 MONTE CARLO: "Rendez-Vous de Septembre" 2018 |
LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"
by Mihaela CIRCU, 2018-09-13
The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.
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FY2017 XPRIMM Property and Motor insurance reports to be launched in Monte Carlo
by Adina TUDOR, 2018-09-10
The latest editions of the XPRIMM Motor Insurance Report and Property Insurance Report will be launched in Monte Carlo, at the 62th edition of the "Rendez-Vous de Septembre," one of the most important international events dedicated to insurers, reinsurers, brokers, and reinsurance consultants.
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AON recommends the pools to be more flexible
by Mihaela CIRCU, 2018-09-09
"As the world economy struggles to produce strong sustainable growth, and with the rising pressure on governments to increase public spending on welfare and services, there has never been a more important time for the re/insurance industry to step back and provide solutions to reduce the insurance protection gap", according to AON's Global Insurance Market.
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Swiss Re report: Premium rates need to increase substantially to restore profitability
by Mihaela CIRCU, 2018-09-09
Worldwide, most major non-life insurance markets are in a phase of below-average profitability, according to the latest sigma report from the Swiss Re Institute, "Profitability in non-life insurance: mind the gap", that presents the existing earnings gap in the non-life insurance sector.
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Munich Re - Cyber Insurance Market - 9 billion USD in 2020
by Mihaela CIRCU, 2018-09-09
"Cyber risks are one of the biggest threats to the networked economy. Munich Re is making highly targeted investments in know-how and development of networks in order to continually improve its services and insurance products," Torsten Jeworrek, Member of Munich Re's Board of Management, stated during RVS 2018
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AIR launches severe thunderstorm model
by Mihaela CIRCU, 2018-09-10
Catastrophe risk modeling firm AIR Worldwide released a new severe thunderstorm model for Europe. Together with AIR's Extratropical Cyclone Model for Europe and European flood models, this new model now allows for a comprehensive assessment of atmospheric risk in this region.
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Willis Re - Market still soft, but functional
by Mihaela CIRCU, 2018-09-10
Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.
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Hannover Re: broadly diversified reinsurers with expertise and a very good rating will benefit from the current state of the market
by Mihaela CIRCU, 2018-09-10
Hannover Re expects to see stability in prices and conditions overall for the treaty renewals as at 1 January 2019 and promising opportunities for next year arising from digitalization, increased demand for coverage of cyber risks, as well as from various openings in the Asian growth markets.
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AXA obtained approvals for XL acquisition. Last day of independence for XL Group
by Mihaela CIRCU, 2018-09-11
AXA announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group previously announced on March 5, 2018. The acquisition is expected to close on September 12, 2018, pending the satisfaction of the remaining customary closing conditions.
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AXA: acquisition of XL Group completed
by Daniela GHETU, 2018-09-13
AXA has announced on September 12 that it has completed the acquisition of XL Group Ltd, a leading global Property & Casualty commercial lines insurer and reinsurer with strong presence in North America, Lloyd's, Europe, and Asia-Pacific.
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PERILS takes over CRESTA secretariat
by Daniela GHETU, 2018-09-11
PERILS, the independent Zurich-based organization providing industrywide catastrophe insurance data, has announced that it has taken over responsibility for the ongoing management of the CRESTA Secretariat. The Secretariat was previously managed on a rotational basis by Munich Re and Swiss Re.
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Munich Re: aggregation risk of cyber insurance is 'the elephant in the room'
by Daniela GHETU, 2018-09-12
Only 5% of cyber losses are insured, estimates Christian Fuhrmann, chief executive of global clients/North America, Munich Re. Very complex by nature and continuously changing, cyber insurance is one of the biggest challenges for insurers, he said.
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NEWS |
STATISTICS: SERBIA, 1H2018: almost 10% growth, driven by the MTPL and fire insurance lines
by Daniela GHETU, 2018-09-13
The Serbian insurance marked ended the first half year with GWP worth RSD 52.18 billion (EUR 442 million), 6,8% up y-o-y. Due to the modest appreciation of the Serbian Dinar against Euro, the market results denominated in European currency show a higher growth rate, of 9.35%.
