News - Insurance
RUSSIA: according to Expert RA, life GWP in 2019 may decrease by 20% and non-life sector will keep stagnating
Expert RA believes that uncertainty on the life market is extremely high and its GWP in 2019 may drop to the level of 2017, according to the agency's preliminary forecast for 2019.
18 January 2019RUSSIA: on January 1, 2019 new amendments, expanding powers of the Bank of Russia in regards to insurance companies, came into force
On January 1, 2019 new amendments to the Law on insurance activity came into force and they give the right to the Bank of Russia to impose a ban or restriction on certain transactions of insurance companies, as ASN wrote.
18 January 2019Bulgaria: Hungarian OTP takes over the banking, leasing and life insurance business from Societe Generale
The sale of the French Societe Generale banking group's Bulgarian subsidiary, SG Expressbank - including the leasing, factoring and life insurance subsidiaries -, to Hungarian OTP Bank was finalized, according to an OTP statement on 16 January.
18 January 2019Guy Carpenter announces new division and senior appointments designed to deliver enhanced client value
Guy Carpenter & Company, LLC, a wholly owned subsidiary of Marsh & McLennan Companies, announced the formation of a new Global Capital Solutions Group and a series of new leadership appointments related to the Jardine Lloyd Thompson Group plc (JLT) acquisition.
18 January 2019RENOMIA buys majority stake in established insurance broker IMG in the Czech Republic
RENOMIA, a leading insurance broker in Central and Eastern Europe, announced it bought a majority stake in IMG, one of the leading Czech insurance brokers providing services to corporate and individuals.
18 January 2019Czech Rep.: Kooperativa VIG becomes the largest insurer in the country after the merger with PCS
Austrian Vienna Insurance Group (VIG) announced its Czech companies Pojistovna Ceske sporitelny (PCS) and Kooperativa merged with effect from 1 January 2019.
18 January 2019MMC names new MERCER CEO and MMC Vice Chairman
Marsh & McLennan Companies (MMC) announced key leadership changes appointing new MERCER CEO and MMC Vice Chairman "to further its growth strategy".
18 January 2019ALLIANZ announced three executives appointments
German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.
18 January 2019Thomas MOTAMED elected to AIG BoD
The Board of Directors of American International Group elected Thomas Firouz MOTAMED as a Director, effective immediately.
18 January 2019Allianz Risk Barometer 2019: Cyber joins BI as leading global risk for companies
In the wake of mega data breaches and privacy scandals, major IT outages and the introduction of tighter data protection rules in the European Union and other countries, cyber risk is now a core concern for businesses in 2019 and beyond.
18 January 2019KAZAKHSTAN: in December 2018 insurers' assets exceeded KZT 1 trillion
According to the Association of Financiers of Kazakhstan, for 11 months in 2018 the insurers' assets went up by 8.6%, and by the beginning of December they exceeded KZT 1 trillion amounting to KZT 1,004.8 billion.
18 January 2019KAZAKHSTAN: total amount of administrative fines against non-life insurers in 2018 reached KZT 173 million
According to the National Bank of Kazakhstan, in 2018, 18 out 20 existing insurers fell under the regulator's sanctions. 167 measurers were applied mostly in the form of administrative fines for non-life insurers in 2018 and reached a record amount of KZT 173 million.
18 January 2019TURKEY: Authorities extended the ceiling on MTPL premiums for another year
The Turkish Ministry of Treasury and Finance has extended for another year the ceiling on MTPL tarrifs.
18 January 2019Swiss Re: Global NatCat and man-made disaster insured losses estimated at USD 81 billion in 2018; Group's own claims burden to reach USD 2.9 billion
Swiss Re expects a combined claims burden from natural catastrophes and large man-made disasters of USD 2.9 billion for the full year 2018. For the whole industry in 2018, Swiss Re estimates global insured losses of USD 81 billion.
15 January 2019Bozidar Ljubisavljevic to lead Marine Specialty for Howden Turkey, the Middle East & Africa
Howden, part of Hyperion Insurance Group, announced the appointment of Bozidar LJUBISAVLJEVIC as Regional Marine Practice leader for the Howden Turkey, the Middle East and Africa region (TMEA). He will be based in Dubai.
15 January 2019Lloyd's of London announced new members to the Council
Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.
15 January 2019MS Amlin CFO John Worth to join HASTINGS Group
Global re/insurer MS Amlin announced that its Chief Financial Officer - John WORTH will be stepping down from his role to join HASTINGS Group plc as CFO.
15 January 2019AM Best removes from under review and downgrades credit ratings of HDI Global Specialty SE
AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating to "a+" from "aa" of HDI Global Specialty SE (Germany). The outlook assigned to these Credit Ratings (ratings) is stable.
15 January 2019Willis Re: disciplined cedants, with good loss records achieved risk-adjusted rate reductions at property catastrophe renewals
Reinsurance placements at 1 January 2019 highlight a pricing gap between accounts with peak peril exposures or poor loss records and the rest, with many reinsurers placing emphasis on the quality of client counterparties, the latest 1st View renewals report from Willis Re shows.
15 January 2019AM Best upgrades Issuer Credit Rating of Assicurazioni Generali S.p.A.; Assigns Credit Ratings to Generali Espana
AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "a+" from "a" and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries.
15 January 2019
