Due to consistently good operational performance in all business segments, in Q3 of 2023 Munich Re posted a preliminary net result of ~EUR 1.2 billion. The result for 9M was thus EUR 3.6 billion, the group announced.
The latest insurance reports released by XPRIMM were presented in premiere at the Baden-Baden Reinsurance Meeting 2023: XPRIMM Insurance Report CEE, SEE & ex-USSR 1H2023 and the XPRIMM Insurance Profile TÜRKIYE for FY2022 and 1H2023.
While the current economic environment is still difficult, it brings not only challenges, but also creates opportunities for the re/insurance industry in Europe, said Thorsten STEINMANN, Head P&C Reinsurance Northern, Central & Eastern Europe at the Swiss Re pre-Baden Baden media conference, on 18 October.
“The European market continues to deliver strong results over the cycle, and to differentiate itself within the global (re)insurance landscape,” Guy Carpenter’s Massimo Reina, CEO, Europe said at the Baden-Baden Reinsurance Symposium on hosted by global risk and reinsurance specialist on October 23, focusing on the theme of "Rising to the Exposure Challenge”
VIG Re, the reinsurance company of Vienna Insurance Group, announced that Frank REICHELT will join its Supervisory Board, effective of 20 October 2023.
ASIA INSURANCE sug'urta kompaniyasi (a.k.a. ASIA INSURANCE) recorded an increase in GWP of 117.5% in the first 6 months of this year, compared to the same period in 2022, the insurer said in its official press release.
BMS Group, the rapidly-expanding global specialist insurance and reinsurance broker, has announced the appointment of Andras Bohm as the head of its U.S. Capital Advisory business and the CEO of BMS Capital Advisory, Inc. (BMS Groups’ U.S. broker-dealer) subject to regulatory approvals. Bohm will be responsible for leading the broker’s investment banking and legacy solutions team in New York, working with his UK and Bermuda counterparts and will report to BMS Re CEO, Pete Chandler.
Marsh McLennan (MMC) announced that Pat Tomlinson has been appointed President of Mercer, the consulting subsidiary of of MMC. At the same time, Martine Ferland remains Mercer CEO and Vice Chair of Marsh McLennan and will oversee Mercer’s regional leaders until she retires on March 31, 2024.
American International Group (AIG) announced that David McElroy, currently Chief Executive Officer, General Insurance, will assume the newly created role of Chairman, General Insurance.
In the first half of 2023, the insurance markets in Greece, Cyprus, and Turkey demonstrated positive growth in gross premiums written (GWP), reaching a total of EUR 10.7 billion, marking a substantial increase of 32.33% year-on-year. However, it's important to note that currency fluctuations have significantly impacted these figures, particularly in Turkey.
GWP in the Central and Eastern European (CEE) region, amounted to EUR 24.78 billion, showing a significant y-o-y increase of 11.8%. Meanwhile, claims paid decreased by 9.7% y-o-y, reaching EUR 11.34 billion. It's important to note that these claims figures do not include data for Croatia and Slovenia. If these two countries' payouts remain similar to the first half of 2022, the overall regional claims might match or slightly exceed the 2022 levels.
Italian insurer Generali informed in a statement
that it has reached an agreement with Allianz for the disposal of TUA Assicurazioni S.p.A. The total price for the transaction is EUR 280 million in cash, subject to certain adjustments in line with the market practice for this type of transaction.
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, published a systemic risk scenario that models the global economic impact of a hypothetical but plausible cyber-attack on a major financial services payments system, resulting in widespread disruption to global business and potential global economic losses of USD 3.5 trillion.
For the period from January to September, compulsory state social insurance in Azerbaijan amounted to about AZN 3.7 billion (~EUR 2.05 billion), which is 14% more y-o-y, Trend
writes with reference to the State Tax Service under the Ministry of Economy of Azerbaijan.
The draft law “On Insurance Activities” was adopted in the first reading, BELTA reports.
The region of Thessaly in Greece has the lowest rate of home insurance against natural disasters, according to data from the Insurers Association of Greece for June 2023, insurancedaily.gr writes.
The State Service for Regulation and Supervision of the Financial Market of the Kyrgyz Republic (Gosfinnadzor) proposes to legalize issuance of an electronic MTPL policy. This is because from January 1, 2024, owners of private vehicles will begin to be fined for lack of insurance, sputnik.kg writes.
Accumulative life insurance in Latvia is gradually regaining weight and importance this year, overcoming last year's challenges in the international financial markets, geopolitics (war) and changes in Latvian legislation, the Latvian Insurers Association (LAA) reports.
According to insurance specialists, in 2023 the number and amounts of subsidized insurance contracts for agricultural risks in Moldova have not changed significantly compared to last year. This is considered a good result, since the framework conditions for the agroinsurance process have deteriorated sharply in 2023, east-fruit.com wrote.
Global reinsurer Munich Re informed it has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software as a Service (SaaS) for the insurance industry’s entire ecosystem.