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Press cuttings - archive

UKRAINE: Zurich leads USD 120 million civil war loss

Zurich is the lead insurer on a USD 120mn political risk claim caused by the conflict in Ukraine, The Insurance Insider understands. The insured is food conglomerate Cargill, one of the world's largest privately held corporations.
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ARMENIA-based insurers earned AMD 4.058 billion in net profit in 2016

Armenia-based six insurance companies earned a total of 4.058 billion drams in net profit in 2016, up from 2.672.8 billion drams they had earned in 2015 (51.8% increase), according to ARKA news agency's bulletin "Insurance Companies of Armenia" for the fourth quarter of 2016. All six companies closed the past year with a profit, whereas in 2015 two companies reported losses. More

MACEDONIA: Osiguruvanje Makedonija signs insurance contracts worth 6.7 mln euro with ELEM

Osiguruvanje Makedonija, a subsidiary of Vienna Insurance Group, said on Tuesday it has signed eight insurance services contracts with Macedonian state-owned power producer ELEM. More

BULGARIA's Starcom Holding boosts stake in insurer Eurohold

Bulgarian financial and insurance group Starcom Holding raised its stake in local peer Eurohold Bulgaria to 60.58% from 50.05% following a capital hike, Eurohold said on Monday. More

UKRAINE: "PZU Ukraine" has entered techassistance abroad for car owners with travel policy and "Green card"

Insurance company "PZU Ukraine" (Kiev) has developed a package proposal, including the policy of international compulsory insurance of civil liability of owners of ground vehicles "Green card" and insurance going abroad (program "Elite") with the option of technical assistance, according to a press release of the insurer. More

Fairfax reports 2016 combined ratio for insurance and reinsurance operations of 92.5%

Toronto-based Fairfax Financial Holdings has released its most recent financial results for the fourth quarter and full-year 2016 ending Dec. 31, reporting a combined ratio for its insurance and reinsurance operations of 92.5% on a consolidated basis. More

TURKEY: MetLife Pension and Life Insurance, one of Turkey's successful pension and life insurance companies, announced their results for 2016...

Making a difference in the sector with its innovative approach, MetLife has announced its results for 2016. The company has increased its total premium production in life and personal accident insurances by 49% in one year adding up to TL477 million by the end of 2016 and listed among the first 3 companies in the market. MetLife preserved its leading position in personal accident field among all pension and life insurance companies with its market share of 36.6%. On the other hand, the company has grown in personal pension insurance at a higher rate when compared to the sector and reached at a cumulative fund value of more than TL1.18 billion. More

TURKEY: Campaign by Generali Insurance brings a FIAT Egea to Mersin

Drawing attention with its projects building on the company's mentality of Easy Insurance, Generali Insurance announced the winner of its campaign which offered a FIAT Egea Hatchback to any vehicle owners who received a quote for either one of the traffic insurance or Casco products in a minute without any charges. More

TURKEY: Aksigorta Pioneers in Turkey and in its Sector with the Automation Project

Aksigorta pioneers in Turkey and in its sector with the automation project which is introduced as part of the company's digitalization program. Virtual employees assigned as part of the Automation Project are providing 24/7 services while increasing the efficiency more than 8-fold. More

SLOVENIA's Generali Insurance Deploys Metastorm BPM Software

"Like many insurance companies, our customer facing processes are critical to our business," stated Sonja Leban Gogala, director of sales channel, Generali Insurance Slovenia. "By automating our core processes using Metastorm BPM, we will be able to quickly realise its value, especially in terms of overall competitiveness." More

Aegon reports strong net income in Q4 2016

"During 2016, we made good progress...growing our business, realizing major expense savings and increasing our returns", said Alex Wynaendts, Aegon CEO. More

NN Group reports 4Q16 and 2016 results

"2016 was an eventful and important year for NN Group, a year in which we made considerable steps. We invested in accelerating change and innovating our customer experience, and worked on new and improved products and services", said Lard Friese, CEO. More

AIG Reports Fourth Quarter 2016 Results

American International Group, Inc. today announced results for the quarter and fiscal year ended December 31, 2016. "We took decisive actions in 2016 to dramatically reduce uncertainty and deliver higher quality, more sustainable earnings in the future," said Peter D. Hancock, AIG President and Chief Executive Officer. More

AZERBAIJAN: PASHA Insurance has moved their head office to a new location

PASHA Insurance company is ready to serve its customers in new location. PASHA Insurance announces that they have moved their head office to a new location - "Sahil Plaza" which is in 61, avenue M. Useynov, in front of Dalga Plaza. All of the departments and/or divisions (such as, board of directors, customer services, claims and legal services department) are located in head office. More

POLAND: UNIQA - New insurance available with SkyCash application

UNIQA TPL insurance is available with SkyCash since December 2016. This is another product, after a tourist cover, developed with the application users in mind. What is more, payments can be spread over as many as 12 instalments. Customers paying their instalments on time can also take advantage of a special promotion. More

HUNGARY: KBC books Q4 net income of EUR 23 mln

Belgium's KBC Group booked net income of EUR 23 million at its business in Hungary in the fourth quarter, down from EUR 42 mln in the same period a year earlier as income tax expenses jumped, state news agency MTI has reported, citing an earnings report released today.
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UZBEKISTAN: Investments by insurance companies increase

The total volume of investments of Uzbek insurers amounted to 867.547 billion soums (1 USD =3294.74 soums on Feb. 8) in 2016, that is, by 19.3 percent more compared to 2015, the country's Finance Ministry told Trend Feb. 8. More

KAZAKHSTAN insurance firm to compensate USD 38 million for Boeing 747 crash near Bishkek

Kazakhstan insurance company Eurasia is ready to compensate USD 38 million for the damages caused by the Boeing 747 plane crash near Bishkek on January 16, reports the company. More

KAZAKHSTAN: A.M. Best Revises Outlooks to Negative for Nomad Insurance Company JSC

A.M. Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-"for Nomad Insurance Company JSC (Nomad), the wholly owned subsidiary of Nomad Insurance Group Limited, a private non-operating company (both entities are domiciled in Kazakhstan).
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ARMENIA, IRAN sign MOU on insurance co-op

Iran and Armenia signed a Memorandum of Understanding (MOU) to expand bilateral insurance cooperation in Yerevan on Thursday, IRNA reported. More

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