Kazakhstan's Halyk Bank on June 15 announced the signing of the sale and purchase agreements with Mr. Kenges Rakishev to acquire 86.09% of ordinary shares of JSC Kazkommertsbank for a consideration of 1 Kazakhstan tenge, and separately with JSC Sovereign Wealth Fund Samruk-Kazyna to acquire 10.72% of ordinary shares of Kazkommertsbank also for a consideration of 1 Kazakhstan tenge.
Azerbaijan Deposit Insurance Fund (ADIF) paid AZN 43,222,000 to Parabank's depositors, AZN 58,971,000 to Zaminbank's depositors, AZN 27,771,000 to Kredobank's depositors and AZN 3,087,000 to Dekabank's depositors.
The buyer of Laiki bank's subsidiary in Ukraine was "gifted" the bank along with a EUR 1.5m to top it off, former Laiki depositors (Sykala) alleged on Monday.
The Central Bank of Armenia, jointly with the country's government, is planning to work out a program of midterm development of insurance market for expanding pension system.
The board of Bulgarian insurance company Euroins said on Tuesday that the buyout bid submitted by majority owner Euroins Insurance Group (EIG) is a fair offer to the other company shareholders.
Bulgaria's financial regulator said on Wednesday it has granted approval
to insurance company Saglasie to acquire 100% of Sofia-based Tokuda
Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Thursday it will invest an additional four billion kuna ($604.7 million/540.2 million kuna) in its businesses by 2021, two billion of which will be directed towards tourism.
Insurer Dunav Osiguranje saw its stake of total premium income in the Serbian insurance sector fall to 27.7% in the first quarter of 2017 from 28.3% in the like period of last year, but the company remained the leader in the sector, data by central bank NBS showed.
Motorcycle sales in Turkey are expected to rise by 10% this year due to a decrease in compulsory insurance tariff rates, according to the head of the Motorcycle Industry Association.
Compensa Vienna Insurance Group (Compensa) racked up EUR 45.15 million in premiums in the Baltic countries last year, which is 63.2 percent or EUR 17.49 million more than in 2015, the company's representatives told LETA.
Yesterday, KBC completed the acquisition of United Bulgarian Bank and Interlease from the National Bank of Greece for a total consideration of 610 million euros, representing a 1.10x multiple of the 2016 Tangible Book Value of UBB and Interlease. The acquisition - which was announced on 30 December 2016 - was approved by the relevant regulatory authorities and received anti-trust approval.
The assets managed by Bulgarian insurance companies increased to 7.26 billion levs ($4.15 bilion/3.7 billion euro) at the end of March, up 16% year-on-year, the country's central bank said on Friday.
The Greek-American consortium Calamos-Exin Group has been selected as the preferred bidder for the sale of Ethniki Insurance, a National Bank of Greek subsidiary, in the context of the tender that according to sources is nearing its conclusion.
Bulgaria's financial regulator said on Wednesday it has approved the merging of Sofia-based Euroins Health Insurance company into EIG Re, both wholly-owned by Euroins Insurance Group (EIG).
MP Almazbek Ergeshov (Kyrgyzstan) has proposed to introduce vehicle liability insurance since January 1, 2018, one year earlier than planned.
Rustam Azimov, who previously served as deputy prime minister of Uzbekistan, has been appointed as the new director general of the Uzbekinvest National Export-Import Insurance Company, a representative of the insurance company told Trend.
Sberbank, the largest bank of Russia, today announced receiving the
certification for its Mudaraba Finance transaction from Shariyah Review
EXIN Partners, a group consisting by John Calamos and John Koudounis of Calamos Investments, insurance expert Matthew Fairfield, and Pavlos Kanellopoulos together with Nicholaos Adamantiades of AIG have won the bid to acquire "Ethniki Asfalistiki," Greece's biggest insurer.
Bank VTB (Azerbaijan) has announced a tender procedure on the subject of
insurance of cash machines and cash in them. The Bank's tender
commission reports that bidders can familiarize themselves with the
tender documentation at Bank's office (38, Khatayi Avenue; Mezenat
Plaza, AZ 1008).
Fairfax Financial Holdings Ltd. has agreed to reduce its holdings in Mumbai, India-based insurer ICICI Lombard General Insurance Company Ltd., a joint venture between ICICI Bank and Toronto-based Fairfax.
Kosovo's insurance companies posted a combined net profit of 900,000 euro ($1 million) in the first four months of 2017, flattish compared to the profit recorded a year earlier, figures from the central bank showed.
Two of the country's biggest and richest entrepreneurs have diversified their investments in the insurance market.
Prague headquartered VIG Re aims to strengthen its underwriting activities in Germany and to enter additional countries mainly in continental Europe, according to the company's 2016 annual report.
The Ministry reports that insurance agency Atəsgah is under liquidation.
"Creditors can put forward their demands within two months at address:
29, Neftchilar Street, Sabail District of Baku," the Ministry said.
The term given by Financial Markets Supervision Chamber of Azerbaijan
(FIMSA) to Standard Insurance for resumption of its activity will expire
Bulgaria-based insurance company DZI, part of Belgium's KBC Group, said on Tuesday it has opened its biggest claims centre in the country. The company now operates two claims centres in the capital Sofia and a total of 86 in the country, DZI said in a statement.
AXA Poland is set to capitalise on strong growth opportunities in the
Polish market in a bid to expand its employee benefits business.
Turkey's automotive sector, considered to be the country's economic
locomotive, paid up more than TL 59 billion (USD 16.60 billion) in taxes
last year. Finance Minister Naci Agbal pointed out these figures
about the sector at the Authorized Automotive Dealers Association
Congress last April. Calling the automotive sector an important source
of income, Ağbal said, in 2016, they obtained TL 18.9 billion in excise
duty, TL 10-15 billion in VAT, TL 10 billion in motor vehicle taxes, TL
10-15 billion in income tax, SGK and withholding.
Based on the new regulation in the Polish insurance market that entered into force on 1 January 2016, the general terms and conditions of insurance ("GTC") as well as other standard contracts must be published by insurers on their websites. The Polish regulator ("KNF") noticed, however, that the fulfilment of this obligation differed among insurers.
Net profit of six Armenia-based insurance companies in the first quarter
of 2017 slashed by 60.3% year-on-year to 518.9 million drams, according
to ARKA news agency's quarterly bulletin "Insurance Companies of
Armenia" for the first quarter of 2017.
Greek insurance companies have passed (with minor notes) the first
European solvency test based on the new capital regulations known as
To expand the range of interest-free instruments, Turkey is preparing to
introduce Islamic insurance into the financial system where members
contribute money into a pooling system to guarantee each other against
loss or damage.
Group showed a strong performance in the first quarter of 2017, with
all segments contributing to the increase in the Group's operating
result compared with the first quarter of 2016. We continue to improve
efficiency, with cost savings in the Netherlands bringing the expense
base down further. And our balance sheet remains robust, with NN Group
The US commerce secretary has backed a bid by an American-Dutch consortium to buy the insurance arm of Greece's National Bank, Ethniki Insurance, saying a deal could help US investment flows to the troubled Mediterranean country.
The Department of Consular Service of the Ministry of Foreign Affairs of Ukraine has confirmed that citizens of Ukraine suffered in a road accident in Turkey; they were sent to a hospital. "A road accident in Turkey. The injured Ukrainians were taken to the hospital. The embassy, an insurance company and a tour operator are providing assistance," the ministry said on Twitter. At the same time, the number of victims is not indicated.
According to CBK's report, in 2016, the value of premiums written by insurance companies amounted to euro 83.5 million, which represents an annual increase of 4.4 percent.
The combined gross written premiums of Croatian insurers totalled 3.3 billion kuna (444.1 million euro) at the end of April, up 1.11% on the year, official figures show.
Belgium's KBC Group said on Tuesday its after-tax profit from Bulgarian operations fell to 4 million euro (USD 4.4 million) in the first quarter, from 5 million euro in the like period of 2016.
Bulgaria's financial regulator said on Tuesday it temporarily banned the publishing of a buyout offer by Euroins Insurance Group (EIG) for the remaining 9.93% of the share capital of Sofia-based insurer Euroins it does not already own.
The U.S. Commerce Secretary has backed a bid by an American-Dutch
consortium to buy the insurance arm of Greece's National Bank, saying a
deal could help U.S. investment flows to the troubled Mediterranean
Kazakh insurance market is forecast to grow at double-digit rates in
2017-2021, given the recovering Kazakh economy and the current low
levels of insurance penetration, the International Rating Agency Fitch
Ratings said in a new report called "Kazakh Insurance: Growth Potential
but Challenging Operating Environment".
Milli Majlis [Parliament] of Azerbaijan has launched discussions on the draft law "On unemployment insurance." Under
the bill, which was considered at a meeting of the Parliamentary
Committee on Labor and Social Policy on May 12, the main principles of
unemployment insurance will be obligatoriness, legal equality of
unemployment insurance subjects, differentiation of insurance payments
depending on the length of insurance and duration of unemployment.
The current legislation of Ukraine in the field of visa, there are no restrictions in the law of detention of foreigners and persons without citizenship of insurance contracts with Ukrainian and foreign insurers, this is stated in the answer the Ministry of foreign Affairs of Ukraine to the appeal of the League of insurance organizations of Ukraine on insurance of foreign citizens and persons without citizenship.
A.M. Best has affirmed the Financial Strength Rating of C++ (Marginal) and the Long-Term Issuer Credit Rating of "b+" of Kommesk-Omir Insurance Company JSC (Kommesk) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable.
A.M. Best has downgraded the Financial Strength Rating to C+ (Marginal) from C++ (Marginal) and the Long-Term Issuer Credit Rating to "b-" from "b" of JSC Insurance Company Centras Insurance (Centras) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable.
Slovenian companies and institutions have been warned to take
cybersecurity seriously after the global ransomware attack that hit tens
of thousands of targets on Friday.
The buyout bid launched by Slovenian holding company Triglav INT, a member of the country's biggest insurer Zavarovalnica Triglav, for the 12% stake it does not already own in Bosnian insurance company Triglav Osiguranje [SAJ:BHOSR] has failed, the latter said on Tuesday.
The Bureau reports that compulsory insurance contracts in the country
are registered on the basis of insurance premiums, established by the
Financial Market Supervision Authority on each of the types of
compulsory insurance, and any deviation from these tariffs are
To attract drivers and to increase the sale of policies of insurance,
Ukrainian insurance companies began to invent new ways to reduce the
cost of auto insurance. In particular, becoming more popular affiliate
programs with car dealers and discounts for certain car, writes UBR.
Against the background of highly accommodating monetary policy, persistently low interest rates and further improving economic growth, particularly in Central Europe and Ireland, KBC turned in another strong performance with a net profit of 630 million euros, well up on the 392 million euros in the first quarter of 2016. It was down on the 685 million euros recorded in the fourth quarter of 2016, since it was distorted by the booking of upfront banking taxes in the first quarter. Our lending and deposit volumes as well as our assets under management continued to grow in the first quarter 2017. In addition to the fine business performance, costs remained under control, overall loan loss impairment charges were extremely low and our solvency position remained strong. For Ireland, our guidance for loan impairment is for a release of 120-160 million euros for full year 2017.
"I am pleased with the continued earnings momentum that we are seeing as a result of our ambitious expense savings program...", said Alex Wynaendts Aegon CEO.
The listing of the US operations would bring significant additional
financial flexibility for AXA, benefiting from supportive macroeconomic
conditions in the US, and create an option to further reduce AXA's
exposure to financial risks while further strengthening its economic
Macedonian non-life insurer Osiguruvanje Makedonija, a subsidiary of Vienna Insurance Group (VIG), said on Thursday its after-tax profit for the first quarter more than halved to 11.2 million denars (182,800 euro) from 24.4 million denars a year ago.
Bulgaria's Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria, said on Friday it expects its premium income to increase to 700 million levs (356.5 million euro) in 2017, from 527.7 million levs in 2016.
Albanian insurer Eurosig is selling 90% of the life-insurance business of its wholly owned subsidiary Insig to two local entrepreneurs, Samir Mane and Shefqet Kastrati, according to media reports.
The law on insurance of housing should be executed, member of the Parliament Ainura Altybaeva (SDPK party) said at the session of the Parliament.
Part of NN Group's goal to be a positive force in the lives of our customers includes taking responsibility for the wellbeing of the wider society. We do this in part through NN Future Matters, NN Group's overarching Community Investment Programme. Future Matters aims to empower young people in the markets where we operate to support them in growing their economic opportunities.
Fitch Ratings has upgraded Groupama S.A.'s (Groupama) and its core
subsidiaries' Insurer Financial Strength (IFS) ratings to 'A-' from
'BBB+'. Groupama's Inssuer Default Rating (IDR) has also been upgraded
to 'BBB+' from 'BBB'. The Outlooks are Stable.
On a GAAP basis, MetLife reported first quarter 2017 net income of USD
820 million, compared to net income of USD 2.2 billion in the first
quarter of 2016. On a per share basis, net income was USD 0.75, compared
to net income of USD 1.98 per share in the prior-year period.
American International Group, Inc. today announced results for the
quarter ended March 31, 2017. "Our first quarter results highlight the
success of the actions we have taken to execute on our strategy,
strengthen our balance sheet, and improve earnings quality," said Peter
D. Hancock, AIG President and Chief Executive Officer. "Operating
results across our core Commercial and Consumer businesses improved and
we continued to return excess capital to shareholders. Since January 1,
2016, we have returned over $18 billion of capital towards our $25
billion target. We will continue to execute our strategy and further
build on our position as a leading global insurance company."
An offer for National Bank's insurance business by Calamos and Exin will
be hard to match, partly because of the cultural and commercial links
they have with Greece, the investment duo's chief executives said.
Croatia osiguranje (Croatia Insurance), a member of Adris Group, will take over Cardif Osiguranje insurance company from BNP Paribas.
Insurance company CertAsig registered the top insurance policies in a civil liability for a Romanian utility aviation company, for a technical insurance of a logistics company from Romania and an insurance policy for a infrastructure construction company from Romania, all of them amounting to EUR 77.8 million in the first quarter of 2017.
A.M. Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb" of Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan). The outlook of these Credit Ratings (ratings) remains negative. Kazakhinstrakh is a wholly owned subsidiary of JSC Halyk Bank (Halyk Bank), a leading retail bank in Kazakhstan.
Poland's weighted average 12-month second-pillar fund (OFE) returns
soared to 17.6% as of the end of March, according to the Polish
Financial Supervision Authority (KNF).
On April 28 Azerbaijan Deposit Insurance Fund (ADIF) paid AZN 43,206,000
to Parabank's depositors, AZN 58,211,000 to Zaminbank's depositors, AZN
27,771,000 to Kredobank's depositors and AZN 3,087,000 to Dekabank's
Kuwait's Gulf Insurance acquires acquires 100 percent stake in Turkey's AIG Sigorta Anonim Sirketi for USD 47.9 million.
The Russian Analytical Credit Rating Agency (ACRA) assigned the AAA (RU)
credit rating with the stable outlook to the Russian National
Reinsurance Company (RNRC), press service of the reinsurer said on
Tuesday. The decision was made on April 28, the company said.
The Ministry of information policy (MIP) of Ukraine initiates to
regulate the issue of compulsory insurance of journalists. This was on
the occasion of world press freedom day was declared by the Minister of
information policy Yuriy stets, reports the website of the Ministry.
Bulgaria's Commission for Protection of Competition (CPC) has ruled to approve the proposed deal in which Belgian-based KBC Group would acquire United Bulgarian Bank (UBB) and leasing firm Interlease from the National Bank of Greece (NBG).
Kosovo's insurance companies posted a combined net profit of 1.1 million euro ($1.2 million) in the first quarter of the year, compared to a net profit of 1.3 million euro in the like period of 2016, according to data from the country's central bank.
The Azerbaijani Compulsory Insurance Bureau has paid compensations worth around 212,000 manats to the clients of the liquidated Alfa Insurance company since February 2017, the bureau said in a message Apr. 28.
The company "AXA Insurance" (Kiev) April 25, 2017, has launched a mobile app AXA Drive in Ukraine, which helps the driver to see, analyze and improve your driving style with the further opportunity to save money on insurance, according to a press release of the insurer.
Chubb Limited (NYSE: CB) today reported net income for the quarter ended
March 31, 2017 of USD 1,093 million, or USD 2.31 per share, compared
with USD 439 million, or USD 0.97 per share, for the same quarter last
year. Operating income was USD 1,175 million, or USD 2.48 per share,
compared with USD 1,019 million, or USD 2.26 per share, for the same
quarter last year. The property and casualty (P&C) combined ratio
was 87.5% for the quarter. Book value per share increased 1.7% and
tangible book value per share increased 3.1% from December 31, 2016 and
now stand at USD 105.35 and USD 62.52, respectively.
Czech insurance company Pojistovna VZP has asked the Czech National Bank (CNB) for a license to provide vehicle liability insurance.
Interpol has published red notice for former head of the supervisory board of Oranta national joint-stock insurance company (Kyiv) Oleh Spilka and a member of the supervisory board Oleksandr Tyminsky under a request of Ukraine, Ilyashev & Partners law firm defending BTA Bank (Kazakhstan), the largest shareholder in the insurance company, has reported.
Croatia's anti-trust regulator, AZTN, said on Thursday it has approved the acquisition of 100% of Societe Generale Splitska banka by the local unit of Hungary's OTP Group, OTP Banka Hrvatska.
VTB Bank (Armenia) as an agent of leading insurance companies offers beneficial insuring products, the clients can get in the Bank without visiting the insurance companies' offices, Bank's press-service informed ArmInfo.
Poland's biggest oil refiner, PKN Orlen, is expected to post a
466-percent jump in its first quarter net profit mainly thanks to
insurance payment, fuel sales and oil prices, a Reuters poll showed on
Friday. The state-controlled oil firm is seen posting a bottom line of
1.9 billion zlotys (USD 476.42 million) compared to 337 million zlotys
profit a year earlier, based on a forecast from eight banks and
On April 21 Azerbaijan Deposit Insurance Fund (ADIF) paid AZN 43,202,000 to Parabank's depositors, AZN 54,625,000 to Zaminbank's depositors, AZN 27,771,000 to Kredobank's depositors and AZN 3,087,000 to Dekabank's depositors.
The International Monetary Fund (IMF) has pledged to provide technical support for the supervision of banks and insurance companies in Montenegro, the country's central bank, CBCG, said on Monday.
The Central Bank of Armenia has qualified Armeconombank OJSC and SIL
Insurance CJSC as a financial group - SIL Multifunctional Financial
Sayenko Kharenko's litigation team has successfully represented PJSC
Insurance Company Ukrainian Insurance Group Life in the Supreme
Commercial Court of Ukraine regarding a UAH 5.3 million (approximately
EUR 185,000) insurance indemnity collection dispute.
The Supreme Court of Russia has upheld lower courts' rulings ordering
Allianz insurance company to pay 751.5 million rubles (USD 11.4 million)
in compensation to Samsung Electronics Rus Company, according to court
MKB General Insurance has been fined HUF 3 million by the National Bank of Hungary (MNB) on charges of engaging in "misleading advertising practices," according to a report by state wire service MTI.
Azerbaijan's insurance company PASHA Life plans to collect insurance premiums worth 102 million manats, said Chairman of the company's Management Board Niyaz Ismayilov in his interview disseminated by the company Apr. 17.
Insurance companies of Ukraine in 2016, has collected net premiums
amounting 26,464 billion, which is 18.4% more than in 2015, according to
the website of the National Commission, carrying out state regulation
of market of financial services.
Maxima Latvija, a subsidiary of the retail group Maxima Grupe, and Tineo, the owner of the Riga shopping center that housed the collapsed Maxima store, are suing Ergo Insurance over its refusal to pay a claim worth 5.34 mln euros, but the insurer says that the event was not covered under the insurance policy.
Bulgaria's Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria, has launched a buyout bid for the remaining 9.93% of the capital of its Sofia-based subsidiary Euroins it does not already own, Euroins said on Thursday.
The net profit of Bosnian insurer Sarajevo Osiguranje dropped to 55,000
marka (28,100 euro) in 2016 from 451,600 marka a year earlier, the
The Bulgarian branch of France-based credit insurance company Euler
Hermes said on Monday it affirmed Bulgaria's credit rating at 'B2'.
PASHA Insurance - one of the largest insurance companies in the country
has opened its new representative office in Aghsu city in order to
please local customers.
Slovenia's holding company Triglav INT, a member of the country's biggest insurer Zavarovalnica Triglav, has launched a buyout bid for the 12% stake it does not already own in Bosnian insurance company Triglav Osiguranje [SAJ:BHOSR], the latter said on Monday.
The Governor of the National Bank of Ukraine, Valeria Gontareva, has
announced her resignation, effective from 10th May, 2017, after nearly
three years in the post. She made the announcement during a press
Over 25 percent of customers buying smartphones or tablets in shops of mobile retail outlet Svyaznoy also purchase insurance for the devices, reports Tdaily.ru, citing a study from Svyaznoy. The increase in demand for insurance services was attributed to the higher prices for mobile devices.
Bulgarian software company Sirma ICS, part of Sirma Group Holding [BUL:SKK], said on Wednesday it has developed a digital insurance platform - ICS Online - which aims to connect end-customers to insurance brokers and insurance companies.
Serbian state-owned Dunav Osiguranje [BEL:DNOS] said its profit jumped 131.3% to 897.8 million dinars (7.28 million euro) in 2016, with premium income rising 10.5% to 19.8 billion dinars.
The total amount of profit tax paid by insurance companies of Ukraine, according to preliminary data, in 2016 amounted to about 950 million UAH, which is 17%, or 140 million UAH more than in 2015, said the Agency "Interfax-Ukraine" member of the financial services Commission Alexander Zaletov.
NN Group recently opened its first international innovation lab - Sparklab Hungary. Sparklab welcomes startups and freelancers in Hungary who aim to explore and expand ideas supporting the improvement of quality of life. It follows the example of several successful innovation labs in the Netherlands and will be NN's first international initiative. It is the first innovation lab in Hungary in the field of insurance. Sparklab will use lean start-up techniques and support selected ideas with coaching, mentoring, location and other resources.
Slovenia's biggest insurer, Zavarovalnica Triglav, said on Tuesday it plans to pay a gross dividend of 2.5 euro per share for 2016, equal to a year earlier.
Four investors submitted binding bids to acquire a majority stake in Greek lender National Bank's (NBG) insurance unit, a banking source close to the deal told Reuters on Tuesday.
Responsibilities for supervision over a number of financial intermediaries will be reassigned from the National Commission for State Regulation of Financial Services Markets to the National Bank of Ukraine (NBU) and the National Securities and Stock Market Commission and should be fully implemented by December 2017.
Over Jan-Mar the Compulsory Insurers Bureau registered 215,572
electronic insurance agreements on mandatory insurance of motor vehicle
owner's liability. The CIB reports that 29,808 motor vehicles of them are foreign transit vehicles.
Azerbaijan Deposit Insurance Fund (ADIF) paid AZN 43,199,000 to Parabank's depositors, AZN 54,504,000 to Zaminbank's depositors, AZN 27,771,000 to Kredobank's depositors and AZN 3,087,000 to Dekabank's depositors.
Bulgaria's Euroins Insurance Group (EIG), part of financial and insurance group Eurohold Bulgaria, said on Thursday it will launch a buyout bid for the remaining 9.93% of the capital of its Sofia-based subsidiary Euroins it does not already own.
Insurance company mergers are to be expected after the requirements were raised for their authorised capital, said National Bank insurance supervision department head Zhanat Kurmanov, reported Kapital.kz.
From April 2017 new conditions of CVI insurance indemnifications are enforced in Armenia. As Vahan Avetisyan the director of Armenian Motor Insurance Bureau has stated earlier, in 2016 all the necessary technical and procedural backgrounds were created so that from April 2017 CVI insurance certificates holders could receive indemnifications from their insurance company.
The average age of vehicles in Ukraine is 19.6 years, the worst indicator since 2000, Volodymyr Shevchenko, the head of the Motor Insurance Bureau, said Tuesday.
The total amount of insurance payments on claims by individuals, paid by the insurance companies of Ukraine in 2016, amounted, according to preliminary estimates, over UAH 4.5 bn, which is 17%, or UAH 600 million more than in 2015, said the Agency "Interfax-Ukraine" member of the national Commission, carrying out state regulation of market of financial services (Natskomfinuslug), Alexander Zaletov.
CIG Pannonia Life Insurance notifies its Esteemed Shareholders and other capital market participants that the general meeting of Pannonia General Insurance decided to transfer the home insurance, condominium insurance and compulsory vehicle liability insurance portfolio to Aegon Hungary General Insurance with the effect from the date of the supervisory authorization.
Rates may rise only marginally for some types of insurance, but others could increase by 15 percent or more, experts say. As
of the beginning of 2017, prices of some non-life insurance products,
mainly vehicle and travel insurance, have started to increase in
Slovakia. Insurance companies are responding in this way to a new
8-percent levy that the state now applies to every new premium.
Chairman of Azerbaijan's Financial Market Supervisory Body Rufat Aslanli
has informed about the process of liquidation of local banks at a
meeting at the parliamentary committee.
The insurance group SOGAZ has won the tender to conclude the insurance agreement with the Cherepovets Iron and Steel Works, a part of Severstal.
Azerbaijan's Financial Market Supervisory Body (FMSB) developed a legal
framework that allows introducing new instruments to support banks
facing a capital shortage.
The bankruptcy procedure for insurance companies is not settled from the
point of view of the proper protection of consumer rights, Director of
the law and analytical department of the League of Insurance
Organizations of Ukraine (LIOU) Serhiy Tarasov said at the second
Restructuring and Bankruptcy Forum organized by Yurydychna Praktyka (Law
Practice) newspaper on March 29.
The European Bank for Reconstruction and Development (EBRD) said on
Friday it exited its engagement in Slovenia's pension fund Prva Group,
one of the leading asset management providers in central and eastern
Marking the first anniversary of Willis Towers Watson's Prague office,
we are delighted to present our report into the prospects for the Czech
insurance industry in the years to 2020. In this unique survey of 49
senior insurance executives from across the industry - insurers,
reinsurers, intermediaries, academics and industry associations - we
sought to identify the key trends, risks, opportunities and keys to
success for insurance companies.
The Romanian unit of French credit insurance agency Coface said on Wednesday it will open an IT development centre in Bucharest in early April.
Bulgarian insurer Bulstrad, part of Austria's Vienna Insurance Group has filed a petition with Sofia City Court for the opening of bankruptcy proceedings against Bulgarian car manufacturer Litex Motors, the court says.
The preliminary results of the Ukrainian insurance market in 2016 show that 55% of assets of insurance companies worth over UAH 30 billion are low liquid or hard to sell and generate low income, a member of the national commission for financial service markets regulation Oleksandr Zaletov has told Interfax-Ukraine.
Cars brands Toyota, Hyundai, Kia and Mazda in 2016 were the most stolen cars in Russia; it is hard, but with a slightly lower frequency was Land Rover, Ford, BMW, Renault and the Russian Lada, according to a survey conducted by RIA Novosti among the leading Russian insurers.
The International Rating Agency S&P Global Ratings has revised its outlook on Kazakhstan-based Grain Insurance Co. JSC to developing from positive, the rating agency said.
Until 2021, EximBank will continue to issue insurance policies on behalf of the Romanian state for Romanian companies faced with the private insurers' impossibility to cover commercial and political risks for the exports on the European Union market and the OECD countries, reads a press release of the bank sent on Thursday.
Bosnia's Muslim-Croat Federation said it has decided to dispose of its 45.5% stake in local insurer Sarajevo Osiguranje via direct negotiations, following five failed sales attempts.
Poland's state insurance firm PZU said on Thursday it would stick to its core strategies and keep paying dividends, as it watched its share price fall sharply a day after it fired its chief executive.
Polish insurance company PZU said on Wednesday that its supervisory
board had dismissed its chief executive, Michal Krupinski. The firm,
eastern Europe's largest insurer, did not give any reason for
The Bulgarian financial regulator said that eight external auditors have been selected to review the assets of Bulgarian insurance and reinsurance companies as at end-2016 in a follow-up to asset reviews that looked at the state of affairs as at end-June.
Having been assigned as the Assistant General Manager of Groupama in
2008 following the acquisition of Guven Insurance and reassigned as the
General Manager of Groupama Insurance Inc. and Groupama Pension Inc.,
Ramazan Ulger will be retiring from office on April 30th, 2017 as a
result of the mutual decision made with the Group Management.
Recruitment process is continuing for the new General Manager and will
be announced briefly.
Non-life insurer Baltikums Vienna Insurance Group has been renamed to InterRisk Vienna Insurance Group, information from Firmas.lv suggests LETA.
The combined gross written premiums of Croatian insurers totalled 1.7
billion kuna (229.5 million euro) at the end of February, up 2.59% on
the year, official figures show.
Mobile operator Telia Lithuania has started offering a travel insurance service for customers taking trips to foreign countries. The offer was launched in cooperation with insurance company Compensa and insurance broker Edrauda.
Eximgarant of Belarus and the Chinese company Sinosure signed an agreement on cooperation, BelTA has learned.
In 2017, the budget allocated for the State Fund scheme for the co-financing of agricultural insurance premiums will amount to 1.5 million Lev (about 766,776 Euro), as decided in a meeting of the Governing Council of the State Fund "Agriculture" (SFA), reports Investor.bg.
Insurance companies will bear responsibilities before Azerbaijan's
Financial Market Supervisory Body (FMSB) in case of failure to fulfill
their obligations under the insurance contracts.
Bulgarian diversified holding TK Hold said on Wednesday it sold its 15% stake in Sofia-based Asset Insurance company to current shareholder Bent Oil for 1.57 million levs (800,000 euro).
Insurance claims for cases of critical diseases like cancer, heart attack and stroke have grown by nearly 70% over the course of the past year, according to data from ERGO.
On March 11th, 2017 it was announced that the landing permit was revoked
for Mevlut CAVULOGLU, Minister of Foreign Affairs of Turkish Republic.
