News - Insurance
STATISTICS: AZERBAIJAN, 1H2019: market GWP decreased by 8.84% y-o-y
For the first half of 2019, market GWP decreased by 8.84% y-o-y and amounted to AZN 361.34 million (EUR 187.05 million), according to the data published by the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).
Slovenian Groups TRIGLAV and SAVA Re rated "a" by the Standard&Poor's agency
In July 2019, S&P announced it has reaffirmed the "A" Long-Term Credit Rating and Financial Strength Rating of TRIGLAV Group and affirmed the financial strength rating of SAVA Re Group to "A". Both ratings have a stable medium-term outlook and are valid also for the groups' parent companies and subsidiaries.
SCOR, 1H2019: net income rose by 9.2%
SCOR reported a net income of EUR 286 million for the first half-year of 2019 (+9.2%, when compared to 1H2018), achieving the targets set by company's "Vision in Action" strategic plan.
Swiss Re, 1H2019: USD 953 million net income, supported by reinsurance and investment activity
For the first six months of 2019, Swiss Re reported a total net income of USD 953 million, 5.3% smaller y-o-y due to large losses in Corporate Solutions branch, lightened by the positive growths in reinsurance segments.
Munich Re, 1H2019: consolidated result reached EUR 1.6 billion, 4.6% higher y-o-y
Munich Re consolidated result reached EUR 1.6 billion (+4.6% y-o-y) in the first half of 2019, while the second quarter of 2019 consolidated result alone amounted EUR 1.0 billion (+36.4% y-o-y).
POLAND: less than 0.5% of all registered vehicles are not covered by a MTPL policy
According to the Polish Insurance Guarantee Fund's estimations, there may be about 80-90,000 vehicles in use without a valid MTPL policy, which is 0.4 - 0.5% of all registered vehicles. This percentage places Poland among the CEE countries with the highest degree of insurance coverage, together with Slovenia the Czech Republic and Hungary.
BELARUS: concept bill "On insurance" to expand possibilities in compulsory insurance and change strict a licensing
The Belarussian Ministry of Finance is preparing a concept bill "On insurance", which will establish a uniform approach for insurer activity, as well as expand possibilities for state and non-state insurers in compulsory insurance for placing and investing funds and insurance reserves, BELTA news agency reports.
MOLDOVA: ACORD GRUP: MTPL and Green Card dominate the market
The Moldovan market is underdeveloped and affected by disloyal competition. The largest share in insurer portfolios is MTPL and Green Card, since this insurance is mandatory, says Natalia ROSCA, General Director of Acord Grup.
KAZAKHSTAN: Sigma: last year Kazakh insurance market ranked 77th in the world
According to Sigma, the research publication of Swiss Re, the Kazakh insurance market ranked 77th among world markets in 2018, ahead of Cyprus, Allinsurance.kz reported with reference to Express-k.kz.
TAJIKISTAN: in the first half of the year voluntary life insurance got ahead of property insurance in portfolio of TAJIKSUGURTA
From January to June 2019, 31.4% of all insurance contracts of the state insurer TAJIKSUGURTA fell on voluntary life insurance, according to the director Shukhrat MAKSUDZODA, as Sputnik reports.
Allianz, 1H2019: operating profit grew by 6.4% y-o-y
Allianz Group operating profit for the first half of 2019 reached EUR 6.1 billion (+6.4%), staying above the mid-point of Allianz full-year target range, the company said. The second quarter operating profit increased as well, reaching EUR 3.2 billion (5.4% more y-o-y).
Generali, 1H2019: Net profit rose by 34.6%
Generali Group published the consolidated financial report for the first 6 months of 2019. The Group's net profit reached EUR 1.8 billion, 34.6 percent more than the half-year of 2018 profit.
Profit of HRK 208 million for CO Group at end-June
In the first six months of 2019, CO Group recorded net profit amounting to HRK 208 million (~EUR 27.5 million). At the same time, gross written premium at CO Group level amounted to HRK 1,981 million (~EUR 264 million) and was 1% lower compared to last year.
Standard & Poor's Affirm "A" Credit Rating of Sava Re d.d. and Zavarovalnica Sava, d.d. (Outlook Stable)
Following their regular annual review in July 2019, Standard & Poor's have affirmed the financial strength rating "A" (excellent) of Sava Re d.d. and Zavarovalnica Sava, d.d., with the medium-term outlook being stable.
Serbian DUNAV Re's credit rating by AM Best upgraded to B+
AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to "bbb-" from "bb+" of Serbian reinsurer Dunav Re a.d.o. Belgrade, a subsidiary of Dunav Insurance Company j.s.c. Belgrade. The outlook of the Credit Ratings (ratings) is stable.
RUSSIA: VSK's rating improved to BB
Fitch Ratings improved the financial stability rating of VSK from BB- to BB, outlook stable, ASN reports.
A+ with stable outlook - Standard & Poor's confirms excellent rating for Vienna Insurance Group (VIG)
On 30 July 2019, the international rating agency Standard & Poor's (S&P) again confirmed its rating for Vienna Insurance Group of A+ with stable outlook in a press release.
MUNICH Re estimates H1 industry NatCat losses at USD 15 billion
Global reinsurer MUNICH Re has estimated that insured losses resulting from natural catastrophes totaled USD 15 billion in the first half of 2019, below the long-term average of USD 18 billion.
GENERALI to expand presence in Portugal with EUR 600 million acquisition
The Italian insurer, GENERALI announced the acquisition of a local insurance company and service platform from APOLLO GLOBAL MANAGEMENT. The purchase makes GENERALI the second largest non-life group in the country with a market share of 18.7% and the third largest player in the whole market.
UKRAINE: from January to June GWP of ARSENAL Insurance increased by 15% y-o-y
For the first half of the year, GWP of ARSENAL Insurance increased by 15% y-o-y, Forinsurer reports. The key driver of the company's growth is motor insurance.
8 August 2019