Bulgaria: VIG to increase its participation in Bulstrad after TBI liquidation
by Andrei Victor, 2018-11-01
The Bulgarian Financial Supervision Commission - FSC announced that it has allowed Vienna Insurance Group (VIG) to increase its direct shareholding in Bulstrad Vienna Insurance Group, following the liquidation of its fully-owned subsidiary TBI Bulgaria.
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STATISTICS: ALBANIA 3Q2018: motor insurance lines' market weight increased to nearly 70%
by Daniela GHETU, 2018-11-01
Albanian insurers have reported GWP worth EUR 98.7 million (ALL 12.46 billion) in 3Q2018, up by 9.73% y-o-y. For the same period, paid claims have decreased by 3.12% y-o-y, to EUR 26.86 million. The local subsidiaries of the Austrian group UNIQA lead both the life and non-life insurance segments.
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STATISTICS: Croatia, 3Q: Positive trend, supported by the traditional life insurance and the motor insurance lines
by Daniela GHETU, 2018-11-01
The Croatian insurance market totaled after the first three quarters of 2018 GWP worth EUR 1.02 billion, 10.8% up y-o-y. Paid claims have increased y-o-y by 13%, to EUR 539.7 million. Top 3 insurers account together for over 52% of the market GWP.
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VIG's Baltic unit SEESAM Insurance AS - 10% GWP increase in 3Q
by Daniela GHETU, 2018-11-01
Estonian non-life insurer SEESAM, one of last entered players in the VIG family, raised its GWP in the Baltic states by 10% y-o-y, to EUR 54.1 million, informs LETA, quoting Dace ZITMANE, marketing manager at the Latvian branch of the company.
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GENERALI has opened a Representative Office in Moscow
by Daniela GHETU, 2018-11-01
The Representative Office of GENERALI in Moscow was officially opened on 31 October 2018 by Luciano CIRINA, CEO of GENERALI CEE Holding and Regional Officer for Austria, CEE & Russia and the Chairman & CEO of GENERALI Russia & CIS, Giorgio CALLEGARI.
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Ethniki sale saga continues: NBG to ask EU for more time to complete the sale
by Andrei Victor, 2018-11-01
The National Bank of Greece (NBG) and the owner of the largest and the oldest Greek insurer - Ethniki - will ask the EU for more time to complete the planned asset sale under the EU-approved restructuring plan, according to sources quoted by international media.
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Swiss Re reports USD 1.1 billion net income for 3Q2018, after absorbing USD 1.6 billion of large claims
by Daniela GHETU, 2018-11-01
Swiss Re reported a Group net income of USD 1.1 billion for 3Q2018 compared to a loss of USD 468 million for the same period a year ago, despite an estimated claims burden of USD 1.6 billion from natural catastrophes and large man-made events in the reporting period.
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Germany designs emergency insurance laws in case of hard Brexit
by Alana MCKENZIE, 2018-11-01
The German government is reportedly working on two emergency laws to protect cross-border insurance agreements and derivatives contracts in anticipation of a fast-approaching Brexit in March 2019.
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Lloyd's to transfer all its EEA business to its Brussels subsidiary until 2020
by Daniela GHETU, 2018-10-31
Lloyd's has confirmed its subsidiary in Brussels will write all non-life risks from EEA countries from 1 January 2019, enabling partners and policyholders to retain access to the underwriting expertise of the Lloyd's market.
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AIG's Brexit restructure approved
by Andrei Victor, 2018-11-01
American International Group announced that its European subsidiary, AIG Europe Limited (AEL) has received approval from the High Court of England & Wales to transfer its business to two new entities: American International Group UK Limited (AIG UK) and AIG Europe SA (AESA) in preparation for the UK's exit from the European Union.
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PERILS: final loss estimate for extratropical cyclone Herwart of EUR 264 million
by Daniela GHETU, 2018-11-01
In its final loss estimate for Extratropical Cyclone Herwart, which primarily affected Austria and Germany on 29 October 2017, PERILS said the insured property market loss, based on loss data collected from affected insurers, is EUR 264 million.