In this process, the Turkish government announced that they are going to
impose sanctions against the Netherlands if such practice continues.
However, there are many definitions for an entrepreneur, we can briefly
define it as a person who takes risks. Yet, we should note also that an
entrepreneur never takes uncalculated risks. An entrepreneur tries to
make his/her desires come true taking the risk at the right time having
tracked the opportunities.
The assets managed by Bulgarian insurance companies reachеd 6.6 billion
levs (3.37 billion euro) at the end of December, up by 8.2%
year-on-year, the country's central bank said on Monday.
Domestic banks' assets occupied a dominant position in total assets of the financial sector of Azerbaijan for the past year. The
government's report for 2016 says that the financial sector assets
amounted to AZN 43 bn that is equal to 71.1% of the domestic gross
Kosovo's insurance companies posted a combined net loss of 23.9 million euro ($25.4 million), more than three times higher than their aggregate net loss of 7.7 million euro in 2015, data from the country's central bank shows.
"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.
Sayenko Kharenko's antitrust team has provided legal assistance to
secure Antimonopoly Committee of Ukraine (the "AMC") clearance for the
introduction of a new direct claims settlement agreement between the
Motor (Transport) Insurance Bureau of Ukraine (MTIBU) and insurer
members of the MTIBU.
I came to Ukraine almost two years ago, I found a very archaic
situation in corporate car fleet management. Most of international
companies operating in Ukraine were still buying cars directly and
managing their own car fleets: as an evidence for that, we can look to
the very tiny size of the car leasing market: only around 25000
vehicles, which also includes volumes from individuals and Ukrainian
SMEs!", said Pierre-Vladimir Joliot, General Director, ALD Automotive.
closed 2016 with a net loss of €382 million, primarily as a result of
extraordinary expenses. The result was influenced by events such as the
severe hail storms in June last year, which caused in excess of €300
million damage and affected more than 30,000 of our customers. The use
of the Health result to limit the increase in premiums also lowered the
result. Looking to the future, we have raised the provisions for
personal injury claims and have formed a restructuring provision in
connection with further changes to our organisation. Finally, there has
been an impairment of goodwill of our Turkish insurance operations.
Although it is disappointing to end the year with a loss, over the next
few years we expect to benefit from the improvements implemented in
recent years", said Willem van Duin, Chairman of Achmea's Executive Board.
"Aviva's results are simple and clear cut: more operating profit, more
capital, more cash, more dividend. And there is more to come. Aviva's
financial position has been transformed and a distinctly stronger
balance sheet and excess capital give Aviva more options. We are now
actively planning a capital return to our shareholders and debt
reduction in 2017 and will invest further to grow our businesses", said Mark Wilson, Group Chief Executive Officer.
The first annual SOS Children's Villages Bulgaria awards ceremony took place on 26 January 2017. The organisation honoured its benefactors and partners, and thanked them for the collaboration and support they provided to at-risk children and those deprived of parental care. NN Pension Insurance Bulgaria received the prize for 'The Most Significant Corporate Partner'. Anastas Petrov, CEO of NN Pension Insurance Bulgaria, said NN supports a number of projects that support children and students in Bulgaria. 'Children are our future. We believe that supporting SOS Children's Villages and their cause is an investment in the development of a better and happier tomorrow for our country.'
Meliha Yardim is assigned as the Human Resources Director of NN Life
Insurance and Pension Previously was serving as the Director of
Expertise Center and Business Partnership, Meliha Yardım will be
responsible for the functions of HR in her new assignment.
Experts deem provision of transparency and public trust should be restored.
Estonia has allowed the testing of self-driving cars on the country's roads; however, an additional condition is that the vehicle must also have a driver who can take control if needed.
In 2016 there were a number of huge leaks of personal data of Turkish
citizens online. It's created a massive demand for products to insure
individuals and businesses from losses caused by cyber crime. Yilmaz
Yildiz, CEO of Zurich Turkey, outlines the first product they've brought
to market to address this demand.
Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator - calculated in line with the rules of Hungarian insurance regulations - showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017.
Natural occurrences caused by climate change create major losses for
businesses and private persons in Latvia, according to information
compiled by Seesam on insurance claim payments performed in the past
Transfer of administration of insurance contributions to the Federal tax
service has led to the increase in fees — an increase in revenues of
the state budget funds for the first two months of 2017, up 2% compared
to the same period last year, said the head of the FTS Mikhail
Mishustin, speaking on Tuesday at the Board of tax service.
Azerbaijan's insurance assets recorded a significant growth in 2016. The
total volume of the insurance sector assets in 2016 increased by 1.9
percent and made up 1.031 million manats as of January 1, 2017,
according to the Cabinet of Ministers' report on activities for 2016,
Macedonian non-life insurer Triglav Osiguruvanje, a unit of Slovenian
insurance group Triglav, said its after-tax profit jumped to 54.6
million denars last year from 18.7 million denars in 2015.
Unipetrol received another insurance compensation at USD 40mln (CZK 1bn)
related to FCC unit accident at Kralupy. It is the first compensation
linked to Kralupy unit that increases total amount received to CZK 8.9bn
(CZK 7.9bn received in 2016 linked to Litvinov unit). This increases
chances for dividend announcement (setting up official dividend policy)
around mid of March when Company plans to publish its new strategy.
Six Armenia-based insurance companies collected a total of 17.8 billion drams in 2016 as premiums for mandatory insurance of vehicles and paid 8.8 billion drams in damage compensation claims, according to ARKA news agency's bulletin "Insurance companies of Armenia" for the fourth quarter of 2016.
Busfor Ukraine, the online bus ticket service intends to introduce some
new products for bus passengers in 2017, Busfor Ukraine Head Oleksandr
Pavlovich has said.
The Financial Market Supervision Chamber (MNBP/FIMSA) has published insurance statistics saying that Azerbaijan's insurance market was defined by three types of insurance - voluntary health insurance (VHI), voluntary life insurance and OSAGO (compulsory insurance of vehicle owner's civil liability).
Adriatic Slovenica, whose 15 percent market share propels it into second position among Adriatic life insurance carriers, announces it will soon finalise end-to-end automation. ALLFINANZ Interview Server by Munich Re Automation Solutions Ltd. enables fully electronic client applications while streamlining the carrier's internal processes to reduce costs and retain income.
POLAND Insurance company AXA, one of the biggest tenants of Warsaw Trade Tower (WTT), has expanded its office space by over 3,750 sqm to 15,560 sqm in total.
Vice President, Mehmet Simsek, was on the live broadcast of NTV.
"Traffic insurance is an obligatory insurance type," said Mr. Simsek,
having explained that they are working towards a new model for traffic
insurance emphasizing the drawbacks of the current system. "The system
is designed to compensate the damage one causes to the other. Therefore,
the one needs to be insured is rather the driver, not the vehicle. Say,
the vehicle is insured but it was trusted to an inexperienced driver.
Such factors are leading to increased premium payments. I instructed the
Treasury and they are working on it. There is a similar system in
effect in the UK where the driver is insured. Such a system considers
not only the risks the vehicle is exposed to but also the risks drivers
are exposed to. With this system we believe the number of traffic
accidents and damages will be reduced, which in return will lower the
premiums," he added.
According to the announcement made by the Competition Authority on its
official website, the transfer of the Isık Insurance Corp., once was
controlled by the Asia Participation Bank Corp., to Turkish Agricultural
Credit Cooperatives Central Association is approved.
As a humane urge to secure one's future, individuals are encouraged to
invest as much as their budgets allow. These investments are sometimes
involving purchasing real estate or automobiles and other times starting
one's own business. The research showed that real estate is still the
number one choice of Turkish people as an investment. However, it is
important to secure such an investment against the risks as it is the
fruit of years of labor.
As a customer, what do you see when you look at the insurance business?
Complex processes, hard to read and hard to understand policies, strict
procedures... As a person working in this sector for 16 years, I must
admit that this is the picture in my mind.
Not another day pass without the bad news of fire incidents. We are bound to read a number of big or small fire incidents. These fire hazards are causing significant losses both material and immaterial. The total number of fire incidents only in 2016 in Istanbul adds up to 28,586. According to the statistics of Istanbul Fire Department, among these incidents 5,910 were residential and 153 were manufacturing plants. Almost 40% of all the fire incidents in Istanbul last year were due to smoking. Electrical malfunction follows smoking with a whopping 21.5%. As one may see, it is possible to eliminate at least 40% of the fire hazards if we were to observe the non-smoking warnings in commercial and industrial facilities.
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
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.
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.
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.
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.
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.
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.
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.
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.
"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."
"During 2016, we made good progress...growing our business, realizing major expense savings and increasing our returns", said Alex Wynaendts, Aegon CEO.
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.
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.
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.
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.
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.
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.
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.
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).
Iran and Armenia signed a Memorandum of Understanding (MOU) to expand
bilateral insurance cooperation in Yerevan on Thursday, IRNA reported.
In an environment of persisting low interest rates, firm economic growth in Central Europe and Ireland, and more modest growth in Belgium, KBC turned in a strong performance by posting net profit of 685 million euros in the fourth quarter of 2016, compared with 629 million euros in the preceding quarter and an exceptional 862 million euros in the fourth quarter of 2015 (or 441 million euros excluding two major one-off items in that quarter).
On a GAAP basis, MetLife reported a fourth quarter 2016 net loss of USD 2.1
billion, compared to net income of USD 785 million in the fourth quarter
of 2015. On a per share basis, the net loss was USD 1.94, compared to net
income of USD 0.70 per share in the prioryear period.
NN Group announces today that, NN Group acquired 24,618,525 Shares held by Talpa Beheer B.V. through a private transaction against a consideration of EUR 5.36 per Share, representing a total value of EUR 131,955,294. The consideration was paid from the cash capital available at the holding company.
The Chubb family is saddened by the passing of John R. Cox, the founding
Chairman and first employee of ACE Limited, which was established in
1985 and last year acquired The Chubb Corporation, adopting its name.
Mr. Cox, a giant in the property and casualty insurance industry, was
Chubb Limited (NYSE: CB) today reported net income for the quarter ended
December 31, 2016 of USD 1,610 million, or USD 3.41 per share, compared
with USD 683 million, or USD 2.08 per share, for the same quarter last
year. Operating income was USD 1,283 million, or USD 2.72 per share,
compared with USD 780 million, or USD 2.38 per share, for the same
quarter last year. The property and casualty (P&C) combined ratio
was 87.8% for the quarter, or 87.6% on an "As If" basis.
Slovenia's biggest insurer, Zavarovalnica Triglav, said on Thursday it
signed a deal with Germany's KGAL Beteiligungsverwaltungs to establish a
new company, Trigal, as a regional platform for alternative
Financial and insurance group Eurohold Bulgaria said on Friday Euroins
Romania's capital has been raised to 530 million lei ($126 million/117.4
Croatia's four mandatory second-pillar fund returns for 2016 outperformed the previous year's strong results.
Over EUR 20 million have been paid by citizens who bought life insurance policies in one of the four insurance companies which offer this type of insurance in Macedonia in 2016. Around 10,000 new clients insured their lives which is a 20% rise as compared with 2015.
The list of Armenia's 1000 largest corporate taxpayers in 2016 includes all six insurance companies, operating in the country, which paid about 2.09 billion drams in taxes, up from 1.77 billion drams they had paid in 2015, the State Revenue Committee said. Some 93% of that amount were direct taxes, the Committee said.
Vodafone Turkey started offering an alternative to paying for work or home insurance premiums via its 'Cep cuzdan' mobile payment service. Anyone working with a mobile wallet can pay for his daily insurance premiums by text messaging a text corresponding to an insurance to a specific number and receive its insurance in less than 10 days. Vodafone enables the payment of insurance premiums through its e-payments system VPAS. The system enables the payment of an insurance premium of TRY 1.19 per day which is obligatory to pay for work accidents and damages to homes.
The median gross monthly salary in Armenia in 2016 amounted to 187,850 drams ($391 or 26,127 Russian rubles), which was by 1.7% more than in 2015, according to the figures, released today by the National Statistical Service (NSS).
PASHA Insurance announces that they are moving their head office to a new location - "Sahil Plaza" which is in M. Useynov, 61 address.(in front of Dalga Plaza) All of the departments and/or divisions (such as, board of directors, customer services, claims and legal services department) will be located in head office.
There are about 15,600 businesses registered for the first time in Albania's fiscal administration during 2016, the data published by the General Taxation Directorate showed Thursday.
Insurance Company Ingosstrakh Life has concluded an obligatory reinsurance treaty for 2017 with VIG RE and MAPFRE RE as well as with Ingosstrakh Insurance Company, the leader of the Russian insurance market, Insurance Company Ingosstrakh Life informed.
The government has proposed amendments to the law on compulsory motor insurance (CTP) on the priority of the repair of the car over insurance payments, the relevant document published on the website of the Cabinet of Ministers.
The joint application of the two companies was recognized the best in the tender for a general agreement for the insurance of valuable cargoes of Russian Post.
The International Federation of Journalists (IFJ) has collaborated with Insurance for Journalists to launch a scheme of flexible, low-cost protection plans for freelance reporters and media personnel who struggle to find insurance when reporting at home or abroad.
The Turkish side is considering urgent payment of compensations to the
affected villagers of Dacha SU nearby Manas airport, where cargo Boeing
747 crashed in the morning of January 16.
French credit insurance agency Coface said it has upgraded the credit risk assessment rating of Bulgaria, Serbia and Bosnia and Herzegovina on the back of robust economic recovery.
KBC is set to make its first big acquisition in emerging Europe since
the financial crisis after winning the bidding to buy Bulgaria's
fourth-largest lender from National Bank of Greece (NBG). The Belgian
group will pay EUR 610 million for United Bulgarian Bank (UBB) after
beating off competition from Hungary's OTP Bank. The purchase price also
includes NBG's Bulgarian leasing subsidiary, Interlease. The
acquisition will propel KBC into the number three slot in the Bulgarian
banking market, a position the group has targeted since acquiring small
local lender CiBank in 2007.
QBE Corporate has filed an appeal against court's refusal to collect
over USD 4 million from Kapital Strakhovaniye Company in favor of six
foreign insurers in connection with the 2012 Sukhoi Superjet-100 crash
in Indonesia that left 45 dead, RAPSI learnt in the Moscow Commercial
The airline's insurance company will pay compensation to the families of victims and cover material damage as a result of the cargo plane crash, said Turkish Ambassador to Kyrgyzstan.
Motor insurance constitutes a major part of the property/casualty insurance sector in Poland. Its market share, according to the latest figures from industry association Polska Izba Ubezpieczen (PIU), is 49.9% of gross written premium. Add to that joint indemnities for compulsory motor third-party liability insurance (MTPL) and voluntary insurance policies such as accident and theft (casco), the figure rises to 68.8%.
American International Group agreed to pay 9.8bn to Warren Buffett's Berkshire Hathaway to take on long-term risks from commercial policies written in prior years.
Fitch Ratings has affirmed Armenia's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B+' with Stable Outlook. The issue ratings on Armenia's senior unsecured Long-Term Foreign Currency bonds have also been affirmed at 'B+'. The Country Ceiling has been affirmed at 'BB-' and the Short-Term Foreign Currency and Local Currency IDRs at 'B'.
Poland's largest insurer, PZU SA, is considering a 500 million euro
Eurobond issue to bolster its capital buffers following its acquisition
of UniCredit's Polish unit, its CEO said.
French AXA will not sell AXA Insurance, subsidiary insurance company. It
was reported by the company's CEO Philippe Wautelet during the
interview to Novoye Vremia.
In 2016, the Central Bank of Russia has revoked 97 licenses of banks, 17 licenses of non-state pension funds, 69 licenses of insurance companies and 32 license of management companies, the chief auditor of the Central Bank Valery Goregliad said at the Gaidar Forum.
An unexpected uptick in the outlook for the Greek economy should boost buyer demand for National Bank of Greece SA subsidiary Ethniki Hellenic General Insurance Co. SA, while the gradual removal of the social safety net should provide a stream of clients for its products over the longer term, analysts told S&P Global Market Intelligence.
Azerbaijan's PASHA Life insurance company collected 77.68 million manats in premiums in 2016 that is by 42.5 percent more than in 2015, the company said in a message.
On 25 December 2016, the Commission published a report on the Serbian insurance market, and announced its plan to draft an Insurance Block Exemption Regulation ("IBER"). Except where the specifics of the Serbian insurance market require otherwise, the regulation will be harmonized with the EU Block Exemption Regulation for the Insurance Sector.
In accordance with the EU directive 2014/95/EU, business corporations
with more than 500 employees that qualify as large undertakings and
public-interest entities as defined by the Czech act on accounting
(these include, for instance, banks, insurance companies or large
companies with securities admitted to trading on an-EU regulated market)
are subject to so-called non-financial reporting starting January 1,
AXA announced today that it had completed the sale of Bluefin Insurance Group Ltd ("Bluefin"), its P&C commercial broker in the UK, to Marsh. AXA recorded an exceptional negative impact of Euro 82 million, which will be accounted for in 2016 Net Income.
Insurance appraiser Audatex-Azerbaijan is entering a new stage of
negotiations with the Compulsory Insurers Bureau for the purpose of
selling equity stake of 5%.
Standard & Poor's said it has revised its outlook on Slovenia-based
SID Bank (Slovene Export and Development Bank) to positive from stable,
while affirming the bank's 'A/A-1' long- and short-term issuer credit
The year 2016 saw a strong consolidation trend in the insurance sector
in the EMEA region and Latvia was no exception. Vienna Insurance Group
AG acquired Baltikums and BTA Baltic Insurance Company in a deal which
is said to have contributed to the stability and sustainability of the
insurance industry in the country.
The Russian insurance market may grow by more than 30% by the end of 2016, the National Union of agricultural insurers (NSA).
The insurance market in Macedonia grew by about 4 percent in 2016, a
rate that is lower than expected due to the tense political situation,
the Macedonian Chamber of Commerce (SKM) informed on Monday. Klime
Poposki, from the Insurance Supervision Agency said that there was a
growth in accident insurance of 9.31 percent, while gross property
insurance premiums dropped by 7.98 percent, while the number of
INGO Armenia insurance company will improve the quality of its services
and will offer new products to its clients, Arevshat Meliksetyan,
executive director of the company, told journalists on Wednesday.
Arevshat Meliksetyan, executive director of INGO Armenia, told
journalists on Wednesday, that he expected no consolidations in
Armenia's insurance sector in 2017.
There is a reason to expect growth in the numbers of insured cars and
homes in the Latvian market, said Dzintars Kalnins, Head of Non-life
Insurance Support Division at Swedbank.
Azerbaijan's Financial Market Supervisory Authority has revoked licenses
of three insurance companies - the International Insurance Company,
Azerqarant Insurance and Buta Insurance, the company said in a message
Belgian banking and insurance group KBC is interested in looking for acquisition opportunities in Slovakia, in line with its plan to expand in its core markets in central Europe, KBC Group Chief Executive Johan Thijs said on Wednesday.
National Bank of Greece (NBG) expects to sell its subsidiary National
Insurance this year and plans other sales as part of its restructuring,
its chief executive said on Wednesday.
VTB Bank (Azerbaijan) expanded preferential ATMs network by signing partnership agreement with PASHA Bank. Now banks won't charge fees for cash withdrawals at their ATMs from clients of the partner banks.
Financial and insurance group Eurohold Bulgaria said on Tuesday it will raise its capital by 84.9 million levs (43.4 million euro), equal to 66.6% of its current capital.
Appreciating the fact that Italy is one of the most significant home countries of investors in the Serbian insurance sector and aiming to further enhance insurance supervision in Serbia, the NBS signed a Memorandum of Understanding (MoU) with the Italian Insurance Supervisory Authority (IVASS). The document regulates joint actions and information sharing between the two supervisors, mainly in relation to members of Italian business groups 'Unipol' and 'Generali', i.e. two of the three largest insurers and two of the four reinsurers in Serbia.
Matt Fairfield's (re)insurance start-up Exin Partners has struck a deal
to buyout AIG's interest in AIG Greece in a deal worth upwards of
EUR100mn ($104mn), The Insurance Insider can reveal.
Consolidation is likely to continue on the Baltic insurance market in the coming years, and in five years there could be five to six large market players in the Baltics, down from the current seven to eight major insurance companies, Latvian Insurers' Association told LETA.
The National Commission of Financial Market (NCFM) has decided to
sanction two shareholders of the insurance company Moldasig. Thus, the
"WESNA" L.T.D. (4.99% share) and "ERWA" Limited (4.98% share)
shareholders, have 3 months to sell their shares.
The government of Azerbaijan plans to increase the share of the
insurance market in the country's non-oil GDP to 1.4 percent until 2020,
said the Strategic Road Map for Development of Financial Services in
As Standard & Poor's is revising its outlook on Russia upwards, local insurers are predicting the market will grow in 2017.
The state has received back over UAH 22 million transferred to a foreign
insurance company in December 2012 under the contract to insure the
creation of the Cyclone 4 launch vehicle complex at the Alcantara Launch
Center in Brazil.
Azerbaijan has set five strategic objectives and 16 priorities for the development of financial services by 2020. The
set objectives and priorities are reflected in the Strategic Road Map
for Development of Financial Services in Azerbaijan, published Dec. 14.
The assets managed by Bulgarian insurance companies reachеd 6.5 billion
levs (USD 3.5 bilion/3.3 billion euro) at the end of September, up by
10.5% year-on-year, the country's central bank said on Wednesday.
Newline Insurance Company Ltd., which is ultimately owned by
Toronto-based Fairfax Financial Holdings Ltd., announced Tuesday it has
received regulatory approval to open a new branch office in Cologne. Newline,
which writes international casualty and cargo coverage, is part of
Fairfax-owned Odyssey Re Holdings Corp., based in Stamford, Conn.
The Bank of Russia has published data on citizens' complaints on non-credit financial institutions in the third quarter of 2016. Most, ie 80%, accounted for the subjects of insurance business: it is insurance companies, mutual insurance companies, insurance brokers, insurance actuaries. The report is published on the website of the Bank of Russia.
National Bank of Greece aims to have the binding bids for the sale of
its subsidiary Ethniki Insurance within the first quarter of 2017.
According to the group's commitment in its restructuring plan, the sale
must take place in the first half of next year, but bank sources say the
process will begin in January.
The Belarusian parliament proposes to include insurance against bankruptcy in the Labour Code.
A new state-backed reinsurer in Russia will hit the long-term growth potential of global reinsurers in the country, which will be forced to cede a percent of premium to the new entity even on existing long-term treaties.
First deputy chairman of Management Board at AXA MBASK insurance company, Lana Gozalova has been elected as chairman of the Council of Trustees at Azerbaijan's Compulsory Insurance Bureau (ISB), said the ISB in a message Dec. 9.
In spite of slow non-life insurance market growth in Latvia, which had reached a mere 6% in the first three quarters, BALTA insurance association concluded the first nine months of 2016 with profits of EUR 3.2 million.
Serbia's central bank, NBS, said on Monday that state-owned Dunav
Osiguranje [BEL:DNOS] remained the country's top insurer by premium
income in the third quarter of 2016, although it saw its market share
narrow by one percentage point year-on-year, to 26.6%.
Marsh & McLennan Agency LLC (MMA), the middle market agency
subsidiary of Marsh, today announced it has acquired Presidio Benefits
Group, a San Francisco-based employee benefits consulting firm. Terms of
the transaction were not disclosed.
Six Armenia-based insurance companies collected a total of 12.9 billion
drams of premiums for mandatory car insurance in the third quarter of
2016, and paid 6 billion drams in damage compensation claims, according
to ARKA news agency's third quarter bulletin "Insurance Companies of
The Russian National Union of Agricultural Insurers has started working
on a special insurance programme for the country's pig industry.
Generali is seeking EUR180mn of cat bond cover for its motor third-party
liability book through a Dublin-based special purpose vehicle called
Horse Capital I DAC, sources told sister publication Trading Risk.
The National Commission of Financial Market (NCFM) has warned eight
insurance companies from Moldova, that they could remain without
license, because of the irregularities detected.
A.M. Best has assigned a Financial Strength Rating of C++ (Marginal) and
a Long-Term Issuer Credit Rating of "b+" to JSC IC Kazkommerts-Policy
(Kazkommerts-Policy) (Kazakhstan). The outlook assigned to these Credit
Ratings (ratings) is stable. Kazkommerts-Policy is a majority-owned
subsidiary of JSC Kazkommertsbank (Kazkommertsbank), the largest bank in
Insurance companies have reported that total premiums they received in the nine months of the year were above 885 billion rubles.
A pilot agriculture insurance program will be developed in Armenia next
year, deputy minister of agriculture Armen Harutyunyan said today.
Bulgaria's financial regulator said it has hired global consultancy EY
to advise it in conducting stress tests of the insurance and reinsurance
Shareholders of Bashak Inam Insurance OJSC will discuss increasing of
the company's authorized capital on Dec. 22, the company said in a
message on November 19.
Kazakhstan's second-biggest lender, Halyk Bank , raised its 2016 net income guidance to around 120 billion tenge (USD 353 million) on Monday from a previous forecast of over 100 billion tenge.
Hungary's biggest lender OTP Bank has opened a new regional headquarters in the city of Ni
The major earthquake that struck off the coast of Japan in the early
hours of this morning local time and the tsunami waves that followed,
are not anticipated to have caused significant damage, according to risk
modelling firm RMS.
The announcement was made by Abdul-Nasser Hemmati, the president of the Central Insurance of Iran.
The net profit of six Armenia-based insurance companies in the first 9
months of 2016 amounted to 3.895.5 billion drams, up from 2.394.1
billion drams they had earned in the same period of 2015, an increase of
62.7%., according to ARKA news agency's bulletin "Insurance Companies
of Armenia" for the third quarter of 2016.
Continuing its efforts to recalibrate its business to focus on core
operations, American International Group Inc. AIG has entered into a
strategic agreement with FWD Group, the insurance arm of Pacific Century
Croatian diversified conglomerate Adris Grupa said on Tuesday it has
formally absorbed tobacco factory Tvornica Duhana Zagreb TDZ.
"'Despite the prevailing uncertain
economic conditions, we continue to deliver on our targets to generate
capital and improve earnings, while bringing our brand promise 'You
matter' to life for our customers every day. We maintain a strong
balance sheet, with a solvency ratio of 236%", said Lard Friese, CEO.
Against a background of persisting low interest rates, modest economic
growth in Belgium and firmer growth in Central Europe and Ireland, KBC
posted a strong net profit figure of 629 million euros in the third
quarter of 2016, compared to the 721 million euros recorded in the
preceding quarter (which had been boosted by a one-off positive impact
of 84 million euros (after tax) resulting from the sale of Visa Europe
shares) and the 600 million euros returned in the third quarter of 2015.
Twenty five years after the break-up of Yugoslavia, Slovenia and Croatia
are the clear front-runners in terms of development of insurance
markets among the republics of the former federation, S&P Global
Ratings said on Monday.
The acquisition of sole direct control over MKB Life Insurance by CIG
Pannonia Life Insurance, and over MKB General Insurance by CIG Pann
Shareholders of Azerbaijani insurance company Azerqarant have decided to
liquidate the company, Rashad Mammadov, head of the company's
management board, told Trend Nov. 8.
Most of Moldovan insurance companies were fined by the National
Commission of Financial Market (CNPF). The sanctions were imposed
because they have not met the deadline for payment of compensation and
preparing the minutes on prejudice.
There were no plan to sell a state stake in Russia's top lender Sberbank in 2017, Sberbank's chief financial officer Alexander Morozov said on Thursday.
An investment agreement was signed between the International Insurance Consortium (Netherlands) and IC Group according to which up to 7 million GEL will be invested in the Georgian Insurance Company, the Georgian side to hold 51 percent of shares and the Dutch 49 percent.
The Yerevan-based VTB Bank (Armenia) has announced today a string of preferential terms for individual customers seeking to obtain gold-secured loans.
Zurich coverage organization AG, the largest Swiss insurer, said the
sale of its Russian retail unit will cause an anticipated loss of about
USD 300 million. The insurer said it's miles promoting the enterprise to
Moscow-based Olma group and intends to keep and build its Russian
company enterprise, consistent with a declaration on its internet site
"Aegon's Solvency II ratio remains strong and our management actions enabled us to mitigate adverse market impacts...", said Alex Wynaendts, Aegon CEO.
Macedonian non-life insurer Triglav Osiguruvanje [MSEVROS], a unit of Slovenian insurance group Triglav, said its profit after-tax increased to 59.24 million denars (USD 1.07 million/962,300 euro) in the first nine months of the year from 40.56 million denars a year earlier mainly due to higher net premium income.
Willis Towers Watson (NASDAQ:WLTW) (the "Company"), a leading global
advisory, broking and solutions company, today announced financial
results for the third quarter of 2016, which ended September 30, 2016.
On January 4, 2016, the merger of Willis Group Holdings plc (Willis) and
Towers Watson & Co. (Towers Watson) was completed. In this release,
the Company has presented consolidated financial results for the
quarter ended September 30, 2016 and certain pro forma results for the
quarter ended September 30, 2015.
AXA announced today that it had completed the sale of its Hungarian banking operations to OTP bank plc. This transaction is the final step in the repositioning of AXA Bank Europe as a fully focused Belgian retail bank, serving almost one million clients and operating jointly with AXA Insurance in Belgium.
On a GAAP basis, MetLife reported third quarter 2016 net income of USD
571 million, down 52 percent from the third quarter of 2015. On a per
share basis, net income was USD 0.51, also down 52 percent from the
American International Group, Inc. (NYSE:AIG) today reported net income
of USD 462 million, or USD 0.42 per diluted share, for the third quarter
of 2016, compared to a net loss of USD 231 million, or USD 0.18 per
diluted share, in the prior-year quarter.
A high-level insurance manager has won a tender to become Latvia's State
Revenue Service's director-general, State Chancellery Director Martins
Krievins, who chaired the panel assessing the candidates, told reporters
A.M. Best has affirmed the Financial Strength Rating of A (Excellent)
and the Long-Term Issuer Credit Rating of "a" of Ceska pojistovna a.s.
