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NEWS |
VIG aquired Bosnian life insurer MERKUR Osiguranje
by Vlad BOLDIJAR, 2018-02-13
Vienna Insurance Group bought on the Sarajevo Stock Exchange, for about EUR 13 million, a package of 6,000 shares of the Bosnian life insurer MERKUR Osiguranje, the local subsidiary of Graz-based insurer Merkur International Holding AG, informed the local financial news portal Biznis Info.
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ERGO in the Baltic States, FY2017: almost double bottom line result despite the high volume of paid claims
by Daniela GHETU, 2018-02-14
Despite the high claims payments ERGO in the Baltic States has achieved in 2017 an almost double bottom line result than in 2016: EUR 8.63 million against EUR 4.52 million last year.?
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Croatia: lack of property insurance increases the NatCat losses burden for the country's economy
by Daniela GHETU, 2018-02-15
Croatia tops a list of 33 European countries in terms of the impact of economic losses from natural disasters on the country's GDP between 1980 - 2015 but lags behind when it comes about the insured losses, Total Croatia News reports.
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The 4th International Conference "Agricultural Insurance, Reinsurance and Brokerage in the CIS, Europe and Asia" will gather delegats from 17 countries
by Marina MAGNAVAL, 2018-02-15
The 4th International Conference "Agricultural Insurance, Reinsurance and Brokerage in the CIS, Europe and Asia" will take place in Belgrade, Serbia on April 16-18, 2018.
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The 32nd round of the MILLI Re International Insurance Tennis Tournament will be held on 1- 3 June 2018, at MILLI Re's Sports Club, MİLTAS.
by Daniela GHETU, 2018-02-15
The Tournament is for doubles - including mixed genders - and participants should meet the following conditions:
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STATISTICS: Albania, 2017: UNIQA units have the largest market share on all major business lines
by Vlad BOLDIJAR, 2018-02-15
The Albanian insurance industry amounted over ALL 16.19 billion (~EUR 122 million) at the end of 2017, or 5.38% y-o-y. During the analysed period, the number of issued insurance contracts reached 1,261,238 showing an increase of 11.99 % compared to year 2016.
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STATISTICS: Kyrgyzstan insurance market reported EUR 13 million in FY2017 GWP
by Marina MAGNAVAL, 2018-02-15
At the end of 2017, the Kyrgyz Republic insurance market totalled about KGS 1.06 billion (about EUR 13 million), according to the end-year market figures published on the market authority website.
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Profit of ERGO Insurance group in Russia in 2017 increased by 39%
by Marina MAGNAVAL, 2018-02-15
Net income of ERGO in Russia in 2017 increased by 39% up to RUB 314.4 million (EUR 4.56 million). GWP of ERGO group in Russia in 2017 increased by 9.5% up to RUB 9.7 billion (EUR 140.8 million). Total claims increased by 9% up to RUB 3.5 billion (EUR 50.8 million).
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A.M. Best has affirmed Credit Ratings of AzRe Reinsurance, OJSC
by Daniela GHETU, 2018-02-15
A.M. Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of AzRe Reinsurance, OJSC (AzRe) (Azerbaijan). The outlook of these Credit Ratings (ratings) remains stable.
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Russian Ministry of internal affairs proposed the Central Bank a joint audit of ROSGOSSTRAKH
by Marina MAGNAVAL, 2018-02-14
Russian Ministry of Internal Affairs proposed the Central Bank a joint audit of OTKRITIE bank's insurance unit ROSGOSSTRAKH, suspecting onerous claim payments on the MTPL line, Vladimir CHISTYUKHIN, Deputy Chairman of the Central Bank said.
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Russian biggest insurers' GWP is dropping
by Marina MAGNAVAL, 2018-02-15
The biggest insurers of Russia started to sum up the results of the year 2017. According to them 2017 period was unsuccessful.
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Russian Property/Casualty Insurance Sector Carries High Risk Despite Expected Economic Growth, Says S&P Global Ratings' Report
by Marina MAGNAVAL, 2018-02-15
S&P Global Ratings said that it assesses industry and country risk in the Russian property/casualty (P/C) insurance sector as high, reflecting that high country risk outweighs the intermediate industry risk.
