News - Insurance
AZERBAIJAN: temporary administration institution established in insurance
The presidential decree of Ilham ALIYEV on amending the Law on insurance activity provides for the right of the Financial Market Supervisory Authority of Azerbaijan to introduce temporary administrators in Azeri insurance companies or dismiss their top management from duty, as the news agency Trend wrote.
7 February 2019RUSSIA: in 2018 MTPL accounted for 81.5% of the total volume of complaints against insurers
According to the Bank of Russia, for the first time in the last few years the market has seen a decrease in the number of complaints from consumers of financial services, which was mainly due to a sharp reduction in complaints against MTPL in 2018 by 43.1%.
7 February 2019RUSSIA: ROSGOSSTRAKH to merge ERGO Life and RGS Life Insurance
ROSGOSSTRAKH has announced its decision to merge life insurers - ERGO Life and RGS Life Insurance, according to the information on the insurer's website, published on January 31.
7 February 2019TURKMENISTAN: new General Director of the State insurance organization appointed
Guvanch NURMUKHAMMEDOV has been appointed as the new General Director of the State insurance organization, the single insurance institute of Turkmenistan, as the State information agency of Turkmenistan wrote.
7 February 2019The Estonian Parliament has approved the new law over mutual insurers and insurance cooperatives
The Parliment of Estonia, Riigikogu, has approved the text of the new law on insurance activities. Today, only a few types of companies have the right to do insurance business inside Estonia. The new law will permit specific commercial associations to act as insurers too.
7 February 2019CYPRUS: Hellenic Bank is to revise its activities in the insurance sector
Hellenic Bank is about to revise its insurance activities to discover the best alternatives for the subsidiary insurance companies, according to the portal insuranceworld.gr of Ethos Media.
7 February 2019MUNICH Re reported 2018 net profit in line with its target and stable pricing at 1 January
MUNICH Re informed its Q profits fell by 56% y-o-y to EUR 238 million, impacted by the California wildfires in November and volatile financial markets towards the end of year. The group's FY 2018 net profit of EUR 2.2 billion is in line with its target of EUR 2.1 - 2.5 billion.
7 February 2019ZURICH proposes Michael HALBHERR and Barry STOWE for election to the Group's BoD
ZURICH Insurance Group announced that the Board of Directors will propose to elect Michael HALBHERR and Barry STOWE to the Group's Board of Directors. The election will take place at the Annual General Meeting on April 3, 2019.
7 February 2019David DUCLOS appointed Non Executive Chairman of LLOYDS Global Network
LLOYD's announced in a statement the appointment of David DUCLOS as Non-Executive Chairman of LLOYD's Global Network, where "he will play a key advisory role in the development of Lloyd's international network. David will take up the position at Lloyd's immediately".
7 February 2019Lloyd's of London appoints ALLIANZ's Burkhard KEESE as CFO
Burkhard KEESE has been confirmed as the Chief Financial Officer (CFO) of Lloyd's following the unanimous approval of his appointment as successor to John PARRY by the Council of Lloyd's.
7 February 2019GENERALI to extend its assistance services in US
Italian insurer GENERALI informed that its assistance provider in insurance field - EUROP ASSISTANCE -has acquired from Arthur GALLAGHER a 100% stake of TRIP MATE, a managing general agent leader in the tour operator travel insurance market in the United States.
7 February 2019Hannover Re grows at stable conditions in treaty renewals as at 1 January 2019; Guidance for 2018 and 2019 confirmed
Against a backdrop of modestly improved conditions from an overall perspective, Hannover Re increased its premium volume in traditional property and casualty reinsurance by 15.4% on a currency-adjusted basis to EUR 6.4 billion (EUR 5.6 billion) in the 1 January 2019 treaty renewals.
7 February 2019Swiss Re Corporate Solutions launches CyberSolution 360
Swiss Re Corporate Solutions expanded its cyber offering by launching CyberSolution 360
7 February 2019Czech Rep.: 2018 insurance frauds in Czech Republic, as reported by Allianz, Kooperativa and Generali
Three top Czech insurers have identified fraudulent insurance claims worth CZK 640 million, in 2018. While Prague was the region providing for the highest amount of fraud attempts, the main lines of business affected by the fraudulent behavior of insureds were property, motor and lianility insurance.
7 February 2019UKRAINE: in 2019 limits of MTPL liability to be increased by 30%
By the end of the first quarter of 2019 it is planned to increase MTPL insurance limits for damage to property, life and health caused as a result accidents, as MTIBU informed.
5 February 2019SLOVAKIA: The newly announced IPT, in force since 1 January 2019
The new 8% Insurance Premium Tax (IPT) has come into force since January 1st, 2019 in Slovakia, thus putting an end to amore than one year long debate.
5 February 2019Davor TOMASKOVIC takes over CROATIA Osiguranje
CROATIA Osiguranje's Supervisory Board appointed, on 30 January, Davor TOMASKOVIC as a member of the Management Board. Upon completion of the prescribed procedure and regulatory approvals, the Supervisory Board will appoint Davor TOMASKOVIC as President of the company's Board.
5 February 2019The new revenue recognition standard affects the AON Q4 indicators
Re/insurance broker AON announced its Q4 revenue decreased USD 139 million to USD 2.77 billion mainly "related to adoption of the new revenue recognition standard", as the company mentioned in a statement.
5 February 2019Tom FITZGERALD is leaving AON after 27 years of service
The global re/insurance broker AON informed that Tom FITZGERALD is leaving the company after 27 years of service.
5 February 2019MMC announced increases for annual and quarterly revenues
Marsh & McLennan Companies - MMC - announced its Q4 2018 aggregate revenue was USD 3.71 billion (vs. USD 3.68 billion), while the same indicator for FY 2018 was USD 14.95 billion (vs. USD 14.02 billion).
5 February 2019