(Ceska) (Czech Republic). The outlook of these Credit Ratings (ratings)
Life and health, the core of Uzbekinvest Hayot's insurance activities,
require an individual approach in working with clients. This is even
more so when examining claims over events which might entail insurance
Domestic life insurer Pasa Hayat Sigorta intends to bring premiums up to AZN 70 million until the end of 2016. Company's
deputy chair Niyazi Ismayilov has stated that for Jan-Sept it gathered
AZN 61.8 million and comepnsated for AZN 25.6 million.
Fuad Khalilov has been appointed the new chairman of the Board of
Directors of Azerbaijan's Standard Insurance company, said a message
posted on the company's website.
Jalal Gasimov has been appointed first deputy director of the PASHA
Holding Group of Companies, a source in Azerbaijan's financial market
told Trend Oct. 28.
In Azerbaijan two more companies have received the right to render
services on a range of mandatory types of insurance. Financial Markets
Supervision Chamber reports that the decision was taken by the Chamber's
Board of Directors on 26 October.
Russian VTB Group is ready to sell the business in Ukraine, but the buyer has not yet been found, said Member of the Supervisory Board of VTB Bank, former Central Bank Chairman Sergey Dubinin, Lenta.ru reported.
Ingosstrakh Insurance Company, one of the largest Russian insurance companies, has reached a strategic milestone by spearheading the digital marketplace of insurance products in Russia. CEO Mikhail Volkov has announced that packaged insurance products, which so far have sold only in retail outlets, will now be available on Russia's biggest marketplace, Yandex.Market.
Chubb Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2016 of USD 1,360 million, or USD 2.88 per share, compared with USD 528 million, or USD 1.62 per share, for the same quarter last year. Operating income was USD 1,356 million, or USD 2.88 per share, compared with USD 897 million, or USD 2.74 per share, for the same quarter last year. The property and casualty (P&C) combined ratio for the quarter was 86.0%. Book value and tangible book value per share increased 2.4% and 5.5%, respectively, from June 30, 2016 and now stand at USD 103.96 and USD 60.26, respectively.
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc (NYSE:AON), announced that the firm has been named Reinsurance Broker of the Year for the third year running at the Asia Insurance Industry Awards 2016 held this week at The Venetian in Macau.
SCOR was named "Life Reinsurer of the Year" at the Asia Insurance Review awards in Macau on October 11th, a new achievement following the recent "North American Life Reinsurer of the Year" award from Reactions Magazine.
NN Hellas recently won 'Best Life Insurance Company in Greece' at the Global Insurance Awards 2016, organised by the internationally acclaimed World Finance magazine.
Slovenia's Insurance Supervision Agency has rejected an application of
the Croatian tourism and insurance group Adris to boost its stake in
reinsurer Pozavarovalnica Sava, BBJ - Regional Today reported on Monday
citing local media reports.
The Bank of Russia Board of Directors has approved an ordinance stipulating new maximum tariffs for compulsory carrier third party liability insurance.
The Islamic Corporation for the Development of the Private
Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB),
Aktif Yatirim Bankasi A.S. (Aktif Bank), the largest privately-owned Investment
Bank in Turkey and Ijara Management Company (IMC), a specialized company
offering comprehensive solutions for new and existing Islamic leasing (Ijara)
companies; signed a Shareholders Agreement on 1 September 2016 to collaborate
as the new shareholders of Halic Finansal Kiralama A.S. (Halic Leasing), a
financial leasing company that was established since 2004.
The Czech central bank said on Monday it had withdrawn the licence of
ERB, a small Russian-owned bank operating in the Czech market.
There are 26 banks, including 21 with foreign capital, operating in Belarus and five foreign institutions have their representative offices in the country, according to the country's National Bank. In January 2016, the banks' aggregate registered authorised capital amounted to 4.5 billion (or €2.2 billion), having increased by 33.4 per cent compared to 2015.
Fitch Ratings has affirmed Kazakhstan-based AMANAT Insurance's (AMANAT) Insurer Financial Strength (IFS) rating at 'B' and National IFS rating at 'BB+(kaz)'. The Outlooks are Stable.
The National Insurance Bureau of the Republic of Macedonia and Croatian
Insurance Bureau will sign Friday agreement on protection of visitors. The
agreement will allow drivers from both countries to get information and
effective compensation for any damage done in case of an accident.
Azerbaijani insurer PASHA Hayat Life has summed up preliminary results of operations for Jan-Sept of the year. Company's
strategic director Israil Garayev has stated that for the past 9 months
PASHA Hayat's premiums reached AZN 61.8 million that is by 45.3% more
against the 2016 same term.
Canadian insurance group Fairfax will buy American group AIG's
operations in Romania, Bulgaria, Czech Republic, Hungary, Poland, and
Slovakia, the two groups announced on Tuesday, October 18.
Financial sector development must go beyond improving access to bank credit. Financial systems should develop in a balanced way through both bank and nonbank subsectors, including capital markets, the insurance sector, and other nonbank financial institutions to properly support inclusive growth in Europe and Central Asia, says a new World Bank report.
International reinsurance markets providing coverage in the Russian
Federation already faced challenges brought about by the latest
sanctions regime but now the creation of a national reinsurance company
(NRC) in Russia promises to cut a sizeable chunk away from an already
dwindling pot of business.
Azerbaijan's International Insurance Company (IIC) is ceasing its
operation, International Bank of Azerbaijan (IBA), which is the sole
founder of IIC, told Trend Oct. 12.
Insurance companies are increasingly investing on the Czech real estate market. Ceska pojistovna purchased Hotel Prague Inn at Mustek in Prague 1 through its fund, bringing the total value of its property portfolio to CZK 8 bn.
Possible closure of the International Insurance Company, which is to be
discussed at a shareholder meeting Oct. 12, is explained by its
unsatisfactory financial performance, said Elmir Habibullayev, deputy
chairman of the International Bank of Azerbaijan.
Lithuania's foreign direct investments in Estonia shrank by 58.8% y-o-y
to 89.4 mln euros in the first half of 2016, while investments in Cyprus
soared by 43% to 277.6 mln euros, the Verslo Zinios business daily said
on Friday, writes LETA/BNS. According to the report, Lithuania's
corporate investment grew in vocational, research and technical
operations in Cyprus, mainly business headquarters, while investments in
Estonia declined in financial and insurance operations.
The National Bank is working on a financial market development strategy
up to 2020, First Deputy Chairman of the Board of the National Bank
Taras Nadolny said at the conference "The Role of the Export-Import
Agency in the Belarusian Economy" on 7 October, BelTA has learned.
Recent premium growth in Russian compulsory motor third-party liability
(MTPL) insurance was exhausted by mid-2016, Fitch Ratings says in a
report published today. Meanwhile, MTPL loss trends will continue to
deteriorate. Fitch believes that reserving adequacy remains a key risk
for the shrinking number of underwriters in the segment as regulation
remains tight for premiums and claims, and the regulator is increasingly
clamping down on insurers seeking to avoid exposure to regions with the
highest loss ratios.
Why is it profitable to insure contracts with foreign companies and how does it affect the development of export?
Azerbaijan's insurance companies must assist in establishing a labor protection fund, the Minister of Labor and Social Protection of Population Salim Muslimov told reporters Oct. 11.
Bulgaria-based Euroins Insurance Group (EIG), which also operates in
Romania, Macedonia and Ukraine, expects sustainable growth in the
company's premium income in the coming years, its CEO said.
McLennan Agency LLC (MMA), the middle market agency subsidiary of Marsh,
today announced that it has acquired Vero Insurance, Inc., a Vero
Beach, Florida-based independent agency specializing in private client
insurance services. Terms of the transaction were not disclosed.
NN Group announces today that its wholly-owned reinsurance entity in Ireland, NN Re (Ireland) Ltd., has signed a portfolio transfer agreement with Canada Life International Re Limited. The agreement is a result of the continuous strategic assessment of NN Group's portfolio. As a result of this portfolio transfer, NN Re (Ireland) Ltd. is expected to hand back its reinsurance license and repatriate capital for an amount of approximately EUR 65 million to NN Group in the fourth quarter of 2016.
Belgian lender KBC has expressed interest in acquiring Bulgaria's
fourth-largest bank by assets, United Bulgarian Bank (UBB), Belgian
media reported on Thursday. KBC has contracted international
financial company JP Morgan to help it with the procedure, according to
the online edition of newspaper L'Echo.
Revocation of Bank Standard's license doesn't envisage closing the Standard Insurance, Rufat Aslanli, chairman of Azerbaijan's Financial Market Supervisory Body Board of Directors, said.
69,710 motor vehicle owners were drawn to compulsory civil liability
insurance in Azerbaijan in September. The Compulsory Insurers Bureau
informs that 10,625 of them are foreign transit motor vehicles.
An agreement signed on September 14 will eliminate the need for drivers
of Kosovo-registered cars to purchase temporary "proba" plates when
traveling in Serbia. "After three years of the proba plates, I
told our international partners, 'It's time for reciprocity'," Edita
Tahiri, Kosovo Minister for Dialogue, said for PI.
Moody's Investors Service has today downgraded the insurance financial strength rating (IFSR) to Baa2 from Baa1 of Allianz Sigorta AS ("Allianz Turkey"), the main Turkish subsidiary of Allianz SE (Aa3 IFSR, stable). The outlook on Allianz Turkey is stable in line with the outlook on the Turkish sovereign. This concludes the review for downgrade initiated on 19 July 2016. Moody's has also affirmed the Aaa.tr National Scale insurance financial strength rating (NSR) on Allianz Turkey.
Six Armenia-based insurance companies paid a total of 4.8 billion drams in 25,332 car insurance compensation claims in the first eight months of 2016, a decrease of 5.8% when compared to the same time span of 2015, a statement posted on the official website of Armenia's Car Insurers' Bureau says.
Despite the large number of insurance companies in Ukraine (343), the major share of gross premiums, or 99.3%, is collected by 20 life insurers (44.4% of the total), and 97.3% by 100 risk insurers (33.6%).
The premium income of Macedonian insurer Euroins Osiguruvanje decreased by 3.8% year-on-year to 5.9 million euro for the first eight months of 2016, parent company Eurohold Bulgaria [BUL:4EH] has said.
Bulgarian agricultural producers may submit their insurance policies to the regional directorates of the SFA. A total of 442 applications totalling 2,097,892 Lev (about 1.07 million Euro) have already been filed for the State aid scheme for the co-funding of insurance premiums to insure agricultural productions. For now, 399 contracts worth 1,394,630 lev (about 712,776 Euro) have been signed.
Greeks lost 30 percent of their wealth since 2007, while in the rest of
western Europe households are much better off economically in 2015 than
in 2007, a report says.
Albanian insurers' gross written premiums rose 4.6% on the year, reaching 9.4 billion leks (68.4 milion euro) for the first eight months of 2016, the country's financial supervisory authority AMF said on Friday.
Azerbaijan's Financial Market Supervisory Body has revoked licenses of 88 insurance intermediaries (two legal entities, 86 individuals), reads a message of the Supervisory Body. In addition, licenses of 78 insurance agents have been suspended for three months because they didn't provide quarterly reports to the Financial Market Supervisory Body.
In January-July, premiums of insurance companies on compulsory insurance of civil liability of owners of vehicles totaled 29.2 billion tenge - by 26.2% more than in the same period of 2015. The growth of insurance payments for the same period amounted to 33.9%, their volume reached 13.2 billion tenge, which makes 45.4% of total premiums, against 42.8% a year earlier, according to Ranking.kz.
The new prices will come into force from September 12. The cost of
insurance "Green card" will rise on average by 4.7%, UNIAN reports.
The assets managed by Bulgarian insurance companies grew by 10.3% year-on-year to reach 6.6 billion levs (3.4 billion euro) at the end of June, the country's central bank said on Tuesday.
The combined gross written premiums of Croatian insurers totalled 6.1 billion kuna (813.5 million euro) at the end of August, down 0.7% on the year, the Croatian Insurance Bureau has said.
Serbia's real GDP growth slowed to an annual 2.0% in the second quarter of 2016, from 3.8% in the previous quarter, the country's statistic office said on Wednesday.
Services in Armenia's finance and insurance sectors totaled AMD 139.1 billion in Jan-July 2016 showing a 2.2% year-on-year growth, the National Statistical Service reports.
Grawe Romania Insurance enters the auto insurance market starting September, after it was authorized by the Financial Supervision Authority (ASF) to expand its activity on two insurance classes: 3 (transports means insurance other than train- CASCO) and 10 (Insurance for vehicles civil liability-RCA).
Kosovo's insurance companies posted a combined net loss of 11.5 million euro for the first seven months of the year, compared to a net loss of 2.5 million euro in the same period last year, data from the country's central bank indicated.
Major insurer AXA has revealed its plan to slash 650 jobs in Belgium over the next two years as the industry giant continues to scale back its operations in Europe.
Shareholders of reinsurer Sava Re have endorsed the management's proposal for a dividend payout of 80 cents per share, which is 25 cents more than last year. The shareholders also granted discharge of liability to the management of Zvonko Ivanusic despite his recent dismissal.
Financial and insurance group Eurohold Bulgaria [BUL:4EH] posted a consolidated net profit of 17.9 million levs (9.16 million euro) for the first half, reversing a loss of 2.7 million levs for the same period last year.
Bosnian insurance company Krajina Osiguranje said on Tuesday it turned
to a net loss of 7.8 million marka (4 million euro) in the
first half of 2016 from a slim profit of 2,400 marka a year earlier.
Bosnian insurer Sarajevo Osiguranje said on Tuesday it has completed a three month restructuring process, ordered by the insurance agency of the Muslim-Croat Federation, under which it reduced the number of branch offices and employees, and cut costs.
Albanian insurers' gross written premiums rose 3% on the year to 7.96 billion leks (64.9 million euro) in the first seven months of 2016, the country's financial supervisory authority said.
Azerbaijani Gunay Insurance company has been included in the register of
insurers that can operate within the Green Card system, the Compulsory
Insurance Bureau of Azerbaijan said. Green Card system was launched in Azerbaijan in 2016. Some 14 insurance companies have the joined the system in the country.
Azerbaijan's Financial Market Supervisory Body (FMSB) has revoked the
license of Alfa Insurance company, the authority reported. The license
was abolished by the relevant decision of FMSB's board of directors.
The number of insurance companies in Armenia is expected to reduce over a period between 2016 and 2018 because of mergers or portfolio handovers, the Central Bank of Armenia says in its report 'Possible Developments of Armenia's Banking Sector in 2016-02018' based on programs of prospective development of Armenian insurance companies.
Armenia's insurance companies expect that their profits will be growing throughout three years and will double by late 2018, the Central Bank of Armenia says in its report 'Possible Developments of Armenia's Banking Sector in 2016-02018' based on programs of prospective development of Armenian banks.
The Belarusian market of insurance services should grow faster. Chairman of the Council of the Republic of the National Assembly of Belarus Mikhail Myasnikovich made the statement during the expanded participation session of the Presidium of the Council of the Republic of the National Assembly on 24 August, BelTA has learned. The session participants discussed the role and tasks of the upper chamber of the Belarusian parliament in implementing the priorities outlined by the main provisions of the 2016-2020 national social and economic development program.
Insurance company CIG Pannonia has posted a HUF 218 million net profit for the second quarter according to HAS, its best quarterly result to date.
Following the hailstorms that ravaged north-eastern Slovenia at the beginning of last week, Zavarovalnica Triglav has set up a mobile appraisal unit in Maribor. It is designed to inspect and appraise the value of car damage in the event of massive loss events. To arrange a visit with the mobile unit call the free on-duty number 080 555 555 or 080 2864.
The premium income of Bulgarian insurer Euroins [BUL:5IC] fell 15.6% on
the year to 31.1 million euro in the first seven months of 2016, its
parent company, Eurohold Bulgaria said.
Poland's financial regulator KNF has asked the country's macroeconomic stability body KSF to give an opinion on whether to recognise Polish mBank as a "systemically important institution" and require it hold a capital buffer equal to 0.5 percent of its risk exposure, the bank said late on Wednesday.
The Bank of Russia revoked the license to conduct insurance company "Angarant" and license for the mandatory liability insurance carrier for causing transportation of harm to life, health and property of passengers at PJSC "HBC "Zhasko", according to the regulator of the site.
A.M. Best has placed under review with negative implications the
financial strength rating of B+ (Good) and the issuer credit rating of
"bbb-" of Unity Reinsurance Company Ltd (Unity Re) (Russia).
A.M. Best has affirmed the financial strength rating of B++ (Good) and
the issuer credit rating of "bbb" of INSURANCE COMPANY OF GAZ INDUSTRY
SOGAZ (SOGAZ) (Russia). The outlook for each rating remains negative.
SOGAZ is the ultimate operating parent of the SOGAZ Group, which
provides a range of insurance and non-insurance related services.
"With a Solvency II ratio of 252% and a cash capital position of EUR 2.3
billion, NN Group's capital position remained strong and resilient
during the second quarter of 2016, allowing us to weather severe market
volatility and pay an interim dividend in line with our dividend policy", said Lard Friese, CEO, NN Group.
Mobile operator Bite Lithuania has introduced insurance for mobile handset screens. According to a poll carried out by the operator, customers usually don't use handset screen repair services due to the high price. The operator offers the insurance to all customers buying handsets in its shops. The service is free during the first month and then costs EUR 1.99 per month. Subscribers choosing some new tariffs from the operator are offered the insurance free for three to 12 months.
In Jan-June 2016, the net profit of Armenian insurance companies
amounted to 2.6 bln AMD or USD 5.5 mln, with a 74% growth versus
Jan-June 2015. In Q2 alone, the net profit of insurance companies
totaled 1.3 bln AMD, or USD 2.8 mln, with a 0.5% growth versus Q1 due to
42-58% increase in three companies amid 4-53% decrease in the remaining
The insurance market of Azerbaijan, which is undergoing hard times, hopes for urgent and effective assistance of the regulator.
A.M. Best has affirmed the financial strength rating of A- (Excellent)
and the issuer credit rating of "a-" of Polskie Towarzystwo Reasekuracji
S.A. (Polish Re) (Poland). The outlook for each rating is stable.
Adris Group and Croatia osiguranje, the insurance company owned by
Adris, have received permission from the Slovenian Agency for
Supervision of Insurers (AZN) for a direct access to the Slovenian
market, reports Poslovni.hr on August 13, 2016.
Azerbaijan's PASHA Life insurance company collected premiums of 49.58 million manats in January-July 2016 that is by 38 percent more than in the same period of 2015, said the company's message issued Aug. 15.
Kosovo's insurance companies posted a combined net loss of 11 million euro for the first half of the year, as compared to a net loss 2.5 million euro net loss a year ago, data from the country's central bank indicated.
The net profit of Bosnian insurer Sarajevo Osiguranje halved to 50,300 marka (25,700 euro) in the first half of 2016 from 105,000 marka a year earlier, the company said on Monday.
Raiffeisen Zentralbank (RZB) is selling a larger part of its stake in insurance company Uniqa. The bank will part with 17.64 percent of the insurer's shares, thus reducing its stake to 8.64 percent.
Against a background of persisting low interest rates, modest economic growth in Belgium and firmer growth in Central Europe, KBC posted a strong net profit figure of 721 million euros in the second quarter of 2016, up on the 392 million euros recorded in the preceding quarter and above the 666 million euros returned in the second quarter of 2015.
"While I am pleased with the development of our capital position, our second quarter results did not meet our expectations. Earnings were affected by exceptionally low interest rates, adverse claims experience in our life and health businesses in the US, and the book loss from the divestment of our UK annuity portfolio. We are implementing further measures to improve earnings going forward - including accelerating our ambitious expense savings program currently under way across our company", said Alex Wynaendts Aegon CEO.
"Around 30,000 of our customers were affected by severe weather
conditions (including storms, hail and flooding) in June of this year,
with many suffering both material damage and considerable mental
distress. Our employees and partners have done everything - and continue
to do everything - within their powers to help our policyholders get
back on track. As an insurer founded as a cooperative organisation, we
believe it is important to be there for our customers when they need us -
that is why our organisation was established in the first place", said Willem van Duin, Achmea CEO and Executive Board Chairman.
Macedonian non-life insurer Osiguruvanje Makedonija [MSE:KJUBI], a
subsidiary of Vienna Insurance Group (VIG), said on Thursday its
first-half net profit declined 6.8% on the year to 74.4 million denars
(1.2 million euro) on the back of increased costs.
Information on insurance companies and list of companies that are
required to publish their financial statements and consolidated
financial statements will be transferred to Azerbaijan's Financial
Market Supervisory Body.
Kyrgyz President Almazbek Atambayev signed the Law "On Amendments to the
Law" On mandatory insurance of civil liability of vehicle owners", the
Kyrgyz President's press service reports.
An accident insurance contract with ROSGOSSTRAKH ARMENIA already can be signed in VTB Bank (Armenia).
Rosgosstrakh Armenia insurance company paid 2.5 billion drams in insurance compensation claims for the first six months of 2016. The bulk of the amount- about 1.39 billion drams- were paid as car insurance compensation claims, the company said in a press release.
Macedonian non-life insurer Triglav Osiguruvanje [MSE:VROS] said on
Friday its first-half net profit more than tripled to 58.7 million
denars (952,740 euro) from 18.5 million denars a year ago mainly due to
higher net premium income.
Fitch Ratings has affirmed Belarus's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook. The Short-Term Foreign-Currency and Local-Currency IDRs are affirmed at 'B' and the Country Ceiling at 'B-'.
MetLife, Inc. (NYSE:MET) today announced the following results for the second quarter 2016.
profits are up 13% and the dividend is up 10%. We are delivering
consistent, stable and predictable growth despite challenging market
conditions", said Mark Wilson, Group Chief Executive Officer.
American International Group, Inc. (NYSE:AIG) today reported net income
of USD 1.9 billion, or USD 1.68 per diluted share, for the second
quarter of 2016, compared to USD 1.8 billion, or USD 1.32 per diluted
share, in the prior-year quarter.
The insurance sector of Azerbaijan expects the forced reduction in the number of insurance companies. A representative of the sector, who requested anonymity, has stated that the reduction of the number of insurers is going to be inevitable in the current environment.
Armenia's financial and insurance sectors boasted the highest gross monthly salary in 2016 May -393,102 drams, which was up 4.3% when compared to May 2015, the National Statistical Service (NSS) said.
Azerbaijan's accession to international system Green Card starts increasing the loss ratio of compulsory motor insurance in the country. The Compulsory Insurers Bureau informs that in July Azerbaijan paid compensations for 6,323 manat on two insurance cases occurred in Turkey within the Green Card system.
Services in Armenia's finance and insurance sectors totaled AMD 118.6 billion in Jan-June 2016 showing a 2.2 percent year-on-year growth.
Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2016, of USD 726 million, or USD 1.54 per share, compared with USD 942 million, or USD 2.86 per share, for the same quarter last year.
VIG's International Processes and Methods Department has secured quality management certification in accordance with the EN ISO 9001:2015 standard from TUV Austria. The department is headed by Christian Walter, and VIG is now the only insurance company in Austria to have received this quality seal for a department of this kind.
Chubb Limited (NYSE: CB) today announced that Michael Kessler has been appointed Vice President, Chubb Group and Chief Reinsurance Officer. Currently, Mr. Kessler is Chief Actuary of Chubb Overseas General, the company's international general insurance business. Mr. Kessler succeeds William O'Farrell, who has served as the company's Chief Reinsurance Officer since 2005 and is leaving Chubb to pursue other business opportunities.
Following our trading update of July 11-th, 2016 Standard & Poor's has announced that it revised the financial strength rating of the Achmea insurance entities from A+ / negative outlook to A / stable outlook. Achmea took notice of the rating action and respects the independent opinion of the rating agency.
The after-effects of the failed coup will add further uncertainties to Turkey's already fragile political environment, which has been steadily deteriorating in recent years. Michael Heise, Allianz chief economist, shares his opinion.
AXA, Alibaba and Ant Financial Services have agreed to engage in a global strategic partnership to jointly explore opportunities to distribute AXA's insurance products and services through Alibaba's global ecommerce ecosystem, benefitting the businesses and consumers that transact via Alibaba's marketplaces. The companies will seek to work together to co-innovate and to develop value-added products and services to customers around the world as well as to mutually support each other in developing and exploring new markets and segments.
The combined total premium income of Serbian insurance companies rose 16.6% last year to of 80.9 billion dinars ($720 million/656 million euro), central bank data showed. Non-life insurance made up 76.1% of the total premium income, down from 76.9% in 2014, while life insurance accounted for 23.9%, up from 23.1% in 2014, the data, published by the National Bank of Serbia (NBS) last week, indicated. The premium income of the non-life insurance segment rose 15.3% last year, while that of the life insurance segment climbed 21%.
The Insurance Agency of Bosnia's Serb Republic said on Wednesday that it
has instated an interim administrator at local insurer Krajina
Osiguranje for a period of three months. All insurance contracts signed
with Krajina Osiguranje, remain valid, the agency said in a statement on
In the first half of 2016, the Adris tourism and insurance group netted HRK 151 million in profits which, despite the sale of its tobacco business, is the same as at the same time in 2015, when net profits were HRK 150 million, the group said on Friday.
The insurance sector of Azerbaijan still hopes for external forces to avoid its failure in the field of compulsory liability insurance of motor vehicle owners. Market source say that the unprofitability of this type of insurance goes through the roof.
INGO Ukraine insurance company (Kyiv) saw a 16.9% rise in collection of
insurance premiums, to UAH 424.2 million, the insurer has said in a
press release. The company said that the share of voluntary car
insurance (KASKO) was 31.9% of the total insurance portfolio (UAH 135.5
million), household insurance - 22.8% (UAH 97.1 million), voluntary
medical insurance - 14.7% (UAH 62.6 million) and Green Card - 13.9% (UAH
Fitch Ratings has affirmed Belarusian Republican Unitary Insurance Company's (Belgosstrakh) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.
Alerted by the increase of terrorist attacks in the West, a couple of Estonian insurance companies have added the costs related to risk factor to their basic packages.
Fitch Ratings has affirmed Slovenian composite insurer Adriatic Slovenica Zavarovalna druzba d.d.'s (Adriatic Slovenica) 'BBB-' Insurer Financial Strength (IFS) Rating and its holding company, KD Group financna druzba, d.d.'s (KD Group) 'BB' Issuer Default Rating (IDR). The Outlooks on both ratings are Stable.
Lala Jafarova and Rustam Mammadov have become members of the Management
Board at Azerbaijani insurance company Pasha Life. The company's
Management Board, which is headed by Mursal Rustamov, also includes
First Deputy Chairman Niyaz Ismayilov and Deputy Chairman Dilara
Babayeva, according to the message posted on Pasha Life's website.
Fitch Ratings has affirmed Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) Insurer Financial Strength (IFS) rating at 'BBB-' and National IFS rating at 'AA+(tur)'. The Outlooks are Stable.
The Agram concern has offered 20 million marka ($11.4 million/10.2 million euro) for 2,108,469 state-held shares in Bosnian insurer Sarajevo Osiguranje, local media reported on Thursday.
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has introduced new tariffs for Green Card policies for travel abroad by road from July 15, 2016.
Financial and insurance group Eurohold Bulgaria [BUL:4EH] said it turned to a consolidated net profit of 21,000 levs ($11,900/ 10,700 euro) in the first three months of the year, from a consolidated net loss of 5.5 million levs in the same period last year.
Bulgaria should appoint a new chairman of the financial regulator by the end of July as the term of the current head has expired, the country's finance minister said on Monday.
More than 500,000 vehicles in Bulgaria lack the obligatory third-party liability insurance. This is what Vladimir Todorov, Chairperson of the Association of Victims of Road Accidents, said speaking for Radio FOCUS.
Imran Mammadov has been appointed the head of the Banking Activity Supervision Department at Azerbaijan's Financial Market Supervisory Body, according to the Supervisory Body's decision.
On August 1, 2016 Russian car owners will be able to enter the territory of Azerbaijan with the Russian insurance certificate "Green Card". The relevant agreement within the international motor third party liability insurance "Green Card" was signed by the Russian Union of Insurers and the Bureau of compulsory insurance of the Republic of Azerbaijan, informs banki.ru.
Shareholders of ASITO insurance company have decided to close the company. The director of ASITO, Andrei Lupyri, has written a request to the Financial Market National Committee, with the request to take away the license.
The Parliament of Kyrgyzstan on June 30 passed the amendments to the law on mandatory liability car insurance that delay introduction of the requirement for 3 years - until February 7, 2019.
The Compulsory Insurance Bureau informs that 783 international insurance
contracts were concluded for motor vehicles travelling to Iran and
Turkey, 7 contracts for vehicles traveling to Moldova and Ukraine and
the rest 37 ones for all the other Green Card participating countries.
"Premiums totaled AZN 63,676 within Green Card international system,
signed in June," the CIB said.
The Compulsory Insurance Bureau informs that 11,639 contracts for compulsory insurance of real estate were signed in June. "Mandatory insurance premiums totaled AZN 4.2 million by 1 July 2016," the CIB reported. The Bureau points out that the number of policies on compulsory insurance of real estate lowered by 14% for the year, and net premiums by 17%.
Bulgaria-based Euroins Insurance Group (EIG), a subsidiary of Eurohold Bulgaria [BUL:4EH], is looking for acquisitions in key central European markets, like the Czech Republic and Poland, as part of its strategy to become a leading insurer in eastern Europe, Asen Christov, Eurohold Bulgaria's chairman said on Monday.
The 7th Azerbaijan International Insurance Forum (AIIF) taking place in Baku today allows avoiding the errors committed in some former Soviet states.
VTB Bank (Armenia) and RESO insurance company offer new terms for acquisition of 4 types of insurance products (motor third party liability insurance (MTPL) MTPL, MTPL+, health insurance, property insurance), which have been prepared for the customers of VTB Bank (Armenia), who make use of RESO's services.
