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.
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.
Global commercial insurance prices increased 3% in the third quarter of 2023, the same as the prior quarter, according to the Global Insurance Market Index
released by the insurance brokerage company Marsh. Q3 2023 marks the 24th consecutive quarter of pricing increases.
The agricultural insurance system in Azerbaijan covers 96% of arable land, as stated by Firdovsi Agashirinov, Deputy Chairman of the Board of the Agricultural Insurance Fund of Azerbaijan, Trend reports.
At the end of the harvest season, the Latvian Insurers' Association (LAA) collected data on agricultural insurance - Latvian insurers paid out EUR 18.5 million to farmers in 8 months this year, which is 30% more y-o-y. On the other hand, in the last two years, the amount has even doubled, the Latvian Insurers Association (LAA) reports.
The Polish insurance market remains the largest in Central and Eastern Europe. However, the penetration rate is 2.2%, ranking Poland 53rd
in the world, according to Swiss Re, as EMIS (ISI Emerging Markets Group) analysts noted in the "Poland Insurance Sector Report 2023-2024"
, Gazeta Ubezpieczeniowa
MTIBU (Motor (Transport) Bureau of Ukraine) has concluded a Memorandum of Partnership with all local professional associations of insurers: the National Association of Insurers of Ukraine, the Insurance Business Association, and the League of Insurance Organizations of Ukraine, according to a press release from MTIBU, according to the MTIBU press release.
For 9M2023, MTIBU made over 5.6 thousand payments from the Bureau’s Victim Protection Fund for a total amount of UAH 326.6 million (~EUR 8.33 million), which is 4.8% more compared to 2021 number-wise, and 61.6% more amount-wise.
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).
Swiss Re reported a net income of USD 2.5 billion in 9M 2023, with a profit of USD 1 billion in the third quarter. All businesses contributed to the strong result. Swiss Re maintains its guidance for full-year targets, including a Group net income of more than USD 3 billion.
The Albanian government's draft law on ”Mandatory insurance of housing against earthquakes” continues to be the subject of discussions in the local market, the Association of Insurers of Albania raising several objections to the draft law’s provisions.
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.
Consolidated income from insurance sales of Croatia Osiguranje Group of companies amounted to EUR 348 million, 11% more y-o-y. The consolidated net profit for the same period was EUR 31.2 million, the Group said. Yet, adjusting 9M2022 results according IFRS 17, for comparability, 9M2023 net profit fell by 27% y-o-y.
A total of 403 damages were reported, with total compensations amounting to EUR 48.78 million after the wildfires that affected Greece this summer, the Union of Insurance Companies of Greece (EAEE) said.
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.
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.
At the end of 3Q2023, the insurance sector in Kazakhstan reached KZT 863.74 billion (EUR 1.71 billion), which is 27% more y-o-y. At the same time, paid claims jumped by almost 40%, amounting to KZT 195.28 billion (EUR 387.84 million), as data published by the National Bank show.
At the end of September 2023, the insurance market of Montenegro totaled EUR 90.98 million, 9.90% more y-o-y, while the value of paid claims by insurers totaled EUR 34.68 million, up by 4.76% y-o-y, according to the quarterly market data released by Insurance Supervision Agency.
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.
Allianz Commercial informed it has appointed Elke Vagenende as Commercial Managing Director for ‘Benelux and Nordics’ region.