Uber Suspended in Greece by New Legislation
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During 1993-2018, Greece insurers paid EUR 359 million for natural catastrophes claims. The 1999 earthquake was by far the most devastating and costly natural disaster, when a total of EUR 111 million in insurance indemnities were paid to the victims.
The insurance market of Greece totaled EUR 3.19 billion at the end of December 2018, up by 1.8% y-o-y, according to the preliminary figures published by the Hellenic Association of Insurance Companies (HAIC).
The Greek central bank's Credit and Insurance Committee announced it has banned the proposed acquisition of a 100% stake in Credit Agricole Life by the Bulgarian Euroins Insurance Group (EIG).
After the failure of the previously announced acquisition attempts made by Fosun, Exin or Gongbao, it seems that a new opportunity to sell Ethniki - Hellenic General Insurance Co. presented itself to National Bank of Greece, with a bid launched by a consortium led by Hannover Re S.E.
The Greek insurers reported aggregate GWP of EUR 2.87 billion at the end of September 2018, up by 2.1% y-o-y, according to the nine-months market report published by the Hellenic Association of Insurance Companies (HAIC).
The National Bank of Greece (NBG) and the owner of the largest and the oldest Greek insurer - Ethniki - will ask the EU for more time to complete the planned asset sale under the EU-approved restructuring plan, according to sources quoted by international media.
GONGBAO was the only bidder in the final stage of binding financial offers for the buyout of a 75% stake in Greece's leading insurer.
Greek insurers will pay over EUR 33.7 million in compensation for the devastating fires that hit Attica on 23 July 2018, according to the first estimate of the Hellenic Insurance Companies Association (EAEE).
At the end of March 2018, the Greek insurance market totaled EUR 999.5 million, up by 3.5% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).
Following the failure to sell its insurance arm, NBG - National Bank of Greece announced it would continue the process for the sale of ETHNIKI Insurance with the final bidders, wrote local media.
The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.
On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.
The German insurer TALANX announced the Supervisory Board has completed the generational shift at Board level.
In Reinsurance, SCOR Global P&C announces the following appointments, effective April 1, 2019:
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.
The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.
Climate risks have always produced high impact events, causing material and human losses that often have remained in collective memory as reference points. On the other hand, cyber risks are just emerging, but they are already demonstrating a potentially catastrophic impact which still needs to be better understood and assessed.