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Insurance - archive

Swiss Re reported FY2016 net income of USD 3.6 billion and proposes new share buy-back

Global reinsurer Swiss Re announced its FY2016 net income was down to USD 3.6 billion (USD 4.6 billion for 2015), while the Group premiums earned and fee income increased by 10.0% y-o-y to USD 33.2 billion. Swiss Re's Board of Directors will propose to the Annual General Meeting a higher dividend of CHF 4.85 (vs. CHF 4.6) and the authorisation of a new public share buy-back programme of up to CHF 1.0 billion. More

STATISTICS: The Turkish market exceeded TRY 40 billion in GWP last year

Total GWP in the Turkish insurance market exceeded TRY 40 billion (about EUR 11 billion) last year, an increase of more than 30% compared to the previous year, according to preliminary data from the Insurance Association of Turkey - TSB. The TSB figures also show that Turkey's insurance sector grew by 20.2% in real terms last year when the annual inflation rate was 8.5%. More

SAVE THE DATE for Conference on Inclusive Insurance and Microinsurance

At the end of May, the Institute for Strategic Solutions together with XPRIMM invite you to attend  the Conference on Inclusive Insurance and Microinsurance: Opportunities and Challenges for CEE and the Transcaucasian Region, which will be held in Ljubljana, Slovenia on 17 May 2017. More

European Commission: The price cap of MTPL premiums in ROMANIA is not in line with EU law

The European Commission pointed out in the most recent Country Report that the Romanian Government decision regarding the maximum tariffs for the mandatory car insurance premiums (MTPL) is not in line with the EU legislation, including the provisions of the Solvency II Directive. More

Bruce CARNEGIE-BROWN set confirmed as next Chairman of Lloyd's

Bruce CARNEGIE-BROWN is to become the Chairman of Lloyd's following a meeting of the Council of Lloyd's where his appointment as successor to John NELSON was approved unanimously. This appointment also had the unanimous support of the Lloyd's Franchise Board. More

Romania: CertAsig identifies 3 micro-trends for specialised corporate insurance products in 2017

Corporate insurer CertAsig, which has over a decade of experience in insuring corporate clients in a wide range of diverse fields, in Romania and several other CEE countries, identifies 3 types of specialised insurance products that companies in Romania will discover in 2017. More

Swiss Re proposes to elect Jay Ralph and Joerg Reinhardt to the Board

Swiss Re Group announced that the Board of Directors proposes to elect Jay Ralph and Joerg Reinhardt as new, non-executive and independent members at the Annual General Meeting of shareholders on 21 April 2017. At the same time, as it had already announced, Swiss Re also proposes to elect Jacques de Vaucleroy to its Board of Directors. Carlos E. Represas, who has been a member of Swiss Re's Board since 2010, will not stand for re-election. More

SCOR, FY2016: Strong results, supported by the life business positive trend

GWP by the French reinsurer SCOR reached EUR 13,826 million in 2016, up 5.3% at constant exchange rates compared to 2015 (+3.0% at current exchange rates), with a strong contribution from SCOR Global Life - GWP of EUR 8,187 (+8.3% at constant exchange rates and +6.4% at current exchange rates) -, and increasing in SCOR Global P&C's GWP, which stood at EUR 5,639 million, up 1.2% at constant exchange rates (-1.5% at current exchange rates). More

VIDEO: BERNARDINO, EIOPA: Making a difference for European consumers

"For EIOPA consumer protection is and will continue to be a key strategic priority. It is at the centre of our work through both prudential and conduct of business regulation and supervision," stated Gabriel BERNARDINO, Chairman of EIOPA - European Insurance and Occupational Pensions Authority, on the occasion of the European Consumer Protection Conference, organized last week in Vienna. More

Willis Towers Watson: Exclusive negotiations to acquire OAAGC, the top French aviation brokerage

Willis Towers Watson (NASDAQ: WLTW) has entered into exclusive negotiations with OAAGC, the top French aviation brokerage, to acquire its team and book of business, a WTW press release reads. More

The GENERALI deal: Background preparations expecting the first overt moves

"No request to date from insurer GENERALI for a seat on the Intesa board," says Intesa Sanpaolo Chairman Gian Maria GROS-PIETRO, Reuters reports. The statement follows to the recent acquisition by GENERALI of a 3.04% participation in Intesa Sanpaolo, which makes the Trieste Lion the fourth shareholder of the largest Italian bank. More

