News - Insurance
Beirut explosion will be "a major loss" for Hannover Re
Beirut explosion from 4th August 2020 will "pretty certain" be "a major loss" for Hannover Ruck SE, Sven Althoff, reinsurer's head of property and casualty, commented, cited by S&P Global Market Intelligence.
6 August 2020Munich Re, 2Q2020: Consolidated profit stood at EUR 579 million, impacted by COVID-19 losses
In the second quarter of 2020, Munich Re generated a consolidated profit of EUR 579 million, 41.7% smaller compared to the value recorded in the second quarter of 2019. COVID-19 related-losses totaled EUR 700 million, dragging the profit down.
6 August 2020ERGO, 2Q2020: Second quarter profit went up 27.4% year-on-year
During the second quarter of 2020, ERGO, part of Munich Re, generated a sizeable profit of EUR 173 million (+27.4%) in its field of business, while for the January-June 2020 period, it's consolidated profit reached EUR 245 million (+11.4%).
6 August 2020Fairfax, 2Q2020: GWP expanded 8% while net earnings stood at USD 435 million
For the second quarter of 2020, from April to June, Fairfax Financial Holdings announced net earnings of USD 435 million, compared to net earnings of USD 494 million in the second quarter of 2019.
6 August 2020STATISTICS: CIS Region, 1Q2020: Tajikistan's insurance sector almost doubled in size, while most regional markets recorded negative results
In the first quarter of 2020, the overall CIS regional market decreased in GWP volume by 3.8% y-o-y (after currency conversion to EUR). Total regional GWP reached approximately EUR 6.09 billion*, according to one of XPRIMM latest statistical analysis.
6 August 2020STATISTICS: ROMANIA, 1Q2020: Private health insurance expanded by 44% y-o-y
Between January-March 2020, the Romanian insurance market wrote a gross amount of premiums of RON 2.95 billion (~EUR 612 million*), up 8.8% year-on-year, and paid a total volume of claims in amount of RON 1.79 billion (~EUR 370 million*), 14.2% more y-o-y, the latest figures from the Financial Supervisory Authority (ASF) show.
6 August 2020STATISTICS: POLAND, 1Q2020: Insurance market grew 2.4% y-o-y
Insurance companies in Poland underwrote gross premiums of PLN 16.74 billion (EUR 3.68 million*) in the first three months of 2020, up 2.4% year-over-year, the country's Financial Supervisory Authority (KNF) said in a report.
6 August 2020UZBEKISTAN: in the first half of the year paid claims of KAFOLAT increased by more than 18% y-o-y
During the first half of 2020, the insurance company KAFOLAT concluded over 320 thousand insurance contracts for a total insurance amount of UZS 80.3 billion (~EUR 7.86 million*), according to the company's preliminary data.
6 August 2020Hannover Re, 1H2020: GWP exceeded EUR 13 billion, but major pandemic losses dragged the net income down 39%
Hannover Re Group ended the first half of 2020 with a net income of EUR 402 million, 39.3% lower than the same period of prior year. The operating profit (EBIT) decreased by 46.6% to EUR 504 million.
5 August 2020Allianz, 1H2020: Total revenues remained stable, net income shrunk by more than a fourth
Allianz Group ended the first half of 2020 with a net income of EUR 3.1 billion, 28.2% lower than the value reported in the first half of the prior year. The decrease in the net income attributable to shareholders was largely driven by the drop in operating profit, the group reports.
5 August 2020RUSSIA: S&P affirms AlfaStrakhovanie at BB+, outlook stable
S&P Global Ratings affirmed the long-term financial strength rating of AlfaStrakhovanie at BB+, outlook stable. The affirmation of the rating reflects the agency's view of the company's leading market position and strong operating performance, as S&P explained in the report.
5 August 2020EU Commission approves UNIQA's acquisition of AXA in Poland, the Czech Republic and Slovakia
Austrian insurer UNIQA announced that the EU Commission has not identified any conflicts in relation to competition law and has approved the UNIQA's acquisition of AXA in Poland, the Czech Republic and Slovakia without any conditions.
5 August 2020ACHMEA: Supreme Court rules on the fiscal treatment of former stake in PZU
Dutch insurer ACHMEA announced on 10 July 2020, the Supreme Court of the Netherlands ruled in a case between ACHMEA and the Tax and Customs Administration. In its judgement, the Supreme Court has reached the same conclusion as the Court of Justice did earlier.
5 August 2020Insurance Europe responds to EC roadmap for Capital Markets Union action plan
Insurance Europe has published its response to a consultation by the European Commission on its roadmap for the Capital Markets Union (CMU) action plan.
5 August 2020CHUBB announces management changes to its life and general insurance operations in Asia
CHUBB Limited today announced management changes to its life and general insurance operations in Asia.
5 August 2020Guy Carpenter appoints Canada President and CEO
Guy Carpenter & Company, part of Marsh & McLennan Companies (MMC), announced the appointment of Peter Askew as President and CEO, of Guy Carpenter's Canadian business, with immediate effect.
5 August 2020New insight briefing: Insurance Europe's views on artificial intelligence
Insurance Europe has published an insight briefing about the European insurance industry's views on artificial intelligence (AI).
4 August 2020Insurance Europe calls for free access to credit ratings for internal and regulatory purposes
Insurance Europe has published its response to a call for evidence by the European Securities and Markets Authority (ESMA) on credit rating information and data.
4 August 2020RUSSIA: January-June number of insured livestock with state support increased by 30% y-o-y
In the first half of 2020, about 3.4 million livestock items were insured with state support, which is 30% more y-o-y, according to the National Association of Agriculture Insurers (NAAI) figures.
4 August 2020Swiss Re, 1H2020: The group booked USD 2.5 billion claims and reverses related to COVID-19
For the first six months of 2020, Swiss Re reported a net loss of USD 1.1 billion, after booking claims and reserves related to COVID-19 of USD 2.5 billion. Excluding the impact of COVID-19 losses, net income amounted to USD 865 million for the period, reflecting a strong underlying business performance across the group.
3 August 2020
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