News - Insurance

GEORGIA: only 2% of GDP is spent on insurance

Premiums paid by clients of insurance companies in Georgia amount to only 2% of GDP, which is about 4 times less than the world average. As Soso ARCHVADZE, an expert in statistics, noted, if Georgia on average lags behind the development level of the world economy by 10-15%, then its lag in the insurance segment is much higher, Business Georgia reports.

EVENT: Dive In Festival hits record global audience

The Dive In Festival, that took place on 21st-23rd September 2021, gathered over 31,000 people from more than 103 countries, that are related to the insurance industry, proving the festival`s strong character of diversity and inclusion . XPRIMM has been a Media Partner of this event!

Latvia, LAA: In Q3 insurance market returned to growth after five consecutive quarters of decline

Latvian insurance industry has returned to growth in the third quarter of 2021 after five quarters of decreasing GWP, informed the Latvian Insurers' Association (LAA). LAA representatives mentioned that despite the local economy is still struggling with the consequences of the Covid-19 pandemic - the total amount of Q3 2021 GWP has increased by 2.9% compared to the previous year.

KBC Group Julia KIRALY to resign as director

Belgian financial group KBC informed that Julia KIRALY, non-executive, independent director on the Board of Directors of KBC Group and member of the Audit and Remuneration Committee of KBC Group, has announced that for personal reasons she wishes to resign as director.

CROATIA: Croatia Osiguranje sees profit growth in 3Q

Croatia Osiguranje is the leader on the Croatian market, with a total share of 26.9%. For 9 months of 2021 its GWP in Croatia amounted to HRK 2.27 million (+5% y-o-y), and consolidated GWP, including regional branches, amounts to HRK 2.73 (+5%).

CO shareholder posted 9 months increasing revenues and profits

Croatian conglomerate ADRIS Grupa with business in tourism, food production and insurance (Croatia osiguranje) - achieved a total consolidated income of HRK 4.51 billion (~EUR 0.6 billion) in the first nine months of 2021, 23% higher compared to the same reporting period last year, the holding announced in a statement.

Aon reported Q3 loss of USD 900 m following WTW deal exit costs of USD 1.3 bn

Re/insurance broker Aon reported a net loss of USD 900 million at the end of September 2021 vs. a net profit of USD 275 million in the prior year period, and an Q3 operating loss of USD 801 million, "due primarily to a USD 1.3 billion increase in charges related to terminating the combination with Willis Towers Watson and related costs", as the company's officials mentioned in a statement.

WTW reports end-September revenue growth

Re/insurance broker Willis Towers Watson (WTW) posted solid Q3 2021 financial results. Thus, Q3 revenue was USD 1.97 billion, an increase of 4% as compared to USD 1.90 billion while 9 months revenue was USD 6.29 billion vs. USD 5.95 billion for the same period in the prior year.

Swiss Re reports 9 months net income of USD 1.3 billion

Global reinsurer Swiss Re has reported net income of USD 1.3 billion for the first nine months of 2021, driven by the performance of its property and casualty businesses, "despite significant large-loss events, particularly in the third quarter. Swiss Re's capital position remained very strong, with a Group SST ratio of 234% as of 1 July 2021". The reinsurer has reported a return on equity (RoE) of 6.6% for the nine month period, while net premiums earned and fee income for the Group increased by 5.9% to USD 32 billion.

RUSSIA: S&P improved ratings of INGOSSTRAKH

S&P Global Ratings improved the long-term financial strength rating and the credit rating of INGOSSTRAKH to BBB from the previous rating at BBB- with a stable outlook on the ratings, ASN reports.