Insurance market of Azerbaijan will stabilize by late 2016 - mid
2017, Mursal Rustamov, Pasha Life Chairman of the Management Board said.
All Slovenian insurers are solvent according to the rules of the EU directive Solvency II that became effective in Slovenia in January, the Insurance Supervision Agency said on Monday.
The Bank of Greece has rejected the proposed acquisition of the local life insurance operations of France's Credit Agricole by Bulgaria's Euroins Insurance Group (EIG) due to solvency capital issues of the buyer's subsidiary in Romania.
Medical insurance company ZAD Bulgaria has signed a partnership agreement with UK-based medical insurer AXA PPP Healthcare to create a new private healthcare insurance product, ZAD Bulgaria's CEO said.
Bulgaria-based Euroins Insurance Group (EIG), a subsidiary of Eurohold Bulgaria [BUL:4EH], said on Wednesday it plans to open a branch in Greece and grow organically in the neighbouring country, after the Greek central bank rejected its application to buy the local life insurance operations of France's Credit Agricole.
Gulf Insurance Group announced a 90% acquisition of the Turkish
joint-stock company Turins Sigorta A.S, according to a bourse filing
The Financial Markets Supervision Chamber of Azerbaijan is considering insurance license applications. The
Chamber informs that eight applications for insurance license and six
permissions for certain types of insurance services are under
The state of New York has 1,500 communities that participate in the National Flood Insurance Program, but only 32 currently participate in the Community Rating System and none rank better than Class 7. Supervisor Bill Reilich says the Town of Greece is the only local municipality in Monroe County that participates in the National Flood Insurance Community Rating System Program, and has received a reduction in its Class rating from 8 to 7 providing additional savings for taxpayers.
Shareholders of Azerbaijan's Ateshgah Insurance company will discuss the issue to increase the company's authorized capital in the next month.
The Motor Insurers' Bureau of Latvia (LTAB) has filed for insolvency of
the to-be liquidated Balva non-like insurer, informs LETA.
Sales of Coface Latvia credit risk insurance in the first quarter of this year rose 17 percent to EUR 438,000. The company's premium subscription rose 6 percent to EUR 354,000, the company said in a statement to the press.
A fourth company for life insurance is likely to appear in Azerbaijan.
After the completion of the licensing process the new company is ready
to launch its activity.
Zagreb-based insurer Croatia Osiguranje [ZSE:CROS-R-A] said on Monday it has gained regulatory approval to indirectly acquire qualified stakes of more than 10% each in local peers Velebit Osiguranje and Velebit Zivotno Osiguranje.
Latvia's Balta non-life insurer in the first quarter of the year 2016 posted EUR 1.2 million in profit, the company said in a statement to the press, cites LETA.
733 contracts on the Green Card system were signed in Azerbaijan for the past month. The
Compulsory Insurance Bureau informs that 680 international insurance
contracts were concluded for motor vehicles travelling to Iran and
Turkey, 51 ones for all the countries of the Green Card, and 2 contracts
for vehicles traveling to Moldova and Ukraine.
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading
global provider of software solutions for the insurance industry, with a
growing presence in the financial services sector, announced today that
Anadolu Insurance Company (Anadolu), a private insurer operating in
Turkey, has expanded its strategic relationship with Sapiens.
The issue of liquidation of Buta Insurance OJSC, an asset of Turkey's
NAB Holding, will be considered at the general meeting of the insurance
company's shareholders, said the company's message published May 12 in
Azerbaijani official media outlets.
A.M. Best has removed from under review with negative implications and downgraded the financial strength rating to C++ (Marginal) from B- (Fair) and the issuer credit rating to "b+" from "bb-" of Standard Insurance Company, JSC (Standard) (Kazakhstan). The outlook assigned to each rating is stable.
Azerbaijan is currently drafting a pilot project on the implementation of compulsory health insurance. The
final decision on the introduction of compulsory medical insurance will
be made after the examining of its positive and negative aspects.
Modra zavarovalnica, Slovenia's largest provider of supplementary pension insurance, posted a net profit of EUR 4.7m for 2015, down from EUR 17.4m in the year before. Assets under management rose to EUR 1.3bn from EUR 1.2bn, the company said on Friday.
Six Armenia-based insurance companies collected a total of 9.5 billion drams of insurance premiums in the first three months of 2016, a 6.7% year-on-year growth, according to ARKA news agency's 2016 first quarter bulletin "Insurance companies of Armenia."
Six Armenia-based insurance companies earned more than 1.3 billion drams in net profit in the first quarter of 2016, up from 631.6 million drams they had earned in the same time span of 2015, according to ARKA news agency's bulletin "Insurance Companies of Armenia" for the fourth quarter of 2015.
On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street.
S&P Global Ratings today revised its outlook on Kazakhstan-based
Eurasia Insurance Co. to stable from positive. At the same time, we
affirmed the 'BB+' long-term counterparty credit and financial strength
ratings on the insurer, as well as the 'kzAA-' Kazakhstan national scale
S&P Global Ratings international agency revised its outlook on Kazakhstan-based Eurasia Insurance Co. to stable from positive, according to the message of the ratings agency.
The premium income of Macedonian insurer Euroins Osiguruvanje decreased by 1.5% year-on-year to 2.56 million euro in January-April, its parent, Eurohold Bulgaria [BUL:4EH], said.
Insurance company AXA MBASK has launched direct sales of insurance policies through Facebook for the first time in Azerbaijan.
The audited net profit of Balta insurance company in Latvia in 2015 was EUR 1.2 million, and premiums subscribed grew 22% from 2014, the company said LETA.
Fuad Sadikhov has been appointed the director of insurance market supervisory department of Azerbaijan's Financial Market Supervisory Body, a source on the country's insurance market told Trend May 16.
VTB Bank ('VTB' or 'the Bank'), the parent company of VTB Group ('the
Group'), today publishes its Interim Condensed Consolidated Financial
Statements for the three months ended 31 March 2016, with the
Independent Auditor's Report on Review of these Statements.
Our strategy is to deliver an excellent customer experience, based on
strong products and services, multi-access distribution and efficient
processes. A recent initiatives in Turkey exemplifies this.
The board of Russia's second-largest bank VTB on Friday recommended it pay dividends of 0.00117 roubles per ordinary share on its 2015 results.
The European Bank for Reconstruction and Development (EBRD) has
purchased a 15% stake in the Greek insurance firm European Reliance.
Volatile financial markets had a negative affect on first-quarter net income for AEGON, Netherlands-based corporate parent of Transamerica in Cedar Rapids.
Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] confirmed on Thursday that it has requested the permission of Slovenia's insurance regulator to increase its stake in re-insurer Sava Re.
Six Armenia-based insurance companies paid a total of 2.5 billion drams in 12,924 car insurance compensation claims in the first four months of 2016, a decrease of 4.2% when compared to the same time span of 2015, a statement posted on the official website of Armenia's Car Insurers' Bureau says.
Rosgosstrakh Armenia retains leadership in terms of payouts in motor
third party liability insurance (MTPL) for the 6th year in a row. In Q1
2016, the company paid out 717 mln AMD in MTPL.
CSOB says Q1 net profit down 13 percent y/y to CZK 3.3 billion (USD 139.03 million), impacted by banking taxes, declining margin, lower fees.
In Q1 2016 versus Q1 2015, cargo transportation in Armenia grew by 62.9% to 3 164.9 thsd tons, from which 2091.5 thsd tons (66.1% from the total volume) was transportation by road, the National Statistical Service of Armenia reports.
Motor (Transport) Insurance Bureau of Ukraine (MTIBU) from May 5, 2016
has introduced new tariffs for policies "Green Card" for traveling
abroad by car.
Experts often stress the importance of mandatory health insurance when
talking about the solutions to main complaints people make about
healthcare. Even though applying this system in our country has been
debated for years, we still don"t have mandatory health insurance.
If P&C Insurance insurance company in Estonia and its subsidiaries in Latvia and Lithuania made EUR 3.1 million in profit in the first quarter of 2016, the company said LETA.
Experts of the insurance group "URALSIB" has analyzed how different
rates of hull on popular domestic and foreign brand cars for drivers in
three groups: a 20-year-old drivers with no experience, 35 years with
experience of 15 years, 55-year-old with driving experience 30 years.
Experts examined the data of the eight largest in terms of fees, hull
insurance companies in 12 cities of Russia. The study shows data on the
reduction of the insurance rate in more than a year (from January 2015
to March 2016).
Turkey's Bank Asya, which was seized by the state last year, will be
sold or liquidated by the end of the month, banking watchdog BDDK head
Mehmet Ali Akben told reporters on Tuesday.
A.M. Best has revised the outlooks to negative from stable and affirmed
the financial strength rating of B+ (Good) and the issuer credit rating
of "bbb-" of Victoria Insurance Company JSC (Victoria) (Kazakhstan).
The Bank of Russia has revoked the licences of the four crystals of the insurance company. Among them is one of the oldest Russian insurers "Gefest". The company has not eliminated within the prescribed period the violations of insurance legislation.
RSA Insurance Group P.L.C. is on course to meet or beat analysts'
forecasts for profits this year, the firm's chief executive said on
Thursday, showing its resilience after an abandoned takeover bid for the
company in 2015.
Willis Towers Watson, a leading global advisory, broking and solutions
company, today announced financial results for the first quarter of
2016, which ended March 31, 2016. On January 4, 2016, the merger of
Willis Group Holdings (Willis) and Towers Watson & Co. (Towers
Watson) was completed. In this release, the Company has presented
consolidated financial results and legacy segment results for the
quarter ended March 31, 2016 for Willis and Towers Watson.
MetLife reported operating earnings of USD 1.3 billion, down 19 percent
from the first quarter of 2015, and 17 percent on a constant currency
basis. On a per share basis, operating earnings were USD 1.20, down 17
percent from the prior year quarter. Operating earnings in the Americas
decreased 18 percent, and 16 percent on a constant currency basis.
Operating earnings in Asia decreased 7 percent, and 5 percent on a
constant currency basis. Operating earnings in Europe, the Middle East
and Africa (EMEA) decreased 10 percent, and 3 percent on a constant
CHUBB reports first quarter operating EPS of USD 2.26 versus USD 2.25
prior year, while operating EPS with 14-day stub period is USD 2.29.
P&C combined ratio is 90.0% and annualized operating ROE is 10.2%.
At he same time, operating return on tangible equity is 18.5%.
Unit4, has announced one of Poland's largest insurance companies, WARTA Group, has selected its enterprise HR software to manage HR processes company-wide and deliver self-service efficiency to its 3,000 employees.
Greece's Piraeus Bank will sell part of its 28 percent stake in insurer
European Reliance to the European Bank for Reconstruction and
Development, a Piraeus official said on Wednesday. Piraeus,
Greece's largest lender by assets, plans to divest the entire stake as
part of a restructuring plan which entails the disposal of non-core
MetLife reported operating earnings of USD 1.3 billion, down 19 percent from the first quarter of 2015, and 17 percent on a constant currency basis*. On a per share basis, operating earnings were USD 1.20, down 17 percent from the prior year quarter. Operating earnings in the Americas decreased 18 percent, and 16 percent on a constant currency basis. Operating earnings in Asia decreased 7 percent, and 5 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 10 percent, and 3 percent on a constant currency basis.
American International Group, Inc. (NYSE: AIG) today reported after-tax
operating income of USD 773 million, or USD 0.65 per diluted share, for
the first quarter of 2016, compared to USD 1.7 billion, or USD 1.22 per
diluted share, in the prior-year quarter, reflecting the negative impact
of market volatility on investments that totaled USD 0.48 per diluted
As part of the government's agenda to make financial institutions more profitable, on April 26, 2016, amendments to the Highway Traffic Law were enacted to help reduce insurer losses from motor vehicle third-party insurance ("MTPL Insurance") products through standardized compensation calculations, permitting insurer costs to be more accurately projected.
Moody's Investors Service ("Moody's") announced that it is continuing its review for downgrade of AHML Insurance's ("AHMLI") Ba2 insurance financial strength rating. AHMLI is a subsidiary of the Agency for Housing Mortgage Lending JSC ("AHML JSC", Ba1 negative) which in turn is wholly owned by the Russian Federal Government.
The list of the 1000 largest Armenian corporate taxpayers in the first quarter of 2016 includes all six insurance companies operating in the country which paid a total of 499 million drams in various taxes, up from 457.4 million drams they had paid for the first quarter of 2015, the State Revenue Committee said.
Poland's second-pillar pension funds (OFEs) generated poor results over the last year, with all the 12 funds recording negative returns. According to the Polish Financial Supervision Authority (KNF), the weighted average 12-month return, as of the end of March 2016, fell from 2.52% in 2015 to minus 6.63%, while the three-year return plunged from 25.13% to 6.34%.
Generali Osiguranje Serbia has developed an innovative and unique product for our market which combines the classic life insurance policy with an investment in investment funds; the so-called unit-linked product.
Azerbaijan's insurance companies can take upon the reinsurance of risks of Iranian insurance companies, expert in the field of insurance Khayal Mammadkhanli believes. The President of Training and Consulting Center Consultant toldВ TrendВ that Azerbaijan's insurance companies are not so big to take a rightful place in the Iranian market and to collect a large portfolio in a short time.
A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of Halyk-Life, Life Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan). The outlook for each rating remains negative. Halyk-Life is a wholly owned subsidiary of JSC Halyk Bank (Halyk Bank), a leading retail bank also domiciled in Kazakhstan.
Ukraine Starting with the II quarter of 2016 begins to introduce new model of insurance "avtograzhdanki" - Direct claims settlement. This means that in case of an accident for damages do not need to go to the insurance company the originator of incident, and in the company in which the injured party has acquired policy. "This is an innovation that has already been tried in Europe, progressively. To date, I do not know the direct alternative, which would improve the quality of customer service ", - says CEO MTIBU Vladimir Shevchenko.
A symbolic interest rate for compulsory health insurance will be introduced in Azerbaijan in the first stage, Zaur Aliyev, the Director of the State Agency for Compulsory Health Insurance under the Cabinet of Ministers said.
Turkey has implemented reform of motor third-party liability (MTPL) insurance to decrease the significant losses incurred by insurers in Turkey over the last 10 years, while lowering insurance premiums for consumers.
The Bank of Russia withdrew the license for implementation of insurance
of the insurance company "Soviet". The company has not eliminated in
time violations of legislation on the basis of which on 16 March, the
site license was suspended. "Soviet" did not comply with the
requirements of financial stability and solvency. The organization needs
to meet its obligations to the insured entities.
Romanian electricity supplier CEZ Vanzare, a company owned by Czech
energy group CEZ, plans to expand its activity into insurance brokerage.
In 2015, Aegon Life Ukraine continued to implement its strategy to increase sales and market share in the retail life insurance segment. Despite the unfavorable political and economic conditions, both our retail channels - Brokerage and Agency network - signed insurance premiums amounting to more than UAH 133 million. Number of insured persons in this segment increased to 44 204 (which is 8% more than in 2014). Overall, last year our company signed insurance premiums in the amount of USD 143.1 million, and the size of the customer portfolio reached 65 596 persons.
Insurance company «BROKBUSINESS» paid indemnification amounted UAH 1 235
000 due to the Motor vehicle policy (CASCO) on the theft risk. The insured event happened in Kiev on 14th of January 2016. The insured
Lexus was parked near one of the city supermarkets at night. While the
owner was going shopping the vehicle was stolen.
BFC was contracted by EFSE to conduct a feasibility study on the
potential for agricultural insurance products and services, particularly
in rural areas of Albania and Bosnia.
Moody's Investors Service has today downgraded the insurance financial strength rating (IFSR) of KazExportGarant JSC (KazExportGarant) by one notch to Baa3 from Baa2. This rating action follows the one notch downgrade of the government of Kazakhstan to Baa3, on 22 April 2016. The outlook on KazExportGarant is negative, which is in line with the negative outlook on the sovereign. This rating action closes the review initiated on 10 March 2016 when Moody's placed KazExportGarant's rating on review for downgrade.
The Russian Central Bank estimates that about 100 Russian insurance
companies are currently in the high-risk category, Deputy Director of
the Central Bank Nikolay Pecheliev said on Wednesday.
Listed insurer Uniqa raised its embedded value by 13.2 percent in 2015, to EUR 4.725 billion. The sum includes the value of insurance contracts and future earnings. The stock value of the life and health insurance division increased 17.3 percent to EUR 1.847 billion, Uniqa stressed in a release.
The insurance market of Azerbaijan has responded to the challenges and requirements of industrial development policy. An insurance pool, the first in the history of the country, has appeared.
The loss rate of Armenia's insurance sector stood at 49% in March 2016 showing a one-percent decline, compared with the previous month, the Armenian Motor Insurers Bureau reports on its website.
At the end of September 2015, a huge amount was totaled by the Latvian insurance market: 396 million of euros. It means that, in comparison with the same period in 2014, this business has grown 4,6 percent. The Financial and Capital Market Commission (FKTK) stated that, in claims, the Latvian insurance companies paid more than 225 million euros and, in statistics, it is equivalent to affirm that such increase represents 9.5 percent more year over year. But that's not all. The local insurers have written, of the total gross premiums, more than 72 percent. In euros, it corresponds to 287 million; and, by the way, 5.8 percent more year over year.
The World Bank reviewed its forecast for Armenian economy's growth in 2016, lowering it from 2,2% to 1,9%.
In an effort to reform the unprofitable mandatory motor vehicle third-party insurance (MTPL Insurance) sector, Turkish policymakers are expected to adopt measures, such as standardized compensation calculation methods and authorization of the Treasury to set the rules for compensation payable under MTPL insurance claims. MTPL Insurance generates significant losses for non life insurers operating in Turkey, amounting to TRY 2.3 billion (~USD 0.8 billion) as of year-end 2015 and a total of TRY 7 billion (~USD 2.4 billion) in the last decade.
Under the current economic conditions the life insurance companies get advantage in the insurance market of Azerbaijan. Estimates of the rate with which they can grow in the next 3-4 years have been made.
Hungarian weekly Figyelo has published so far unknown details about the
sale of MKB Bank, which show that two New York-based private equity
firms, J.C. Flowers & Co. and Ripplewood Holdings were beaten in the
bidding. The paper said they offered less for MKB. It is also new
information that the German owner will soon sell the two MKB insurers.
Gjensidige non-life insurer is merging its companies in the Baltic
States and plans to finish the process by this fall, informs LETA. After
the merger is completed, Gjensidige Group in the Baltics will be
operating as Gjensidige insurance company with branches in Latvia and
Standard & Poor's Ratings Services said that its insurance industry
country risk assessment (IICRA) for Kazakhstan's property/casualty (P/C)
insurance industry remained moderate, despite its now negative view of
market growth prospects, S&P said.
Total assets of 18 existing insurance companies in Kyrgyzstan have increased by 19.3%.
UNIQA has signed a contract with the Olympic Committee of Serbia and became the official insurance of our Olympic team.
Customers taking out travel insurance with Latvian insurance company
Balta will now be able to insure themselves also against the terrorism
risk, informs LETA.
109,842 motor vehicle owners were drawn to compulsory insurance of vehicle owner's civil liability in March 2016. The Compulsory Insurers Bureau informs that of them, 11,004 insured vehicles were foreign transit cars.
The board (Shuro) of Tajikistan's lower house (Majlisi Namoyandagon) of
parliament discussed a draft law on insurance activity at an April 4
meeting, presided over by its head, Shukurjon Zuhurov.
The Presnensky District Court of Moscow has refused to compel Aeroflot
company to insure its civil liability in accordance with modern
standards, attorney Marat Amanliev told RAPSI on Monday.
A.M. Best has revised the outlook to negative from stable and affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan). Kazakhinstrakh is the wholly owned subsidiary of JSC Halyk Bank (Halyk Bank), a leading retail bank also domiciled in Kazakhstan.
Fitch Ratings has affirmed the Long-term Issuer Default Ratings (IDRs) of Poland-based Bank Pekao SA (Pekao) and its mortgage bank subsidiary, Pekao Bank Hipoteczny (PBH), at 'A-' with Stable Outlook.
The Financial Market Supervisory Body of Azerbaijan will determine a
strategy for the development of banking, insurance and stock markets
after diagnosing and studying the scale of the problems in these
PASHA Insurance and AZINSURANCE have become the most profitable
insurance companies of Azerbaijan in 2015. According to insurers'
reports, last year PASHA Insurance received over AZN 17.429 million of
net income and AZINSURANCE - AZN 17.369 million.
The situation in the industry in Greece looks as though the trend is to continue slipping. Last
year, the insurance market in Greece took a significant hit as the
number of people in the country who cashed in savings based policies
broke all previous records of that nature.
That trend revealed a solid decline of the state of the insurance industry within the country.
The Kerch bridge construction is not insured. Similar projects are
always insured; however, Russian insurance companies don't assume such
risks this time. "Such projects - I mean large-scale and unique
investment ones - don't remain within national markets all over the
world. They are reinsured (abroad - ed.)," explained the first chairman
deputy of the administration of the SOGAZ insurance company Nikolai
Albania's government said it chose local non-life insurance company Eurosig as the buyer of 100% of life and non-life insurer Insig for 2.2 billion leks (15.9 million euro). The buyer should transfer the agreed price within 30 days of the decision's publication in the Official Gazette, the government said in a notice published on its website on Wednesday.
The number of people who cashed in savings-based insurance policies early reached a record high in 2015, owing to the drop in disposable incomes that led to many being able to keep up with the payments, according to data seen by Kathimerini.
The total assets of Armenia's pension funds managed by two companies stand now at 35.5 billion drams, and the annual yield is 7%, Karen Hakobyan, the head of securities regulation division of the Central Bank's financial system regulation department , said today at a discussion devoted to the funded pension system.
A.M. Best has revised the issuer credit rating (ICR) outlook to negative
from stable and affirmed the financial strength rating (FSR) of B++
(Good) and the ICR of "bbb+" of Eurasia Insurance Company JSC (Eurasia)
(Kazakhstan). The outlook on the FSR remains stable. Eurasia is the
majority-owned subsidiary of Eurasian Financial Company JSC (Eurasian
Financial), a financial services group also based in Kazakhstan.
The Central Bank of Armenia has set up a system of differentiated obligatory insurance payments which Armenia's banks transfer to the deposit guarantee fund. According to the press office of the central bank, an appropriate law has been amended to allow the regulator to set higher obligatory payments for banks, depending on degrees of their exposure to risk.
Chubb Ltd. leads the hull and liability insurance coverage of the
Flydubai passenger jet that crashed Saturday in Russia and killed all 62
people on board Saturday, sources said. Sources said the insured hull
loss was likely to be about USD 48 million.
Croatian insurer Allianz Zagreb said on Friday its gross profit amounted
to 125.6 million kuna (16.7 million euro) last year, an increase of
11.9 million kuna compared to 2014. Gross premiums edged down 2.2% to
1.19 billion kuna in 2015, while the solvency margin stood at 254.3%, up
5.2% on the year, Allianz Zagreb said in a statement.
The premium income of Macedonian insurer Euroins Osiguruvanje rose 6.9%
on the year to 1.3 million euro in the January-February period, its
parent company Eurohold Bulgaria said. Skopje-based Euroins
Osiguruvanje's premium income from third-party liability insurance
increased by an annual 3.4% to 749,000 euro in the two-month period,
financial and insurance group Eurohold Bulgaria said in a notice filed
with the Sofia bourse.
Ukrainian drivers are much less steel to insure their cars: the number
of sold policies Casco declined by more than 2 times. According
Natsfinuslug if Ukrainian company realized 540.2 thousand in 2013. of
car insurance, then in 2015 - already only 254 thousand. pcs.
Bulgarian Generali Life Insurance, a unit of global insurer Generali,
transferred all of its portfolio to local life insurance firm Saglasie,
parent company Generali Bulgaria Holding said. The transaction
did not include combined health insurance contracts with risk coverage
and savings clauses, Generali Bulgaria Holding said in a press release.
Albanian finance ministry said it has received four offers in a tender
for the privatisation of 100% of the country's former insurance monopoly
INSIG, with the highest bid standing at 2.2 billion Albanian leks (16
Berkshire Hathaway Inc.'s General Reinsurance Corp. unit will close six
of its smaller offices as part of a reorganization of its direct global
property/casualty operations, Stamford, Connecticut-based Gen Re
A Croatian conglomerate which controls Croatia's biggest insurer has reportedly increased its stake in Slovenian insurance and reinsurance group Sava Re. Business daily Finance writes that nearly EUR 10m in trade with Sava Re shares on Friday involved block deals with which Adris grupa bought 4.4% of Sava Re.
Fitch Ratings has revised AzInsurance OJSC's (AzInsurance) Outlook to Negative from Stable while affirming its Insurer Financial Strength (IFS) rating at 'B+'. KEY RATING DRIVERS The revision of the Outlook follows the downgrade of Azerbaijan on 26 February 2016 to Long-term foreign and local currency Issuer Default Ratings (IDR) 'BB+' from 'BBB-'. The Outlooks are Negative.
The Russian Union of motor insurers (RAMI) has suggested for every driver to set a single value of the coefficient "bonus-Malus" (MSC) for a year. About it writes on Monday, the newspaper "Izvestia".
"2015 was about stability and growth at Aviva, against a background of market volatility and uncertainty. Aviva is now a stronger and more focused business. We have completed the fix phase of our transformation",said Mark Wilson, Group Chief Executive Officer.
Moody's Investors Service has today placed the Baa2 insurance financial strength rating (IFSR) of KazExportGarant JSC (KazExportGarant) on review for downgrade. This rating action follows a similar action taken on the government of Kazakhstan, which was placed on review for downgrade on March 4, 2016, and is part of a global review of oil-exporting sovereigns.
Austrian insurance group UNIQA said on Thursday its pre-tax loss from
operations in Montenegro widened to 600,000 euro in 2015 from
300,000 euro a year earlier.
Even though residents of Estonia are better prepared for retirement than people in Latvia and Lithuania, more than 70% of Estonians don't believe that the present pension system is sustainable, it appears from the Baltic Retirement Readiness Index Survey based on a poll taken by TNS, cites LETA.
Aviva plc announces today that it has appointed Colm Holmes as Chief Executive Officer of Aviva UK General Insurance, reporting to Maurice Tulloch, Chairman, Aviva Global General Insurance.
Austrian insurance group UNIQA said on Thursday its earnings before taxes from operations in Croatia surged to 5.5 million euro in 2015 fiscal year from 4 million euro a year earlier.
The Generali Group in Hungary saw revenue from insurance premiums rise 4.7% to HUF 121 bln last year, the firm reported yesterday, according to Hungarian news agency MTI.
OJSC Bank VTB (Azerbaijan) offers for its customers a new fee product - boxed insurance products. According
to the Bank, box insurance product is an insurance program with a
predetermined set of conditions, risks and insurance amounts.
Poland's mid-tier lender Alior Bank ALRR.WA, owned by state-run insurer
PZU, is in talks to buy its rival Bank BPH BPHP.WA from General Electric
(GE.N) and hopes to complete a deal around mid-2016, three banking
sources told Reuters.
More countries saw reductions in political risk than increases for 2016, according to Aon P.L.C.'s Political Risk Map 2016. The map, which was released Tuesday, analyzes 168 emerging markets and shows that, despite increases in economic risks prompted by low commodity prices, political and economic reforms in many emerging economies have helped to reduce political risks, said Karl Hennessy, president of Aon Broking and CEO of Aon's Global Broking Centre in London, in a statement.
From 4th March on KOBE Central European Mutual Insurance Association can again sell MTPL contracts, as the Magyar Nemzeti Bank has lifted its restriction on sales by the company, after the insurer submitted a financial plan to abolish the previous reserve deficit.
Total number of road motor vehicles registered in Bosnia and Herzegovina last year amounts to 952.590. Of
the total number of registered vehicles in 2015, 87 percent are
passenger vehicles, eight percent are freight vehicles, three percent
are trailers, while the remaining two percent are other categories of
The Azerbaijani insurers signed 83 international insurance agreements on the Green Card system for February. The Compulsory Insurers Bureau reports that the agreements were concluded with drivers travelling to Iran and Turkey.
Azerbaijan's parliament passed a package of amendments to the country's
laws at its plenary session March 4, which stipulates establishing the
Financial Market Supervisory Chamber.
The total value of insurance contracts of ERGO in the Baltic countries in 2015 was 186 million euros, almost 14% more than in 2014; the insurer's net income for the period totaled 4.3 million euros, informs LETA/BNS.
The National Bank of Hungary (MNB) is considering imposing strict limits on the fees of non-pension-based unit-linked insurance products insurers can charge customers by introducing total cost indicator limits, Kornel Kisgergely, the central bank's managing director responsible for the supervision of financial institutions, said yesterday, according to Hungarian news agency MTI.
Latvian insurance company Balta closed 2015 was a profit of EUR 1.19
million, informs LETA, according to the company's annual statements. After
posting loss for several successive years, Balta succeed to break into
the black in 2015. For example, previously it showed a loss of more than
EUR 1 million in 2014, and a loss of EUR 2.2 million in 2013.
5,590 motor vehicle owners were drawn to compulsory insurance of vehicle owner's civil liability in February 2016. The Compulsory Insurers Bureau informs that of them, 8,974 insured vehicles were foreign transit cars.
Serious changes have been made in the management of Azerbaijan's Alfa Insurance company. Karamat Aliyev took over the board of directors of Alfa Insurance replacing Elshad Aliyev, according to the company's website.
The Compulsory Insurers' Bureau of Azerbaijan has received a letter from the International Association of National Automobile Insurance Bureaus (Green Card). According to the Bureau, the letter says that the mutual recognition of documents between Green Card and Switzerland and countries belonging to the European Economic Area comes into force from 1 April 2016.
Council of Bureaux (CoB), the European institution based in Brussels, manager of the international insurance system "Green Card", has decided to postpone the decision suspending the National Bureau of Motor Insurers of Moldova (NBMI) of the "Green Card" until the General meeting of its members, scheduled to take place in early June, reads a press release issued by the NBMI.
