-o-y to EUR 57.88 billion.

The insurance sector of Armenia ended 2023 with an increase of 16.26%, reaching AMD 71.01 billion, as evidenced by the data of the Financial Rating of Insurance Companies provided by ArmInfo. It is worth noting that in euros the annual market growth was almost half as much (+9.03%, EUR 158.55 million).

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced Claire Schrader as General Counsel, responsible for managing legal risk at Lloyd’s, a role she has been performing on an interim basis since August 2023. She remains a member of Lloyd’s Executive Committee.

In 2023, ERGO paid out in the Baltic States EUR 216 million. Of these, EUR 59 million were paid to Latvian customers, EUR 102 million in Lithuania, and EUR 54 million in Estonia, the Latvian Insurers Association wrote.

The Dutch insurer Aegon announced the completion of the sale of its 56% stake in its joint venture in India, Aegon Life Insurance Company, to Bandhan Financial Holdings Limited, an Indian financial services company.

At the end 2023, the insurance market Bosnia totaled EUR 503.1 million (BAM 984 million), 11.7% more y-o-y, according to the most recent market figures published by AZOBIH - Insurance Agency of Bosnia and Herzegovina. In terms of claims paid by insurers, the overall amount was up by 7.7% y-o-y to EUR 219.6 million, of which EUR 55.5 million- life indemnities and EUR 164 million payments related to non-life claim files.