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
The net profit of the Bosnian Dunav Osiguranje jumped to BAM 27,635 (EUR 14,100) in the first nine months of 2021, from BAM 10,393 in the same period last year, SeeNews informed
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policy in January-September 2021 increased by 1.3% y-o-y (vs a decline of 3.6% a year earlier for the same period), however, it is still far behind the pre-covid growth rate of 14.3 % for the same period in 2019.
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!
What are trends set in the motor insurance business of the Central and Southeastern Europe and the ex-USSR area by the pandemic situation, in 2020, and how much of these have already become a new normality? The latest edition of the XPRIMM Motor Insurance Report
, to be live online starting 8 November, radiographs the evolution of the motor insurance business in the region.
Hannover Re increased its Group net income in the first nine months of 2021 year by 28% and considers itself still in position to achieve the profit target set for the current financial year despite considerable major loss expenditure incurred in Q3.
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.
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.
The insurance sector of Kyrgyzstan at the end of 3Q2021 grew by almost 50% and reached KGS 987.04 million (EUR 9.98 million), according to the data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
The insurance market in Azerbaijan at the end of 3Q2021 grew by almost 13%, up to AZN 655.62 million (EUR 332.40 million). At the same time, paid claims of insurers in local currency increased by 21.36% reaching AZN 373.49 million, according to the data published by the Central Bank of Azerbaijan.
The Armenian insurance sector at the end of 3Q2021 increased by 12.13% y-o-y, reaching AMD 37.93 billion (EUR 68.14 million). At the same time, the increase in paid claims was even more significant - by almost 18% to AMD 20.20 billion, according to the data on the activities of insurance companies provided by ArmInfo.
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%).
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.
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.
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.
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.
Uzbekistan has adopted a Presidential Resolution "On additional measures to digitalize the insurance market and develop the life insurance sector," according to which, from July 1, 2022, it will be allowed to carry out all types (classes) of insurance in electronic form, UzReport.news
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
ROSGOSSTRAKH's GWP in MTPL from January to September 2021 grew by 20.5% to RUB 23 billion (EUR 0.27 billion*), while the growth rate of the segment's leader - RESO-Garantia was only 6% (to RUB 29.3 billion).
Every year Poles choose personal insurance more and more, thus the number of people covered by health insurance increased by 14% as of now, and the number of group contracts for life protection increased by 6%. About 3.5 million people are using health insurance policies and almost 12 million are covered by group life insurance, Gazeta Ubezpieczeniowa reports