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Global Goals 2018 announced for April 10-12, in Moscow
by Marina MAGNAVAL, 2018-02-15
The International Insurance and Reinsurance Congress "Global Goals 2018" will take place in Moscow, between April 10 - 12, 2018, with the support of the All-Russian Union of Insurers.
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Kazakh insurance market is expecting profound changes in life insurance
by Marina MAGNAVAL, 2018-02-15
In 2018 Kazakh market is expecting significant changes, according to the Chairman of the Management Board of the life insurer NOMAD Life and participant of the commission on amendment of insurance legislation, Kayrat CHEGEBAEV.
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A.M.Best, S&P and Fitch ratings analysts will speak at the risk-management conference
by Marina MAGNAVAL, 2018-02-15
On 19-20 April, 2018, leading world risk management experts will address the Kazakhstan's audience at the annual XIV International Risk Management Conference held by Eurasia IC JSC in Almaty at The Ritz-Carlton Hotel.
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RNRC released its 2017 portfolio of losses
by Marina MAGNAVAL, 2018-02-15
Russian National Reinsurance Company published its official report on loss portfolio for 2017. The report provides distribution of losses by classes, contract types and geography of insurance events.
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Russian insurers set 4 key targets for ARIA in 2018
by Marina MAGNAVAL, 2018-02-15
Representatives of insurers, members of All Russian Insurance Association, determined 4 key tasks for 2018: development of MTPL, life insurance, medical insurance, as well as improvement of legislation for home insurance against emergency cases, - said President of ARIA and RAMI, Igor YURGENS.
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January windstorms expected to cost European insurers more than USD 2 billion
by Vlad BOLDIJAR, 2018-02-13
Windstorms Friederike, Eleanor and Carmen killed at least 20 people and caused widespread damage that may amount to over USD 2 billion in insured losses, according to the latest edition of Global Catastrophe Recap report.
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PERILS: initial loss estimate for Extratropical Cyclone "Burglind", EUR 643 million
by Daniela GHETU, 2018-02-15
Extratropical Cyclone "Burglind", also known as "Eleanor" may have caused insured property losses of about EUR 643 million, PERILS, the industry-wide catastrophe insurance data independent provider, has disclosed its initial loss estimate.
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SOMPO International adds an Italian player to its AgriSOMPO global platform
by Daniela GHETU, 2018-02-14
SOMPO International reached an agreement to buy A&A, S.r.l., an Italian agriculture insurance provider. The transaction, which terms have not been disclosed, is expected to close by March 2018, pending regulatory approvals, said SOMPO International in a statement.
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Warts & All... What's The Real Story Behind the Digital Transformation Buzz?
by Marina MAGNAVAL, 2018-02-15
Successful digital transformation doesn't just depend on exploring new tech and AI. Instead, company's processes, people and technology must be agile enough to work in tandem to transform legacy systems, minimise disruption and add real value to the business bottom-line.
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Fitch: Re/insurer M&A interest persists in 2018
by Marina MAGNAVAL, 2018-02-15
The combination of continued competitive pressures, the effects of U.S. tax reform and catastrophe losses in 2017 is leading to speculation of more M&A among re/insurers in 2018, especially in the Bermuda market, said Fitch Ratings in a press release.
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WTW: FY2017 revenues was up by 4% y-o-y
by Vlad BOLDIJAR, 2018-02-13
The broking and solutions company Willis Towers Watson (WTW) announced its FY 2017 total revenues were USD 8.2 billion, increasing by 4% y-o-y (USD 7.9 billion in 2016). FY 2017 net income was USD 592 million vs. USD 438 million in the prior-year.
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ALLIANZ could expand on the US market by acquiring XL Group
by Vlad BOLDIJAR, 2018-02-13
Bermuda-based insurer XL Group is a potential acquisition target for ALLIANZ, in order to expand its coverage on the US property-casualty insurance market, according to the global financial media.
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ALLIANZ completes its shareholding in EULER HERMES to 92.43%
by Daniela GHETU, 2018-02-15
ALLIANZ Group has increased its shareholding in EULER HERMES to 92.43% in an important move that raises its exposure to the world's largest credit insurer, the German Group has announced in a press release.
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Rumors confirmed: Swiss Re in talks to sell a minority stake to SoftBank
by Vlad BOLDIJAR, 2018-02-15
Swiss Re confirmed it is in talks to sell a minority stake to Japanese multinational telecommunications corporation SoftBank Group.