Romanian insurer Allianz-Tiriac Asigurari said on Wednesday its gross
written premiums rose 7.2% to 1.06 billion lei (238.1 million euro) in
2015. The increase came from general insurance operating
revenues, which rose by 7.5% to 952 million lei in 2015, Allianz-Tiriac
Asigurari said in a statement.
Life insurer NN Asigurari wrote gross premiums of EUR 141 million last year, up by 2.4% compared to 2014. The
turnover grew as policyholders bought more expensive policies.
Customers paid an average premium of EUR 390 last year, up by 2.4% over
2014, for an average insured amount of EUR 12,600, 13% higher.
"Achmea achieved a net profit of EUR 386 million in 2015. The result improved by lower expenses across the full breath of the company. Postive developments at our Pension and Life, Banking and International activities and higher investment results contributed to a higher result. Our result was strongly influenced by the EUR 481 million allocation of our result to mitigate the premium increase of our health insurance policies for our customers. Major storms caused a great deal of damage to our customers. Compensation for storm damage has reduced our result by more than EUR 120 million. Premiums remain stable around EUR 20 billion. We used our market leadership in non-life and health insurance to make the best possible products for our customers", said Willem van Duin, Chairman of the Executive Board.
'We are pleased with the strong set of results for the fourth quarter
and full-year 2015, as this demonstrates our steady progress in
achieving our objectives to improve earnings and generate capital', said Lard Friese, CEO.
The Supervisory Board of NN Group N.V. has decided to nominate Jan
Holsboer and Yvonne van Rooij for reappointment as members of the
Supervisory Board for a maximum term of four years. The proposal for
reappointment will be submitted for adoption at the Annual General
Meeting (AGM) on 2 June 2016.
The Bosnian unit of Austrian insurance group UNIQA said on Thursday its
net profit doubled to 1.8 million marka (920,300 euro) in 2015.
Turkey's authorities plan to sell Islamic lender Bank Asya by May 29 and will liquidate it if they cannot find a buyer, the chairman of the deposit insurance fund said on Friday.
RIA Novosti reports that the regulator website reported that the Bank of Russia revoked the license for insurance activity for companies "Agros", "Garant-Invest" and the capital of insurance and reinsurance center. Clarifies that licenses were revoked due not resolved within a reasonable time violations of the insurance legislation. The Company did not comply with the order and conditions of the investment of their funds, and funds of insurance reserves.
Fitch Ratings has upgraded Kazakhstan-based AMANAT Insurance's (AMANAT) National Insurer Financial Strength (IFS) rating to 'BB+(kaz)' from 'BB(kaz)' and affirmed its IFS at 'B'. The Outlooks are Stable. KEY RATING DRIVERS The upgrade of the National IFS reflects AMANAT's improved regulatory capital position after a capital injection and substantial strengthening of the net profit in 2015. AMANAT's shareholder injected KZT560m into the company in 2015 to support the regulatory solvency margin.
The Greek insurance market has lost around 1.85 billion euros during the
crisis, according to Ioannis Votsaridis, chief executive of Interlife. "The
market is falling since 2008. Total loss is very big. The car insurance
sector has lost 48 pct in the 2010-2015 period, the life insurance
sector around 24 pct and the damage sector around 39 pct...I believe
that the sector will find it very difficult to regain its losses as
intense competition drives insurance rates lower," he said.
In January 2016 the average monthly cash income per capita of
Azerbaijan's population made up 88% of average income for 2015 (AZN
365). The State Statistics Committee (SSC) reports that for
January 2016 nominal income per capita totaled AZN 321.2 that exceeded
the January 2015 index by 10.8%.
Motorists are sure that after March 1, when amendments in the compulsory
car insurance (APPA by the Armenian abbreviation) system come into
force, problems connected with possible conflicts between drivers
involved in car accidents, will further deteriorate.
"I am pleased to report we have executed on the targets we set at the
beginning of 2015, delivering an underwriting result at the better end
and an insurance profit margin towards the middle of our target ranges.
The success of our portfolio remediation activities of the last three
years is evidenced by each of our businesses now producing an
underwriting profit and, particularly, by the continuing improvement in
the performance of our North American Operations",said John Neal, QBE Group Chief Executive Officer.
The total registrations of motor vehicles has increased by just over 15%
according to recent figures released by the Statistical Service of
The premium income of Bulgarian insurer Euroins rose by 19.3% to 3.9
million euro in January, its parent company, Eurohold Bulgaria, said.
Croatian insurers posted combined gross written premiums of 869.5 million kuna (114 million euro) in January, down 0.84% on the year, the Croatian Insurance Bureau said.
Serbia's competition council said it will examine the acquisition of the
headquarters building of Serbia's diversified conglomerate Delta
Holding by local Banca Intesa Beograd in order to determine the
lawfulness of the concentration.
Recently Nationale-Nederlanden Spain was awarded the Top Employers Spain 2016 certification. A comprehensive independent research revealed that Nationale-Nederlanden Spain provides exceptional employee conditions, nurtures and develops talent throughout all levels of the organisation and has demonstrated its leadership status in the HR environment, always striving to optimise its employment practices and to develop its employees.
The new Observatory of welcoming brands realized by BVA for the communication agency «Change» ranked Europ Assistance as top of the welcoming brands in France.
Rustam Mammadov and Lala Jafarova have been appointed to Board of Directors of PASHA Life Insurance, company told APA-Economics.
The privatization plan of FBiH in this year includes the following
economy societies: Energopetrol JSC Sarajevo, Energoinvest JSC Sarajevo,
Aluminij JSC Mostar, Tobacco Factory Sarajevo JSC Sarajevo, and the
Sarajevo osiguranje JSC Sarajevo, it was stated from the Cabinet of the
Prime Minister of FBiH Fadil Novalic.
Ingosstrakh Insurance Company Branch in the Astrakhan Region concluded an OSAGO compulsory third-party motor liability contract.
A.M. Best has affirmed the financial strength rating of C++ (Marginal)
and the issuer credit rating of "b+" of Kommesk-Omir Insurance Company
JSC (Kommesk) (Kazakhstan). The outlook for both ratings is stable.
Yesterday, French insurance giant and a world leader in insurance and
assets management, AXA, announced that it invested USD 84 million in
Jovago and its mother company, the Africa Internet Group (AIG). This
investment is a partnership that will further ensure the expansion and
strengthening of Jovago businesses in major cities across Africa and
"Aegon's fourth quarter results close a year in which we achieved
record sales and accomplished many of our strategic objectives, although
expectations for underlying earnings were not met in all of our
businesses", said Alex Wynaendts, Aegon CEO.
Our client-centric business model continued to thrive. We have lent more
to clients and they have taken up more insurance products in almost all
the countries we operate in. Clients entrusted more assets to us,
leading to higher sales of investment products. The low cost of credit
also underpinned the net result. Against a background of low interest
rates, modest economic growth in Belgium and stronger growth in Central
Europe, KBC ended the last quarter of 2015 with an exceptional net
profit of 862 million euros, compared to 600 million euros in the
preceding quarter and 473 million euros in the last quarter of 2014.
Profit was boosted by the liquidation of KBC Financial Holding Inc., but
tempered by impairment on goodwill. Excluding these two items, the net
result amounted to 441 million euros in the fourth quarter. The result
for full year 2015 came to 2 639 million euros (2 218 million euros
excluding these two items), with all countries generating a profit.
Kyrgyz entrepreneurs mentioned the high rates of insurance premiums,
unjustified inspections and corruption among their main problems. They
stated it at the round table in the Chamber of Commerce of the Kyrgyz
Sogaz is the owner of 100% of the shares in the insurance company ZHASO,
reports a press-service of the sogaz Insurance Group on Friday.
The young and still developing insurance market of Azerbaijan has finalized 2015 with about 5-15 percent monthly growth. The last year was remembered with a number of events, results of which will be visible this year.
Kazakhstan is preparing a draft law on compulsory home insurance, according to the Kazakh Ministry of Justice. In addition, existing laws in the field of taxation, budgeting and administrative violations of intellectual property are expected to undergo some changes.
The Azerbaijani PASHA Life Insurance Company, over the past five years
of activity, has increased its authorized capital by 5.75 times, said
the company Feb. 15. The company's authorized capital reached
40.25 million Azerbaijani manats and assets - 150 million manats,
according to the company.
If you're going to Spain, Malta or Cyprus you'll now pay more for your travel insurance. This
is because the cost of medical treatment in some of these sunny holiday
hotspots is rocketing. That's because they are starting to rely more on
private healthcare for tourists to help to ease the strain on public
The State Insurance Company of Kyrgyzstan has begun insurance of housing
against fire and natural disasters. The first who made it was the Prime
Minister Temir Sariev.
The Undersecretariat of the Treasury has strengthened the protections of
insurance agents in Turkey by increasing the authority of the Insurance
Agents Executive Committee ("IAEC"), expanding the mandatory terms of
agency agreements, and introducing significant changes to personnel
affairs, governance and branch operations.
The newly-established public legal entity - the financial market
supervisory body - will operate based on the principle of
self-financing. This was stated by Shahin Aliyev, the Head of
Department of Legislation and Legal Expertise of the Azerbaijani
President's Administration, on February 9.
Azerbaijan's PASHA Life Insurance ensured growth of premiums and compensation payments in January 2016. According
to the Company, its premiums for January amounted to AZN 7.111 million
that is by 94.3% or AZN 3.66 million more than for January 2015.
With its financing of the Irish public-private partnership (PPP) project
"Courts Bundle PPP", Talanx has made a further external funding
investment in the area of infrastructure. The insurance group is
participating as a co-investor with a volume of around EUR 73 million in
the construction, refurbishment and maintenance of seven court
buildings in Ireland along with MUFG who also contributed an investment
in the amount of some EUR 73 million as well as short-term facilities.
The Assicurazioni Generali Board of Directors, chaired by Gabriele
Galateri di Genola, has approved the mutually agreed termination of all
existing relations between Mr.Greco and the Company, with immediate
effect and in line with the Group's remuneration policies. This follows
the announcement by Mr. Greco on the 26th January 2016, that he would
not be available to serve a further mandate as Group Chief Executive
Aviva plc has appointed Claudia Arney as an independent non-executive
director of the Company with effect from 8 February 2016. She will also
join the Nomination Committee. Claudia has a wide range of
experience as both an executive and non-executive director across
financial services, digital and government and brings a wealth of
expertise transforming and expanding businesses online and building
digital capabilities. She is currently a non-executive director of
Derwent London plc, Halfords Group plc and the Premier League. She is
also a member of the Advisory Board of the Shareholder Executive.
American International Group, Inc. today reported an after-tax operating
loss of USD 1.3 billion, or USD 1.10 per diluted share, for the fourth
quarter of 2015, compared to after-tax operating income of USD 1.4
billion, or USD 0.97 per diluted share, in the prior-year quarter. Full
year 2015 after-tax operating income was USD 2.9 billion, or USD 2.19
per diluted share, compared to USD 6.6 billion, or USD 4.58 per diluted
share, for full year 2014. The fourth quarter operating loss was
primarily due to adverse prior year loss reserve development, and lower
returns on alternative investments.
Aegon Hungary recently took home the 2015 Client-Friendly Insurer of the
Year Award, based on feedback from more than 52,000 clients. A
significant achievement in a country with a total population of just 10
million. The campaign was run by NETRISK.hu, an online insurance
broker. Not only did clients rank insurance companies on a general
level, but they were asked to assess companies based on their
administration, client information, client retention, and claims
On 9 February 2016, Zavarovalnica Triglav d.d. received the Securities Market Agency Decision, establishing that with the issue of the Securities Market Agency Decision of 2 December 2015 the prohibition of exercising its voting rights stated in the Securities Market Agency Decision of 4 March 2013 expired.
PartnerRe Ltd. today reported net income of USD 162.3 million, or USD
3.30 per share for the fourth quarter of 2015. This includes net
after-tax realized and unrealized losses on investments of USD 22.8
million, or USD 0.46 per share. Net income for the fourth quarter of
2014 was USD 262.7 million, or USD 5.26 per share, including net
after-tax realized and unrealized gains on investments of USD 82.1
million, or USD 1.64 per share. The Company reported operating earnings
of USD 183.9 million, or USD 3.74 per share, for the fourth quarter of
2015. This compares to operating earnings of USD 218.3 million, or USD
4.37 per share, for the fourth quarter of 2014.
Willis Towers Watson plc, a leading global advisory, broking and
solutions company, today reported individual fourth quarter and fiscal
second quarter results for Willis Group Holdings plc ("Willis Group")
and Towers Watson & Co., respectively, for the period ended December
31, 2015. On January 4, 2016 Willis Group Holdings plc merged with
Towers Watson & Co. Financial results will be consolidated for the
period ending March 31, 2016, but will use legacy reporting at a segment
level until Willis Towers Watson reports second quarter results for the
period ending June 30, 2016.
At the 1 January 2016 renewals, SCOR Global P&C manages to maintain
quasi-stable expected technical profitability compared to January 2015,
while recording gross premium growth of 2% at constant exchange rates,
to EUR 3.0 billion.
Capital ratios for Slovenian insurance companies could be lower under Solvency II than they were under the Solvency I regime, according to Fitch Ratings. The ratings agency said the sector reported strong aggregated coverage under the old regime, at 273% at the end of 2014, but a high proportion of non-investment grade and unrated instruments would lead to lower capital ratios under Solvency II.
Austriaʼs Vienna Insurance Group (VIG) had annual revenue of HUF 63-65 bln from premiums in Hungary, the management of the groupʼs local businesses told journalists on Friday, but the management did not disclose other figures for last year, according to reports.
Colonnade Insurance, a member of Canadaʼs Fairfax Financial Holdings,
has opened a branch in Hungary and taken over the local business of QBE
Insurance, Hungarian news agency MTI reported today.
The companies of BTA insurance group - parent BTA Insurance Company
(BTA) and its subsidiary BTA Baltic Insurance Company - closed 2015 with
a profit of EUR 8 million, informs LETA.
Motorists' mandatory civil liability insurance industry (OCTA) operated
with a loss of EUR 11.7 million in 2015 in Latvia, informs LETA,
according to the Motor Insurers' Bureau of Latvia.
Slovenian insurer Zavarovalnica Triglav said on Friday it has
completed the sale of its 97.31% stake in bus transport unit Avrigo to
Adventura Prevozi. Following the fulfilment of regulative and
other conditions arising from the agreement on the sale of a 97.31%
stake in Avrigo to Adventure Prevozi, Zavarovalnica Triglav has
completed the transaction, the insurer said in a filling with the
MetLife reported operating earnings of USD1.4 billion, down 13 percent
from the fourth quarter of 2014, and 10 percent on a constant currency
basis. On a per share basis, operating earnings were USD1.23, down 11
percent from the prior year quarter. Operating earnings in the Americas
decreased 16 percent, and 14 percent on a constant currency basis.
Operating earnings in Asia decreased 15 percent, and 9 percent on a
constant currency basis. Operating earnings in Europe, the Middle East
and Africa (EMEA) decreased 16 percent, and 2 percent on a constant
The number of insured cars has grown from 390,457 in 2011, when
mandatory car insurance was introduced in Armenia, to 457,878 in 2015,
Vahan Avetisyan, executive director of the Car Insurers Bureau, said
Tuesday at a news conference summarizing the results of the first five
years of obligatory car insurance in the country.
Financial and insurance group Eurohold Bulgaria turned to a non-cons
after-tax loss of 4.03 million levs (2.06 million euro) in 2015, from an
after-tax profit of 1.6 million levs in 2014. In 2015
non-consolidated operating revenue decreased to 2.7 million levs from
7.8 million levs a year earlier, Eurohold Bulgaria said in a bourse
filing on Tuesday.
The stock of savings reached a record at Magyar Posta (Hungarian Post)
in 2015, the company announced on Monday. By the end of last year, the
number of Posta Bank Accounts exceeded 50,000.
The merger of Kazakhstan's large banks Kazkommertsbank (Kazkom) and BTA
Bank was assessed as "the best M&A (merger and acquisition) deal of
2015 in the Commonwealth of Independent States," by the Kazakh-British
Chamber of Commerce, according to a Forbes.kz report dated Jan. 26.
Chubb Limited today reported net income for the quarter ended December 31, 2015, of USD 2.08 per share, compared with USD 1.66 per share for the same quarter last year. For the year ended December 31, 2015, net income was USD 8.62 per share, compared with USD 8.42 per share for 2014. Operating income was USD 9.76 per share, compared with USD 9.79 per share for 2014.
The Bank of Latvia President Ilmars Rimsevics and Finance Minister Janis Reirs (Unity) have nominated the Financial and Capital Market Commission's (FKTK) deputy chairman Peters Putnins as the commission's head, reported LETA Monday.
The total insurance premiums of the Turkish insurance industry will grow to TRY34.1 billion this year, up by 10% from last year. This
forecast was made by Deputy Prime Minister Mehmet Simsek who spoke
before a parliamentary budget commission last Thursday, reported
The State Oil Fund of Azerbaijan (SOFAZ) is selecting the provider of
services on mandatory and voluntary insurance of its real estate.
All six Armenia-based insurance companies were among the largest 1000
corporate taxpayers in 2015 having paid a total of 1.77 billion drams in
various taxes, down from 1.97 billion drams they had paid in 2014, the
State Revenue Committee, an affiliation of the ministry of finance,
A.M. Best has placed under review with negative implications the
financial strength rating of B- (Fair) and the issuer credit rating of
"bb-" of Standard Insurance Company, JSC (Standard) (Kazakhstan).
Fairfax Financial Holdings Chief Executive Prem Watsa said on Friday
that he sees investment opportunities in Greece if the crisis-hit
country proceeded with reforms.
The Central Bank of Azerbaijan (CBA) has begun a restructuring of the
banking sector and implementation of measures to strengthen its
financial stability and risk management, CBA Chairman Elman Rustamov
stated today during an expanded board meeting dedicated to the results
The insurance industry in Turkey reported a loss of TRY1.7 billion in
the compulsory motor insurance business for the first nine months of
last year, according to the Insurance Association of Turkey (TSB) in a
statement. The figure is three times the losses of TRY566.7
million reported for this class of business for the first three quarters
of 2014 and almost double the losses of TRY884.8 million suffered for
the whole of 2014.
Kristaps Zakulis, the chairman of the Latvian financial regulator the
Financial and Capital Market Commission (FKTK), has tendered his
resignation, BNS was told at the FKTK. FKTK spokeswoman Elina Avotina said that Zakulis' decision has been well-considered.
The Austrian arm of insurance group Allianz notices a positive outcome of the gradual shift from capital deposits (worth EUR 7 billion), to sustainable investments. The share of sustainable investments was raised from 18 to 21.5 percent in 2015, CEO Wolfram Littich told the press. He added that the level of sustainability of capital investments rose 1.54 percent.
Insurance companies seek to get concessions from private clinics to
provide services for health insurance, said Orkhan Bayramov, Chairman of
the Azerbaijani Insurers Association on January 25. He said the
issue was discussed at a meeting with leaders of insurance companies,
held with the participation of Namig Khalilov, the head of the State
Insurance Supervision Service.
The Board of the Central Bank of Azerbaijan has revoked the licenses of two commercial banks - United Credit Bank and NBC Bank. According to the CBA, temporary administration was appointed at the two banks on 26 January.
Ardshinbank and INGO ARMENIA insurance company are recognized the best
organizations cooperating with the Armenian financial ombudsman office
in 2015, Armenian Financial Ombudsperson Piruz Sargsyan said Monday at a
On average Hungarians spent HUF 540 forints a day on travel insurance last year when traveling out of country, on par with data available for 2014, online daily napi.hu reported today according to data compiled by online brokerage firm Netrisk.hu.
In 2015, drivers in Armenia paid a total of 17.660 billion AMD (USD 36.360 million) to insure their vehicles. Rosgosstrakh-Armenia,
the company enjoying the largest share of the market received 5.761
million AMD in insurance payments last year; followed by Inco (3.914
million), Nairi (2.873m), Sil (2.037m), Reso (1.892m) and Armenia
In 2015, the volume of insurance payments halved, the board chairman of
the State Service for Supervision over the Financial Market Sanzhar
Mukanbetov said today at a meeting.
Basis Compulsory Motor Third Party Liability (CMTPL) insurance premium is totally unfounded. A lawyer Iskender Elakunov said today at a round table discussion "Auto insurance: project with egregious blunders, aimed at protection of narrow group of interests."
Insurance payments in Russia and Kazakhstan amounted to only about 40-50 percent of the set compensations for harm. This was announced today at a round table "Auto insurance: project with egregious blunders, aimed at protection of narrow group of interests" by an insurance expert of Communications Providers Association Emil Bosteriev.
Central Europe's largest independent lender, Hungary's OTP Bank, is in talks to acquire the local retail mortgage portfolio of AXA Bank Europe SA, which has posted steep losses, financial sector sources told Reuters.
The Bank of Russia from January 14, 8 withdrew the licenses of insurers and suspended the license of one company. About it reports a press-service of the regulator.
All six Armenia-based insurance companies paid a total of 8.7 billion
drams in 40,939 car insurance compensation claims in 2015, a decrease of
12.7% compared to the previous year, a statement posted on the official
website of Armenia's Car Insurers' Bureau says.
Insurance companies will be able to insure all car owners in a short
time. Deputy Director General of ATM Polis Ernis Abdykeev told today at a
press conference in Kabar Agency. According to him, at the
moment insurance companies are working hard so that in a short time to
give everyone insurance policy. "We think that we can promptly issue
insurance policies to our drivers," said Abdykeev.
NLB Banka is interested in developing the pension insurance market in
Serbia, but conditions for that have not been created here yet, said
Branko Greganovic, the chairman of the Executive Board of NLB Banka, who
also added that the investment in that segment of life insurance
depended on institutional conditions.
UniCredit, Italy's largest bank by assets, has announced a binding agreement to take new shares worth 9.9 per cent in ABH Holdings, part of Russian billionaire Mikhail Fridman's Alfa-Bank, as part of a deal to dispose of its unprofitable Ukrainian banking business Ukrsotsbank.
"Compulsory insurance of property is divided into two types: for city
and for village. The minimum sum for a village is 600 soms per year,
and for city - 1,200 soms," the Chairman of the State Service for
Regulation and Supervision over the Financial Market Sanzhar Mukanbetov
said at a press conference.
The median gross wage in Armenia in November 2015 stood at 181,982 drams
(USD 379 or 24,659 Russian rubles), a 0.3% rise from October, according to
the National Statistical Service (NSS). NSS said in 2015 October
the median gross wage was 181,391 drams, about 0.9% less than in
September 2015 and 3.9% more than in October 2014.
Qala Insurance company (former Chartis Azerbaijan) has become a member
of the Compulsory Insurance Bureau of Azerbaijan, said the message of
the bureau published Dec.14 on its website.
Bloomberg predicts 2.5% economic growth in Armenia in 2016. This is according to the rating of 93 countries with the worst economic indicators published by the agency. It's
worth mentioning for comparison that the World bank predicted 2.7%
economic growth for Armenia, the International Monetary Fund- 2.2%, the
European Bank for Reconstruction and Development- up to 2% , while the
Asian Development Bank predicted an increase of 2%.
Gorenjska banka, a small private bank, has been recapitalised with EUR 13m, most of which has been provided by Serbian AIK banka, which has acquired a 13.9% stake to become the second-biggest owner of the Kranj-based bank.
Ministry of Finance of Uzbekistan issued licenses for conducting insurance activity on separate classes of general insurance to five insurance companies.
Compulsory motor third party liability insurance tariffs are still not approved in Kyrgyzstan. Senior inspector of administrative practices of the Road Patrol Service under the Ministry of Internal Affairs Nur Satybaldyev told 24.kg news agency.
A.M. Best has assigned a financial strength rating of C++ (Marginal) and
an issuer credit rating of "b" to Insurance Company London-Almaty JSC
(London Almaty) (Kazakhstan). The assigned outlook for both ratings is
Romanian general insurer Carpatica Asig, which is undergoing a financial
recovery procedure, said on Monday its daily gross written premiums
rose 43% to 2.9 million lei in 2015. Claims paid by the insurer totalled
382 million lei in 2015, Carpatica Asig said in a press release.
A recent minimum wage increase is expected to drastically increase auto insurance payout rates for accidents involving injury or death, resulting in a TL 2.5 billion annual burden on the insurance sector, Insurance Association of Turkey (TSB) President Ramazan Ulger told the Hurriyet daily on Wednesday.
Romanian general insurer Carpatica Asig, which is undergoing a financial
recovery procedure, said on Wednesday it raised its share capital by 10
million lei to 34.3 million lei. The capital increase was carried out via a cash injection, the insurer said in a statement. In September the company raised its share capital by 2.5 million lei.
The Compulsory Insurers Bureau's member nonlife insurance companies issued about 1.1 million policies totally for the past year. The
Bureau reports that compared with 2014 the number of contracts on these
types of insurance for 2015 decreased by 0.9%, while the volume of
premiums grew by 16.7%.
Azerbaijan's labor minister suggests introduction of compulsory insurance against unemployment Baku, Fineko/abc.az. Minister for Labour & Social Protection Salim Muslimov of Azerbaijan has come forward with a proposal for the introduction of compulsory insurance against unemployment amid the crisis.
The young and still developing insurance market of Azerbaijan has finalized 2015 with about 5-15 percent monthly growth. The last year was remembered with a number of events, results of which will be visible this year.
The Ministry of Economy proposes to create State Reinsurance Company
JSC. A draft resolution was posted on the website of the government for
public discussion. The State Property Management Fund was
instructed to act as JSC founder by forming its charter capital in the
amount of 200 million soms.
The US Treasury has included VTB Insurance on a clarification list of sanctioned Russian companies and their subsidiaries.
Bosnian insurer Bobar Osiguranje said on Friday it has completed a
public offering of ordinary shares ahead of planned after the shares
were sold out.
The shareholders of Eurohold Bulgaria approved a proposal to issue up to
100 million euro ($106.2 million) in bonds to finance the operations of
its insurance subholding company Euroins Insurance Group, including the
acquisition of Greek life insurance company Credit Agricole Life,
Eurohold Bulgaria said on Monday.
Romanian non-life insurer Euroins said on Wednesday it has received an
80 million lei capital injection from its Bulgaria-based parent, Euroins
Insurance Group. Euroins Romania will receive another 120
million lei capital injection in the first quarter of 2016, the company
said in a press release.
Romanian general insurer Carpatica Asig, which is undergoing a financial recovery procedure, said on Monday it has attracted a strategic European investor with whom it signed a memorandum of understanding on December 21.
Romanian insurer Astra Asigurari will be delisted from the alternative trading segment of the Bucharest Stock Exchange, BVB, on Monday, a document sent by Romania's financial regulator to the bourse on Friday shows.
Azerbaijani Standard Insurance company has been included in the register
of the Green Card system, the Compulsory Insurance Bureau of Azerbaijan
(ISB) said. Thus, the insurance company will be able to render
compulsory insurance services of civil liability of vehicle owners (CTP)
within the framework of the Green Card system.
Four insurance companies of Azerbaijan have been included in the
registry of Green Card system, the Compulsory Insurance Bureau of
Azerbaijan (ISB) said.
A.M. Best has revised the outlook to negative from stable and affirmed
the financial strength rating of B- (Fair) and the issuer credit rating
of "bb-" of Standard Insurance Company, JSC (Standard) (Kazakhstan).
The public opinion poll conducted by Gallup International Association in
Armenia has demonstrated that VTB Bank (Armenia) is the most popular
among the financial-credit organizations of Armenia, Aram Navasardyan,
Founder and Director at MPG LLC - Exclusive Representative of Gallup
International Association in Armenia, told reporters on December 18.
With the motorization growth in of the population, the dynamics of compulsory insurance premiums on of civil liability of vehicle owners slows down each year. According to statistics, the growth of premiums in this segment amounted to 10% in 2012-2013, in 2013-2014 it showed a decline of 2.3%. Experts say that the decreasing tendency in collection of insurance premiums on compulsory insurance of civil liability of vehicle owners continues. At the same time, the costs of insurance companies for payments are growing. Over the past three years, this figure has increased by 24%. According to experts, these changes are already making adjustments to the development of the market.
Azerbaijani PASHA Life insurance company has received a perpetual
license for insurance activity, said the message of the company. This is
due to the expiration of the previous license issued to the insurance
company in 2011.
Armenia's Central Bank reduced refinancing rate from 9.75% to 8.75%. As the bank's press-service informed ArmInfo, the decision was made on December 22 at the Session of the Board of Central Bank.
Russia's Ingosstrakh insurance company has paid out USD23 million in the
aftermath of the Metrojet Airbus A321-200 crash over Egypt's Sinai
Peninsula on Oct. 31.
Seventy six licenses were recalled from insurance organizations, 24 from
insurance brokers and two from mutual insurance societies.
Gross premiums received by insurers from policyholders and reinsurers
for the first 9 months of 2015 amounted to 21 718.7 million USD, of
which 7 269 200 000 UAH (33.5%) - from individuals; 14 449 500 000 UAH
(66.5%) - from legal entities.
Azerbaijani PASHA Bank has bought back a 20-percent stake of its
subsidiary bank in Turkey - PASHA Bank Yatırım Bankası from Aksoy
Holding, worth 51 million Turkish liras (TRY), the Turkish Haberturk
website reported Dec.26.
Effective from Jan.1, 2016, Vugar Aliyev will serve as the Leader for Financial Services Practice of KPMG in Russia and the CIS.
Russian tourists traveling abroad, will pay the sum insured 2 million rubles for voluntary insurance policy. The relevant law "About bases of tourist activity in the Russian Federation" shall enter into force on 28 December. This was reported in the press service of the Russian Union of Insurers.
