News - Insurance
Moody's RMS estimates insured losses from windstorm Ciarán will likely range between EUR 0.9 billion and EUR 1.5 billion
Moody’s RMS®, the leading risk modeling and solutions company, estimates that insured losses from Windstorm Ciarán, also known as Emir, will likely fall between EUR 0.9 – 1.5 billion (USD 1.0 – 1.6 billion). France accounts for the majority of the loss.
Specialist construction and engineering insurer, HSB, is bolstering its development team in the UK
Munich Re’s specialist insurer and provider of inspection and risk management services, HSB (UK and Ireland) has announced the strengthening of its UK Business Development team by appointing Sarah Purnell, Michael Farrugia and Lydia White to support HSB's growth and strengthen its broker partner relationships across the UK.
Optio hires Steve THOMPSON as head of A&H
Optio Group, the specialty MGA, today announces the appointment of Steve THOMPSON as head of Accident & Health (A&H) with immediate effect.
ARMENIA: health insurance system to be launched from mid-2024
The health insurance system of Armenia will be launched from mid-2024, AMD 18 billion (~EUR 41.86 million) will be allocated for these purposes, according to the Minister of Health Anahit Avinesyan, ArmInfo wrote.
AZERBAIJAN: voluntary insurance paid claims increased by 29% in January-September
In Azerbaijan, in January-September 2023, paid claims in voluntary insurance increased, amounting to AZN 320.15 million (EUR 178 million), which is 29% more y-o-y, ABC.AZ writes with reference to the Central Bank report.
ESTONIA: EKsL: the desire of Estonian people to insure their lives is low
According to the Association of Estonian Insurance Companies (EKsL), 30% of the country’s population has life insurance. Last year, collected life insurance premiums reached EUR 60 per person, while non-life insurance amounted to EUR 347 per person, the Association wrote.
POLAND: Nearly one million cars insured for the first time in 2023
Data collected by the Samar Automotive Market Research Institute (IBRM) shows that during the first three quarters of 2023, 992,552 passenger cars and commercial vehicles with a total permissible weight of up to 3.5 tons were registered for the first time, Gazeta Ubezpieczeniowa writes.
UKRAINE: in 9M2023, the number of concluded MTPL contracts increased by 9.3%, and the number of Green Card policies - by 3.5% y-o-y
MTIBU reported that for January-September 2023, over 5.7 million MTPL contracts were concluded, which is 9.3% more y-o-y. However, it still remains 15.7% lower than in the first 9 months of pre-war 2021, according to a press release from MTIBU.
UZBEKISTAN: licenses of four insurance companies revoked over the past month
The National Agency of Prospective Projects (NAPP) has revoked licenses of four insurance companies in Uzbekistan over the past month, gazeta.uz writes, citing the Agency.
Verisk: industry insured losses from Winter Storm Ciaran may range between EUR 800 million and EUR 1.3 billion
Industry insured losses due to wind from Winter Storm Ciaran (also named Emir by the Free University of Berlin) will range between EUR 800 million and EUR 1.3 billion, the majority of which are expected in France, the leading global data analytics and technology provider Verisk estimates.
ALBANIA: impact of storm Ciaran emphasizes once again the low housing insurance coverage in the country
As the storm "Ciaran" caused heavy rains and therefore floods throughout Albania, the local insurers’ association brought once again to the attention the issue of the low insurance coverage of the Albanian homes.
Munich Re raises annual guidance and expects a net result of EUR 4.5 billion; quarterly result increases to nearly EUR 1.2 billion*
Munich Re recorded a net result of EUR 1,169 million in Q3 2023, slightly above the EUR 1,102 million in Q3 2022, and EUR 3,593 million in 9M, which is 14% less y-o-y. As such, closing a third consecutive quarter with a net result surpassing the pro-rata guidance, Munich Re raised its annual guidance.
Management team changes at UNIQA Group and its Romanian unit, UNIQA Asigurari de Viata
UNIQA Group announced two changes to the management team, starting November 2023: Cristina Anculescu, previously Member of the UNIQA Asigurari de Viata Board, was appointed Head of Talent & Development for the Group, while Remus LAPUSAN returns to the Board of Directors of UNIQA Asigurari de Viata.
Root collaborates with Connect by Admiral to develop embedded insurance platform
Root Platform (Root), the low-code, API-first, end-to-end insurance technology platform provider, is proud to announce its first strategic partnership in the UK with Connect by Admiral (Connect), a subsidiary of the leading insurer Admiral Group.
SERBIA: CarCheck mobile application launched by the insurers’ association to assist citizens when buying/selling cars
The Association of Insurers of Serbia has launched the CarCheck mobile application, which will help citizens with the sale and purchase of used vehicles, the association’s website announced.
The Geneva Association celebrates its 50th anniversary by taking a look in the future of insurance
On the occasion of The Geneva Association's 50th anniversary, the international association of insurance companies is announcing the Geneva Association Summit 50 on 28 – 29 November 2023, a virtual event that will line up an impressive team of speakers.
STATISTICS: Croatian insurers' Q3 2023 business remained at 2022 level
According to the September 2023 Monthly Report published by HANFA – Croatian Financial Services Supervisory Agency, at the end of September 2023 the total premium collected by the 15 local insurers amounted to EUR 1.3 billion, of which EUR 0.2 billion (17.15%) related to life insurance premium and EUR 1.1 billion (82.85%) to non-life insurance premium.
STATISTICS: Kosovo insurers’ Q3 profits tripled to EUR 9.4 million
Kosovo 12th active insurers posted 3Q 2023 Gross written premiums (GWPs) worth EUR 110.1 million, from EUR 98.2 million at the end of September 2022, central bank data showed.
STATISTICS: KYRGYZSTAN, 3Q2023: y-o-y growth of the insurance sector exceeds 60%
The growth of the insurance sector in 3Q2023 exceeded 60% y-o-y, total GWP reached KGS 2.39 billion (EUR 25.39 million). At the same time, paid claims increased by 54%, to KGS 387.36 million (EUR 4.12 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
MMC appoints Susan Potter US and Canada Chief Commercial Officer
Marsh McLennan (MMC) announced the appointment of Susan Potter as US and Canada Commercial Officer, effective immediately.
13 November 2023