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Global insurance M&A deals hit highest levels of value since the financial crisis
by Andrei Victor, 2018-11-01
Deal value for global insurance M&A reached EUR 37 billion in the first six months of 2018, driven by a slew of mega-deals which pushed value to its highest first-half total since the financial crisis, according to a new report from Willis Towers Watson and Mergermarket.
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Global Care on Demand: a virtual doctor for globally mobile citizens
by Daniela GHETU, 2018-10-31
As of November 1, 2018, AXA - Global Healthcare customers will have access to the "Global Care on Demand" service, a virtual doctor developed by Advance Medical, offering simple and flexible health services for globally mobile individual and SME customers.
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Fewer than one third of insurers report success in process of digital transformation
by Alana MCKENZIE, 2018-11-01
The insurance industry is known for having traditional structures with many legacy systems in place. As technology develops and globalization charges on, digital solutions become more important but fewer than one third of insurers report success in transforming business practices.
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STATISTICS: ARMENIA, 3Q2018: GWP up by 24.27%, more than half of the premiums generated by motor insurance
by Marina MAGNAVAL, 2018-11-01
Based on 3Q2018 results, GWP of the market exceeded AMD 30.5 billion, according to insurers' reports compiled by the information portal ArmInfo. The market y-o-y growth rate was of 24.27%.
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STATISTICS: AZERBAIJAN, 3Q2018: GWP exceeded last year's full amount and reached AZN 568.5 million
by Marina MAGNAVAL, 2018-11-01
For 9 months this year the Azeri market generated GWP up by 37.21% y-o-y, thus overcoming the figure of the last full year of AZN 500 million (AZN 568.54 million), as the data, published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show.
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BELARUS: GWP growth rates remain above the 15% threshold
by Marina MAGNAVAL, 2018-10-31
For 8 months this year insurers of Belarus generated GWP in the amount of BYN 804.9 million. At that growth rates remain above the 15% threshold, according to the data, published by the Ministry of Finance.
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GEORGIA: from January 1, 2019 industrial accident insurance of employees will be compulsory
by Marina MAGNAVAL, 2018-10-31
On January 1, 2019 in Georgia the article 5 of the law "On work safety" will come into force; based on it employers will be obliged at their expense to provide employees with industrial accident insurance.
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STATISTICS: KAZAKHSTAN: after 9 months GWP decreased by 0.8% y-o-y
by Marina MAGNAVAL, 2018-10-31
Based on the result after 3 quarters the insurance sector demonstrated a decrease of GWP by 0.8%. At that operating income, as of the beginning of October, went up by 1% and investment income - by 30%, informed abctv.kz.
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KAZAKHSTAN: some provisions of the new law will come into force on January 1
by Marina MAGNAVAL, 2018-10-31
Part of the provisions of the new law "On amendment to some legal acts
of the Republic of Kazakhstan on insurance and insurance activities,
securities market", that was adopted on July 2, 2018, will come into
force on January 1, 2019, including introduction of online insurance.
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RUSSIA: SOGAZ and VTB merge completed
by Marina MAGNAVAL, 2018-11-01
SOGAZ and VTB group completed 100% of the transfer of VTB Insurance. The merge involves all the companies of VTB group, including VTB Life insurance and VTB health insurance. All necessary approvals from regulatory authorities were received, according to SOGAZ.
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RUSSIA: national rating of SiV Life confirmed at ruAA
by Marina MAGNAVAL, 2018-11-01
Expert RA confirmed the rating of SiV Life at ruAA with a stable forecast. As the key positive rating factor the agency pointed to the high financial potential of the company's owner, Talanx AG, one of the leaders in the European insurance market with high international ratings.
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UZBEKISTAN: one of the key insurers - INGO-UZBEKISTAN celebrates 10 years of successful operations
by Marina MAGNAVAL, 2018-10-31
INGO-UZBEKISTAN, one of the key local insurers, on October 25 celebrated 10 years of successful operations and 15 years of its parent company presence in the Uzbek insurance market.
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