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STATISTICS: HUNGARY, 1H2018: 25% increase in the market aggregated profitability
by Daniela GHETU, 2018-09-13
Hungarian insurers have reported consolidated GWP worth HUF 520.15 billion in 1H2018, by 7.1% up y-o-y. Yet, given the over 6% depreciation of the Forint against the European currency, the market results denominated in Euro show a total GWP volume of EUR 1.58 billion, only 0.6% up y-o-y.
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COFACE announces the signing of an agreement to acquire PKZ, a credit insurance subsidiary of SID Bank
by Daniela GHETU, 2018-09-11
Coface announced it has signed a binding agreement with the Slovenian public SID Bank, to acquire 100% of PKZ capital, a credit insurance subsidiary of SID Bank.
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"Green line" for EUROINS to acquire Georgian insurer IC Group
by Andrei Victor, 2018-09-13
Bulgaria's EUROINS Insurance Group (EIG) stated that it has acquired IC Group, one of the leading insurers in Georgia. The regulatory approval for the purchase agreement has already been granted.
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GROUPAMA, 1H2018: increase premium income and improved combined ratio
by Daniela GHETU, 2018-09-12
The French group GROUPAMA (Groupama Assurances Mutuelles) has reported a combined premium income of EUR 9.5 billion, 3.6% up y-o-y, for 1H2018. Most of the premium income, worth EUR 8 billion, was provided by the French business segment.
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QBE, 1H2018: focus on redefining its international presence and maximizing ROE
by Daniela GHETU, 2018-09-11
QBE reported a statutory net profit after tax of USD 358 million, up 4% from USD 345 million in the first half of 2017 while cash profit after tax was also up 3% to USD 385 million from USD 372 million.
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QBE's received approval to move its European business to Brussels
by Daniela GHETU, 2018-09-11
QBE European Operations, the business insurance specialist, part of the Australian QBE Insurance Group, has received the High Court approval for moving its general insurance business written through its European branch network to QBE's new Belgian (re)insurance entity, QBE Europe SA/NV.
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SOMPO International chose Luxembourg for its post-Brexit European home
by Daniela GHETU, 2018-09-10
SOMPO International Holdings Ltd., a Bermuda based specialty provider of property and casualty insurance and reinsurance has chosen Luxembourg, as its European post-Brexit home, by establishing there its new subsidiary, SI Insurance (Europe).
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Lloyd's Lab opens its doors to tech disruption
by Daniela GHETU, 2018-09-10
Following a global search for technology talent that drew more than 200 applications from 36 countries, Lloyd's Lab, the global insurance market's new innovation accelerator, opened its doors on 3 September.
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MUNICH Re acquires tech company relayr
by Andrei Victor, 2018-09-10
Reinsurer Munich Re has announced that via its subsidiary Hartford Steam Boiler (HSB), it has acquired the software company relayr, of which it will hold 100% of the shares upon completion.
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AXA-backed startup Fixter is expanding across the UK, to make motorists' life easier
by Daniela GHETU, 2018-09-11
Fixter, the AXA-backed, London startup founded in 2016 to enable the French-based insurer to better cover the British motor insurance market, has expanded in key regions across the country.
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S&P affirmed SCOR's rating at "AA-" with a "stable outlook"
by Andrei Victor, 2018-09-10
SCOR announced that Standard & Poor's (S&P) affirmed the financial strength rating for the Group and its main subsidiaries at "AA-", with a "stable outlook", and maintained the counterparty credit ratings at "AA-/A-1+".
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A.M. Best upgrades Issuer Credit Rating of MAPFRE Re, Compañ
by Daniela GHETU, 2018-09-10
A.M. Best has upgraded the Long-Term Issuer Credit Rating (Long-Term
ICR) to "a+" from "a" and affirmed the Financial Strength Rating of A
(Excellent) of MAPFRE RE, Compania de Reaseguros, S.A. (MAPFRE RE)
(Spain).