When asked what the point of the government losing HUF 17 bn on buying
into MKB Bank, the CEO of the bank cited interests of the national
economy. The bank cut its operating costs heavily in 2015, and got to
show what it was like when a state-owned bank extended loans. In recent
days, MKB got rid of its non-performing project loan portfolio and was
transferred to the Hungarian Consolidation Asset Manager Zrt, where it
will remain until a buyer is found by the middle of next year. Portfolio
interviewed CEO Adam Balog.
Polish government bonds owned by insurance companies will not be exempt
from the bank tax, unlike the ones owned by banks, deputy Finance
Minister Konrad Raczkowski said on Tuesday. Earlier on Tuesday a member
of the ruling Law and Justice (PiS) party said that it planned to amend
the bank tax bill to exempt government bonds from the levy.
Non-life insurance premiums collected by Estonian insurance companies in November 2015 totaled 22.6 million euros, 5.4% more than in the same month last year, figures available from Statistics Estonia show, cites LETA/BNS.
Poland's new conservative-dominated parliament yesterday pushed through a
controversial levy on the finance sector to help fund pre-election
promises on welfare. The measure, due to take effect from February 1,
will see a 0.44-per cent annual tax on the assets of banks and insurance
MetLife Inc has won the prestigious "2015 Best Life Insurance Company in
Turkey" award organized by Global Banking and Finance Review,
demonstrating its commitment to excellence in products and services,
financial soundness, market knowledge and understanding, risk
management, effective customer servicing tools and market share.
By its Order No. OD-3790, dated 29 December 2015, the Bank of Russia
revoked the insurance licence from RSA Inter-Polis Insurance Company,
limited liability company (registration number in the unified state
register of insurance agents 3285).
Azerbaijani insurance company Garant Insurance JSC has announced its liquidation, Vergiler (Taxes) newspaper reported Dec.30. Its assets have been transferred to PASHA Insurance, a source on the country's insurance market told Trend.
Azerbaijani insurance company Garant Insurance JSC has announced its liquidation.
Twenty seven insurance companies working in Azerbaijan collected premiums worth 403.1 million manats in January-November 2015.
Slovenian reinsurer Sava Re said on Thursday it has acquired from lender
Nova Kreditna Banka Maribor (NKBM) a 45% stake in pension company Moja
Nalozba Pokojninska Druzba. The deal is conditional on getting
relevant approvals from the Insurance Supervision Agency and the
Competition Protection Agency, Sava Re said in a filing to the Ljubljana
Bosnia's Standard Group has decided not to go through with the
acquisition of a majority interest in local insurer Bobar Osiguranje,
local media reported on Thursday. Standard Group has abandoned
earlier plans to recapitalise Bobar Osiguranje with 3.8 million marka
(1.9 million euro), news portal Capital.ba reported.
Four insurance companies of Azerbaijan have been included in the
registry of Green Card system, the Compulsory Insurance Bureau of
Azerbaijan (ISB) said. Xalq Insurance, AzSigorta, Meqa Insurance
and AtaSigorta have received the right to render compulsory insurance
services of civil liability of vehicle owners (CTP) within the framework
of Green Card system.
The insurance holding EUROINS INSURANCE GROUP registered a 43% growth of
premiums (GWP) for November amounted to EUR 18.1 mm compared to EUR
12.6 mm for the same month of 2014. For the first eleven months of 2015
the GWP of EUROINS INSURANCE GROUP registered 47.7% growth amounted to
EUR 206.6 mm compared to EUR 139.8 mm for the same period in 2014,
according to preliminary data. The growth in the MTPL Lob of Euroins
Romania is largely due to the significant price increases, following
also the general market trends. Along with this, any increase in the
number of policies sold is supported by detailed segmentation aiming at
maximum risk reduction.
Bulgarian insurer Bulstrad Vienna Insurance Group said on Wednesday it
acquired full control over its subsidiary Bulstrad Life Vienna Insurance
Group after buying the remaining 2.94% stake in the company it did not
Consulting firm KPMG Restructuring said on Wednesday it has started
drafting a liquidation strategy for Romanian insurer Astra Asigurari,
after earlier this month a Bucharest court approved a request for its
bankruptcy submitted by the country's financial regulator.
Fitch Ratings has affirmed Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) Insurer Financial Strength (IFS) rating at 'BBB-' and National IFS rating at 'AA+(tur)'. The Outlooks are Stable.
In order to improve the investment attractiveness of the industry,
"KazAgro" holding is working on the development of insurance in the
agricultural sector, chairman of the Board of "National Holding
"KazAgro" JSC Nurlybek Malelov said at a press conference.
In 2016, the insurance market of Kazakhstan will start working within the new legal framework. In particular, starting from 2016 legislative amendments will come into force establishing a single procedure for assessing damages in an accident. The insurer will be obliged to independently assess the damage of the vehicles without independent appraisers, in accordance with the legal act of the National Bank of Kazakhstan. According to the market participants, this new rule will significantly reduce the percentage of fraudulent schemes during the calculation of property damage assessment.
Listed insurance group Uniqa needs to tweak many cogs in order to meet the pledges made to life customers, as far as the right allocation is concerned, but also the interest level pledged, despite the low-rate environment, CFO/CRO Kurt Svoboda said.
Listed insurance group VIG will present a new strategy for the group by
the end of January, the daily WirtschaftsBlatt writes, citing the
group's prospective CEO Elisabeth Stadler. The new strategy is to
contain no significant changes, but will provide a range of new
priorities. The focus on CEE is to be stepped up.
Azerbaijani life insurance company Qala Sigorta has been included in the Member Register of the Compulsory Insurers Bureau. According to the Bureau, the Company was included in the Register from 11 December 2015.
Fitch Ratings reported a "negative" outlook for Armenia by sovereign rating and banking sector rating for 2016.
The international agencies have assigned a credit rating to Kyrgyzstan
for the first time. The Ministry of Economy of the Kyrgyz Republic
reported. According to him, the country has received sovereign
B2/ Stable and B credit ratings from Moody's Investors Service and
Standard & Poor's. Note, that large international investors, before
coming to the country, study its economic situation exactly according to
the ratings. Assigning of credit ratings to the country has impact on
the commercial banks and enterprises. Based on it, the banks and other
financial intermediaries make decisions on lending, transactions in the
money market, insurance, leasing and other situations that require
assessment of the solvency of a business partner.
As the sole shareholder of EUROLEASE GROUP EAD, the Management Board of
Eurohold BULGARIA AD at its meeting held on 9th of December 2015, voted
for capital increase of the leasing group from BGN 26,741,488
(twenty-six million seven hundred forty one thousand four hundred
eighty-eight) to BGN 27,241,488 (twenty seven million two hundred forty
one thousand four hundred eighty-eight) through the issuance of 500,000
(five hundred thousand) new shares, registered, underprivileged shares
with voting rights with a nominal value of 1 (one) lev each one.
KBC will pay back to the Flemish Regional Government the full
outstanding tranche of 2 billion euros of state aid, and will pay a
penalty of 50%, before the end of this year. In so doing, the group
will meet all the remaining financial obligations imposed on it during
and after the recent financial crisis and can now close that chapter
Rrahim Pacolli has been elected as head of Administrative Council of Kosovo Insurance Bureau on Tuesday.
Bulgarian parliamentary committee on economic policy and tourism decided
that insurances policies in Bulgaria could be contracted
electronically, the Bulgarian National Radio (BNR) reported. The text was adopted within the amendments to the Insurance Code, which the parliament is expected to examine this week.
By its Order No. OD-3412, dated 1 December 2015, the Bank of Russia
suspended the insurance licence of Insurance Company AgroS, limited
Credit Agricole, the French bank giant which ended its commercial
presence in Greece around three years ago when it sold Emporiki Bank to
Alpha Bank, is returning to Greece, this time as a major shareholder in
The National Bank of Serbia (NBS) has produced a Draft Law on the Protection of Financial Services Consumers in Respect of Distance Contracts (Draft) aiming to enhance the protection of financial services consumers in Serbia in respect of the provision of those services via the internet, through e-mail communication, by post or other means of distance communication.
An earthquake measuring 7.2 magnitude struck in Tajikistan, shaking
buildings as far away as the Indian capital of New Delhi and in
Pakistan, the US Geological Survey and witnesses said.
The events of the night, when a hurricane wind reigned in Azerbaijan and
a lot of rainfall fell, will cost expensive for the insurance sector of
the country. Insurance market sources say that the insurers have received the first complaints from policyholders.
Hungarian life insurance company CIG Pannonia booked an after-tax profit of HUF 197 million in the third quarter of this year, improving from a HUF 256 mln loss in the base period, an earnings report published today reveals, according to Hungarian news agency MTI.
Serbia's Banca Intesa Beograd said on Friday it has signed a deal to
take over the headquarters building of local diversified conglomerate
Delta Holding. Banca Intesa said in a statement that the move
will help it to bring under one roof all business functions and create
optimal working conditions for its employees.
Bosnian insurer Bobar Osiguranje said on Friday it will launch a public
offering on December 14 to sell 38,000 ordinary shares via the Banja
Luka Stock Exchange. The par value of one share is set at 100 marka, the insurer said in a bourse filing.
The State Committee for Privatization, Demonopolization and Development
of Competition of Uzbekistan has put up the packages of state-owned
shares of the two largest insurance companies of the country -
Uzagrosugurta JSC and Kafolat Insurance Company JSC with total starting
price of USD 10.67 million for sale to foreign investors.
Six Armenia-based insurance companies collected a total of 22.5 billion
drams of insurance premiums in the first 9 months of 2015, a 0.13%
year-on-year growth, but when compared to the beginning of this year
they were down by 23.5%, according to ARKA news agency's third quarter
bulletin "Insurance companies of Armenia."
The Trustees of the Azerbaijan Compulsory Insurers Bureau has held a meeting recently. According to the Bureau, the meeting participants covered the matter of Bureau's membership in the Green Card system.
The Presidium of MTIBU launched the technical implementation of the
project "Introduction of direct settlement in Ukraine," the first step
in the implementation of which was the approval of the technical
project, developed in accordance with the Regulations on the direct
settlement of losses.
Six Armenian insurance companies collected a total of 12.7 billion drams in mandatory vehicle insurance premiums in the first 9 months of 2015 and paid 6.1 billion drams in compensation claims, according to ARKA news agency's latest bulletin "Insurance Companies of Armenia" for the third quarter 2015.
Kazakhstan's central bank is considering halving the capital requirement
for Islamic banks to 5 billion tenge from 10 billion tenge, part of a
series of initiatives to attract foreign capital to Central Asia's
Net income of Armenia-based six insurance companies in the first 9
months of 2015 grew to 2.394.1 billion drams from 2.056.3 billion drams
in the same time span of 2014, according to ARKA news agency's latest
bulletin "Insurance Companies of Armenia" for the third quarter of 2015.
Kosovo's Central Bank has ordered the local Raiffeisen Bank to pay a 1 Euro million penalty for cheating its clients over an insurance product.
Russia's central bank said on Tuesday it had withdrawn the licences from four banks for violating banking regulations, part of a long-running campaign to clean up the country's financial sector. The four were Moscow-based Baltica Bank, Svyaznoy Bank and Nota-Bank, and Samara-based Ipozembank.
Slovenian financial services provider KD Group said on Wednesday its net
profit dropped to 231,000 euro in the first nine months of 2015 from
7.8 million euro a year earlier.
Montenegrin insurer Lovcen Osiguranje, a unit of Slovenia's Triglav
Group, said its gross written premiums increased 9% to 22.4 million euro
in the first nine months of 2015.
Romania's financial supervision authority, ASF, said it approved the financial recovery plan submitted by non-life insurer Euroins, a subsidiary of Bulgaria-based Eurohold.
A regular meeting of the Life Insurance Committee of the Azerbaijan Insurers Association (ASA) has been held. According to ASA, the meeting was attended by actuaries and financial managers of all companies involved in life insurance.
Fitch Ratings has affirmed Export-Import Insurance Company of the Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.
Sogaz Insurance Group, one of the largest federal insurers in Russia, has applied for a licence to operate a representative office in Beijing, the company said in a statement.
Vienna Insurance Group represented by the Chairman of the Board of
Insurance Company Globus Mr.Volodymyr Hanchak took part in international
forum "Export-import relations Ukraine-EU 2016: readiness of government
and business". The Forum was
organized by Ukrainian Chamber of Commerce and Industry supported by EU
government authorities, Cabinet of Ministers of Ukraine, governmental
authorities, public and business organizations, as well as the biggest
foreign investors to Ukrainian economy.
Bulgaria's financial watchdog said on Tuesday it approved the merger of
insurers Victoria and Generali Insurance. The Financial Supervision
Commission did not provide further details in a statement published on
Romanian insurer Allianz-Tiriac Asigurari said on Tuesday its operating
profit rose by 53.7% on the year to 54.4 million lei (12.2 million euro)
in the first nine months of 2015. Total revenue from general and life
insurance operations rose by 6.4% to 776 million lei in the nine months
through September, Allianz-Tiriac Asigurari said in a statement.
The premium income of Bulgarian insurer Euroins rose by 51.6% to 48.9
million euro in the first ten months of 2015, its parent company,
Eurohold Bulgaria, said on Tuesday. In October alone, Euroins's total
premium income rose by an annual 122.7% to 5.1 million euro, Eurohold
Bulgaria said in a bourse filing.
Ministry of Finance of Uzbekistan abolished a license of joint stock insurance company Silk Road Insurance. The
press service of the Ministry of Finance said that the license for
insurance activities SF No. 00195 from 25 July 2014, issued to Silk Road
Insurance, was abolished from 3 November 2015. Silk Road Insurance
requested the Ministry to abolish the license.
Bosnian insurance company Bobar Osiguranje said on Monday it will borrow
5 million marka (2.6 million euro) from the local Bor Banka. The
company's shareholders approved the loan on November 9, the insurer said
in a filing with the Banja Luka Stock Exchange.
Croatian insurers posted combined gross written premiums of 7.36 billion kuna (966.5 million euro) in the first ten months of 2015, up 1.82% on the year, the Croatian Insurance Bureau said on Thursday.
The National Bank of Hungary (MNB) on Friday said it had suspended the
sale of mandatory car insurance policies by KOBE and placed restrictions
on management of the insurerʼs assets. The MNB also instructed the insurer to prepare a financial plan, correcting deficiencies. The
MNB said KOBEʼs insufficiently sound fee policy, risks related to its
investment activities and the insurerʼs unfavorable reserves position
justified the measure. The sales suspension does not apply to KOBEʼs other insurance contracts, the market watchdog said.
The FIFA world Cup 2018 under any circumstances will be held in Russia,
in the case of his transfer significant insurance. This was stated by
the Minister of sports of Russia, head of the organizing Committee
"Russia-2018" Vitaly Mutko in interview TASS, posted on Monday, November
16. "Provided solid insurance premium. But no Russia did not
take away. This will not happen under any circumstances. The Executive
Committee in Zurich has long adopted the necessary decisions on the 2018
world Cup, confirmed to them repeatedly," said Mutko.
Insurance Group SA (PZU), Poland's largest insurer, and Guidewire Software , Inc. a provider of software products to general insurers, today announced that PZU has successfully implemented Guidewire PolicyCenter and Guidewire BillingCenter as its next generation platform for non-life sales, underwriting, policy administration and billing operations. Additionally PZU has incorporated Guidewire Rating Management, Guidewire Reinsurance Management, and Guidewire Client Data Management into this transformation effort.
Shareholders in PZU Ukraine insurance company (Kyiv) at a general
meeting on November 11, 2015 decided to increase the company's charter
capital by 80.74% via an additional issue of 1.45 million shares worth
UAH 14.496 million. The company said that the face value of each share is UAH 10.
During the summer months, our clients continued to put their trust in us: lending and deposit volumes went up in virtually all of the countries where we operate. A low cost of credit also ensured that profit thrived. In a backdrop of economic recovery, but also of low interest rates and volatile financial markets, KBC ended the third quarter of 2015 with a strong net profit of 600 million euros, somewhat below the 666 million euros recorded in the previous quarter and the 608 million euros recorded in the year-earlier quarter. The total result for the first nine months of 2015 stands at 1 776 million euros. The business model performed very well, as illustrated by the fact that all countries were profitable in the third quarter.
The Azerbaijan Insurers Association (ASA) is developing a marketing plan of insurance education for 2016. ASA
reports that yesterday the Association organized a meeting with
participation of 12 marketing directors of local insurance companies.
Business confidence and investment has been undermined by political,
social and economic instability, along with deteriorating liquidity
conditions. World Finance found out how NN Hellas has weathered the
"During the third quarter of the year, Aegon's earnings were impacted by
assumption changes, our ongoing model refinement program, and the
anticipated book loss on the sale of our low-return business in Canada", said Alex Wynaendt, CEO.
Romanian insurance broker Otto Broker de Asigurare, founded by local
investor Victor Sraer, will get a EUR 4 million investment from
investment fund The Foundations 1.0 SEE (TF1). The insurance
broker needs to get the financial market regulator ASF's approval for
the transaction. This is the first deal of this kind on Romania's
insurance brokerage market, according to the company.
The life insurance market in Hungary has been uncertain since the
economic crisis left many to struggle financially, but the Hungarian
Post Life Insurance Company is setting its sights on attracting
previously neglected customers
Russia's insurance industry is overly dependent on motoring, creating
problems as the market goes into decline, according to research from
Standard & Poor's (S&P).
Moody's Investors Service has today upgraded the insurance financial
strength rating (IFSR) of Uzbekinvest a.s. by one notch to Ba3 from B1.
The rating outlook is stable.
Bosnian insurance company Bobar Osiguranje said its shareholders have
approved cutting its capital by 11.95 million marka (6.1 million euro)
to 1.3 million marka through the cancellation of shares while also
backing the issue of new shares with the aim to cover losses and for
legal reserve purposes.
Romanian life insurer NN Asigurari de Viata, formerly ING Asigurari de
Viata, said its gross written premiums amounted to nearly 461 million
lei (103.6 million euro) in the first nine months of 2015, up 2.5% from
the same period last year.
MetLife reported operating earnings of USD 705 million, down 61 percent
from the third quarter of 2014, and 59 percent on a constant currency
basis. On a per share basis, operating earnings were USD 0.62, down 61
percent over the prior year quarter. Operating earnings in the Americas
decreased 18 percent, and 16 percent on a constant currency basis.
Operating earnings in Asia increased 9 percent, and 26 percent on a
constant currency basis. Operating earnings in Europe, the Middle East
and Africa (EMEA) decreased 15 percent, but were up 14 percent on a
constant currency basis.
"Overall, our business continued to show a solid performance in the
third quarter of 2015 despite volatile financial markets. The strong
increase in the Group's operating result compared with the third quarter
of 2014 was mainly driven by Netherlands Life, supported by a large
private equity dividend. Insurance Europe also contributed to the
increased result and continues to make progress in shifting its product
mix towards protection products. In Japan, our focus on the SME segment
is bearing fruit, as COLI protection sales are showing double-digit
growth. Overall sales for the Group were down, as we focus on profitable
growth in the low interest rate environment. We recognise that there is
more work to do to increase the net inflows of our asset management
business and to improve the combined ratio of the Dutch Non-life
company", said Lard Friese, CEO.
With a nearly 21-percent share of Hungary's non-life insurance market,
Allianz Hungary has an important role to play in a country that has hit
the headlines recently because of its geographic position as a frontier
for waves of migrants seeking a better life in the EU. Hit hard by the
financial crisis but improving, Hungary was recently characterised by
the IMF as 'growing at a strong pace, helped by accommodative policies
and improved market sentiment'.
826,744 motor vehicle owners were drawn to compulsory insurance of vehicle owner's civil liability for Jan-Oct 2015. The Compulsory Insurers Bureau informs that of them, 145,726 insured vehicles were foreign transit cars.
The net profit of Bosnian insurer ASA Osiguranje surged to 131,000 marka
(67,100 euro) in the first nine months of 2015 from 11,400 marka a year
earlier, the company said on Monday in a bourse filing.
Croatian diversified conglomerate Adris Grupa said on Friday it plans to list abroad in 2018. "Our
goal, with the help of leading global consultants, is to prepare the
company for listing on one of the world bourses in 2018," Adris Grupa
said in a filing to the Zagreb bourse.
American International Group, Inc. today reported after-tax operating
income of USD 691 million, or USD 0.52 per diluted share, for the third
quarter of 2015, compared to USD 1.7 billion, or USD 1.19 per diluted
share, in the prior-year quarter. Compared to the prior-year quarter,
third quarter operating results decreased due to lower income on hedge
fund investments, lower income on assets marked to fair value through
earnings, including part of AIG's holdings in People's Insurance Company
(Group) of China Limited (PICC Group) and PICC Property & Casualty
Company Limited (PICC P&C) shares and assets in Corporate and Other.
Lower GOE partially offset these decreases resulting from expense
management actions surrounding a freeze of U.S. retirement plans.
The Insurance Agency of Bosnia's Serb Republic said on Thursday that
Naveen Aggarwal, the director of the Belgrade-based S&A Capital
Investments, and another Indian national have submitted a request to
acquire a stake in currently majority state-owned insurer Krajina
Bosnian insurance company Dunav Osiguranje said on Thursday its net loss
narrowed to 1.3 million marka (664,700 euro) in the first nine months
of 2015 from 2.5 million marka a year earlier.
Over 6 million clients trusted OMNIASIG Vienna Insurance Group over the
20 years of activity elebrated by the company in 2015. Claims of over
8.5 billion lei (1.93 billion euro) were paid, through more than 1.9
million claim files over the 20 years period.
"We are maintaining the momentum of AVIVA's transformation with a
further quarter of improved performance. In life insurance, value of new
business was up 25%, the eleventh consecutive quarter of growth. The
general insurance combined ratio of 94.0% is a more than adequate
result. This level of consistency is important as we transform and grow
AVIVA", said Mark WILSON, Group Chief Executive Officer.
NN Hungary has claimed a prestigious Effie Award for its successful
campaign throughout Hungary to change its name from ING Insurance to NN.
Willis Group Holdings plc, the global risk advisory, re/insurance
broking, and human capital and benefits firm, today reported results for
the three and nine months ended September 30, 2015.
During the official ceremony held in the NBS on 26 October, NBS Governor
Jorgovanka Tabakovic and the president of the Council of experts of the
Insurance Supervision Agency, Klime Poposki, signed a cooperation
agreement between these two institutions. The agreement regulates
cooperation and exchange of information between insurance supervisors of
the two countries.
The Insurance Agency of Bosnia's Serb Republic confirmed on Monday that
Bijeljina-based company Standard Group is seeking a nod to become a
majority shareholder in local insurer Bobar Osiguranje. A
spokesperson for the Agency told SeeNews in an email that the request
submitted by Standard Group is currently being processed.
Insurers must recognize the mandatory vehicle liability insurance contracts as valid from October 1 for former policy holders of Romanian insurer Astra who terminated their contract by mutual agreement from September 30 even if Astra has not yet reported the termination of the contract in the Centralized Claim History Registration System (KKNYR), the National Bank of Hungary (MNB) said yesterday.
A.M. Best has affirmed the financial strength rating of A+ (Superior)
and the issuer credit ratings of "aa-" of Munich Reinsurance Company
(Munich Re) (Germany) and its subsidiaries. Concurrently, A.M. Best has
affirmed the issue ratings of Munich Re. Additionally, A.M. Best has
affirmed the ICR of "a-" and the issue rating of Munich Re America
Corporation (Princeton, NJ). The outlook for all ratings is stable.
ACE Limited today reported net income for the quarter ended September
30, 2015, of USD1.62 per share, compared with USD2.32 per share for the
same quarter last year. Operating income was USD2.74 per share, compared
with USD2.64 per share for the same quarter last year. The property and
casualty (P&C) combined ratio for the quarter was 85.9%. Book value
and tangible book value per share declined 1.5% and 0.8%, respectively,
from June 30, 2015, reflecting unfavorable foreign currency movement of
USD548 million, after-tax, and realized and unrealized losses in the
company's investment and variable annuity reinsurance portfolios of
USD622 million, after-tax, as a result of global equity and interest
rate movements. Book value and tangible book value per share now stand
at USD89.88 and USD72.25, respectively.
A.M. Best has affirmed the financial strength rating of B+ (Good) and
the issuer credit rating of "bbb-" of AzRe Reinsurance, OJSC (AzRe)
(Azerbaijan). The outlook for both ratings remains stable. The
ratings of AzRe reflect its strong consolidated risk-adjusted
capitalisation and operating performance, as well as its solid business
profile as the sole reinsurer in Azerbaijan's domestic market. Partly
offsetting these factors are the high concentration risk inherent within
the group's underwriting and investment portfolios, its volatile
technical results and the increased financial system risk resulting from
the challenging economic conditions arising in Azerbaijan.
At a time when no one is insured from undesirable incidents, one seeks insurance as a remedy from post-accident depression. Azerbaijani
citizens will be able to get relief from the stressful expenses related
to vehicles, different types of property, life and health, as some
insurance services will now also be available in a few foreign
Managers of insurance companies in Azerbaijan will have to pass specialized qualification exams to attain certification. Namig
Khalilov, the head of the State Insurance Supervision Service under the
Azerbaijani Finance Ministry, believes that the certification should be
applied not only with regard to insurance agents but also other spheres
of activity in the country and become a requirement to fill the
Bijeljina-based Standard Group is interested in recapitalising Bosnian
insurer Bobar Osiguranje with some 4 million marka (2.04 million euro),
becoming a 76% shareholder in the company, local media reported.
Serbian diversified conglomerate Delta Holding said on Friday its
earnings before interest, taxes, depreciation and amortisation (EBITDA)
reached 4.5 billion dinars (37.5 million euro) in the first nine months
Croatian diversified conglomerate Adris Grupa said on Tuesday that the
president of its managing board, Ante Vlahovic, has declined to meet
with Czech-Slovak investment fund J&T amid media reports that the
fund is mulling a hostile takeover of the Croatian group.
Bulgarian industrial and financial group Alfa Finance Holding said it sold a majority stake in local insurance broker BrokerIns. The
deal complies with the holding company's strategy for the acquisition,
development and sale of high-potential companies in prospective business
spheres, Alfa Finance Holding said in a bourse filing.
Bulgarian insurance company Bulstrad Vienna Insurance Group said it will
seek the backing of its shareholders for a possible 3.2 million euro
loan from its parent company, Austria's Vienna Insurance Group (VIG).
Fitch Ratings has affirmed ACE Insurance Company (Russia)'s (ACE Russia)
National Insurer Financial Strength (IFS) rating at 'AAA(rus)' with
Stable Outlook and simultaneously withdrawn it.
The representative of the state insurance company visited the grave of the Belarusian hero of the 'Heavenly Hundred' in the village of Stsyah Pratsy near Homiel. He was called by the father of Mikhail to assess the damage inflicted by unknown vandals to the monument at the grave of his son. The monument had been insured.
In September 30, 2015 "AzRe Reinsurance" OJSC acquired 100% shares of "Chartis Azerbaijan Insurance Company" OJSC. "Chartis
Azerbaijan" OJSC was established in January 15, 1999 and was the
daughter of the leading international insurance organization American
International Group Inc. (AIG).
Bosnian insurance company Dunav Osiguranje said on Monday it plans to
hike capital by 3.3 million marka (1.7 million euro) through a new share
issue in a placement to a qualified investor. Dunav Osiguranje
plans to issue 33,149 ordinary shares with a par value of 100 marka
each, the company said in a filing with the Banja Luka Stock Exchange.
The Compulsory Insurers Bureau of Azerbaijan will enter into the South
Eastern Group of insurance system Green Card from 1 January 2016. According
to the Bureau, currently among the Group's members are 12 countries:
Albania, Bosnia and Herzegovina, Bulgaria, Cyprus, Macedonia, Greece,
Iran, Israel, Moldova, Romania, Serbia and Turkey.
Statistics Lithuania informs that, after the revision of gross value added and employment indicators, labour productivity estimates were recalculated. In 2014, the value added per hour actually worked in the whole economy amounted to, on average, EUR 13.62 at current prices, which is by EUR 0.31 more than in 2013. The gross value added per person employed amounted to EUR 24 975.
The financial sector should play a more active role in Azerbaijan's
economic development, Rashad Orujov, executive director of the Central
Bank of Azerbaijan said Oct.9. He made the remarks during the 4th Investors' Fair "On the Pathway to Responsible Microfinance" being held in Baku.
Finance and insurance group Eurohold Bulgaria decided to distribute a
total of 582,714 levs (298,000 euro) in dividend for 2014, it said. The
group's shareholders approved a proposal to pay a net dividend of
0.0044 levs per share, Eurohold Bulgaria said in a bourse filing on
Fitch Ratings said on Tuesday it has affirmed the Insurer Financial
Strength (IFS) rating of Slovenian insurer Adriatic Slovenica at BBB-
and the Issuer Default Rating (IDR) rating of Adriatic Slovenica's
holding company, KD Group, at BB-.
Today, a draft law on amendments to the law on "Insolvency and
Bankruptcy" has been discussed at the plenary meeting of Azerbaijani
Parliament. APA-Economics reports that Ziyad Samadzade, chairman
of Economic Policy Committee of the Azerbaijani Parliament, said it's
offered to annex a new article to this Law.
Azerbaijani officials have called for introducing compulsory health
insurance to all employees entering the workforce as part of the draft
concept of socio-economic development for 2016 and the subsequent three
years. According to the draft, compulsory health insurance
remains a priority for Azerbaijan's insurance policy. The budget package
for 2016 is currently under review by the Azerbaijani Parliament.
Warren Buffett has cut his stake in German reinsurer Munich Re after
warning earlier this year that prospects for the reinsurance industry
had turned gloomier. Buffett's companies Berkshire Hathaway Inc.
and National Indemnity Company cut their combined holding to 9.7 percent
from around 12 percent previously, Munich Re said in a statement on
Bosnian insurer Bobar Osiguranje said on Tuesday it has extended until
October 29 the validity of a public offer for the sale of 70,000 new
ordinary shares via the Banja Luka Stock Exchange. Bobar
Osiguranje said in a bourse filing that Maltese company Argentarius ETI
Management LTD has expressed interest in purchasing over 50% of
company's capital and added that it has decided to extend the deadline
for the share issue by a period of 30 days so that the foreign investor
can meet the relevant legal and company procedures for the acquisition.
