News - Insurance
AZERBAIJAN: Ata Sigorta's license for reinsurance temporary suspended
The Financial Markets Supervision Chamber of Azerbaijan (FIMSA) suspended the license issued to Ata Sigorta for the reinsurance operations, because of the non-conformity of Ata Sigorta's capitalization for provision of reinsurance services, FIMSA said in its statement.
9 January 2019ARMENIA: for January-September 2018 insurers paid taxes by almost 24% less y-o-y
Tax payments of Armenian insurers for January-September 2018 decreased by 23.8% y-o-y. Including direct taxes (such as profit tax and income tax), which dropped by 26.3% y-o-y, as ArmInfo wrote.
9 January 2019STATISTICS: UKRAINE, 3Q2018 result: for January-September 2018 the market growth y-o-y exceeded 11% in local currency, but in euro it was less than 5%
For 9 months in 2018 Ukrainian insurers generated GWP in the amount of UAH 34.87 billion (~EUR 1 billion). At that annual growth rate in local currency amounted to 11.1%, according to the data, published by the National Financial Services Commission.
9 January 2019Register now at the 12th Annual Bancassurance Forum! XPRIMM readers benefit from a discount!
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9 January 2019GENERALI completes the sale of its Belgium unit to ATHORA Holding
Italian based insurer GENERALI announced the closing of the sale of its entire stake in GENERALI Belgium SA to ATHORA Holding Ltd. "in line with the terms already announced to the market on April 18, 2018".
9 January 2019ALLIANZ announced management changes in Africa
ALLIANZ Africa has announced the appointment of Adja SAMB as CEO of ALLIANZ Senegal, and of Xavier LAURENT, previously CEO of ALLIANZ Senegal, as regional Head of Market Management. Both appointments are effective January 1, 2019.
9 January 2019AIG completes acquisition of UK Group risk specialist ELLIPSE from MUNICH Re
American International Group announced that AIG Life Limited, a UK subsidiary of AIG Life & Retirement, has completed the previously agreed acquisition of ELLIPSE, a specialist group life, critical illness and income protection provider in the UK, from MUNICH Re.
9 January 2019STATISTICS: LATVIA: Local insurers posted EUR 9.33 million in nine-month profit
Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.
9 January 2019Munich Re: extreme storms, wildfires and droughts raised the Nat Cat losses toll to USD 160 billion in 2018
An eventful second half of the year contributed to raising the overall loss figure for 2018 to USD 160 billion, of which about half was insured. The impact of climate change effects is stronger than ever, with agriculture being one of the most affected economic sectors.
9 January 2019Greece: new bid for the Ethniki acquisition
After the failure of the previously announced acquisition attempts made by Fosun, Exin or Gongbao, it seems that a new opportunity to sell Ethniki - Hellenic General Insurance Co. presented itself to National Bank of Greece, with a bid launched by a consortium led by Hannover Re S.E.
9 January 2019Yavuz OLKEN appointed Chairman of the Board of Directors of Azerbaijani AXA MBASK
Yavuz OLKEN has been appointed Chairman of the Board of Directors of the Azerbaijani insurance company AXA MBASK, the Trend news agency reports referring to the company's website.
9 January 2019Poland: the financial markets' supervisory body reorganized as state legal entity
On 1 January 2019, further provisions of the Act of 9 November 2018 amending certain acts in connection with the strengthening of supervision over the financial market and investor protection on the Polish market entered into force.
8 January 2019Hungary's insurance market regulator aims to enhance competition in the home insurance market
Hungary's central bank aims to introduce in the second half of 2019 measures to enhance competition in the home insurance market, the central bank's managing director for oversight of financial organizations Csaba KANDRACS said, quoted by Reuters.
8 January 2019Munich Re's Supervisory Board appoints Nicholas J. GARTSIDE as CIO
The Supervisory Board of Munich Re has appointed Nicholas J. GARTSIDE as member of the Board of Management. As Chief Investment Officer (CIO) he will be responsible for the whole Asset Management of Munich Re (Group), starting on 18 March 2019.
8 January 2019Swiss Re Corporate Solutions launches FLOW, a parametric water-level insurance for companies exposed to high or low water
Swiss Re Corporate Solutions launched FLOW, a parametric water-level index-based insurance product, designed to protect companies in Europe from the financial impact of high or low river water levels, such as lost revenue due to business interruption or increased costs due to risk mitigation measures.
8 January 2019Slaven DOBRIC elected as the new President of the Croatian Insurance Bureau
The Croatian Insurance Bureau (HUO) has a new management since December 10. Slaven DOBRIC, member of the Management Board of Allianz Zagreb dd and HUO's ex Deputy Chairman, was elected as President. Hrvoje PAUKOVIC was re-appointed Director of HUO for a new mandate.
7 January 2019Slovene SAVA Re Group targets a 10% growth in the net profit for 2019, to over EUR 43 million
For 2019, SAVA Re Group targets a growth of over 4.5% in the Group's operating revenue, and a net profit of minimum EUR 43 million, 10% over the profit estimated for 2018, corresponding to a growth in ROE of at least 12%, the Slovene groups has announced.
7 January 2019
Insurance Conference in Georgia to be held on 14 March 2019 in Tbilisi!
Registration already opened. Take advantage of the early bird rates until 30 December
The conference aims to involve all the relevant stakeholders to identify the most appropriate solutions for the market's growth and to attract the investments and know-how, taking also into consideration the latest practices and other countries' experience.
20 December 2018STATISTICS: ALBANIA timeline 2008 - 2017: the market increased twofold, but life insurance remained underdeveloped
The Albanian insurance market grew between 2008-2017 on all segments, both in GWP and in paid claims terms. There is only one exception to this generalized upward trend, that is, the indemnities paid chapter on the property class " fire and allied perils insurance", which dropped 18.04%.
20 December 2018KAZAKHSTAN: GWP of professional liability insurance dropping against paid claims growth in the segment
GWP of compulsory insurance classes went up, overall, by 9.3% y-o-y, in the first ten months of 2018, although all major types of compulsory professional liability insurance demonstrate a rather strong decrease, according to the data of the National Bank of Kazakhstan.
20 December 2018
