Azerbaijani insurance market may expect a rise in insurance prices in the near future, as a result of local insurers being forced to acquire more expensive reinsurance coverage on the European market, Ugur Ibrahimli, CEO at Mega Life Insurance noted in an article published on LinkedIn.

GrECo International Holding is reorganizing its Executive Board and Supervisory Board, with retiring Friedrich Neubrand, company founder and long-standing Chairman of the Supervisory Board being replaces by his son, Friedrich Neubrand jun. from mid-2023.

The pandemic only temporary stopped premium income production of the Hungarian insurance market, the increase of more than 10% in 2021 raised the premium income in the sector above HUF 1,300 billion, (~EUR 3.52 billion) as noted Gergo SZENICZEY, prudential of the Hungarian National Bank (MNB), Executive Director for Consumer Protection and Market Surveillance at the 2022 Portfolio Insurance Conference.

German insurers expect a 2.5% increase in the total GWP in 2022, GDV General Manager Joerg ASMUSSEN stated, pointing out the fulfilling of this expectation largely depends on the further developments in the Ukraine war. If the war escalates further, growth is likely to be weaker.

On March 23, the Croatian Insurance Bureau decided to accept the insurance companies Hrvatsko kreditno osiguranje dd and Wustenrot zivotno osiguranje dd as new members of the Bureau effective from April 1, 2022, osiguranje.hr informed.

At the end of December 2021, the Slovak insurance market totaled EUR 2.15 billion, 3.34% less y-o-y, according to the FY2021 statistics published by the National Bank of Slovakia (NBS).

In GWP terms, the life insurance segment was down by 2.56% y-o-y to EUR 911.73 million, these types of policies generating 42.42% of the total insurance market, while the non-life classes accounted for EUR 1.23 billion (or 57.58% of total GWP), down by 3.92% y-o-y.

Overall, the value of paid claims by local insurers decreased by 7.80% y-o-y to EUR 1.16 billion, of which EUR 627.48 million related to life indemnities, EUR 214.57 million - Motor TPL claims, EUR 188.89 million- MoD payments, EUR 84.21 million - payments on Fire and other damages to property policies.

The insurance market of Czech Republic totaled CZK 179.80 billion (EUR 7.22 billion) at the end of 2021, up by 6.92% y-o-y, according to the year-end figures published by the Czech National Bank (CNB).

Claims paid by local insurers totaled CZK 101.91 billion (EUR 4.09 billion) up by 10.78 y-o-y, of which 61% related to non-life insurance, the remaining 39% being related to life insurance subclasses.

For the life segment, the GWP value (including reinsurance) remained at the 2020 level (~CZK 51.70 billion), while the value of paid claims and indemnities - including the change in balance of technical provisions, totaled CZK 39.57 billion.

The National Association of Insurance and Reinsurance Companies in Romania - UNSAR announced that, according ASF - Financial Supervisory Authority -data, the local insurance market paid daily insurance compensations and benefits of about EUR 3.5 million, informed www.1asig.ro.

At the initiative of the National Bank in North Macedonia, and in order to create conditions for supporting development of the fintech sector, the financial regulators - the National Bank (NB), the Ministry of Finance (MF), the Securities and Exchange Commission (SEC), the Agency for Supervision of Fully Funded Pension Insurance (MAPAS) and the Insurance Supervision Agency (ISA), signed a Memorandum of Cooperation, ISA said.

Life insurance is marked by a remarkable rise, the growth rate is ahead of the non-life insurance, which is a relatively rare situation for the Bulgarian market. As of October 2021, GWP in life insurance reached BGN 483 million (+34%) (~EUR 247 million), and paid claims increased by 23% to BGN 181 million, the Association said.

As of March 25, 2022, Romanian insurer Gothaer Asigurari Reasigurari changed its name to Allianz-Tiriac Unit Asigurari, informed www.1asig.ro. The change takes place in the conditions in which Gothaer Asigurari Reasigurari was taken over by Allianz-Tiriac Asigurari, the Romanian subsidiary of the German insurance group Allianz.

Austrian insurer VIG finalized the acquisition of the business of the Dutch insurer Aegon in Hungary after having received the approval of the local Hungarian authorities.

Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz Group, announces the appointment of Phil Curtis as new Global Head of Human Resources (HR) effective April 1, 2022. He succeeds Melanie GILLIG, who moves to Allianz SE as Program Lead Future Work.

Oman Insurance Company acquires UAE Life insurance portfolio from Assicurazioni Generali S.p.A.

Lloyd's of London announced a strong return to profitability in its FY 2021 results, with an overall profit of GBP 2.3 billion, vs. a loss of GBP 0.9 billion a year before, and a combined ratio of 93.5% (vs. 110.3% in 2020 or 97.0% excluding COVID-19) - the best quality result reported for six years.

According to preliminary data, the insurance sector of Uzbekistan in 2021 grew by 68.6% y-o-y, exceeding UZS 3.7 trillion (~EUR 0.3 billion*), review.uz reports with reference to the agency for the development of the insurance market of Uzbekistan.

The Cabinet of Ministers of the Kyrgyz Republic approved minimum amount of sums insured, limits of liability and insurance premium rates for MTPL, a source reports according to the press service of the Cabinet of Ministers.

In Azerbaijan it is planned to digitalize compulsory real estate insurance, compulsory civil liability insurance related to the use of the real estate, as well as compulsory personal accident insurance for passengers, Trend reports according to Rashad AHMADOV, executive director of the Azeri Compulsory Insurance Bureau.

The First Congress of Actuaires du Monde will start one week from now. The "in-person" event will take place at the Marriott Hotel, in Skopje (North Macedonia) on 31 March & 1 April 2022.

The Polish insurance market saw a 9.5% y-o-y increase in the total GWP, to EUR 15.05 billion. Paid claims increased at a lower pace, reaching EUR 8.98 billion, 4.5% more y-o-y. The non-life sector, in particular the property and motor insurance lines provided for most of the market's business growth.