Slovenian financial services group KD said on Tuesday its unit KD
Kapital has signed a deal for the sale of 50.04% of ski slope operator
Zicnice Vogel. The move is part of a strategy for the divestiture
of non-strategic investments, a KD spokesperson said in an emailed
response to a SeeNews inquiry.
As many as 250,000 Polish drivers have not insured their cars, which is a legal requirement in the country. Just last year, more than 6,000 accidents were caused by uninsured drivers or those who fled the scene.
By its Order No. OD-2546, dated 24 September 2015, the Bank of Russia
suspended the insurance and reinsurance licences of ANTARES Insurance
Company, limited liability ompany (registration number in the unified
state register of insurance agents 4255).
Turkish experts on Green Card system held a meeting with representatives of the Compulsory Insurers Bureau of Azerbaijan. According
to the Bureau, Turkish experts visited Baku on 21-22 September and held
presentation of Turkish experience in this area.
On 22 September 2015, Sava Reinsurance Company, as the purchaser, and
Merkur zavarovalnica d.d. Ljubljana, as the seller, signed a purchase
contract for 1,510 shares of the pension company Moja nalozba
pokojninska druzba d.d., which represents 10 percent of the pension
company's issued shares.
Bulgaria's state-owned Electricity System Operator (ESO) opened a 30
million lev tender for insurance services, a notice in the EU's
procurement journal indicated on Tuesday. The value of the contract does not include value added tax, the notice published in the Tenders Electronic Daily (TED) showed.
The net profit of Bosnian insurer Sarajevo Osiguranje dropped 32.2% to
105,000 marka in the first half of 2015, the company said on Wednesday. Sarajevo
Osiguranje's gross written premiums fell 11.8% to 31.8 million marka
through June, while its net operating costs decreased to 9.5 million
marka from 11.4 million marka, the insurance company said in a filing
with the Sarajevo Stock Exchange.
The League of Insurance Organizations of Ukraine (LIOU), jointly with the German Embassy to Ukraine which is the coordinator of relations between consulates and visa centers of the EU/Schengen zone states and representatives of the insurance market pursuant to Article 48 of the EU Visa Code, has published a list of Ukrainian insurance companies that can insure tourists travelling to the EU/Schengen zone.
The Austrian antitrust authority BWB has been notified about the sale of a stake in Casinos Austria, owned by Vienna Insurance Group (VIG), to Czech billionaires Karel Komarek and Jiri Smejc, on Friday. Austrian Gaming Holding a.s. (AGH) wants to acquire 100 percent of the shares of CAME Holding GmbH, the notification indicates.
The Export Insurance Agency of Russia (EXIAR) will open an office in Minsk on 25 September, BelTA learned at Bank BelVEB that the corresponding information was made available for mass media. Russia's Bank for Development and Foreign Economic Affairs (Vnesheconombank) is the main shareholder of Bank BelVEB. The latter is, in turn, the sole shareholder of EXIAR.
Uniqa insurance will continue its expansion course in terms of its presence on the CEE markets and enjoys nearly fully consistent profitability in the region, even considering the current times of political difficulty in Ukraine and Russia, CEO Andreas Brandstetter and Uniqa International CEO Wolfgang Kindl told journalists in Kiev.
The premium income of Bulgarian insurer Euroins rose by 47.7% to 40.1
million euro in the first eight months of 2015, its parent company,
Eurohold Bulgaria, said. Euroins's premium income from property
insurance rose by 6.9% to 3.4 million euro in the January-August period,
Eurohold Bulgaria said on Wednesday in a bourse filing.
The premium income of Euroins Romania rose 54.3% over the year to 102.9
million euro in the first eight months of 2015, the insurer's
Bulgaria-based parent, Eurohold, said. Euroins Romania's premium
income from third-party liability insurance for motor vehicles increased
59.3% year-on-year to 97.9 million euro in the January-August period,
Eurohold Bulgaria said on Wednesday in a notice filed with the Sofia
Assets managed by insurance companies operating in Bulgaria rose by 0.7%
on the quarter and by 8.4% year-on-year to 5.99 billion levs in the second quarter of 2015, the Bulgarian
central bank said.
The same insurers are forming as previously more than half of the insurance market of Azerbaijan. Azerbaijan Insurers Association's (ASA) head Orhan Bayramov says that PASHA Sigorta collected AZN 46 million for Jan-Aug 2015.
Azerbaijan refused from plans on introduction of compulsory health
insurance (CHI) against the background of global economic processes. Parliamentary
Social Policy Committee's deputy chair Musa Guliyev has stated that CHI
is the best option of financing for the health care, but there are some
difficulties in the introduction of the system.
The State Insurance Supervision Service in collaboration with the
Azerbaijan Insurers Association (ASA) is conducting market assessment. ASA head Orhan Bayramov has stated that the purpose of the assessment is to develop the measures aimed at improving the market.
Insurance experts have complained about their inability to visit
Turkey's eastern region for damage assessment amid escalating violence. Sector
representatives said they are concerned for their safety and ask for
help from security forces to do their jobs in the region.
Azerbaijan has taken care of actuarial calculations on auto insurance. The
Association of Insurers of Azerbaijan (ASA) together with the State
Insurance Supervision Service under the Ministry of Finance arranged a
meeting with 21 actuaries.
The gross written premiums of Bosnian insurer ASA Osiguranje surged 34%
to 8.5 million marka in the first six months of 2015, the insurer said
on Monday. In the first half of the year, ASA Osiguranje saw a
31% increase in written premiums from mandatory insurance and a 40%
growth in premiums from voluntary insurance products, the company said
in a press release made available to SeeNews.
Insurance experts have complained about their inability to visit
Turkey's eastern region for damage assessment amid escalating violence. Sector
representatives said they are concerned for their safety and ask for
help from security forces to do their jobs in the region.
The combined premium income of Albanian insurers rose by an annual 21% to some 7.7 billion leks in the seven months through July, official statistics indicated.
Bosnian insurer Mikrofin Osiguranje Banja Luka said on Monday its net profit edged down 2.3% to 419,000 marka in the first half of 2015.
Bosnia's Wiener Osiguranje, part of the Vienna Insurance Group, said on Wednesday it is cutting its capital by 4.3 million marka to 11.2 million marka to partially cover accumulated losses and to establish legal reserves.
Speaking on Wednesday, the Kosovo minister in charge of the
Belgrade-Pristina dialogue explained that this agreement, reached on
June 23, "has nothing to do with those on temporary license plates and
freedom of movement."
Russian Union of Insurers (RSA) said that at the hands of Russian
drivers is about 1 million of fake insurance policies, reports JCNews.ru
. In general, in our country there are about 42 million policyholders.
Poland will seek to hand shares in gas firm PGNiG, insurer PZU and power
utility PGE over to the Silesia investment fund, according to a motion
from the Treasury Ministry to the Monday cabinet sitting. In the
deal, Poland will take a new stake in the Silesia Financial Agency fund,
first called to being to help Poland restructure its milling industry.
The head of the technical delegation on issues concerning border
insurance, Rrahim Pacolli, has decided to freeze as of this midnight the
agreement for the mutual recognition of border insurance policies
between Kosovo and Serbia. Pacolli took this decision based on
article 9 of the statute of the Kosovo Insurance Bureau, stressing that
the agreement reached on June 23 in Brussels is not being implemented in
a mutual way by the Serb side.
Over Jan-Aug of the year 679,556 motor vehicle owners were drawn to
compulsory insurance of civil liability. The Compulsory Insurers Bureau
reports that 120,821 of the vehicles are foreign transit vehicles.
Finance Minister Samir Sharifov of Azerbaijan has signed an order on the elimination of licenses issued to insurance agents. The
State Insurance Supervision Service under the Ministry of Finance of
Azerbaijan reports that in accordance with the order the
previously-issued perpetual licenses were liquidated since 21 August
Officials in Kosovo accused today Serbia for not respecting the EU brokered deal of last month over free circulation, which related to vehicles plates and insurance policies in both countries, and gave a one week ultimatum to Belgrade authorities to end the boycott.
In H1 2015, the amount of insurance premiums earned by SOGAZ Insurance in Russia's Republic of Tatarstan decreased by 0.7% year-on-year to RUB 12.38 billion, SOGAZ informed.
By its Order No. OD-2338, dated 3 September 2015, the Bank of
Russia revoked a licence to perform insurance broker activity of
Gradient Insurance Broker, limited liability company (registration
number in the unified state register of insurance agents is 4074).
VTB Bank (Armenia) has unveiled today new four types of insurance
products, which it said were designed to make the everyday life of its
clients more comfortable, saying some of them are 'unique' in the
In August 2015 provincial Salyan has beaten the second and the third
city of Azerbaijan on the insurance field - in the sphere of compulsory
insurance of immovable property. The Compulsory Insurers Bureau
reports that in August, the country concluded 5,907 contracts (-37.4% by
July) on such insurance in the amount of AZN 1.6 million (+9.6%).
Geoffrey Riddell, the former Zurich Global Corporate head, has been appointed as a non-executive director at Pool Re, the company recently announced. Riddell has held several executive reinsurance positions and brings a wealth of industry knowledge to his new role.
The insurance company Balta posted EUR 542,000 in profit in the first six months of 2015, LETA learned from the company.
Head of the Insurance Supervision Agency Sergej Simoniti has told the STA that the EU's Solvency II directive will make Slovenian insurers even safer, since it introduces higher risk management standards. Simoniti, who does not expect any insurance companies to need extra capital, highlighted good oversight as a key reason for this.
In H1 2015, SOGAZ increased the amount of insurance premiums in St. Petersburg by 7% year-on-year to RUB 35.98 billion, SOGAZ informed.
The reinsurance market showed signs of decelerating rate declines in its most recent June/July 2015 renewals, indicating that pricing could be approaching a new equilibrium, says Fitch Ratings in a new global sector report.
The Bosnian unit of Austrian insurer Merkur Versicherung said on Monday its net profit dropped 11.5% to 1.7 million marka in the first six months of 2015.
Leading Japanese insurance company Sompo Japan Nipponkoa's Turkish division is confident in the growth potential of the country. "Sompo
Japan Nipponkoa is content with our presence in Turkey, a country which
we deem strategic", according to Sompo Japan Sigorta CEO Shinobu
Aegon Romania registered a 46 percent increase in traditional life
insurance during the first half of 2015 (RON 24.48 million, about EUR
5.5 million, against RON 16.74 million in H1 2014), according to company
financial data. In the first half of 2015 the company reached
RON 30.78 million (EUR 6.95 million) in gross written premiums, a 36.5
percent increase as compared to last year's H1 of RON 22.54 million.
A major earthquake that is likely to strike Istanbul within the next
several decades is expected to cause USD 120 billion in damage, said
insurance company Aksigorta's General Manager Ugur Gulen, speaking to
the Hurriyet daily on Monday.
Azerbaijan will enforce the use of mandatory health insurance in the
near future, said Hadi Rajabli, chairman of the Committee on Social
Policy of the Parliament. Rajabli said Azerbaijan is carrying out systematic work in preparation for expected application of compulsory medical insurance.
SCOR delivers strong half year results, thanks to the rigorous
implementation of its strategic plan "Optimal Dynamics" and the
profitable development of its franchise driven by both its Life and
P&C business engines. SCOR is on track to achieve the targets set
out in its plan.
"Over the first six months of this year Achmea posted a net profit of EUR 272 million. Net profit improved as a result of lower operational
expenses, higher investment results and an incidental positive result in
the health insurance segment.The operational result has doubled from EUR 142 to EUR 285 million, which demonstrates that we are on the right track
in terms of the underlying business. All our insurance activities
contributed to the improved result. Our international business also
achieved better results. Storms in the first half of this year caused
considerable damages to our customers' property and impacted our result
by EUR 25 million. Our financial position remains as robust as ever and our
customers can count on us continuing to be a reliable financial partner
in the future. Our solvency ratio for insurance entities has increased
by 10 percentage points to 225% since the end of last year", said Willem
van Duin, Chairman of the Executive Board.
Willis Group Holdings plc, the global risk advisory, re/insurance
broking, and human capital and benefits firm, today reported results for
the three and six months ended June 30, 2015. Dominic Casserley,
Willis Group Chief Executive Officer, commented, "We are pleased with
our underlying performance with underlying net income up 21% compared to
last year. We are also pleased with our organic performance, having
achieved 200 basis points of positive spread. We have achieved this
despite the well anticipated headwinds we faced in this quarter from
timing issues and uneven market conditions."
Zurich Insurance Group (Zurich) today reported a business operating
profit (BOP) of USD 2.2 billion and net income attributable to
shareholders of 2.1 billion for the half-year ended June 30, 2015. "While the positive trend in Global Life and Farmers has continued, with
these businesses delivering good results, the profitability of our
General Insurance business was adversely affected by large losses,
particularly within Global Corporate and the UK, and a higher expense
ratio. In consequence, our business operating profit return on equity
for the first half of 2015 was 11.6%", said Chief Executive Officer Martin Senn.
MetLife, Inc. MET, -0.47% today reported the following results for the
second quarter of 2015: MetLife reported operating earnings of USD 1.8
billion, up 11 percent from the second quarter of 2014, and up 16
percent on a constant currency basis. On a per share basis, operating
earnings were USD 1.56, up 12 percent over the prior year quarter.
Operating earnings in the Americas grew 4 percent on a reported basis
and 6 percent on a constant currency basis. Operating earnings in Asia
increased 31 percent on a reported basis and were up 45 percent on a
constant currency basis. Operating earnings in Europe, the Middle East
and Africa (EMEA) decreased 31 percent on a reported basis and were down
7 percent on a constant currency basis.
"Our second-quarter results were very strong and contributed to a good
first half of the year. Overall operating result from the ongoing
business was 90% higher, supported by several favourable items in the
Netherlands, including a large private equity dividend. Even excluding
these items, we saw healthy operating performance in all of our
businesses, especially in Netherlands Life and Insurance Europe. With
cumulative expense savings of EUR 198 million, we have essentially
achieved our overall cost savings target of EUR 200 million in the
Netherlands ahead of schedule. While we are pleased with another quarter
of strong results, there is room for further improvement. We will
continue to focus on efficiency, improving the combined ratio of our
Non-life business, strengthening the capabilities of our asset manager
and increasing the profitability of our international insurance
businesses", said Lard Friese, CEO.
The first half of 2015 closed on a very pleasing note for Hannover Re.
The company had generated significantly more than half of its full-year
profit target after the first six months. In view of this performance,
the expectation for the full 2015 financial year has been raised from
the original level of EUR 875 million to a figure in the order of EUR
950 million. "Both business groups - namely Property & Casualty and
Life & Health reinsurance - and also the investment portfolio played
a successful part in this positive result", Chief Executive Officer
Ulrich Wallin stated. "The sustained strong profitability of property
and casualty reinsurance shows that with our systematically pursued
policy of selective underwriting we are well placed to tackle the
conditions associated with challenging market phases."
Mark Wilson, Group Chief Executive Officer, said: "After three
years of turnaround we are now moving to a different phase of delivery.
We have improved the balance sheet, simplified the Group and we are now
transforming our business. The progress is evident in these results".
American International Group, Inc. today reported net income
attributable to AIG of USD 1.8 billion, or USD 1.32 per diluted share,
for the quarter ended June 30, 2015, compared to USD 3.1 billion, or USD
2.10 per diluted share, for the second quarter of 2014. Compared to the
prior-year quarter, second quarter 2015 net income attributable to AIG
declined primarily due to higher loss on extinguishment of debt from
ongoing liability management activities, lower capital gains from sales
of investments, and a net gain on the sale of divested businesses
related to the sale of International Lease Finance Corporation in the
second quarter of 2014.
"We are pleased with the high level of sales as we continue to secure
new distribution agreements", said Alex Wynaendts Aegon CEO.
ACE Limited today reported net income for the quarter ended June 30,
2015, of USD 2.86 per share, compared with USD 2.28 per share for the
same quarter last year. Operating income was USD 2.40 per share,
compared with USD 2.42 per share for the same quarter last year.
Operating return on equity for the quarter was 11.4%. The property and
casualty (P&C) combined ratio for the quarter was 87.7%. Book value
per share increased 0.5% from March 31, 2015, to USD 91.27.
Bulgarian insurer Euroins said on Monday it has agreed to buy the Greek
insurance operations of France's Credit Agricole for an undisclosed sum,
expanding its push across eastern and southeast Europe.
Iranian banks and insurance companies will fully resume their activity
in Azerbaijan in the near future, Iran's Minister of Economy and Finance
Ali Tayebnia said at a meeting with Azerbaijani Minister of Economy and
Industry Shahin Mustafayev in Tehran, Trend's special correspondent
The National Bank of Hungary (MNB) fined insurance company Uniqa
Biztosito HUF 76 million on a number of violations related to shortfalls
in its registration, auditing and contract management systems, the
central bank said today in a press release.
British insurer Aviva is considering small acquisitions in markets such
as Poland, where it recently bought a financial advisory group, an Aviva
spokesperson said on Thursday.
Azerbaijan's insurance market has not yet fully felt the impact of the
devaluation of the national currency, carried out on 21 February 2015.
A.M. Best has affirmed the financial strength rating of A- (Excellent)
and the issuer credit rating of "a-" of Polskie Towarzystwo Reasekuracji
S.A. (Polish Re) (Poland). The outlook for both ratings is stable.
A.M. Best has affirmed the financial strength rating of B++ (Good) and
the issuer credit rating of "bbb" of OJSC INSURANCE COMPANY OF GAZ
INDUSTRY SOGAZ (SOGAZ) (Russia). The outlook for both ratings remains
negative. SOGAZ is the ultimate operating parent of the SOGAZ Group,
which provides a range of insurance and non-insurance related services.
According to preliminary data of the National Commission for financial
market, in January-June 2015 the largest volume of premiums accounted
for the company Moldasig - 26,04 million lei, Donaris Grup - 24,62
million lei, Asito - 17,85 million lei, Klassika Asigurari - 17,64
million lei, Victoria Asigurari - 15,52 million lei. The share of these
companies accounted for over 80% of the collected premiums on the "Green
The insurance company If P&C Insurance AS in Estonia and its subsidiaries in Latvia and Lithuania earned EUR 9.3 million in the first half of the year 2015, which is 13% less than in the respective period last year, when the company's profit reached EUR 10.7 million, as the company informed LETA.
The implementation of the memorandum on vehicle insurance, which
representatives of Belgrade and Pristina signed in Brussels, began at
midnight on Tuesday.
IFRS net profit of VTB Insurance for H1 2015 increased by 20.2% to RUB 6.1 billion, the company informed. Insurance premiums (under IFRS standards) in H1 2015 grew by 11.6% year-on-year to RUB 24.6 billion.
Turkey's privatisation body has cancelled a planned sale of two
insurance units of state-owned lender Halkbank, the bank said in a
statement to the Istanbul Stock Exchange late on Thursday.
As of Jul 1, 2015 the net worth of the 6 operating insurance companies
in Armenia totaled 14.9 bln AMD with a 4.5% yoy growth. In Q2 the
indicator decreased by 1.2%. By the Ranking of the Armenian insurance
companies, prepared by ArmInfo News Agency, 87,6% or 13.1 bln AMD
accounted for the registered capital in the net worth structure.
By Jul 1, 2015 insurance companies' assets totaled 39 bln AMD with 5.1% yoy fall. In Q2 the decrease indicator totaled 2.8%. By
the Ranking of insurance companies of Armenia, prepared by ArmInfo News
Agency, four of the six operating companies registered a fall with RESO
taking the first place - 25% (amid 6.9% quarter decrease). Ingo
Armenia's assets decreased by 9.6% (amid 4.5% quarter fall). Nairi
Insurance was registered to have 2.6% fall (amid 8.9% quarter growth),
while Rosgosstrakh Armenia reduced its assets by 2% (amid 5.1% quarter
decrease). Sil Insurance has shown 20.3% yoy growth (amid 4.6% quarter
growth) and Armenia Insurance - 2.5% growth (amid 6.2% quarter fall).
Russia-based Sogaz Insurance Group along with two other insurers has entered into an insurance contract with the country's Baltic Shipyard Shipbuilding Ltd. to cover construction risks of a nuclear-powered icebreaker, Forinsurer reported.
The Antimonopoly Committee of Ukraine has permitted Bulgaria's Euroins Insurance Group to build up over 50 percent stake in private joint-stock company HDI Insurance (Kyiv), the committee's press service has reported. The company told Interfax-Ukraine that at present, Euroins Insurance Group AD holds 9.9999% stake in the company.
The establishment of unreasonable requirements regarding the calculation
of basic insurers' contributions to the central insurance reserve funds
of the MTIBU at the official rate of the National Bank of Ukraine in
the conditions of the national currency instability could lead to
significant negative consequences, including the deterioration of the
financial condition of insurers, the non-fulfillment of their
commitments, and the collapse of the OSAGO market.
Employers of Poland urge the Minister of Health to amend the act on
medical activity so that medical malpractice insurance for hospitals
remain voluntary rather than compulsory. This would enable hospitals to
save up to several hundred thousand z
Three investors have been shortlisted to buy Poland's largest insurance e-comparison engine, reportedly including Link4, a unit of Poland's largest insurer PZU. The other two bidders for Rankomat.pl are private equity fund Enterprise
Investors and UK insurance intermediary company, Confused.com, the
daily Puls Biznesu reports.
Experts in Azerbaijan's real estate market have good news for those who wish to purchase a house. Real
estate expert Rashad Aliyev told local media that prices in the
secondary housing market in dollar terms have decreased by more than 30
Samsung Baltics, in cooperation with insurance company Balta, has introduced free insurance services for smartphones affected by water, reportd Db.lv. Samsung Galaxy S6 and Galaxy S6 edge smartphones can be covered with the service, which is activated using the Screen Care+ application. The insurance will be valid for one year.
The Insurance Association of Turkey (TSB) has identified two tasks to
promote the development of the insurance industry: develop strategies to
increase insurance awareness and solve structural problems in the
sector. Mr Mehmet Akif Eroglu, who took up the post of
Secretary-General of the TSB in May, outlined these plans recently,
saying that he planned to talk to all 64 insurance companies which are
members of the association about them, according to a report in the
Claims by policy holders on damages resulting from a severe storm that swept through Hungary on Wednesday could reach HUF 3bn (EUR 9.6m), the Hungarian Insurers Association (MABISZ) said.
Munich Re's insurance subsidiary Ergo has said it is considering
terminating its previously announced EUR90mn acquisition of Greek
bancassurer ATE Insurance from Piraeus Bank. In a statement
provided to The Insurance Insider, Ergo said it was in close contact
with the bank and that it was looking into the possible consequences of
"any change" to the political situation in Greece.
Euro zone insurers are well placed to weather volatility around a
potential Greek exit from the currency bloc, although contagion to other
countries would be more problematic, ratings agency AM Best said.
Moody's Investors Service has withdrawn Centras Insurance's B3 insurance financial strength ratings (IFSR). Prior to withdrawal, the B3 global IFS ratings had a stable outlook.
Standard & Poor's Ratings Services has kept on CreditWatch with negative implications its 'B+' long-term counterparty credit and insurer financial strength ratings on Insurance Co. Kazkommerts-Policy JSC.
who have been planning to head to Greece are being warned that they
might want to take a second look at their travel insurance policies in
order to make sure that they will indeed have the types of coverage that
could be needed if the financial environment stats to collapse even
more than it already has.
People travelling to Greece this summer are being offered improved
insurance to cover extra cash they are being advised to take with them. The
move by Holiday Extras and underwriters Allianz and White Horse follows
advice from the Foreign and Commonwealth Office and Abta that
holidaymakers take additional funds with them as ATMs and banking
services may be limited.
On June 25, Liberty Mutual Insurance Company (United States) registered its trademark for goods and services with the Ukrainian Institute of Intellectual Property Ukrpatent, according to the Ukrpatent website.
Russia has expressed readiness to share its experience in the field of agricultural insurance with Azerbaijan. This
remark was made by Kornei Bizhdov, the president of the Russian
National Union of Agricultural Insurers, at the 6th Azerbaijan
International Insurance Forum (AIIF-2015) last week.
INGO International Insurance Group (Russia) has sold all of its
insurance assets in Ukraine, Ingosstrakh CEO Mikhail Volkov has told
Interfax. He said that INGO Ukraine risk company and INGO Ukraine Life insurance company have been sold.
The State Insurance Supervision of Azerbaijan's Finance Ministry has
decided to use electronic policies to combat insurance fraud. This
remark was made by Namig Khalilov, the head of the State Insurance
Supervision during the 6th Azerbaijan International Insurance Forum in
Baku last week.
Compulsory Medical Insurance gradually acquires appropriate legislative framework. Thus,
order # 236 issued by the Cabinet of Ministers on June 23, 2015
provides for official prohibition for refusal to issue compulsory
medical insurance policies.
Slovenian Insurance company Zavarovalnica Triglav, part of Triglav
Group, successfully released the first true usage based insurance
product in the Adria Region. The Triglav Group is one of the
leading insurance-financial institutions in South-East Europe. It is
present in seven markets and six different countries.
In the next two to three months, a new system will be in place allowing
State Traffic Police to able to easily check the car insurance policies
using radar technology. Special equipment to be installed on the
roads will transmit the necessary information about each car that
passes, including its state registration number to the Compulsory
Insurers Bureau ISB, said Namig Khalilov, head of the State Insurance
Standard & Poor's Ratings Services today withdrew its 'B+' long-term
counterparty credit and financial strength ratings and its 'ruA' Russia
national scale rating on Russia-based Giva Insurance Company LLC.
On 1 July Aviva and Liberty Ubezpieczenia joined companies offering
Direct Claims Adjustment (DCA) to their clients. Currently, the system
has been already applied by 7 insurance companies, which corresponds to
ca. two thirds of the third party motor liability insurance market. In
mid-October DCA is to be introduced also by the eighth insurer -
Within the first quarter of 2015, insurance company GPI Holding, a
member of Vienna Insurance Group, made significant achievements in
various lines of insurance, securing the position of leading company in
the insurance industry.
Montenegrin non-life insurer UNIQA Nezivotno Osiguranje raised its
capital to 8.7 million euro through the issue of new shares, while life
insurer UNIQA Zivotno Osiguranje hiked its capital to 4.03 million euro,
the Podgorica bourse said.
Slovenian reinsurer Sava Re plans organic growth primarily in markets
where it already has operations while also examining other opportunities
for expansion, the chairman of the company's managing board said.
Yesterday, CSOB Leasing and Volksbank Leasing International reached
agreement for CSOB Leasing to acquire all the shares of Volksbank
Leasing Slovakia and its insurance brokerage subsidiary, Volksbank
Travel insurance companies are increasing cover to take account of the
extra cash that tourists will have to take to Greece this summer
following the shut down of its banking system.
The Compulsory Insurers Bureau member companies concluded more than
13,487 contracts for compulsory insurance of real estate in June 2015. According to the Bureau, premiums on compulsory insurance of real estate amounted to AZN 5 million.
"In the domestic insurance sector is underdeveloped risk management." Report
informs, Director of Audit department of Deloitte Azerbaijan, Tural
Hajiyev said at the seminar in the framework of Insurance Forum held in
Baku on July 2-3.
Only 55% of the Azerbaijani insurance market makes compulsory insurance
of civil liability of vehicle owners, Executive Director at the
Compulsory Insurance Bureau Elkhan Guliyev said at the VI Azerbaijan
Insurance Forum in Baku, APA-Economics reports.
Azerbaijan is interested in attracting international experts as part of
working out the law on agricultural insurance, Azerbaijani Finance
Minister Samir Sharifov said during the sixth Azerbaijan International
Insurance Forum (AİİF-2015) in Baku July 2.
The Latvian financial regulator, the Financial and Capital Market Commission, has allowed Latvian non-life insurer BTA Insurance Company to transfer part of its insurance portfolio to its subsidiary.
78,396 motor vehicles were issued with policies under compulsory insurance of vehicle owner's civil liability in June 2015. The Compulsory Insurers Bureau informs that 13,759 insured vehicles were foreign transit cars.
The Bank of Russia before the year's end will verify the correspondence
received by insurers of actuarial opinions of the real state of their
assets, according to the Agency of insurance news (ASN) with reference
to the head of the Department of insurance market Igor Zhuk. The
regulator have any questions to the work of actuaries, specialists in
insurance mathematics involved in the calculations of the rates and
reserves of insurance companies.
The insurance markets of Azerbaijan and Kazakhstan are under the power of similar tendencies, first of all, the concentration of business. Eurasia Insurance Company (EIC), with reference to the National Bank of Kazakhstan, reports that as of 1 June of the year 55.1% of total volume of gathered premiums accounted for the share of Top 5 of leaders of the Kazakh insurance market on the general insurance.
Armenia's Car Insurers' Bureau has selected three winners of a contest
for the best amateur video about the mandatory insurance of vehicles,
the director of the Bureau Artem Nazaryan said today at an event
marking its fifth anniversary.
Over 10 insurance companies operating on the Ukrainian insurance market
fall within the scope of the law that took effect from June 28 on the
licensing of some types of economic operations, according to which
license holder could be deprived of licenses if they are under control
of a resident of a country that carries out military aggression against
Fitch Ratings has assigned Anadolu Anonim Turk Sigorta Sirketi (Anadolu
Sigorta) an Insurer Financial Strength (IFS) rating of 'BBB-' and
National IFS rating of 'AA+(tur)'. The Outlooks are Stable. The
ratings reflect Anadolu Sigorta's leading position in the Turkish
non-life insurance market, adequate capital position, robust reinsurance
protection and moderate profitability within the competitive local
After a difficult year, the Romanian insurance sector is striving to recover and regain customers' trust. Stability, sustainability and a focus on promoting the benefits of insurance policies to a customer base with only hazy awareness of the instruments are among the top goals on insurers' agenda, industry representatives told BR.
