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In mid-December, the Croatian Parliament approved a decision that will stop the monopoly of insurance companies. Parliament after 15 years harmonized the law on mandatory motor insurance with EU legal norms, osiguranje.hr reports.

Q3 2023 preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, shows that at the end of September 2023, the Greek insurance market totaled EUR 3.8 billion, up by 9.7% y-o-y.

According to the quarterly statistics published by the Central Bank of Hungary, at the end of Q3 2023, the aggregate market gross profit of Hungarian insurers decreased by 36.5% y-o-y to HUF 14.7 billion the equivalent of EUR 37.6 million (vs. HUF 23.2 billion/EUR 55 million), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 42.4% y-o-y to HUF 12.1 billion (~EUR 31 million) vs. HUF 21 billion/ ~EUR 50 million.

According to the Q3 2023 market data published by the Financial and Capital Market Commission (FKTK), in terms of premiums, the Latvian insurance market totaled EUR 836.4 million at the end of September 2023, about 13.4% more y-o-y. There were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life & 4 life).

The largest CEE insurance market posted aggregate 3Q2023 GWP worth PLN 57.7 billion (EUR 12.5 billion), up by 9.4% y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers decreased by ~1.6% y-o-y to PLN 33 billion or EUR 7.1 billion.

The insurance market ended 3Q2023 with RUB 1,646.73 billion (~EUR 16.13 billion), which is 24% more y-o-y in rubles. However, in euro, the market decreased by about 32% due to a sharp change in the exchange rate compared to a year earlier. Paid claims reached RUB 758.86 billion/EUR7.43 billion (+17% in rubles), as follows from data published by the Central Bank.

A cooperation agreement on strategic issues was signed between the Hungarian government and Vienna Insurance Group (VIG) in Budapest on 14 December 2023. The cooperation is intended to support the successful joint development and expansion of the insurance sector in Hungary, as the Austrian insurer informed in a statement.

Global re/insurance marketplace Lloyd’s announced that ratings agency Standard & Poor’s (S&P), has revised its financial strength rating to ‘AA–’; outlook stable, from ‘A+’; outlook stable.

In the insurance market of Armenia, MTPL loss ratio increased by December 1, 2023 to 70% from 65% a year earlier, ArmInfo writes with reference to data from the Bureau of Motor Insurers of Armenia.

According to an assessment conducted by the Central Bank of Azerbaijan over the past year, most mandatory vehicle insurance clients complain about Xalq Sigorta, ABC.AZ writes. Based on the 3Q2023 results, the insurer ranks 9th among 20 companies in the market.

According to financial reports of Georgian insurance companies, the number of insured air vehicles in Georgia is 63 units, which is 15 units less than in 2022, Business Georgia reports.

Representatives of the business community of Moldova are asking the regulator to review the amount of taxes and payments for 2024 that insurance companies are to pay to the budget of the National Commission for the Financial Market, bizlaw.md writes.

German re/insurer Munich Re is aiming for a net profit of EUR 5 billion in 2024 “thanks to consistently good operational performance in all business segments”. At the same time, Group insurance revenue is expected to reach EUR 59 billion in 2024 and return on investment to improve noticeably to above 2.8%.

German re/insurance Group Allianz informed that Petros Papanikolaou, currently CEO of Central Europe for Allianz Group, will be appointed as the new CEO of AGCS - Allianz Global Corporate & Specialty SE, with effect from January 1, 2024, subject to regulatory approval.

In 2024, Sava Insurance Group plans to exceed EUR 925 million in business volume and to achieve a net profit of at least EUR 70 million, corresponding to a return on equity of at least 10.5%.

Austrian insurance group UNIQA informed that is the first insurance company in Austria to have ambitious targets to reduce emissions confirmed by Science Based Targets initiative.

Zurich Insurance Group announced that Claudia Cordioli will join the Group on March 1, 2024 as Group Chief Financial Officer (CFO) and member of the Executive Committee, subject to regulatory approval.

Swiss Re announced today that it has acquired Fathom, a leading provider of water risk intelligence and flood models, based in Bristol, UK. Through this transaction, Swiss Re's Reinsurance Solutions division gains valuable expertise and a robust set of products, complementing its own data and risk capabilities in the field of flood perils – a major driver for constantly rising losses from natural catastrophes globally.

The International Association of Insurance Supervisors (IAIS) published its 2023 Global Insurance Market Report (GIMAR), sharing the outcomes of this year’s Global Monitoring Exercise (GME), the IAIS’ risk assessment framework to monitor key risks and trends and detect the potential build-up of systemic risk in the global insurance sector.