On 4-5 May, the capital city of Georgia, Tbilisi, will host the third edition of the International Insurance Conference of Georgia. The event will focus mostly on the major changes that will soon take place, to push the Georgian market ahead, on the path to maturity.

VIG Re, the reinsurance company of Vienna Insurance Group, continues to strengthen its senior management team and has announced today the appointment of Dana Bohatová Chládková as Chief Actuary and Head of Reserving effective from 1 May 2023. 

Global insurance broker Marsh announced that Sarah Stephens, current Head of Cyber for the UK and International, Marsh Specialty, will assume the role of US Central Zone Leader effective May 1, reporting to Pat Donnelly, President, US and Canada, Marsh.

Belgian financial group KBG announced its Board of Directors has decided to propose to the General Meeting of Shareholders that Marc De Ceuster be appointed as a new director on the Board of Directors of KBC Group. He will also become Chairman of the Audit Committee of KBC Group.

Chubb announced the appointment of Benoit Chasseguet as Country President for France: "Subject to regulatory approval, the appointment is effective immediately".

The Georgian insurance market ended 2022 with GEL 909.63 million (EUR 315.36 million), which is almost 18% more y-o-y in local currency, according to the Georgian Insurance Supervision Service.

The insurance market at the end of 2022 remained virtually unchanged, while the Central Bank noted that quarterly dynamics was multidirectional and followed changes in economic activity. GWP decreased in the insurance types related to lending and life insurance, and support was mainly provided by motor insurance and life insurance segments, according to the latest CB's review of key performance indicators of insurers.

Total GWP in 2022 decreased by about 19% to UAH 39.6 billion (EUR 1.01 billion), of which UAH 24.6 billion were received from individuals, according to the data published by the National Bank. Life insurance dropped by 17%, non-life - by 19%.

From June 1, 2023, a green card policy issued for an Estonian vehicle will not be valid in Russia or Belarus, in its turn a green card policy of Russia and Belarus won't be valid in Estonia or other countries of the European Economic Area.

The decision of the Bureau of Motor Insurers of Armenia to change pricing mechanisms in the MTPL market in 2022 ensured a decrease in the loss ratio from 79% to 66%. This decision established a single policy of AMD 41 thousand for vehicles without MTPL agreement, regardless of the vehicle brand, engine power and other factors affecting the policy price, ArmInfo writes.

As of now, only 18% of the population in Georgia uses private health insurance, according to the state insurance supervision service, Business Georgia wrote.

At the general meeting of the VUSO and ASKA management on March 22, 2023, it was finally decided to merge ASKA insurance company to VUSO and continue to work under a single brand. At the same time, all assets and liabilities of ASKA are transferred to VUSO, Forinsurer reports.

On April 10, 2023, duties of the General Director of the Motor Transport Bureau of Ukraine were temporarily assigned to Elena KOVALEVA, Financial Director-Chief Accountant of MTIBU. Performance of all functions and ensuring the activities of the MTIBU is carried out as usual, according to a press release from the MTIBU (Motor Transport Bureau of Ukraine).

According to a new paper published by the global insurance broker Marsh, the future of some of the world's most important shipping lanes - including the Suez and Panama Canals and other sea-facing port and terminal infrastructure - could be impaired from risks associated with climate change. According to Marsh, this could have implications for regional economies, global food security, and supply chains in the medium and long term.

The European Bank for Reconstruction and Development (EBRD), which is a minority shareholder in Bulgarian Euroins Insurance Group AD (EIG), part of Eurohold Bulgaria AD, published on its website on April 5 a position on the case with Euroins Romania and on the state of the Romanian insurance market.

Dutch insurance group Achmea announced its healthcare organisation Pim Mulier will operate independently from 1 June 2023.

The third edition of the International Insurance Conference of Georgia will take place on 4 and 5 May 2023, in Tbilisi. Organized at the initiative of the State Insurance Supervision Service of Georgia and with the logistical support of XPRIMM, the event will be hosted by the Republic Center and will address some of the most important topics concerning the Georgian insurance market.

The Polish insurance market posted FY2022 GWP worth PLN 72.35 billion (EUR 15.42 billion), up by 4.53% 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 increased by 7.46% y-o-y to PLN 44.38 billion or EUR 9.46 billion.

According to the YE 2022 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,428 billion (EUR 3.56 billion), up by 7.39% y-o-y. Life GWP increased by 1.02% y-o-y to HUF 609 billion / EUR 1.52 billion while non-life portfolio expanded by 12.68% y-o-y to HUF 819 billion / EUR 2.04 billion. Thus, during the analyzed period, the life insurance business accounted for 42.7% and the non-life insurance business for 57.3% of total GWP.

Cypriot insurers reported FY2022 aggregate GWP of EUR 1.05 billion, up by 9.5% y-o-y, according to the year-end market figures report published by the Insurance Association of Cyprus - IAC.