News - Insurance
Zurich appoints ex AXA XL's CUO, Timothy Powell as Global Head Financial Lines and Cyber
Zurich Insurance Group has appointed Timothy Powell, until recently Chief Underwriting Officer for International Financial Lines with AXA XL, as Global Head Financial Lines and Cyber, a newly created role that combines lines of business and simplifies the Group's offering.
6 May 2021Swiss Re posted Q1 2021 profit of USD 333 million despite USD 1 billion Covid & NatCat losses
Despite the impacts of Coronavirus pandemic (losses of USD 643 million) and large natural disasters (USD 426 million), global reinsurer Swiss Re reported Q1 2021 profit of USD 333 million vs. a net loss of -EUR 225 million a year before.
6 May 2021Munich Re's Q1 results visibly improved y-o-y; year-end consolidated profit target at EUR 2.8 billion
Munich Re generated a profit of EUR 589 million in Q1 2021, vs. EUR 221 million the year before. With significantly improved operating results, particularly owing to the lower COVID-19 losses burden, especially in P&C reinsurance, the German group maintains its consolidated profit target at EUR 2.8 billion for 2021.
6 May 2021Aviva's exit from Turkey completed; Belgian Ageas becomes one of the top players both in the life and non-life Turkish markets
Aviva announced it has completed the sale of its 40% shareholding in the Turkish life insurance and pensions joint venture, Aviva SA Emeklilik ve Hayat AS to the Belgian Ageas Insurance International NV which, through this acquisition expand its presence on the Turkish market toward the life insurance segment.
6 May 2021Strong solvency at 182% and a maintaned financial strength rating for Zurich in 2020
The Capital base of Zurich remains well-above regulatory requirements despite pandemic according to the Financial Condition Report 2020. Also, the Group maintained a strong financial position even after the financial market impacts, higher claims and voluntary measures to support customers and employees linked to the outbreak of COVID-19.
6 May 2021Insurance Europe: VAT Directive is outdated and not correctly applicable to modern financial services
The insurance industry considers that the VAT Directive puts the sector at a disadvantage compared to other sectors. Europe's insurers are therefore calling for the VAT Directive to be reformed to reduce hidden VAT and increase the possibilities for VAT to be reclaimed by financial companies in general, and insurers in particular.
6 May 2021The Resilience Week (2-8 June) program has been published by the Insurance Europe
The Resilience Week is a top-level session to kick-off Resilience Week, touching on all aspects of future resilience from an insurance perspective, with a particular focus on systemic risks. It will be hosted by Insurance Europe member the Hellenic Association of Insurance Companies.
6 May 2021Berkshire Hathaway published the first quarter earnings 2021
Berkshire Hathaway published the 1T2021 results which include gains of approximately USD 2.8 billion in the first quarter of 2021 and losses of approximately USD 54.5 billion in the first quarter of 2020 due to changes during the first quarters of 2021 and 2020 in the amount of unrealized gains that existed in the equity security investment holdings.
6 May 2021UZBEKISTAN: implementation of a pilot project for health insurance mechanisms to begin from July 2021
In Uzbekistan, effective measures are being taken to improve quality of medical services provided to the population and to create conditions for the financial protection of citizens.
5 May 2021UKRAINE: TAS Group increased GWP in January-March by almost UAH 112 million y-o-y
In the first three months of 2021, TAS insurance group set another record in GWP collection, the amount of which reached UAH 590.18 million (~EUR 18.08 million*), which is almost UAH 112 million more than in the first quarter of 2020, Forinshurer said.
5 May 2021RUSSIA: the number of complaints against insurers in January-March 2021 increased by 4% y-o-y
In January-March 2021, according to the Bank of Russia, the number of complaints against insurers increased by 4% y-o-y, to 8.5 thousand. At the same time, the number of complaints about mis-selling (selling some products in the guise of others) increased by almost 1.5 times, ASN reports.
5 May 2021RUSSIA: NAAI: in the first quarter of 2021 GWP in agroinsurance with state support increased by 16% y-o-y
In the first quarter of 2021, agroinsurance with state support continued to grow - GWP under contracts concluded over the period amounted to RUB 492 million (~EUR 5.54 million*), which is 16% more y-o-y, according to the National Association of Agriculture Insurers (NAAI) website.
5 May 2021KYRGYZSTAN: The State Financial Supervision Service proposed to approve the insured amount and the liability limit for MTPL
The State Financial Supervision Service proposed to approve the insured amount and the limit of liability for MTPL - the draft regulation has been submitted for public discussion and published on the government's website, the financial publication Economist reported.
5 May 2021EVER GIVEN, a case study worth experience, under debate
On the 5th of May 2021, 15.00 hours Istanbul time, the Istanbul Underwriting Center (IUC) Group kindly invites you to the "EVER GIVEN - An online seminar case study", a webinar that will bring into discussion the full experience and lessons learned from the unprecedented incident that blocked the Suez Canal, causing enormous economic losses.
4 May 2021BELARUS: this year the Belarusian Transport Insurance Bureau celebrated its 22nd anniversary
In February 2021, the Belarusian Transport Insurance Bureau celebrated its 22nd anniversary. The magazine Insurance in Belarus notes that for many years the level of coverage with this type of insurance has been about 98% and according to this indicator in the Green Card system, the Republic of Belarus occupies one of the leading positions.
4 May 2021AZERBAIJAN: PASHA Life continues to lead in the insurance market in terms of GWP in the first quarter
PASHA Life Insurance announced its results for the first quarter of 2021 and continues to lead in the insurance market in Azerbaijan in terms of GWP, maintaining a growth trend despite the pandemic, Trend reports.
4 May 2021ARMENIA: in Jan-March 2021, health insurance approached stagnation, while travel insurance decreased by more than 40% y-o-y
In January-March 2021, GWP of the Armenian insurers in health insurance approached stagnation, reducing their growth rate from 8.2% a year ago to 1.1%, to a volume of AMD 7.4 billion (~EUR 13.48 million*), ArmInfo reports.
4 May 2021Warren Buffett chose Greg Abel to lead Berkshire Hathaway
Warren Buffett, CEO of Berkshire Hathaway, has finally named during the annual meeting who would succeed him if he were to step down. He named the Vice Chairman Greg Abel to take over as chief executive officer of the conglomerate he built according toa declaration of Buffett to CNBC.
4 May 2021Bulgaria's FSC Approved Eurohold's capital increase prospectus
Bulgaria's Financial Supervision Commission (FSC) approved urohold's capital increase prospectus, which will allow the Bulgarian holding to raise up to EUR 100 million by issuing new shares on the Bulgarian Stock Exchange (BSE).
4 May 2021Q1 MMC's revenues increased 9% y-o-y
Global re/insurance broker MMC (Marsh McLennan) posted Q1 2021 consolidated revenue of USD 5.08 billion (9% more y-o-y) compared with Q1 2020 (USD 4.65 billion)
4 May 2021