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ARMENIA: partnership in export insurance between representatives of Swiss Re and Malakut-Trade Credit Insurance
by Marina MAGNAVAL, 2018-09-13
On September 4, the Minister of economic development and investments of Armenia, Artsvik MINASYAN, discussed partnership in export insurance with the chief insurance officer of Malakut-Trade Credit Insurance, Audrius ROSINASI, and Magnus NIGZHET, a Swiss Re representative, responsible for the export insurance line in Armenia, said ArmInfo.
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BELARUS: GWP y-o-y growth for January-July exceeded 15%
by Marina MAGNAVAL, 2018-09-11
For the period of January-July 2018 Belarusian insurers generated BYN 705.2 million* of GWP (direct insurance and co-insurance). Annual growth of premiums (compared to the same period in 2017) amounted to 15.2%, as reported by the Ministry of Finance of the Republic.
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Moves on the Kazakh insurance market under the scrutiny of A.M.Best
by Daniela GHETU, 2018-09-11
A.M. Best will evaluate the impact that the merger transaction between the Kazakh Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) and JSC IC Kazkommerts-Policy, on August 29, 2018, had on Kazakhinstrakh's Credit Rating.
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KAZAKHSTAN: reducing the number of licensed insurers does not impact system stability
by Marina MAGNAVAL, 2018-09-13
From the beginning of the year, selected insurers have forfeited licenses on some insurance activities. SALEM's license for voluntary insurance was cancelled on August 28. Additionally, the license for general insurance of Kompetenz was suspended for 6 months, wrote allinsurance.kz.
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KAZAKHSTAN: Kazakhstan 'BBB-/A-3' Ratings affirmed with stable outlook
by Marina MAGNAVAL, 2018-09-11
On September 7 S&P Global Ratings affirmed long-term and short-term foreign and local currency sovereign ratings on Kazakhstan at 'BBB-/A-3' with a stable outlook. The agency also affirmed 'kzAAA' as a national scale rating for Kazakhstan.
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RUSSIA: largest life insurance agency, RGS Life, has changed its name to KAPITAL Life Insurance
by Marina MAGNAVAL, 2018-09-11
On September 3 this year, RGS Life changed its name to KAPITAL Life Insurance. This change will not have any consequences for clients. KAPITAL Life Insurance exercises its rights and retains its obligations under previously concluded contracts in full without restrictions, wrote ASN portal.
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UKRAINE: the National Bank of Ukraine proposes toughening mandatory insurance requirements to improve the quality of market regulation
by Marina MAGNAVAL, 2018-09-13
Huge losses in mandatory insurance have made it necessary to review license conditions for companies by introducing additional requirements to their solvency in line with EU standards, the National Bank of Ukraine (NBU) has said.
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UZBEKISTAN: life paid claims' share in the first half of the year exceeded the share of non-life paid claims for the first time in local market history, amounting to 55%
by Marina MAGNAVAL, 2018-09-11
According to the Ministry of Finance of Uzbekistan total paid claims went up by 27% to UZS 177.1 billion* in the first half of the year. With that, total GWP amounted to UZS 817.6 billion, 88% more than a year ago.
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| TOP
EVENT |
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ICAR
2018 registrations opened; top professionals in the fields of re/insurance,
claims adjusting, risks modelling on the speakers list
by Daniela GHETU, 2018-08-23
"Various macro trends keep manifesting themselves: the digital age,
longevity, ecological breakdown and increased protectionism are some
of the key topics. While these changes can threat an established
business model, macro trends can also be used to widen a commercial
playground and explore different fields of profit," says Angelika
WERNER, Expert Atmospheric Perils, Property Underwriting EMEA, Swiss
Re.
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"Insurance in a Digital Future" Conference, today in Ljubljana
by Team, 2018-09-13
Organized by the Insurance Supervision Agency of Slovenia (AZN), the 4th annual conference with the title "Insurance in a Digital Future" took place today in Ljubljana - Slovenia.
