News - Insurance
KYRGYZSTAN: property insurance accounts for the largest share of GWP and paid claims in 7M2024
For the period from January to July 2024, GWP in Kyrgyzstan amounted to KGS 2381.3 million (~EUR 26.18 million), which is 51.3% more y-o-y, according to a report published the Service for regulation and supervision of the financial market.
4 September 2024ARMENIA: MTPL loss ratio increases to 79.3%
As of August 1, 2024, the MTPL loss ratio in Armenia increased to 79.3% from 64% a year ago, АrmInfo reports with reference to data from the Bureau of Motor Insurers of Armenia.
4 September 2024AZERBAIJAN: The Belarusian Asoba to enter the Azerbaijani market
The Belarusian Asoba insurance company intends to enter the Azerbaijani market, the company's general director Vladimir Korobushkin said during the Azerbaijan International Insurance Forum-2024 (AIIF-2024), Trend reports.
4 September 2024STATISTICS: LATVIA, 1Q2024: motor insurance drives the market, but claims expenses increased faster than premiums
Latvian insurers ended Q1 2024 with gross written premiums (GWP) worth EUR 329,15 million, 11.42% up y-o-y. Life insurance accounted for almost 19% of this total, while motor insurance is the business segment eith the largest participation to the market portfolio (32%).
29 August 2024VIG, 1H2024: Premium increase in all lines of business and segments; earnings before taxes expected to reach up to 875 million by year-end
Austrian Vienna Insurance Group reported GWP of EUR 7,886.8 million in 1H2024, 7.9% up y-o-y. Premiums increased in all segments and all lines of business, the Group said. The underwriting income increased to EUR 5.9 billion (+10.0%), while earnings before taxes grew to EUR 481.0 million (+3.9%).
29 August 2024WTW appoints Gavin Hamilton as a Director in its International Property team
WTW has appointed Gavin Hamilton as a Director within its International Property team, based in London. Hamilton will report into Edward Day, Head of International Property.
29 August 2024STATISTICS: MOLDOVA, 1H2024: motor insurance occupies almost 70% of the market
According to the National Bureau of Statistics, the insurance sector of Moldova grew by 11.06% to MDL 1,553.12 million (EUR 80.93 million) in the first half of 2024. At the same time, paid claims increased by 10.61% and amounted to MDL 532.99 million (EUR 27.77 million).
29 August 2024UKRAINE: GWP of the TAS Group rise almost 39% y-o-y from January to July
TAS Group (one of the TOP-3 insurers in Ukraine) collected UAH 2,553.35 million (~EUR 57.47 million) for the period from January to July 2024, which is 38.8% higher y-o-y, Forinsurer wrote.
29 August 2024UKRAINE: GWP of ARX grew by 14% in 1H
ARX, which is one of the TOP-3 in Ukraine and has been operating on the market for 30 years, generated more than UAH 1.9 billion (~EUR 43.86 million) in non-life insurance in the first half of 2024 (+14% y-o-y). The insurer's paid claims exceeded UAH 856 million (~EUR 19.76 million), Forinsurer reports.
29 August 2024NORTH MACEDONIA: ASO: July was a record in terms of non-life sales
Among voluntary classes, property insurance remains the best-selling with EUR 3 million generated per month, followed by Motor Hull with EUR 2 million and health insurance with EUR 1.7 million, the Insurance Supervision Agency (ASO) informed.
29 August 2024KAZAKHSTAN: payments for vehicles damaged as a result of hail in Astana may exceed KZT 4.5 billion
The total property damage to vehicle owners after a strong hail that hit Astana on August 8 may exceed KZT 4.5 billion (~EUR 8.37 million), according to estimates from the EURASIA insurance company.
29 August 2024ESTONIA: in the 1H2024, employer’s health insurance rose by 11%
During the first half of this year, the number of companies that purchased employer's health insurance to cover medical expenses of their employees increased by 11% - 1400 employers have insured 60,000 employees, which is the highest result since the launch of this insurance product in 2018.
29 August 2024BELARUS: insurance organizations have been determined to pay for Belarus' share in the Eurasian Reinsurance Company
The Resolution of the Council of Ministers d/d August 20 determined in 2024 the organizations authorized to pay for Belarus' share in the charter capital of the Eurasian Reinsurance Company, BELTA reports with reference to the National Legal Internet Portal.
29 August 2024AZERBAIJAN: from January to July, paid claims’ growth exceeded 55%
In the first 7 months of 2024, the insurance market of Azerbaijan increased by 9.5% to AZN 833.85 million (~EUR 453.18 million), ABC.AZ writes with reference to the Central Bank of Azerbaijan.
29 August 2024STATISTICS: CROATIA, 1H2024: ranking change in the life insurance sector
The 14 insurance companies operating on the Croatian insurance market in 1H2024 have collected premium worth EUR 953.3 million, of which EUR 175.5 million (18.5%) for life insurance and EUR 776.8 million (81.5 %) for the non-life insurance lines, data provided by the market authority (HANFA) show.
28 August 2024STATISTICS: ROMANIA, 1Q2024: foreign branches’ contribution to the market GWP is increasing
The gross written premiums by companies domiciled in Romania amounted to ~ EUR 961.3 million, 0.4% up y-o-y, and accounting for 86% of the total volume written in Romania. Meanwhile, GWP by branches operating in Romania under FOE reached EUR 154.5 million in Q1 2024.
28 August 2024Central Europe: Flooding caused insured losses of tens of millions of euro across the region
Intense rainfall episodes between August 16-20 in parts of Austria, Czechia, Poland and Slovakia resulted in instances of flash flooding and landslides leading to total aggregated insured losses, as initially reported by insurers from the region, in the tens of millions EUR, the latest Aon Weekly Cat Report said.
28 August 2024Nexus Underwriting Group US launches new Alternative Risk Transfer business
Leading specialty Managing General Agent Nexus Group (“Nexus”) has announced it has launched a new Alternative Risk Transfer (ART) business line, under the leadership of Christof Bentele, President of Nexus Specialty Casualty.
28 August 2024TRIGLAV Group, 1H2024: spectacular y-o-y growth of the gross profit supported by the non-life business and expansion of FOS activity
The Triglav Group delivered a strong performance in 1H 2024, its total business volume reaching EUR 942.9 million, 2% down y-o-y. The Group recorded a gross profit of EUR 89.5 million, significantly higher y-o-y. Based on 1H results, Triglav expects year-end gross profit in the range of EUR 130 - 150 million.
28 August 2024UNIQA Group, 1H2024: significant increased profitability and strong business growth in all markets
UNIQA Group’s earnings before taxes increased y-o-y by almost 20% in1H2024, supported by the 4.5% y-o-y growth recorded in Austria, the 12.3% increase in the Eastern Europe business, a moderate claims burden and very good performance with its investments, while the gross combined ratio stood at 87.3%.
28 August 2024