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ZURICH annual BOP down by 15% due to higher levels of natcat losses
by Vlad BOLDIJAR, 2018-02-15
ZURICH Insurance Group said its FY2017 business operating profit (BOP) was USD 3.8 billion, down by 15% y-o-y, largely due to the high catastrophe, the Group's restructuring and a one-time item resulting from changes to capital gains relief in the UK.
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FITCH: increasing demand for cyber insurance may be both an opportunity and threat for insurers
by Daniela GHETU, 2018-02-15
In response to the sharp increase in data breaches in recent years, P/C insurers' efforts to offer cyber risk coverage for their policyholders have advanced significantly, and insurers' cyber risk offerings are likely to expand further in 2018, Fitch Ratings says.
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Net loss of AIG in 2017 went up more than 7 times
Net loss of AIG in 2017 went up more than 7 times?
by Marina MAGNAVAL, 2018-02-15
Net loss of American International Group Inc (AIG) based on 2017 result amounted to USD 6.084 billion which is 7.2 times higher than in 2016, according to AIR report.
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The actuaries' role in today's society, under debate on 22 February! Join the conversation!
by Adina TUDOR, 2018-02-13
Actuaries represent a key part of the insurance industry and they are a valuable resource to capitalize on. But are actuarial skills put to work enough in the CEE insurance industry? Where do CEE insurers find the actuarial talents they need?
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Drivers are starting to prefer policy pricing based on their behavior, but fear privacy issues. How will GDPR impact telematics?
by Adina TUDOR, 2018-02-15
Expanding telematics to consumers through smartphones can be the answer to insurers' mounting underwriting losses while supporting efforts by carriers to price risk more accurately, showed a recent consumer study from Cambridge Mobile Telematics.
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EU legislation, under debate at The European Consumer Protection Conference. Register now!
by Adina TUDOR, 2018-02-13
The European legislative framework has been undergoing multiple changes in the past years. What other changes will companies have to expect in the next two years?
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Non-physical property insurance claims, an issue getting increased relevance. How do insurers cope with the new reality?
by Adina TUDOR, 2018-02-13
In July 2017, Lloyd's of London was estimating that a global cyber-attack could result in damages of as much as USD 121.4 billion in an extreme event, a sum comparable to economic losses caused by Hurricane Katrina in 2005.
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THE MOVE |
 Mustafa ABBASBEYLI elected Chairman of the Azerbaijan Insurers Association
by Daniela GHETU, 2018-02-13
Mustafa ABBASBEYLI was appointed as the new Chairman of the Azerbaijan Insurers Association, the APA news agency has said. The decision was made during a general meeting of the founders of the association.
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XL Catlin promotes Tim POWELL to Chief Underwriting Officer
by Vlad BOLDIJAR, 2018-02-13
XL Catlin's insurance operations announced that Tim POWELL has been promoted to Chief Underwriting Officer for International Financial Lines (IFL) effective March 1.
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AIG appoined former CIA attorney as General Counsel
by Vlad BOLDIJAR, 2018-02-13
American International Group (AIG) announced that Caroline KRASS will join the company as Senior Vice President and General Counsel, General Insurance, and Deputy General Counsel, AIG, effective in March 2018.
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Euler Hermes Group announced Board of Management changes
by Vlad BOLDIJAR, 2018-02-15
Euler Hermes Group has announced Board of Management changes, including the appointment of a new Group Chief Financial Officer (CFO).
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| MARKETS & TRENDS |
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UPDATES |
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EVENTS |
5th Insurance Claims & Underwriting Management Asia Summit 2018
6-9 February 2018, Singapore
6th Edition Nordic Asset Allocation: Investing in Alternative Asset Classes
7-9 March 2018, Stockholm, Sweden
Chief Data & Analytics Officer, Insurance
26-28 March, 2018, Chicago, USA
4th Annual African Insurance Forum
5-6 April 2018, Johannesburg, South Africa
XXII Annual Conference on Reinsurance
10-12 April 2018, Moscow, Russia
Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia
16-18 April 2018, Belgrade, Serbia
XII International Conference "Insurance in Central Asia"
16-17 April 2018, Almaty, Kazakhstan
XIV International Risk Management Conference
19-20 April 2018, Almaty, Kazakhstan |
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