Generali has reached an agreement for the sale of its 100% stake in Generali Life Assurance Philippines, Inc. to The Insular Life Assurance Company, Ltd., the company said.

It is proposed to postpone introduction of fines for the absence of an MTPL policy in Kyrgyzstan for six months, as reported by the Chairman of the Service for regulation and supervision of the financial market of Kyrgyzstan Marat Pirnazarov, economist.kg writes.

The Talanx Group, in cooperation with Talanx subsidiary Hannover Re, has issued its debut catastrophe bond (“cat bond”), buying multi-year protection for earthquake risks in Chile. The bond has a size of USD 100 million, the Group said. The bond provides Talanx with protection for the period between January 2025 and December 2027.

On Thursday, December 5, 2024, the Romanian Association of Insurance and Reinsurance Brokers (PRBAR) elected a new Board of Directors during the organization's General Assembly. Viorel VASILE, CEO of Safety Broker, was elected as the new President of PRBAR.

Gross written premiums amounted to EUR 26.9 billion at regional level, up by 7.67% y-o-y. At the same time, claims paid only increased by 0.03% y-o-y, to EUR 12.12 billion.

Macedonian insurers reported aggregate nine-months 2024 aggregate GWP worth MKD 12.18 billion (~EUR 198.17 million), 12.6% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.

Non-life GWP accounted for about 83.14% of the total GWP (MKD 10.13 billion, or EUR 164.75 million, up by 11.09% y-o-y) - of which MTPL (36.7% of total), property (17.17%), MoD (8.3%) and GTPL (2.47%), the remaining share of 16.86% being represented by the life insurance segment: GWP of MKD 2.05 billion (EUR 33.4 million), up by 11.5% y-o-y.

In terms of payments, the value of life indemnities increased by 17.2% y-o-y to MKD 707.3 million (EUR 11.5 million), while non-life claims totaled at the end of September 2024 about MKD 3.61 billion (EUR 58.8 million), up by 2.6% y-o-y.

At the end of September 2024, in terms of GWP, the largest non-life insurer in the country was MAKEDONIJA Insurance s.c. Skopje - Vienna Insurance Group (18.3% market share), while CROATIA (22.7%) led the life business segment.

Access www.xprimm.com and download the  North Macedonia insurance market statistics.

The Lithuanian insurance market totaled EUR 1.17 billion at end-September 2024, up by 9.57% y-o-y, according to the quarterly figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims from insurance losses worth EUR 526 million, up by 10.8% y-o-y.

The life insurance line of business expanded by 3.76% y-o-y to EUR 269.9 million mostly due to traction exercised by the index-linked and unit-linked products.

At the same time, Lithuanian non-life insurers posted a 11.4% y-o-y increase in 3Q2024 GWP to EUR 907.2 million due to the double-digit growth rates reported on main subclasses as share in total GWP: MoD (13.6%), property (15.74%) and medical expenses (18.5%). Paid claims for non-life insurance increased by 11.25%, to EUR 508 million, mostly because of the increasing value of the motor insurance claims.

The largest life insurer in the country is Compensa Life Insurance filialas (23 % market share), while Lietuvos draudimas (29.5%) reported the largest GWP amount on NL segment.

On 24 November Vienna hosted a series of business and cultural events organized on the occasion of the 200 years Anniversary of the parent company of Vienna Insurance Group, Wiener Städtische Versicherungsverein. What began from just offering fire insurance in Austria, has become an insurance group that is the CEE market leader.

EIOPA is inviting you to the upcoming public online event, on 11 February 2025, to discuss three consultation papers on Natural catastrophe risks and prevention measures awareness, Biodiversity, Sustainability risk plans.

At its Annual General Meeting today, the International Association of Insurance Supervisors (IAIS) adopted the global Insurance Capital Standard (ICS). Additionally, members endorsed substantial updates to the IAIS Insurance Core Principles (ICPs) and Common Framework for the supervision of internationally active insurance groups (ComFrame).

Responding to a European Commission consultation on the functioning of the EU securitization framework which closed on 4 December, Insurance Europe said it supports regulatory changes to improve the market for securitizations in line with the Commission's objectives.

The Board of Supervisors of EIOPA elected Zuzana Silberová, Executive Director of the Financial Market Supervision Department at the Czech National Bank (CNB) as EIOPA’s new Vice-Chairperson.

With a growing scale of digital possibilities, insurance fraudsters are increasingly creative and, importantly as well, increasingly able to cross borders without much effort. At the same time, strategies to combat fraud remain predominantly national, due to the realities of judicial systems and relevant legal frameworks.

“Certainly, the future” – the new PZU Group strategy for 2025-2027 is based on 4 pillars that will strengthen PZU’s position as a leader in large-scale risk management and a partner that provides certainty in times of threats, the Group’s press release says.

The Polish Financial Supervision Authority (UKNF) has unveiled its supervisory priorities for 2025, with a significant emphasis on the insurance sector. These priorities aim to address emerging risks, enhance product quality, and strengthen market stability.

The Geneva Association is announced two key leadership changes, effective 1 January 2025. Darren Pain, Director Cyber and Evolving Liability, has been appointed Director of Research, succeeding Kai-Uwe Schanz. Dennis Noordhoek, Director Public Policy & Regulation, will assume the new role of Director of External Stakeholder Engagement.

The Centre for Disaster Protection, a UK funded entity that works helping people, countries, and organizations change how they plan and pay for disasters, announced the appointment of Cristina Stefan as its new Head of Advisory.

Dutch insurer Achmea and Lifetri are merging their pension and life portfolios into Achmea Pensioen & Levensverzekeringen NV, creating a top three player with over 2.1 million customers, the insurer informed.

From January to October this year total GWP of Albanian insurers increased 7.56% y-o-y to ALL 20.26 billion (EUR 205.9 million), SeeNews writes with reference to official figures.

The Azerbaijan Insurers Association (AIA) and the Union of Insurance and Reinsurance Companies of Northern Cyprus signed a memorandum on insurance, Trend reports.