News - Insurance
STATISTICS: RUSSIA, FY2020: Despite a decrease in GWP and paid claims in the second quarter, by the end of the year GWP increased by about 4%, and paid claims - by 8% (in local currency)
By the end of 2020, Russian insurance market grew by about 4% to RUB 1.53 trillion (~EUR 16.97 billion*), which, despite the pandemic, is a good result, given that there was absolutely no growth in 2019. Total amount of collected GWP reached 1.45% of GDP, according to the data published by the Bank of Russia.
18 March 2021UKRAINE: MTIBU reduced cost of Green Card policies by 4.6%
On March 16, 2021 Motor (Transport) Insurance Bureau of Ukraine (MTIBU) introduced new tariffs for Green Card policies for those traveling abroad by road, as OPEN4BUSINESS informed with a reference to the MTIBU's statement.
18 March 2021RUSSIA: ROSGOSSTRAKH Life enters TOP-5 leaders in investment and accumulative life insurance
ROSGOSSTRAKH Life entered the TOP-5 in investment and accumulative life insurance in 2020. The company's GWP in investment-cumulative life insurance, which is the core business of ROSGOSSTRAKH Life, increased by 1.5 times, and the insurer's net profit almost tripled, according to the company's website.
18 March 2021TigerRisk adopts the full RMS global models suite and continue a multiyear partnership
RMA and TigerRisk Partners announced that their partnership will continue, and the new multiyear agreement will include additional models and data in order to provide to their clients solutions for managing global risk profitability.
18 March 2021Swiss Re's capital position remained very strong throughout 2020 and a regular dividend of CHF 5.90 per share was proposed by the Board of Directors
Swiss Re reported a total contribution to economic net worth (ENW) of USD 434 million in 2020. The result was largely driven by COVID-19-related claims and reserves of USD 4.6 billion, which include both the 2020 impact and forward-looking estimates for 2021.
18 March 2021AI could help to improve employee working conditions and increase customer satisfaction
The European insurance social partners - of which Insurance Europe is a member - have made a joint declaration on artificial intelligence (AI) which offers opportunities for both insurers and their employees.
18 March 2021UKRAINE: GWP and paid claims of UNIVERSALNA in 2020 increased y-o-y
GWP volume of UNIVERSALNA, which is part of FAIRFAX FINANCIAL HOLDINGS LIMITED, last year exceeded the level of 2019 and amounted to UAH 953,829 million (~EUR 27.45 million*), Forinsurer writes.
17 March 2021KAZAKHSTAN: motor insurance and life insurance increased last year despite the difficult pandemic situation
The pandemic had a positive impact on the results of the Kazakhstani motor insurance market - Motor Hull increased by 7% to KZT 28 billion (~EUR 54.18 million*), and MTPL - by 6% to KZT 81.1 billion (~EUR 156.93 million*), said Marina SHIPOVALOVA, General Director, INTERCONSULT Info, insurance consultant, for Allinsurance.kz.
17 March 2021Swiss Re has committed to transition its investment portfolio to net-zero greenhouse gas emissions by 2050
As a founding member of the UN-convened Net-Zero Asset Owner Alliance, Swiss Re announced new measures to support the transition to a net-zero economy, encompassing both asset management and underwriting as well as its own operations.
17 March 2021During 2020, Zurich proved a solid balance sheet and focused on innovation in digital technology
Zurich reported business operating profit (BOP) of USD 4.2 billion compared with USD 5.3 billion in 2019. The decline was largely due to the impact of COVID-19 and higher catastrophe losses. Net income attributable to shareholders amounted to USD 3.8 billion and a dividend of CHF 20 has been proposed.
17 March 2021EIOPA proposals on Solvency II review could decrease the risk-taking capacity of EU insurers by around EUR 60 billion
Solvency II is strongly supported by the insurance industry which outlined its views on the advice provided by the European Insurance and Occupational Pensions Authority (EIOPA) to the European Commission on the review of the Solvency II regulatory framework.
17 March 2021RUSSIA: in 2020 agroinsurance increased by 43% y-o-y
Among all segments of property insurance in Russia in 2020, agroinsurance was one of the fastest growing - its volume increased by 43% to RUB 8.1 billion (~EUR 89.32 million*), the National Association of Agriculture Insurers (NAAI) reported.
16 March 2021RUSSIA: insurers' expense ratio in 2020 hits a record of 43%
In 2020, the loss ratio of Russian insurers remained stable, and the combined loss ratio during the year remained almost unchanged, amounting to 90%, according to the Central Bank's review.
16 March 2021AZERBAIJAN: the license of Ravan Sigorta revoked by the Central Bank
The license of the Azerbaijani insurance company Ravan Sigorta has been revoked, Trend reported according to the Central Bank of Azerbaijan.
16 March 2021AZERBAIJAN: Mega Life Insurance included in the register of the Azerbaijani Compulsory Insurance Bureau
Mega Life Insurance was included in the register of the Azerbaijani Compulsory Insurance Bureau, Trend reports with reference to the Compulsory Insurance Bureau.
16 March 2021GEM to invest EUR 26 billion in Eurohold to support the acquisition of CEZ Group's business in Bulgaria
Bulgarian financial holding Eurohold has secured a EUR 26 million (USD 31 million) funding commitment from Gem Global Yield (GEM), a USD 3.4 billion Luxembourg-based alternative investment group focused on emerging markets. The two parties have already signed an agreement.
16 March 2021Eurohold posted YE 2020 stable revenues despite Coronavirus pandemic
Bulgarian financial holding Eurohold, the owner of Euroins Insurance Group, announced stable revenues in 2020 compared to the financial results in 2019 when the economy was growing, according to the holding's preliminary consolidated unaudited financial report for the last year.
16 March 2021Slovak Rep., SLASPO: Less GWP but more profits during 2020
The YE2020 preliminary figures on insurance activity published by SLASPO (the proffesional association of Slovak insurers) show that the insurers active on local market (domestic and EU branches) generated during last year less premiums, but they were more profitable.
15 March 2021Slovak Rep.: Despite the lockdown-induced low number of traffic accidents, MTPL tariffs will continue to increase
In recent years, Slovak drivers have faced a slight increase in motor insurance prices. The current lockdown, which dramatically reduces the number of traffic accidents on Slovak roads, will not change this trend either, wrote TREND (trend.sk) here.
15 March 2021Insurance industry: there is no need for a separate statement of ORSA in the context of COVID-19
Insurance Europe considers that issuing a supervisory statement regarding the own risk and solvency assessment (ORSA) in the context of COVID-19 is unnecessary, as a response of a consultation by the European Insurance and Occupational Pensions Authority (EIOPA).
15 March 2021