The Republic of Kazakhstan's 'About modification and additions into some
acts of the Republic of Kazakhstan concerning insurance and Islamic
financing' law came into force on May 9, 2015.
On May 28, 2015, Kazakhstan-based JSC Oil Insurance Co. (NSK) recognized
and paid out a large aviation claim of KZT1.1 billion, which
represented one-third of the company's total capital.
By its Order No. OD-1391, dated 18 June 2015, the Bank of Russia
suspended an insurance licence of the National Insurance House, limited
liability company (registration number in the unified state register of
insurance agents is 1259).
The globalisation of food trade over the past few decades has made the
world food system better equipped to respond to small localised losses
in food production and feed a growing global population. It has arguably
also increased our exposure to systemic risks.
The car boom in Kazakhstan contributed to the growth of the insurance
market, according to a report released by the Ranking.kz analytical
Sarajevo Insurance was declared the best insurance company in Bosnia and
Herzegovina in 2014 by the expert jury of BiH financial magazine
"Prizma" and consulting company "Revicon".
Mandatory vehicle insurance premiums in Hungary have seen a 25-30% rise
this year, chiefly due to an increase in payouts on claims, Hungarian
economic daily Vilaggazdasag reported today.
By its Order No. OD-1391, dated 18 June 2015, the Bank of Russia
suspended an insurance licence of the National Insurance House, limited
liability company (registration number in the unified state register of
insurance agents is 1259).
By its Order No. OD-1389, dated 18 June 2015, the Bank of Russia
suspended an insurance broker licence of the insurance broker Legal
Protection Insurance, limited liability company (registration number in
the unified state register of insurance agents is 4319).
Insurance agencies worldwide agree: At least 10 percent of claims are fraudulent -- and it's policyholders and customers who pay the cost.
The issue of the types of insurance policies required by freight transport operators in Russia, to ensure that the risk of loss and damage for which they may be liable, is a vexed one. Leading international freight transport insurer TT Club and its Russian network partner Panditrans took the opportunity at the recent Trans Russia Conference in Moscow, to help clarify the situation. At a specially convened two-hour seminar attended by some 100 delegates to the conference, Panditrans gave a detailed analysis of the crucial differences between liability insurance and cargo cover.
Bulgaria is a preferred destination for Italian citizens who wish to
save money by going around local law and register abroad vehicles bought
in Italy, local media outlets report. Low taxes and affordable insurance in Bulgaria seem to be part of the explanation.
World Cup insurers are likely to refuse to pay out on many cancellation
contracts if Russia and Qatar lose the rights to hold the tournaments
because of fraud, industry experts said. Russia and Qatar could
be stripped of their World Cup hosting rights if evidence emerges of
bribery in the bidding process, the head of the audit and compliance
committee of soccer's governing body FIFA has said.
The state regulation of prices for medicines in Azerbaijan will not
contribute to a decline in profits for health insurance companies. The
statement was made by Orkhan Bayramov, the head of Azerbaijan Insurers
Association, at a press conference on June 17 focused on the activities
of Azerbaijani insurance companies from January until May.
Central Europe's biggest insurance group PZU has submitted an offer to
buy Raiffeisen Bank International's Polish arm and wants to pay less
than the unit's book value, banking sources with knowledge of the matter
PZU Inwestycje, the asset management wing of the listed insurer PZU, has
agreed to take a 60 percent stake in Warsaw hospital Centrum Medyczne
Gamma, part of the largest Polish insurer's move into new lines of
Six Armenia-based insurance companies paid a total of 3.4 billion drams
in 16,423 car insurance compensation claims in the first five months of
this year, a decrease of 16% compared to the first five months of 2014, a
statement posted on the official website of Armenia's Car Insurers'
The premium income of Bulgarian insurer Euroins jumped by 71.6% to 27.6
million euro in the first five months of 2015, its parent company,
Eurohold Bulgaria [BUL:4EH], said on Wednesday.
The premium income of Euroins Romania rose 69% over the year to 68.2
million euro in the first five months of 2015, the insurer's
Bulgaria-based parent, Eurohold, said on Wednesday.
Kyrgyz Parliament offered to create state insurance company, the deputy
Dastan Bekeshev said today at a meeting of the committee on economic and
A new regulator and a rise in disputes are among the factors feeding
into the Russian insurance market - a sector that refuses to shrink
despite the obvious challenges.
Vodafone Greece announced new insurance benefits for employees of 360
Connect, its call centre and back-office support unit. From 01 July, all
employees of the unit and their families will benefit from
hospitalisation and life/accident insurance.
The Bank of Russia took the following decisions to replace the forms of
licences to carry out certain types of insurance of the following
The amount of health insurance premiums subscribed in Latvia might grow 5 pct this year, Janis Lucaus, the board chairman of BTA Insurance Company, said in an interview with BNS.
The Latvian financial watchdog, the Financial and Capital Market
Commission (FKTK), has granted the license for insurance operations to
BTA Baltic Insurance Company, a subsidiary of the non-life insurer BTA
Insurance Company, the FKTK announced.
Growing demand for personal cars is pushing the insurance market growth in Kazakhstan. According to the analytical portal ranking.kz, sales of car owners' civil liability insurances amounted to 13.4 billion tenge in the first quarter of 2015. This is 40% more compared to the same period in 2014. Only in April 2015, the amount of premiums collected on policies of civil liability of car owners increased by 3.8 billion tenge. For three months in 2015, registered new passenger cars has increased by 12% to reach 366 thousand cars. For comparison, vehicle fleet of passenger cars dropped by more than 8 thousand during the first quarter of 2014.
The Bureau for Reintegration informs that currently, all 14 Moldovan insurance companies, issuing motor third party liability insurance (MTPL) policies, joined the "mechanism-frame on cooperation of insurance agents from both banks of the Dniester in compulsory insurance contracts on civil auto liability".
Fitch Ratings has affirmed Kazakhstan-based AMANAT Insurance's Insurer Financial Strength (IFS) rating at 'B' with a Stable Outlook.
The Slovak insurance sector had a profit of EUR 179 million last year, according to the National Bank of Slovakia (NBS). This represented year-on-year growth of 13.3 percent.
Rosgosstrakh resumed the sale of insurance policies in all regions of
Russia, reports TASS. The Central Bank expressed the hope that CTP
insurers have made the right conclusions after the situation with
Rosgosstrakh and "will not risk further".
By its Order No. OD-1256, dated 8 June 2015, the Bank of Russia
suspended the insurance and reinsurance licences of Insurance Company
Vostok Alliance, limited liability company (registration number in the
unified state register of insurance agents 2895).
State-controlled Polish insurer PZU has reiterated plans to spend up to PLN 9 billion on creating a Polish banking giant. PZU
has said it is in talks with two banks and could buy a third as part of
a plan to create a major domestic bank able to compete with
foreign-owned Polish banks.
The outlook for the insurance market in Slovakia remains stable and
while car insurance is seeing heightened competition, the launch of
payments from the second pension pillar has the potential to alter the
In Kazakhstan, the cases of insurance frauds are becoming more frequent. The fraud outburst is being observed in the car insurance sector. The popularity of this type of frauds is related to the difference in the cost of cars in the Russian and Kazakh markets.
Romanian insolvent insurer Astra Asigurari has put up for sale 160
million shares, with RON 2.66 (EUR 0.6) per share, to raise EUR 95.7
million. The Financial Supervisory Authority (ASF) has asked for a
capital increase, so that the company's solvency and liquidity
indicators return within legal limits.
In May 2015, 93,647 contracts were registered on compulsory insurance
against civil liabilities of vehicle owners in Azerbaijan, up 1% from
SEB Dzivibas Apdrosinasana, the Latvian life insurance company of SEB Group, has reported a profit of 1.701 million euros for the first three months of this year.
Central Europe's top insurer PZU has agreed to buy a 25 percent stake in
mid-tier Polish lender Alior Bank, adding on Saturday it was in talks
on two more buys as part of a plan to build a top-five banking group.
Central Europe's biggest insurance company PZU was chosen as key
investor for local mid-tier lender Alior Bank, two sources familiar with
the matter said on Friday.
The Azerbaijan Compulsory Insurance Bureau has become a member of the international system Green Card. According to the Bureau, the decision on it was taken on May 28 at the General Assembly of the system. "As a result, Green Card will be introduced in the country starting from January 1, 2016," the Bureau said. Azerbaijan became the 48th European country, which joined the system.
Standard & Poor's Ratings Services today revised its outlook on Kazakhstan-based Eurasia Insurance Co.
Property Claim Services (PCS) and Istanbul Underwriting Center (IUC) are excited to announce the launch of PCS Turkey. This new service will deliver industrywide catastrophe loss estimates for events occurring throughout Turkey. Insurers, reinsurers, and other risk transfer professionals will be able to use the estimates published by PCS Turkey to improve risk and capital management. PCS is a Verisk Analytics (VRSK) business.
Russia-based Sogaz Insurance Group has signed a contract with JSC
Gazprom Space Systems to insure three of the latter
The insurance company Balta earned EUR 96,000 in the first quarter this
year, reports LETA, according to the company's announcement. For
comparison - in the first quarter last year, Balta earned EUR 6,000.
Roughly 40% of Hungary's real estate insurance contracts may not provide
fully comprehensive insurance, a survey published today by local
insurance company GENERTEL reveals.
Austrian insurance group UNIQA said on Friday its earnings before taxes
from operations in Kosovo fell to 100,000 euro in the first three months
of 2015 from 400,000 euro a year earlier.
Bulgaria-based Bulstrad, a unit of the Vienna Insurance Group, said it
plans to acquire full control over local bank insurer UBB AIG in a deal
worth 3.2 million euro.
The Slovenian government would like to enable the country's No. 1
insurer Zavarovalnica Triglav sustainable growth, Finance Ministry State
Secretary Metod Dragonja said on Saturday as he explained the
government's rationale behind not wanting to keep it in state ownership.
Cypriot insurance companies saw their premiums in both life and non-life
business follow a downward path as claims remained comparatively high,
official data showed.
IFRS net profit of VTB Insurance for 2014 increased by 26% year-on-year
to RUB 10.1 billion, according to the company's press release.
"Sil Insurance" company has replenished its authorized capital by 500
mln AMD. The company's press-office has informed ArmInfo the decision
was taken during the special meeting of the shareholders.
New law "On state financial supervision" will be adopted in Azerbaijan. Today
during discussion of the draft law "on execution of budget 2014" deputy
Vahid Akhmedov pointed out at some inaccuracies in the process of the
state budget projection.
The Czech unit of the Vienna Insurance Group (VIG) saw a 1.8 pct decline in written premiums to EUR 457.8m in Q1 2015.
Latvia's non-life insurer Balta, controlled by the Polish insurance group since last November, will be able to take over the local business of PZU Lietuva.
The premium income of Macedonian insurer Euroins Osiguruvanje rose by
19.2% to 2.6 million euro in the first four months of 2015, its parent,
Eurohold Bulgaria, said on Monday.
"Aegon reported disappointing underlying earnings this quarter,
primarily due to adverse claims experience in the US. While the seasonal
effect on claims was expected, both the number of claims and amounts
were higher than anticipated. Net income was nevertheless solid,
amounting to over EUR 300 million", said Alex Wynaendts, CEO.
ACE Limited reported net income for the quarter ended March 31, 2015, of
USD 2.05 per share, compared with USD 2.14 per share for the same
quarter last year. Operating income was USD 2.25 per share, compared
with USD 2.27 per share for the same quarter last year. Operating return
on equity for the quarter was 10.8%. The property and casualty
(P&C) combined ratio for the quarter was 88.4%. Book value and
tangible book value per share increased 0.9% and 1.8%, respectively,
from December 31, 2014. Book value and tangible book value per share now
stand at USD 90.81 and USD 73.94, respectively. Excluding unfavorable
foreign currency movement, book value per share and tangible book value
per share increased 2.4% and 3.0%, respectively.
KBC ended the first quarter of 2015 with a net profit of 510 million euros, compared with 473 million euros in the last quarter of 2014 and 347 million euros in the first quarter of 2014.
Spain's MAPFRE posted significant increases in the first quarter of 2015
with total revenues up 8.9 percent to EUR 7.515 billion and "gross
written and accepted premiums" up by 2.6 percent, to EUR 6.114 billion.
"Aviva's turnaround is on track and ahead of schedule. It's been a busy
quarter. We have completed the acquisition of Friends Life and at the
same time delivered an improvement in our key metrics. Value of new
business is up, our general insurance combined operating ratio has
improved and our IFRS book value has grown over the quarter. In the face
of unpredictable global markets, we continue to improve the Group's
resilience", said Mark Wilson, Group Chief Executive Officer.
Romanian life insurer NN Asigurari de Viata, formerly ING Asigurari de
Viata, said on Thursday it booked a gross profit of 10 million lei (2.3 million euro) in the first quarter of 2015, almost flat on
Zurich Insurance Group (Zurich) today reported a business operating
profit (BOP) of USD 1.3 billion and net income attributable to
shareholders (NIAS) of USD 1.2 billion for the three months ended March
The total profit of the Estonian insurance company If P&C Insurance
AS, and its subsidiaries in Latvia and Lithuania, amounted to EUR 5.2
million in the first quarter of 2015, reports LETA, according to If
P&C Insurance AS.
In Q1 2015, the SK SOGAZ-LIFE increased its insurance premiums by 52% year-on-year to RUB 514 million, SOGAZ informed.
MetLife reported operating earnings of USD 1.6 billion, up 5 percent
over the first quarter of 2014, and up 10 percent on a constant currency
basis. On a per share basis, operating earnings were USD 1.44, up 5
percent over the prior year quarter. Operating earnings in the Americas
grew 4 percent on a reported basis and 6 percent on a constant currency
basis. Operating earnings in Asia decreased 2 percent on a reported
basis, but were up 8 percent on a constant currency basis. Operating
earnings in Europe, the Middle East and Africa (EMEA) decreased 1
percent on a reported basis, but increased 35 percent on a constant
"We are pleased with the strong performance that we are presenting today,
which underscores our focus on delivering on our strategic objectives.
The operating result from the ongoing business for the first quarter
increased 3% to EUR 304 million. We are well on track with our expense
reduction programme in the Netherlands, having already realised EUR 164
million of savings compared with our target of an absolute EUR 200
million cost reduction by the end of 2016. At the same time, lower
funding costs also contributed to the improved results. Overall, new
sales were up almost 11% this quarter. We completed a pension buy-out in
the Netherlands, which substantially increased our new sales.
Bancassurance sales in Japan grew further in line with our channel
diversification strategy", said Lard Friese, CEO, NN Group.
The first three months of the current year passed off very
satisfactorily for Hannover Re; the Group generated a quarterly profit
of EUR 279.7 million (EUR 233.0 million). "The fact that we were able to
boost our net income by a further 20.1% compared to the previous year's
quarter can be attributed in particular to the outstanding contribution
from life and health reinsurance and another satisfactory underwriting
result in property and casualty reinsurance. Investment income also
fully lived up to our expectations", Chief Executive Officer Ulrich
Wallin stated. Given this successful start to the year, Hannover Re is
confident of achieving its profit guidance in the order of EUR 875
million for the full 2015 financial year.
The demand for the motor third party liability (MTPL) insurance will not
decline even if it suddenly becomes voluntary, because the car owners
realize how beneficial the MTPL insurance is, Samvel Grigoryan, CEO of
RESO insurance company, has told ArmInfo.
The compulsory types of insurance, which habituate people to correct
perception of insurance, stimulate the development of the insurance
market. This originates the need for voluntary insurance types, Samvel
Grigoryan, CEO of RESO insurance company, has told ArmInfo.
Rosgosstrakh prolonged the ship-owner liability insurance agreement with
Joint-Stock Amur Shipping Company, Rosgosstrakh informed.
Serbia has climbed out of recession and this year is expected to record
an increase in economic activity, Andrea Simoncelli, president and CEO
of insurance company Generali Serbia, said on Wednesday.
French reinsurer SCOR reported that the April renewals saw SCOR Global
P&C's gross written premiums increased by 5.8 percent from EUR 374
million to EUR 396 million, at constant exchange rates as of December
XL Group's first-quarter results reveal an operating net income of USD
194.4 million, compared with USD 238.6 million a year earlier, the
company attributed this to lower levels of life reinsurance income. Net
income available to shareholders for Q1 2015 declined significantly on
2014, totalling USD 36.2 million, compared with USD 255.7 million
Another re/insurance sector M&A deal has completed, meaning there is
one less participant in the market. Global insurance and reinsurance
firm XL Group and Catlin's deal closes today with the new brand XL
Catlin is set to launch next week.
The privatization process for Serbian insurer Dunav Osiguranje should
start by the end of this year, local media reported on Wednesday,
quoting a central bank official. Selecting a privatization
adviser for Dunav Osiguranje by the end of 2015 will mark the beginning
of the sell-off process of the insurer, news agency Tanjug reported,
quoting the head of the directorate for supervision of financial
institutions within the National Bank of Serbia, Djordje Jevtic.
VIG Re, reinsurance company of Vienna Insurance Group (VIG) with headquarters in Prague increased its premium income in 2014, compared to 2013 by 4.7 percent to EUR 431 million. Pretax profit increased from EUR 18.4 million (USD 20 million) to EUR 19.9 million the company announced on Monday.
American International Group, Inc. (NYSE:AIG) today reported net income
attributable to AIG of USD 2.5 billion, or USD 1.78 per diluted share,
for the quarter ended March 31, 2015, compared to USD 1.6 billion, or
USD 1.09 per diluted share, for the first quarter of 2014. Net income
included net realized capital gains of USD 874 million, net of tax,
which included gains totaling USD 565 million, net of tax, associated
with the sale of two large shareholdings.
Willis Group Holdings plc (NYSE:WSH), the global risk advisory,
re/insurance broking, and human capital and benefits firm, today
reported results for the three months ended March 31, 2015.
American International Group (AIG), one of the world's biggest insurance companies, has opened a service center in Vilnius to service insurance policies, manage claims and oversee payouts.
The CEO of PZU Andrzej Klesyk told reporters on Monday that the Poland's
largest listed insurance firm PZU is eyeing multiple banking
acquisitions in Poland,. "We are looking at the deals," Klesyk said.
Asked about recent reports that the firm is eyeing two or maybe three
such purchases, he added: "For us, acquisition of a single bank would
make no sense."
The sale of Komercijalna banka, where the government is the biggest
shareholder, is in sight and should be completed by 2017, head of the
National Bank of Serbia department for financial institution monitoring
Djordje Jevtic has said.
By its Order No. OD-868, dated 22 April 2015, the Bank of Russia
suspended the insurance licence of the open joint-stock company
Insurance Company MRSK (registration number in the unified state
register of insurance agents 0776).
We need to look into the possibility of floating the shares of Belarus'
major companies on the world stock exchanges, Belarus President
Alexander Lukashenko said during his annual address to the Belarusian
people and the National Assembly on 29 April, BelTA has learned.
Azerbaijan's insurer Alfa Sıgorta, contrary to leisured suppositions, does not curtail but expands its activities. The AS official statement says that assumptions about its closure do not conform to reality.
Generali Employee Benefits Network (GEB) joined its partners INGO
Ukraine PJSIC and INGO Ukraine Life PJSC to present results from their
2-year cooperation to an audience of risk managers, HR and benefits
PartnerRe Ltd. (NYSE:PRE) today reported net income of USD 231.7
million, or USD 4.76 per share for the first quarter of 2015. This
includes net after-tax realized and unrealized gains on investments of
USD 100.3 million, or USD 2.06 per share. Net income for the first
quarter of 2014 was USD 295.7 million, or USD 5.61 per share, including
net after-tax realized and unrealized gains on investments of USD 115.8
million, or USD 2.20 per share. The Company reported operating earnings
of USD 150.5 million, or USD 3.09 per share, for the first quarter of
2015. This compares to operating earnings of USD 176.9 million, or USD
3.36 per share, for the first quarter of 2014.
Everest Re Group, Ltd. (NYSE:RE) today reported net income of USD 323.0 million, or USD 7.19 per diluted common share, for the first quarter of 2015, compared to net income of USD 293.9 million, or USD 6.21 per diluted common share, for the first quarter of 2014. Excluding realized capital gains and losses, after-tax operating income1 was USD 329.9 million, or USD 7.34 per diluted common share, for the first quarter 2015, compared to after-tax operating income1 of USD 281.0 million, or USD 5.93 per diluted common share, for the same period last year.
Moody's Investors Service has today assigned a Baa1 insurance financial strength rating (IFSR) and an Aa2.tr national scale insurance financial strength rating (NSR) to Allianz Sigorta A.S., the main Turkish subsidiary of Allianz SE (Aa3 IFSR, stable). The ratings outlook is negative, which is aligned with the outlook on Turkey's sovereign rating.
In the first quarter of the year 2015, Swedbank in Latvia earned a net profit of EUR 23 million, compared to EUR 32 million for Q1 2014. Swedbank Lithuania earned a net profit of EUR 21 million in Q1 2015 and Swedbank Estonia earned a net profit of EUR 37.1 million, informs LETA.
Polish insurance giant PZU is mulling the creation of one of Poland's
largest banks which may have assets of over PLN 115 billion. According
to the Puls Biznesu daily, the bank could be created through the
consolidation of two existing lenders on the Polish market - Alior Bank
and Raiffeisen Polbank. It is thought that Bank BPH may also be in PZU's
scope of interest.
UK-based risk adviser, insurance and reinsurance broker Willis Group Holdings has offered around EUR 550m to acquire the remaining 70% interest in French insurance broker Gras Savoye.
Dutch-based NN Group said on Tuesday it has renamed its Bulgarian units
ING Pension Insurance and ING Life Insurance to NN Pension Insurance and
NN Life Insurance. NN Group plans to complete the rebranding process by the end of the year, it said in a press release.
Insured property losses from Windstorm Niklas that hit Europe in March
will be between EUR 750 million and EUR 1.5 billion, according to
catastrophe modeler Risk Management Solutions Inc.
Last year, the Romanian insurer OMNIASIG VIG turned to a net profit of RON 15.68 million lei, compared to a net loss of RON 217 million a year before.
The total earnings of the insurance company Ergo in the Baltic States
reached EUR 5.15 million in 2014. Ergo invested a significant amount
funding into reviewing its IT strategy, which caused EUR 1.99 million
losses for the company, reports LETA, according to Ergo.
Vienna Insurance Group (VIG) said on Tuesday its pre-tax loss from
operations in Bosnia and Herzegovina narrowed to 500,000 euro in 2014
from 5.6 million euro a year earlier. VIG's total gross written
premiums in Bosnia rose 5.5% to 11.5 million euro in 2014, with property
and casualty insurance accounting for 10.8 million euro, up 3.8% on the
year, VIG said in a financial report.
The Vienna Insurance Group (VIG) said its gross written premiums from operations in Albania rose 40.4% in 2014. VIG
said on Tuesday it achieved a double-digit increase in premiums of
14.5% in local currency in its Remaining markets region, comprising
Albania, Bosnia and Herzegovina, Bulgaria, Germany, Estonia, Finland,
Georgia, Croatia, Hungary, Lithuania, Latvia, Moldova, Macedonia,
Serbia, Turkey, and Ukraine.
The premium income of Bulgarian insurer Euroins fell by 4.9% to 8.7
million euro in the first three months of 2015, its parent company,
Eurohold Bulgaria, said on Friday. Euroins's premium income from
property insurance rose by 26.4% to 819,000 euro in the January-March
period, Eurohold Bulgaria said in a bourse filing.
SOGAZ's Omsk branch concluded a contract for the compulsory insurance of
carrier liability to passengers with OJSC Omskoblavtotrans. 3 insurance companies bid for the contract.
The premium income of Macedonian insurer Euroins Osiguruvanje soared by
20.5% to 1.84 million euro in the first three months of 2015, its
parent, Eurohold Bulgaria, said on Friday. The premium income of
Skopje-based Euroins Osiguruvanje from third-party liability insurance
was up by 21.8% to 1.1 million euro through March, financial and
insurance group Eurohold Bulgaria said in a notice filed with the Sofia
Azerbaijan has cleared a fraud concerning misappropriation of insurance compensations. The
director of the Compensation & Subrogation Department of the
Compulsory Insurers Bureau, Fatima Miriyeva, has stated that the Bureau
is now taking measures to increase public awareness of the need for
insurance, including conditions for receiving compensation by third
A.M. Besthas revised the outlook to negative from stable and affirmed
the financial strength rating of B+ (Good) and the issuer credit rating
of "bbb-" of Halyk-Life, Life Insurance Subsidiary Company of the Halyk
Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan).
The Export Guarantee and Insurance Corporation (EGAP) insured exports totalling CZK 720bn (EUR 26bn) since 1992. The export headed into more than 100 countries of the world, primarily risky territories.
The Council of Montenegrin Central Bank has issued a license to turkish
'Ziraat Bank' to operate in Montenegro. Ziraat Bank applied for
permission in December 2014 and it is expected that the Turkish lender
will begin opening its branches in the coming months.
The Bank of Russia has restricted the licence to carry out compulsory
motor third party liability insurance issued to the open joint-stock
company Zhasco railway insurance company (registration number 1595 in
the unified state register of insurance entities). This decision
was taken due to the failure of the company to comply with the Bank of
Russia instructions and becomes effective the day it is published in a
In 2014, Ingosstrakh Insurance Company (OJSC) increased VHI insurance
premiums by 4% year-on-year to RUB 8.1 billion (excluding the foreign
travel insurance segment), Ingosstrakh informed. As of December
31, 2014, ca. 553,000 clients held VHI policies provided by Ingosstrakh
including ca. 419,000 people in Russian regions.
SOGAZ looks forward to a systemic approach in the space risk insurance segment, the company informed. The
concept of property risk insurance during the government-financed
launches, flight tests and on-orbit operation of spacecraft was
developed by the Federal Space Agency of the Russian Federation
(ROSCOSMOS) in 2014.
Despite both sales of new and used cars jumping by 10% and 20%,
respectively, in Hungary last year, the number of vehicle owners opting
for casco voluntary vehicle insurance remained at around 21%, the online
insurer of General Group genertel.hu reported on Friday based on its
own survey of the market.
Progressive Insurance, a leading general insurance provider in Cyprus,
has just introduced a mixed policy that includes motor, as well as home
Groupama Asigurari ended 2014 with a 3.56 percent increase in gross
underwritten premiums to RON 581 million (EUR 131.5 million), excluding
RCA insurance and financial risks.
Azerbaijan's Minister of Culture and Tourism, Abulfas Garayev, said that
the Ministry has already completed the work on the new draft law "On
tourism" and submitted it to the Cabinet of Ministers for consideration.
A.M. Best has affirmed the financial strength rating of B+ (Good) and
the issuer credit rating of "bbb-" of Victoria Insurance Company JSC
(Victoria) (Kazakhstan). The outlook for both ratings is stable.
The Slovenian insurance group Zavarovalnica Triglav consolidated its position in SE Europe last year. It remained the market leader in Slovenia, Macedonia and Montenegro and increased its market share in Serbia, but fell by a rank in the Czech Republic.
The III National Forum of Insurance Agents is taking place in Baku. Addressing
to the Forum, Namig Khalilov, the head of the State Insurance
Supervision Service under the Ministry of Finance of Azerbaijan, has
claimed that new types of compulsory insurance will be introduced within
the framework of the Action Plan for Insurance Sector Development
2015-17, but later.
Baku hosts the III National Forum of Insurance Agents. At the
Forum deputy head of the State Insurance Supervision Service under the
Ministry of Finance of Azerbaijan, Mushfig Israfilov, said that the
Presidential Administration of Azerbaijan received a letter from the
Service that the latter gets a great deal of complaints that insurers
avoid from compensation payments to policyholders.
PartnerRe Wholesale, the wholesale division of PartnerRe, has partnered with Turkish insurer Dubai Starr. The
long term agreement will see PartnerRe Wholesale provide capacity for
Dubai Starr to grow their directors & officers (D&O) insurance
portfolio through a wide range of small to medium-sized enterprises
(SMEs) in Turkey. According to the company, at present, SMEs in Turkey
account for approximately 99 percent of all enterprises and 78 percent
of employment in the country.
Euler Hermes Turkey has again been named "The Best Credit Insurance
Company in Turkey" in 2015 by Global Banking & Finance Review, one
of the leading independent financial publication companies.
Adjustment of the manat rate did not cause a rise in price of insurance services in Azerbaijan, the head of State Insurance Supervision Service under the Ministry of Finance of Azerbaijan Namiq Khalilov told reporters Apr.6.
During a telephone conversation between the Moldovan Prime Minister
Kirill Gaburici and Tiraspol leader Yevgeny Shevchuk it was agreed
today, April 1, to suspend the implementation of the motor insurance in
the region until April 14.
American insurance company Chartis has changed its plans with regard to its business in Azerbaijan. According to informed sources, earlier company shareholders considered the possibility to sell its business in Azerbaijan.
SOGAZ INSURANCE insured the building housing the Moscow regional court for a total amount of RUB 9.6 billion, SOGAZ informed. The building is insured against the risks of fire, lightning stroke,
explosion, application of fire-fighting measures, crashes of piloted
aircraft. Also, the property is insured against natural disasters,
outside impacts, illegal actions of third parties, glass breaking, acts
Moldovan drivers will be required to buy insurance for their cars at the
entrance to Transnistria. Each day, some 2,000 cars cross the security
zone, separatist authorities will increase the number of inspectors.
Thus, Tiraspol is trying to accumulate money in the budget of the
region, to overcome the financial crisis. Chisinau say that it is a
unilateral measure that will hinder dialogue between the two sides, TV
"Moldova 1" reported.
Bulgaria's Euroins Insurance Group (EIG) has received regulatory
approval to take full control of HDI Zastrahovane, the Bulgarian unit of
Germany-based Talanx International, the competition regulator said on
Friday. The regulator's decision was adopted on March 24 and can
be appealed before the Supreme Administrative Court within a 14-day
period after it was published, the Commission for Protection of
Competition (CPC) said in a statement on its website.