News - Insurance

Adris grupa posted growth of Q3 revenue and net profit

In the first nine months of 2023, Adris grupa - grupa with business in tourism, food production and insurance (the owner of Croatia osiguranje Group - one of the largest insurers in Adriatic region)- recorded EUR 815 million in total revenue, which is 15% higher compared to the same period last year.

AIG completes sale of Validus Re to RenaissanceRe

American International Group announced that is has successfully completed the previously announced sale of Validus Re to RenaissanceRe. AIG received total consideration of USD 3.3 billion in cash, including a pre-closing dividend, and approximately USD 275 million in RenaissanceRe common shares.

Zurich enters Indian general insurance market with Kotak Mahindra Bank

Zurich Insurance Group announced a strategic alliance with Kotak Mahindra Bank Limited, India’s third largest private sector bank by market capitalization, through the proposed acquisition of a 51% stake in Kotak Mahindra General Insurance Company Limited for USD 488 million, through a combination of fresh growth capital and share purchase (subject to regulatory approvals and customary closing adjustments).

Top SEE 100 insurers: Romanian insurers’ ranking in 2022 improves versus 2021

Top 100 insurers in the Southeastern Europe wrote together gross premiums worth EUR 10.63 billion in 2022 and recorded an aggregated net profit figure of EUR 634.4 million, lower by about EUR 10 million y-o-y. Top 10 insurers in this ranking accounted for about 44% of the total GWP and half of the total net profit.

MTPL insurance market’s deregulation starts in FBiH, one of the two administrative entities of Bosnia & Herzegovina

On November 1, 2023, in accordance with the Law on Compulsory Traffic Insurance, a gradual and phased deregulation of the MTPL insurance sector in the Federation of Bosnia and Herzegovina (FBiH) will come into effect, insurance companies gaining the right to apply their own MTPL tariffs with prior approval from the market authority, the Insurance Supervision Agency of the FBiH (NADOS) announced.

STATISTICS: AZERBAIJAN, 3Q2023: GWP growth outpaced paid claims by 2.5%

According to the 3Q2023 results, the insurance market of Azerbaijan grew by 28.17% to AZN 937.24 million (EUR 521.12 million). It is worth noting that GWP growth outpaced the growth in paid claims, which increased by 25.67%, amounting to AZN 400.39 million (EUR 222.62 million), as statistics published by the National Bank show.

STATISTICS: Turkiye market posted triple-digit GWP increases in local currency

According to the quarter figures published Insurance Association of Turkiye - at the end of September 2023 the local insurance market increased by 123.41% y-o-y reaching TRY 328.2 billion (~EUR 11.3 billion). In European currency, due to the exchange rates differences between September 30th 2023 and September 30th 2022, the market change was +39.6% y-o-y.