News - Insurance
S&P affirms SCOR's 'AA-' Financial Strength Rating with 'negative' outlook
On Friday, July 29, the rating agency S&P affirmed the 'AA-' long-term insurer financial strength and issuer credit ratings on SCOR SE and related subsidiaries and maintained its 'negative' outlook.
3 August 2022SCOR posted H1 net loss worth EUR 239 million following war in Ukraine, COVID-19 and NatCat losses
French reinsurer SCOR reported a net loss of EUR 239 million for the first half of 2022, of which EUR 159 million was incurred in the second quarter, driven by the conflict in Ukraine, impact of climate change and further losses related to the COVID-19 pandemic.
3 August 2022SCOR's CUO of Aviation Andrea Sommerlad announces her retirement
French reinsurer SCOR announced that after 25 years of service Andrea Sommerlad, Chief Underwriting Officer, Aviation, has announced her retirement.
3 August 2022UZBEKISTAN: UZBEKINVEST recorded an y-o-y growth of 168% in 1H
In the first half of 2022, UZBEKINVEST, the leader of the local insurance market, collected UZS 240 billion (~EUR 21.16 million), which means an annual increase of 168%, gazeta.uz wrote.
3 August 2022ARMENIA: tax payments of the insurance sector decreased by 14% y-o-y in 1H
According to the results of the first half of 2022, only three out of six insurance companies entered the list of 1000 largest taxpayers in Armenia - NAIRI Insurance, INGO Armenia and ROSGOSSTRAKH Armenia, ArmInfo reports.
3 August 2022Eurohold sold Avto Union and Eurolease Group
Bulgarian financial holding Eurohold announced it signed a contract for the sale of 100% of the capital of its subsidiaries Avto Union and Eurolease Group to Asterion Bulgaria AD.
3 August 2022Croatia osiguranje's half-year profits increased by 6% y-o-y to almost EUR 30 million
In the first half of 2022, Croatia osiguranje - one of the largest re/insurance group in Adriatic Region, increased its consolidated net profit by 6% to HRK 222 million (~EUR 29.6 million), as Croatian conglomerate ADRIS Grupa announced on its website, fortifieng "its leading position on Croatian insurance market".
3 August 2022AON Q2 revenue increased by USD 97 million to almost USD 3 billion
Global re/insurance broker AON announced that its Q2 2022 total revenue increased by USD 97 million, or by 3%, to USD 2.98 billion compared to the prior year period, while total operating increased by 3% to USD 2.28 billion.
3 August 2022Changes to SCOR's Board of Directors
French reinsurer SCOR announced that with effect from July 28, 2022, Bruno Pfister, independent director and currently Chairman of the Risk Committee, takes up the chairmanship of the Audit Committee.
3 August 2022AIG names Charlie Fry Executive VP, Reinsurance Purchasing & Risk Capital Optimization
American International Group (AIG) announced that Charlie Fry has been named Executive Vice President, Reinsurance Purchasing and Risk Capital Optimization, effective July 31st.
3 August 2022UKRAINE: Sergiy Savchuk heads the Department of Methodology for Regulating the Activities of Financial Institutions at NBU
Effective July 26, 2022, Sergiy SAVCHUK has been appointed to the position of Director of the Department of Methodology for Regulating the Activities of non-banking Financial Institutions at the National Bank of Ukraine (NBU), Forinsurer reports.
29 July 2022UKRAINE: in January-May, MTPL market decreased by more than 18% y-o-y
From January to May 2022, MTPL market in Ukraine decreased by 18.24% to UAH 2.218 billion (~EUR 70.10 million). In the first 5 months of the year, MTIBU member insurance companies concluded 32.25% fewer MTPL contracts than in the same period a year earlier, Forinsurer wrote.
29 July 2022UKRAINE: changes in the NBU exchange rates led to an increase in the cost of Green Card policies by 26.3%
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has increased the cost of Green Card policies for those traveling abroad by 26.3% effective July 26, 2022. At the same time, the cost of these policies last changed on July 18, 2022, downward by 4.4%, Forinsurer wrote.
29 July 2022POLAND: poor condition of roads may affect MTPL prices
Poland ranked 26th in Europe and 43rd in the world in the road infrastructure quality ranking. Among the European countries, Poland only overtook Bulgaria, Turkey, Romania, and Croatia. The quality of roads was better assessed in Slovakia, Hungary, Lithuania, and the Czech Republic, Gazeta Ubezpieczeniowa reports.
29 July 2022KAZAKHSTAN: Assets of insurance organizations for the first half of the year increased by 7.7% to KZT 2.0 trillion (~EUR 4.12 billion)
The solvency ratio of the insurance sector as of July 1 of this year was 4.6 with a minimum value of 1, although it decreased compared to the beginning of 2022 under the influence of external shocks (as of January 1, 2022 - 6.3).
29 July 2022GEORGIA: Mandatory MTPL insurance may provide the sector extra GEL 200 million business
The insurance sector of Georgia has been waiting for the approval of the draft law on MTPL introduction for more than three years now. This draft law was registered in Parliament on December 31, 2018, but discussion has not yet begun. Experts expect the process to start this year, Business Georgia wrote.
29 July 2022NN Life & Pensions completes acquisition of the AAV life insurance subsidiary
NN Group, ABN AMRO Bank and their joint venture AAV (ABN AMRO Verzekeringen) announced that they have completed the sale of the life insurance subsidiary of AAV to NN Life & Pensions.
29 July 2022MMC posted strong end-June results
Global re/insurance broker MMC (MARSH McLENNAN) reported consolidated Q2 2022 revenue worth USD 5.4 billion, an increase of 7% compared with the second quarter of 2021. On an underlying basis, revenue increased 10%. Operating income was USD 1.4 billion, an increase of 11% from the prior year.
29 July 2022Generali co-opts Stefano Marsaglia to its BoD
The Board of Directors of Assicurazioni Generali announced the co-optation of Stefano Marsaglia as a member of the Board, following the resignation of Francesco Gaetano Caltagirone.
29 July 2022Alexander Vollert is appointed as a member of AXA's Management Committee
AXA announces the appointment of Alexander Vollert, AXA's Chief Operating Officer and CEO of AXA Group Operations (AXA GO), as a member of the Group's Management Committee, effective September 1st.
29 July 2022
