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Insurance - archive

OCTO Telematics joins the exquisite IIF 2017 team of speakers which will analyze the motor insurance trends

Telematics are definitely improving the motor insurance bottom line, both through the self-selection effects on customer acquisition and material savings related to claims settlement. In addition, it provides the benefit of introducing value-added services around the driver journey, establishing a new type of relation between insurers and their customers, with positive effects on customers' loyalty. More

STATISTICS: ROMANIA, 3Q2016: Double digit GWP growth supported by the raising MTPL tariffs

The Romanian insurance market ended the first three quarters of 2016 with GWP amounting to EUR 1.53 billion, 10.6% up y-o-y, supported by the significant increase in the MTPL prices recorded in the first part of the year. More

Italy hit again by earthquakes; 30 possible victims in a hotel buried by an quake-triggered avalanche

Four earthquakes of over 5 degrees Richer magnitude hit Central Italy in less than four hours Wednesday morning, followed by tens of aftershocks, once again affecting the same mountainous region deadly struck by tremors in August and October 2016. The earthquakes were string enough to be felt in Rome, as well as in the regions of Toscana, Campania and Emilia. More

Aon Benfield: Earthquake and severe weather — combined for 70% of all economic losses in 2016

Aon Benfield's catastrophe model development team has launched its 2016 Annual Global Climate and Catastrophe Report, which evaluates the impact of the natural disaster events that occurred worldwide during the last 12 months to promote awareness and enhance resilience. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc. More

DONNET, GENERALI: 2017 it's not going to be easy, but may be better than 2016

"2017 will look very close to 2016. For basic reasons, we are still going to face a low interest rate environment and the regulation is going to be tough again," Italian GENERALI's CEO, Philippe DONNET, has stated in a recent interview with CNBC on the occasion of the World Economic Forum 2017. More

STATISTICS: Czech Rep., 3Q2016: The decreases in life insurance pushed down the aggregate figure

At the end the third quarter of 2016, the Czech Rep. insurance market totaled CZK 111.6 billion (EUR 4.1 billion), 3.7% less y-o-y, according to the market statistics published on the Czech National Bank website. If the life insurance segment reported an 8% y-o-y decrease (to EUR 1.6 billion), the non-life insurance maintained at about the 3Q2015 level: GWP of EUR 2.5 billion. More

Romanian MTPL subsegment supported the EIG's business positive trend

Bulgarian-based EUROINS Insurance Group (EIG) reported preliminary GWP of EUR 268 million during 2016, 16% more y-o-y, according to a press release published by its owner, the financial holding EUROHOLD.
More

Croatia: MTPL market's liberalization has brought a larger product diversification, believes the Competition Agency

Croatian passenger cars owners have benefitted from the MTPL market liberalization, as well as from the products diversification, has found a recent survey performed by the local Competition Agency. According to the survey's conclusions, the market is "competitive and well structured" and consumers currently have a better choice than in the past years. More

EULER HERMES appoints Kamelia POPOVA as Country Manager for Bulgaria

​The German trade credit insurer EULER HERMES announced it has appointed Kamelia POPOVA as Country Manager for Bulgaria, reporting to Ed GOOS, EULER HERMES CEO of Central & Eastern European Countries. More

BIBA pleads for a sectoral Brexit solution and no further increases of the Insurance Premium Tax and supervision costs

The British Insurance Brokers' Association (BIBA) has called for the government to commit to no further increases to Insurance Premium Tax (IPT) and to negotiate for single market access in the EU exit. BIBA has also called for the Financial Conduct Authority (FCA) to prioritise cost-effective supervision following a 70% increase in regulation costs for small insurance brokers, reads the latest association's press release. More

Insurance Europe: Successful conclusion of EU-US bilateral agreement on (re)insurance welcomed