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| INTERVIEW |
 Matteo CARBONE
Founder and Director IoT Insurance Observatory
by Daniela GHETU, Oleg DORONCEANU, Alana MCKENZIE, 2018-09-11
Everywhere any head of a motor insurance business line would love to: have objective information about a crash, improve the driving habits and reduce the distraction of his policyholders, benefit from a self-selection which push-back the worst risks at each pricing level, have insights to better price risks at the underwriting stage or at renewal, and receive additional fees from the clients for value-added services. Today, a few best practices around the world - from Rome to Johannesburg, from Vienna to Chicago – are doing this, and each of them is using this technology in a differently. Telematics is only a tool; each player can use it in the way that fits better with its strategy.
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| MARKETS&TRENDS |
| ON
THE MOVE |
Starting 15 October, John NEAL will take up the Lloyd's CEO position
by Daniela GHETU, 2018-09-10
Lloyd's has confirmed the appointment of John NEAL, ex CEO of the QBE Group, Chief Executive Officer (CEO), to replace the departing Inga BEALE, effective as of 15 October 2018.
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Vincent VANDENDAEL to leave the Lloyd's of London corporation after almost six years
by Daniela GHETU, 2018-09-10
Lloyd's of London announced that Vincent VANDENDAEL will leave the corporation in early 2019, after almost six years, to join EVEREST Insurance as CEO of International Insurance. He is the second top executive, after CEO Inga BEALE, who's departure from Lloyd's was announced lately.
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Vijay MAVANI to join JLT Re in 2019 as Partner, Capital Solutions
by Andrei Victor, 2018-09-10
JLT Re said that Vijay MAVANI will join JLT Re as a Partner, Capital Solutions after he will complete his contractual obligations with his current employer. He is expected to start at JLT Re early in 2019.
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Michel FONTAINE joins JLT Re's Paris office as Partner
by Andrei Victor, 2018-09-10
JLT Re announced that Michel FONTAINE has been appointed as a Partner in the Paris office.
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CCR Re consolidates its management base with several new appointments
by Daniela GHETU, 2018-09-10
To support its furthered development CCR Re, the full-service reinsurer operating on the French and international markets in the life, non-life and specialty lines of business, has announced five appointments in its management team.
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PIMCO hires John STUDZINSKI as Managing Director and Vice Chairman in its Executive Office
by Andrei Victor, 2018-09-10
ALLIANZ announced that its premier fixed income investment managers - PIMCO, has hired John STUDZINSKI as Managing Director and Vice Chairman of PIMCO in its Executive Office. He will be based in PIMCO's New York office and will report to Emmanuel ROMAN, PIMCO's Chief Executive Officer.
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| STATISTIC
UPDATES |
| PRESS
CUTTINGS |
| PARTNER
EVENTS |
Les Rendez-Vous
de Septembre
8-13 September, 2018, Monte-Carlo
2nd Edition
IFRS 17 Implementation in Life Insurance
13-14 September 2018, London, United Kingdom
XVIII International
Finance Forum
12-15 September 2018, Odessa, Ukraine
Operational & Process
Excellence (OPEX Central Europe) Summit 2018
19 - 21 September 2018, Prague, Czech Republic
1st National
Reinsurers Summit "National Reinsurers: Focus on global cooperation"
September 20-21, 2018, Sheraton Palace Hotel, Moscow, Russian Federationze="1"
IBF - INSURANCE
BUSINESS FORUM
24-28 September 2018, Swissotel Kamelia, Sochi, Russia
Insurance
Conference - Republic of Moldova
2 October 2018, Radisson Blu Leogrand Hotel
ICAR
2018 - The International CAtastrophic Risks Forum
09 October 2018, Bucharest, Romania
The Xth
International Istanbul Insurance Conference
4th - 5th October 2018 Istanbul |
| CURRENT
XPRIMM REPORTS |
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