SOMPO Holdings, 3Q2016: 23.9% rise in net income

SOMPO Holdings Inc., the Japanese insurance group which operates in several European countries, mostly under the SOMPO Canopius brand, saw a 23.9% rise in net income to JPY 110 billion (USD 968 million) on a consolidated basis in the third quarter of the 2016 fiscal year ended Dec. 31, 2016, according to a statement. SOMPO businesses are currently present in the insurance markets of U.K., Guernsey, Ireland, Germany, Belgium, France, Netherlands, Italy, Spain, Switzerland, and Russia. More

Record strong profit in 2016 for the Norwegian GJENSIDIGE Group

For the full year 2016, the Norwegian GJENSIDIGE Group, one of leading players in the Northern Europe, delivered a record-strong profit before tax of EUR 676.2 million, 21.5% up y-o-y. The underwriting result was EUR 411.3 million, corresponding to a combined ratio of 83.4% (83.7% in 2015). The underwriting result was positively influenced by solid premium growth of 5.5% compared with the year before, leading to earned premiums totalling EUR 2.47 billion. More

Romanian FSA's head, Misu NEGRITOIU exchanged views with the Austrian insurers' representatives in Vienna

Misu NEGRITOIU, President of the Romanian Financial Supervisory Authority (ASF), met last week in Vienna representatives of the Insurers' Association of Austria (VVO), the meeting focusing on the latest developments on the insurance markets in the two countries, as well as specific aspects related to the MTPL business line or Austria's experience in managing the high-risk insured persons. More

UK: Motor re/insurers may see a reserve charge of about GBP 4.9 billion if the Ogden discount rate will be decreased to 0.5%

The British motor insurance industry, in particular the reinsurers of this market, would likely experience a material one-off reserve charge of approximately GBP 4.9 billion, if the Lord Chancellor will agree with the Association of Personal Injury Lawyers (APIL) and revise the Ogden discount rate from 2.5% to negative 0.5%, an analysis by Willis Towers Watson says. In addition, there would be a roughly GBP 700 million per annum increase in the cost of providing motor insurance in the future. More

Profit of EUR 2.5 million in Baltic States for the newest VIG arm

The FY 2016 preliminary figures indicate that the newest VIG arm in the Baltic States - BTA Insurance Company - generated for the three markets that form the region (Latvia, Lithuania and Estonia) - aggregated GWP of about EUR 132.5 million, 15.4% more y-o-y. At the same time, the value of paid claims increased by 9.8% y-o-y, to EUR 77.5 million, while the company's gross profit last year was EUR 2.5 million, the LETA news agency reported. More

ACHMEA expects a FY 2016 negative result of EUR 380 million

As a result of exceptional charges in the second half of 2016, the Dutch insurer ACHMEA forecasts to report a negative net result of approximately EUR 380 million for the financial year 2016. "An increase in the provisions for personal injury claims, a higher than expected use of new medicines, a restructuring provision in connection with the further adjustment of our organisation and an impairment on goodwill of our Turkish insurance operations affected the result negatively", ACHMEA explained in a press release. More

Swiss Re Group's CUO, Matthias Weber, to step down; Edouard Schmid to succeed him

The global reinsurer Swiss Re announced that, after 25 years, Matthias Weber (Group Chief Underwriting Officer - CUO) is leaving the company, effective 30 June 2017, "to begin a new chapter in his life". He will be succeeded by Edouard Schmid, currently Head Property & Specialty Reinsurance, who has been with Swiss Re since 1991. More

MAIN TOPICS: The European Consumer Protection Conference 2017

Representatives of insurance and reinsurance companies, regulators, members of professional associations of insurance undertakings and distributors, as well as representatives of authorities and consumer associations gathered on February 16 in Vienna at the third edition of the European Consumer Protection Conference. Here are some of the main topics analyzed during the debates. More

Consumer protection in Europe, analyzed during the European Consumer Protection Conference 2017

The consumer environment in the current European regulatory and economic landscape, upcoming legislative changes that will benefit consumers and users of insurance and private pension products, as well as digitalization and impact of technological advances in the field of financial services are just a few of the topics that were debated at the third edition of the European Consumer Protection Conference in Vienna, on February 16. More

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Member of the Board, Responsible for Europe
ERGO International AG

We have no interest to be number 1 in Romania in a mid-term, neither on life nor non-life sectors, and that's not our target. I want us to be a profitable company and the best choice for brokers. That's our target: to be the best in class. 
(2017-02-02) More

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