The Retail International division of the Talanx Group successfully closed its acquisition of the Liberty Seguros business with retail customers and small to mid-sized enterprises in Brazil on 22 November 2023, as the German insurer informed in a statement.
Austrian insurance group UNIQA reported January-September 2023 premium growth of 9.4% to EUR 5.5 billion and a significant increase in earnings before taxes to EUR 305 million. “Above all, property and casualty insurance and health insurance contributed to this very satisfactory growth”, as the Austrian insurer pointed out in a statement.
“We are not in tranquil times. We are confronted almost daily with a new crisis. So much so that we could almost say that we are living in a state of permacrisis. But despite this, we – supervisors and also industry – are riding out the storm. Our sectors are resilient, sustainable and competitive,” said EIOPA’s Chairperson Petra HIELKEMA, in her keynote speech opening the EIOPA Conference on 21 November 2023.
At the request of the Vienna Insurance Group (VIG), Gallup International examined risk competence in nine countries in Central and Eastern Europe (CEE). The representative study revealed clear deficits and widespread fallacies regarding financial security provided by state and social institutions.
On November 21, 2023, Vienna Insurance Group (VIG) signed a purchase agreement to acquire 35% of the Hungarian holding company VIG Magyarország Befektetesi Zrt., which are currently held by the Hungarian state holding company Corvinus. After completion of the transaction, VIG's share in the holding company will increase from 55 to 90%.
Insurance Europe and PensionsEurope welcome the measures included in the European Commission’s ESG (environmental, social and governance) Rating Regulation proposal, as it will lead to a significant enhancement in the transparency of ESG ratings, a press release issued by the two European professional bodies stated.
Marsh McLennan, in collaboration with the Ukrainian government, the Export Credit Agency of Ukraine, Ukreximbank, Ukrgasbank and DZ Bank, announced the launch of a new facility – Unity – to provide affordable insurance supporting the export of grain and other critical food supplies globally from Ukraine’s Black Sea ports.
Last year an increase in life bancassurance sales through banks was observed, while non-life bancassurance has still not returned to growth.
Marsh announced the appointment of Nick Faull as Head of Climate and Sustainability Risk, effective 1 April 2022. Based in London, Mr. Faull will report to Amy Barnes, Head of Climate and Sustainability Strategy, Marsh.
The insurance market of Bosnia and Herzegovina Q3 2023 with aggregate GWP worth BAM 744.2 million (~EUR 380.5 million) vs. BAM 668.6 million (~EUR 341.8 million) a year before, according to the January-September 2023 market data published by AZOBiH - Insurance Agency of Bosnia and Herzegovina.
AIG - American International Group announced that Roshan Navagamuwa will be joining AIG in December and has been named Executive Vice President and Chief Information Officer, effective January 1, 2024. He will report to Peter Zaffino, AIG Chairman & Chief Executive Officer, and serve on AIG’s Executive Leadership Team.
Global broker Aon informed that it has appointed Eduardo Davila as senior advisor to Aon CEO Greg Case. Davila recently transitioned out of his role as CEO of EMEA to take this senior advisor position, having previously served as CEO of Iberia and the Middle East.
Austrian insurance group UNIQA informed that the international rating agency Standard & Poor's (S&P) confirms UNIQA’s rating in its current report: the "A" ratings for UNIQA Osterreich Versicherungen AG and UNIQA Re AG and the "A-" rating for UNIQA Insurance Group AG, all with a stable outlook.
Based on the 3Q2023 results, 16 insurers out of 35 MTIBU-members (Motor (Transport) Insurance Bureau of Ukraine) have the highest ratings based on all indicators of the bureau’s report.
Only 3 insurance companies received a low rating for the “Quality of claim settlement”, Forinsurer reports
Spitamen Insurance, out of 16 professional participants in the insurance market of Tajikistan
, became the only insurance company that received the annual “Favorite Brand of Tajikistan” award in the insurance industry, ASIA-Plus Media Group reports.
Online claim settlement for all compulsory types of insurance and a simplified procedure for receiving insurance payments in MTPL (European Accident Statement) will be introduced in 2024, and will make the insurance process simpler and more transparent, Allinsurance.kz writes
with reference to the Agency for Regulation and Development of the Financial Market.
In the insurance market of Armenia, the growth of paid claims continues to accelerate and the GWP growth slows down, as a result market profits began to decline. At the end of 3Q2023, net profit decreased by 9.4% to AMD 3.2 billion (USD 8.2 million), according to the Financial Rating of Insurance Companies of Armenia, prepared by ArmInfo.
In the insurance market of Armenia, the MTPL loss ratio by November 1, 2023 reached 68% (vs 64% a year earlier), ArmInfo reports
citing the data of the Bureau of Motor Insurers of Armenia.
Slovenian insurance group Sava reported 3Q2023 13.7% y-o-y increase in business volume to EUR 711.2 million, while the net profit increased slightly to EUR 36.5 million (3Q2022: EUR 35.0 million), “a similar level to that of the first nine months of last year, despite this year’s major claim events”.
The second day of the International Insurance Fair and Congress in Antalya hosted several panels of discussions. Panelists discussed the role of insurance intermediaries and technology in the overall development of the market. Disaster insurance and the role of urbanization in facing the impact of climate change made another line of debates. The second day also hosted a panel dedicated to insurance markets in the Eurasian region.