It is a known fact that Türkiye faces a serious earthquake risk due to its location in a geography with fault lines. However, the earthquake that occurred on February 6th 2023, centered in Kahramanmaraş and with a vast effect in 11 provinces, is different from the disasters experienced before. The area affected by the earthquake is larger than many European countries in terms of both surface area and population. Following the earthquakes in the region, 38,000 aftershocks took place. These characteristics all prove that this disaster was not just a big earthquake but rather a mega catastrophe.
“Over the years, since the establishment of the Green Card System, the situation of road accident victims has significantly improved.
The Insurance Conference of Moldova 2023 hosted an interesting moment of sharing the experience accumulated in other insurance markets, similar to the Moldovan one, in their modernization process and preparation for the EU accession.
The strategy of our company is not only about writing premiums, but also maintaining the company's profitability.
“In the last decade, the annual growth rate of the Turkish insurance market was over 20% and over the inflation rate,” Mehmet Akif EROĞLU, Chairman of the Insurance and Private Pension Regulation and Supervision Authority (SEDDK) told XPRIMM in an interview recorded in Bucharest.
ALLIANZ-TIRIAC is part of the German group ALLIANZ, one of the largest providers of financial and insurance services and the most valuable insurance brand in the world, according to the latest Interbrand assessment. In Romania, the company has been enjoying financial stability and customer trust for over 29 years.
We are dedicated to supporting local and regional companies in the CEE region, leveraging our global experience and dedicated teams of professionals to provide tailored solutions that meet the specific needs of clients in each market.
By the end of 2022, we made public our intention to start underwriting inwards reinsurance in the region. By doing this, Aldagi sets a precedent for the Georgian industry, being the first insurance company in the market that will also function as a reinsurer. By entering reinsurance business, the management of the Company plans to capitalize on the existing opportunities in the region.
Despite the impact of the volatile economic conditions in the wake of the pandemic crisis and as an effect of the ongoing war in Ukraine the insurance market in Georgia managed to avoid significant losses and maintained a stabile development path mainly due to high economic growth in the country.
The growth of the company in terms of sales is a significant challenge, our main strategy this year is development and growth of the company with acceptable and moderate profitability. We have to ensure profitability and be ahead of market growth.
As a pioneer in the industry, GenePlanet has been offering medical and lifestyle genetic tests for over 15 years. Recently, it secured additional funding from BlackPeak Capital to fuel growth and development. GenePlanet is working with insurance companies across Europe to create customised products that enhance customer loyalty and promote preventive healthcare.
The important innovations proposed by the new insurance law adopted in 2022 include introduction of new, socially significant life insurance products, further digitalization of the insurance industry, development of a system for guaranteeing insurance payments and improving the mechanism for protecting rights of consumers of insurance services and expanding the powers of the insurance ombudsman.
Generali Group has solid historical roots in CEE, it is one of the areas where has invested more worldwide in the last ten years, and it sees it as an important area of growth. We contribute with about 5% of the overall Group's premiums and 10% of the operating profit.
EUROINS Insurance Group has become one of the biggest players in the insurance market, especially in South-eastern Europe where we operate predominantly. Last year our revenue was around one billion euro, and the assets of the group grew to EUR 1.2 billion. We are operating now in Greece, Poland, Romania, North Macedonia, Ukraine, and Georgia. We have operations in Italy and Spain, and we are looking for expansion in Hungary, Czech Republic and Slovakia in order to be close to the countries we are already presented
In 2022, MTIBU member insurance companies concluded 7.2 million domestic MTPL insurance contracts, which is 20.4% less than in 2021. Total premiums decreased by 2.6% year-on-year to UAH 7bn.
There is no confidence without trust, there is no trust without transparency and there is no transparency without intellectually honest communication. Our industry is highly technical and very complex. Technical complexities might generate different interpretations and assessments of the risk. Over and beyond numbers, you need honest, non-bureaucratic dialogue to assess the risk and protect people. Irrespective of market conditions, industry consolidations, companies restructuring or political seasons, our dialogue has to be transparent, continuous, and above all well-intended.
The task of managing the largest insurance group in Central and Eastern Europe is a particularly exciting challenge, especially a listed company, where the capital market and its immediate reactions have to be taken into account in all the considerations, statements and actions. [...] It is our goal to be among the top 3 in the CEE markets by the end of 2025. In addition to Austria, we are now the market leader in our immediate neighbors Slovakia, Czechia and Hungary.
Insurance brings new hope for cancer patients in Georgia: the Cancer insurance provided by GPI Holding in cooperation with Swiss Re and MediGuide is affordable and provides coverage in case of cancer diagnosis and is a reliable source of financing even for modern treatments abroad a novel and attractive product in the market.
Among our priorities, for the next period is to increase Romanians' confidence in the insurance industry by intensifying financial education actions - a strategic pillar for us, where in recent years we have been making sustained efforts, especially aimed at young people, especially in the digital area.
The main inflation impact will show in rising claims costs. Besides, in motor, claims costs have risen as shortages of parts have kept the prices of new and used vehicles high level. Motor liability as well as accident and general liability business will also be impacted, with high inflation feeding through into bodily injury claims.