News - Insurance
E-scooters: insurance and safety implications from GFIA
GFIA (Global Federation of Insurance Associations) has issued a paper regarding their recommendations for the e-scooters which became one of fastest growing urban mobility trends and it is crucial to understand the risk profile of e-scooters and jurisdictional best practices for regulating them.
20 January 2021RUSSIA: SBERBANK Insurance increased the capacity of its property obligatory reinsurance treaty to RUB 10 billion
SBERBANK Insurance, one of the TOP-20 local insurers, renewed the obligatory reinsurance treaty of property and builder's risks and doubled the program capacity to RUB 10 billion (EUR 0.11 billion*), the insurer reports.
20 January 2021RUSSIA: Moscow and Moscow region leading in e-MTPL sales in 2020
In 2020, 17.8 million e-MTPL policies were sold in Russia, thus the share of e-MTPL reached approximately 50% of all sold MTPL policies for the period.
20 January 2021KAZAKHSTAN: after 11 months of 2020, life insurance maintains the best dynamics, having increased its share in the market portfolio to almost 40%
From January to November 2020, GWP of the Kazakh insurance market increased by 11% y-o-y, Allinsurance.kz reports.
20 January 2021SCOR will provide life insurance through Bayer and One Drop
SCOR has announced a new partnership with Life Science company Bayer and One Drop to provide life insurance products for people with chronic conditions. They will bring One Drop's AI-powered digital health platform to life insurance carriers and policyholders across the United States.
20 January 2021Insurance industry cyber-awareness initiatives reviewed in the latest GFIA report
The Global Federation of Insurance Associations (GFIA) has published a collection of some of the many cyber-risk and cyber-insurance awareness initiatives being undertaken by the insurance industry around the world.
20 January 2021AZERBAIJAN: Baki Sigorta put on the register of the Azerbaijani Compulsory Insurance Bureau
Baki Sigorta insurance company has been put on the register of the Azerbaijani Compulsory Insurance Bureau. The company will provide services in compulsory real estate insurance, civil liability insurance for the operation of real estate, and MTPL, Trend reported referring to the Bureau.
19 January 2021RENOMIA strengthens its position within CEE and enters Latvia
RENOMIA purchased a majority stake in R&D APDROSINASANAS BROKERS (R&D Insurance Brokers Ltd.), a local company based in Riga and strengthened its position within Central and Eastern Europe (CEE) as Latvia became the eighth European country in which RENOMIA has direct representation.
19 January 2021DNB approved the absorbtion VIVAT Non-life by NN Non-life
Dutch insurance group NN announced it has obtained approval from De Nederlandsche Bank (DNB), the Dutch supervisory authority, to execute the legal merger of VIVAT Non-life into NN Non-life.
19 January 2021Insurance Special Purpose Vehicle has been approved for Lloyd's by the regulatory
Lloyd's announced that it has received regulatory approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to set up a new multi Insurance Special Purpose Vehicle (mISPV).
19 January 2021Romania: ASF fined the two largest MTPL insurers
Following the control actions conducted by ASF, CITY Insurance and EUROINS Romania - the two insurers accounting for almost 75% of the MTPL insurance portfolio in Romania - were sanctioned by the local insurance market supervisor, www.1asig.ro wrote.
18 January 2021RUSSIA: Conference "InsurSelling-2021. Insurance sales - strategy and tactics, transformation and evolution, myths and reality "
On January 27, 2021, the first conference "InsurSelling-2021. Insurance sales - strategy and tactics, transformation and evolution, myths and reality", organized by "Insurance Today" in a mixed, online-offline format, in which some of the speakers gather in a specialized studio, and all other speakers and participants take part in the online mode, will take place in Moscow.
18 January 2021CHUBB CFO Philip BANCROFT to retire; Peter ENNS to replace him effective July 1
Philip BANCROFT - CHUBB Group Executive Vice President of and Chief Financial Officer, plans to retire from the company on July 1 after 19 years of service. Peter ENNS has agreed to join the company on or before April 1 as Executive Vice President, Finance, CHUBB Group and succeed BANCROFT upon his retirement.
18 January 2021CHUBB appoints Jeremiah KONZ Chief Reinsurance Officer
CHUBB announced that Jeremiah KONZ has been appointed with immediate effect as Chief Reinsurance Officer. He succeeds Michael KESSLER, who was appointed Division President of the company's global cyber risk insurance business. Jeremiah KONZ will report to John KEOGH, President and Chief Operating Officer of CHUBB.
18 January 2021British insurers bound to pay Covid-19 related BI claims
The U.K. Supreme Court ruled last week that insurers must pay out to hundreds of thousands of companies forced to close during the country's first pandemic lockdown, ruling in favor of the Financial Conduct Authority in a landmark case over business interruption cover, Law360 (London) reported.
18 January 2021Insurance industry can play a key role in the sustainability transition
As sustainability is a global issue, it must be addressed through international coordination where the insurers remain as committed as ever to supporting the transition to a more sustainable society and to tackling climate change, according to Insurance Europe.
18 January 2021Aon's Fireside Chat: Insurance industry should better promote and demonstrate its role in society
Barclays' Managing Director of Group Insurance, Farhad Jamooji, has been interviewed by Aon, in a Fireside Chat, as part of Virtual Reinsurance Renewal Season fireside chats. It was hosted by Dominic Christian, Global Chairman of Aon's Reinsurance Solutions.
14 January 2021SCOR and CyberCube develop a cyber risk management tool
The reinsurance industry must manage the risk of large cyber events potentially impacting multiple insured portfolios. Reinsurers are facing a multi-faceted and fast-evolving cyber threat that requires ever greater modeling and analytics capabilities.
14 January 2021MOLDOVA: ASTERRA GRUP's evolution remains stable and sound, despite the momentary lack of compliance with the latest regulations on assets investment structure
At the end of September 2020, Moldovan insurer's ASTERRA GRUP total assets reached MDL 270.78 million (~ EUR 10.1 million). Technical reserves amounted to MLD 166.46 million (~EUR 8 million), while the solvency rate stood at 113% and liquidity coefficient was of 6.82, the company stated for xprimm.md.
14 January 2021STATISTICS: 9 months profits of Slovak insurers more than doubled to EUR 132.63 million
In the first three quarters of 2020, the Slovak Republic insurance market totaled EUR 1.68 million, 1.88% less y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
The life insurance segment was down by 6.82% y-o-y to EUR 702.89 million, these types of policies generating 41.79% of the total insurance market, while the remaining 58.21% was accounted by non-life subclasses - GWP of EUR 979.17 million or 2% more y-o-y.
The life insurance segment was down by 6.82% y-o-y to EUR 702.89 million, these types of policies generating 41.79% of the total insurance market, while the remaining 58.21% was accounted by non-life subclasses - GWP of EUR 979.17 million or 2% more y-o-y.
14 January 2021XPRIMM Newsletter
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