The insurance market of Cyprus totaled EUR 870 million at the end of September 2023, increasing by 13.6% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

While reiterating its full support for the European Commission’s commitment to reducing EU reporting burden by 25%, Insurance Europe - the federation of (re)insurance associations – has also expressed its disappointment that EC’s 2024 Work Programme doesn’t include concrete propositions that would materially ensure the 25% target was met for insurers.

Just one day after the UN concludes its international climate change conference (COP28) in the United Arab Emirates, Insurance Europe will hold an expert debate in Brussels on climate resilience and adaptation.

Insurance Europe has called for greater clarity on the definition of ELVs (End of Life Vehicles) and reparability criteria for vehicles used in the European Commission’s proposal circularity requirements for vehicle design and on management of end-of-life vehicles. It argues that the current form would leave ambiguity on several important issues and doesn’t build strong enough reparability criteria.

The insurance market of Ukraine in January-September 2023 recorded an increase of 19.49%. Total GWP reached UAH 34.14 billion (EUR 885.55 million), according to data published by the National Bank (NBU).

American International Group (AIG) announced that Rose Marie Glazer, who served as Interim General Counsel since October 1, 2023, has been named General Counsel, with immediate effect, overseeing AIG’s legal, compliance, regulatory and government affairs functions.

Austrian insurer VIG - Vienna Insurance Group informed it has increased its GWP to EUR 10.6 billion (EUR +1.1 billion or +11.4%) after the first nine months of 2023. At the same time, the Group’s solvency ratio remains very high at 303.8%.

On November 28, 2023, UZBEKINVEST, the largest insurance company in Uzbekistan, was the first of the local insurance companies to enter initial public offering (IPO) in the amount of 5% (UZS 14.1 billion/~EUR 1.08 million) of the charter capital on the Tashkent Republican Stock Exchange, the insurer said.

Based on the results of 3Q2023, MetLife once again confirmed its leadership in the life insurance market in terms of GWP, paid claims, number of insured persons, as well as in terms of financial stability - assets and insurance reserves, Forinsurer wrote.

All key indicators of the insurance sector's operations in the past ten years have recorded a positive trend and have more than doubled, according to the Chairman of the National Bank of Serbia, Jorgovanka Tabakovic, the Association of Serbian Insurers wrote.

During 9M2023, insurers operating in Poland paid a total of PLN 12.07 billion (~EUR 2.61 billion) on MTPL and motor insurance. This is PLN 1.2 billion more than a year ago, when companies paid out PLN 10.83 billion, the Insurance Guarantee Fund reported in the latest Information Bulletin of the UFG Information Center, Gazeta Ubezpieczeniowa (Insurance Gazette) wrote.

On November 5, 2023, the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market approved the rules for a simplified procedure of claim settlement – European Accident Statement, Allinsurance.kz reports with reference to the Agency.

The National Bank (MNB) wants life insurance policies with a better price-to-value ratio, lower cost and sold without defects on the Hungarian life insurance market, therefore it is working on a new, ethical concept to be introduced on the market, announced Gergo Szeniczey, Executive Director of the MNB at the MABISZ conference, Portfolio.hu reports.

The unified MTPL system of the Union State is planned to be launched before October 1, 2024, as reported by the press service of the Parliamentary Assembly of the Union of Belarus and Russia following the meeting of the Parliamentary Assembly Commission on Legislation and Regulations held on November 30 in Minsk, BELTA writes.

Intermap Technologies, a global company in 3D geospatial products and intelligence solutions announced a new collaboration with its partner, Twinn by Royal HaskoningDHV, to offer the global insurance industry enhanced, comprehensive flood, natural hazard and climate change data.

The average MTPL yearly premium reached EUR 138 (HUF 52,500) in Q3, in Hungary, 12% more y-o-y, the Budapest Business Journal wrote quoting data from the National Bank of Hungary (MNB).

The Austrian insurance industry is on a stable and crisis-resistant footing, which is particularly significant in light of the fragile geopolitical situation and the bleak prospects for the economic situation, the Austrian Financial Market Authority (FMA) said in the "2023 Report on the state of Austrian Insurance Sector" it published.

In January-September 2023 Bulgarian holding Eurohold reported total revenues of more than BGN 2.75 billion (EUR 1.4 billion) and profit before interests, taxes and amortization (EBITDA) at the amount of BGN 415 million (EUR 211.8 million). The net financial result exceeds BGN 218 million (EUR 111.34 million).

Swiss Re announces new IFRS targets, including a net income of more than USD 3.6 billion for 2024 and a multi-year ROE of more than 14%, as the global reinsurer informed in a statement.

Allianz Direct, the Allianz Group's pan-European online insurer, is entering into a partnership with ING in the Netherlands. “This partnership offers companies and entrepreneurs, from sole traders to small- and medium enterprises, access to a wide range of Allianz Direct business insurance products. These insurance policies will be available from mid-2024 through ING's digital platforms”, the German insurer informed in a statement.