Following the successful conclusion of the bilateral agreement on (re)insurance between the EU and the US in January 2017, Cristina MIHAI, head of prudential regulation and international affairs at Insurance Europe, said:
"Insurance Europe welcomes the recent conclusion of the bilateral agreement on (re)insurance between the EU and the US, and supports the provisions foreseeing the removal of the discriminatory collateral requirements that EU reinsurers were subject to when placing business in the US. Insurance Europe has been very supportive of the EU-US regulatory dialogue and the negotiations of a bilateral agreement on (re)insurance led by the European Commission, and believes the recent conclusion demonstrates the strength of the relationship between the EU and the US.
More

FITCH: Abolishing collateral will aid transatlantic reinsurance

Abolishing regulatory requirements for EU and US reinsurers to post collateral for their transatlantic business is the most significant element of the recent bilateral EU-US agreement on insurance supervision, says Fitch Ratings in a press statement released on January 17th. More

A.M. Best Assigns Credit Ratings to PASHA Insurance OJSC

On January 17, A.M. Best has assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of "bbb-" to the Azeri PASHA Insurance OJSC (PASHA Insurance). The outlook assigned to these Credit Ratings (ratings) is stable. PASHA Insurance is a wholly owned subsidiary of PASHA Holding LLC, a diversified group also based in Azerbaijan. More

Miroslav SINGER - former Governor of Czech National Bank to join GENERALI Group

Miroslav SINGER (48), former Governor of Czech National Bank (CNB), has been appointed as Director for Institutional Affairs and Chief Economist of GENERALI CEE Holding with effect from 16 January 2017. He will also join the Supervisory Board of Czech market leader Ceska pojistovna - a GENERALI Group company - to become its chairman. More

SCOR announces several appointments in the top level management team

French reinsurer SCOR announced on January 16, several appointments to Group's top management functions, with immediate effect. More

Renata Jungo BRUNGGER appointed in the Supervisory Board at MUNICH Re

Renata Jungo BRUNGGER (55) has been appointed to the Supervisory Board of Munich Re with effect from 3 January 2017. The Amtsgericht (Local Court) in Munich appointed Jungo BRUNGGER as the successor to Wolfgang Mayrhuber, who resigned his seat on the Supervisory Board on 31 December 2016. More

Veronique WEILL to leave the AXA Group

After 10 years at AXA, Veronique WEILL, CEO of AXA Global Asset Management, Group Chief Customer Officer and a Member of the Management Committee of the AXA Group, has decided to leave the Group, as the French insurer announced in a press release. More

CHUBB appoints Alf MULLER as Property and Technical Lines Director for Continental Europe

CHUBB today the appointment of Alf MULLER to the role of Property and Technical Lines Director for Continental Europe, as it continues to evolve its client offering in the property, powergen and construction insurance markets. More

ECPC 2017 - Olav JONES will present Insurance Europe's vision on the consumer protection issues

Olav JONES, Deputy Director General, Insurance Europe, will represent the European (re)insurance federation at the 2017 edition of the European Consumer Protection Conference, to take place in Vienna, on February 16th. More

IIF 2017 - What can make the difference for the MTPL insurers' profitability to improve?

Pricing is one of the top challenging issues in the CEE MTPL insurance sector, as the motor insurance market in Central and Eastern Europe (CEE) has been extremely competitive in recent years. The still rather low purchasing power of the region's citizens forces insurers to maintain low prices and adjust their business models to optimize costs while claims expenses are raising due to several reasons, such as higher bodily injuries claims values. More

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INTERVIEW
Michael J. MORRISSEY
President and CEO
IIS - International Insurance Society


Young buyers don't care if the insurance company has been in business for a hundred years. They don't care if the company has a multibillion dollar balance sheet or not. They are spoiled by an entirely different level of customer experience. People who buy products from Apple or people who go to Starbucks have a different expectation of what they get for the money they spend. They want something different, they want something better. And it's hard for legacy companies to adjust. It's hard from the change of computer systems, it's hard from the change of their attitudes ... but however, traditional carriers will have to adjust in the future so it is tough for legacy companies. (2016-12-20) More

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