News - Insurance
Fewer than one third of insurers report success in process of digital transformation
The insurance industry is known for having traditional structures with many legacy systems in place. As technology develops and globalization charges on, digital solutions become more important but fewer than one third of insurers report success in transforming business practices.
1 November 2018Germany designs emergency insurance laws in case of hard Brexit
The German government is reportedly working on two emergency laws to protect cross-border insurance agreements and derivatives contracts in anticipation of a fast-approaching Brexit in March 2019.
1 November 2018Global insurance M&A deals hit highest levels of value since the financial crisis
Deal value for global insurance M&A reached EUR 37 billion in the first six months of 2018, driven by a slew of mega-deals which pushed value to its highest first-half total since the financial crisis, according to a new report from Willis Towers Watson and Mergermarket.
1 November 2018Ethniki sale saga continues: NBG to ask EU for more time to complete the sale
The National Bank of Greece (NBG) and the owner of the largest and the oldest Greek insurer - Ethniki - will ask the EU for more time to complete the planned asset sale under the EU-approved restructuring plan, according to sources quoted by international media.
1 November 2018ERGO Group to reduce its Management Board and appoint new CUO
The Supervisory Board of ERGO Group AG voted to reduce the size of the Board of Management of ERGO Group AG with effect from January 1, 2019. Thus, in the future, the Board of Management will comprise of only five members.
1 November 2018AIG's Brexit restructure approved
American International Group announced that its European subsidiary, AIG Europe Limited (AEL) has received approval from the High Court of England & Wales to transfer its business to two new entities: American International Group UK Limited (AIG UK) and AIG Europe SA (AESA) in preparation for the UK's exit from the European Union.
1 November 2018VIG's Baltic unit SEESAM Insurance AS - 10% GWP increase in 3Q
Estonian non-life insurer SEESAM, one of last entered players in the VIG family, raised its GWP in the Baltic states by 10% y-o-y, to EUR 54.1 million, informs LETA, quoting Dace ZITMANE, marketing manager at the Latvian branch of the company.
1 November 2018GENERALI has opened a Representative Office in Moscow
The Representative Office of GENERALI in Moscow was officially opened on 31 October 2018 by Luciano CIRINA, CEO of GENERALI CEE Holding and Regional Officer for Austria, CEE & Russia and the Chairman & CEO of GENERALI Russia & CIS, Giorgio CALLEGARI.
1 November 2018STATISTICS: Croatia, 3Q: Positive trend, supported by the traditional life insurance and the motor insurance lines
The Croatian insurance market totaled after the first three quarters of 2018 GWP worth EUR 1.02 billion, 10.8% up y-o-y. Paid claims have increased y-o-y by 13%, to EUR 539.7 million. Top 3 insurers account together for over 52% of the market GWP.
1 November 2018The 2018 Edition of the Croatian Insurance Days, from November 7-9 in Opatija
This year's edition of the Croatian Insurance Days is expected to bring together more than three hundred participants, thus making the event the largest annual gathering of Croatian insurance professionals.
1 November 2018Global Care on Demand: a virtual doctor for globally mobile citizens
As of November 1, 2018, AXA - Global Healthcare customers will have access to the "Global Care on Demand" service, a virtual doctor developed by Advance Medical, offering simple and flexible health services for globally mobile individual and SME customers.
31 October 2018STATISTICS: KAZAKHSTAN: after 9 months GWP decreased by 0.8% y-o-y
Based on the result after 3 quarters the insurance sector demonstrated a decrease of GWP by 0.8%. At that operating income, as of the beginning of October, went up by 1% and investment income - by 30%, informed abctv.kz.
31 October 2018KAZAKHSTAN: some provisions of the new law will come into force on January 1
Part of the provisions of the new law "On amendment to some legal acts
of the Republic of Kazakhstan on insurance and insurance activities,
securities market", that was adopted on July 2, 2018, will come into
force on January 1, 2019, including introduction of online insurance.
31 October 2018UZBEKISTAN: one of the key insurers - INGO-UZBEKISTAN celebrates 10 years of successful operations
INGO-UZBEKISTAN, one of the key local insurers, on October 25 celebrated 10 years of successful operations and 15 years of its parent company presence in the Uzbek insurance market.
31 October 2018GEORGIA: from January 1, 2019 industrial accident insurance of employees will be compulsory
On January 1, 2019 in Georgia the article 5 of the law "On work safety" will come into force; based on it employers will be obliged at their expense to provide employees with industrial accident insurance.
31 October 2018BELARUS: GWP growth rates remain above the 15% threshold
For 8 months this year insurers of Belarus generated GWP in the amount of BYN 804.9 million. At that growth rates remain above the 15% threshold, according to the data, published by the Ministry of Finance.
31 October 2018PERILS: final loss estimate for extratropical cyclone Herwart of EUR 264 million
In its final loss estimate for Extratropical Cyclone Herwart, which primarily affected Austria and Germany on 29 October 2017, PERILS said the insured property market loss, based on loss data collected from affected insurers, is EUR 264 million.
31 October 2018Lloyd's to transfer all its EEA business to its Brussels subsidiary until 2020
Lloyd's has confirmed its subsidiary in Brussels will write all non-life risks from EEA countries from 1 January 2019, enabling partners and policyholders to retain access to the underwriting expertise of the Lloyd's market.
31 October 2018VIDEO: MUNICH Re: We have the duty to find solutions for cyber risks, which are a threat at the global level
Becoming a growing threat globally, cyber risks is both a challenge and an opportunity for the insurance industry. MUNICH Re's representatives talked to XPRIMM TV in Baden Baden, about the different approach to this type of risk that the Group, as one of the most active players on the cyber market solutions, proposes.
26 October 2018STATISTICS: Hungary FY2017 UPDATE: Top 5 insurers accounted for almost 60% of the market GWP
Top 5 Hungarian insurers accounted together for 58.6% of the market GWP in 2017, according to the market data published by MABISZ, the local insurers' association. On the non-life side, the Top 5 market weight is even bigger, of 69.7%.
25 October 2018
