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MUNICH Re affirms profit guidance despite natural catastrophes - quarterly profit of EUR483m
by Cristian SUCA, 2018-11-07
Despite high losses owing to Typhoon Jebi and Hurricane Florence (around EUR300m each), MUNICH Re posted, in Q1-3, a profit of EUR2,038m and is thus on track to achieve its profit target of EUR2.1-2.5bn. The company also highlights a robust growth in property-casualty reinsurance and that the profit guidance for ERGO raised to at least EUR350m, following good Q1-3.
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GENERALI nine-month results: Operating result and net profit improve. Life net cash inflows rebound. Capital position remains solid even with highly volatile markets
by Cristian SUCA, 2018-11-08
In the first nine months of 2018, Generali's operating result increased to EUR 3.6 billion, up 3.9% as a result of improvements in all business segments. Also, premiums increased by 6.1% to nearly EUR 50 billion thanks to the growth in both business segments, with an acceleration in Property & Casualty (+2.7%). Net profit increased to EUR 1,855 million (+26.8%), also thanks to the positive non-operating performance and the result from disposals.
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Extreme weather hit Italy causing losses of at least EUR 1 billion only in Veneto
by Daniela GHETU, 2018-11-05
The extreme weather events have written another record page last week, when Venice has experienced the worst flooding in at least a decade, with losses estimated at first sight to over EUR 1 billion throughout the Veneto region.
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MMC acquisition receives JLT Shareholder approval
by Andrei Victor, 2018-11-08
Marsh & McLennan Companies (MMC) announced that the shareholders of Jardine Lloyd Thompson Group plc (JLT) overwhelmingly approved Marsh & McLennan's agreement to acquire JLT. "Of those shares voted, 99.9% voted in favor of the transaction".
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RUSSIA: MTPL liberalization will boost competition price, says FITCH
by Marina MAGNAVAL, 2018-11-08
MTPL insurers in Russia are likely to compete more strongly on price if further liberalization of the market takes effect next year, FITCH Ratings says in a new report, published on November 5, 2018.
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Czech Rep: Draught hits local farming causing losses of nearly half billion euro
by Daniela GHETU, 2018-11-06
While other European countries have experienced heavy rains causing severe flooding episodes, the Czech Republic is challenged by one of the worst droughts in its recent history, causing losses of over CZK 12 billion (~EUR 473 million) to the local farmers.
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Hannover Re significantly increases nine-month result and confirms profit target for the full year
by Cristian SUCA, 2018-11-08
Hannover Re increased Group net income by a significant 32.1% as at 30 September 2018 to EUR 725.3 million (EUR 548.9 million) and confirms the profit guidance of more than EUR 1 billion for 2018.
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CyberCube partners with CNA
by Daniela GHETU, 2018-11-08
Partnership enables CNA to broaden cyber insurance underwriting capabilities and address the emerging challenges in measuring cyber aggregation risk
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Willis Towers Watson, 3Q2018: revenues up by 6% y-o-y and optimistic expectations for year end
by Daniela GHETU, 2018-11-06
For 3Q2018, excluding the impact of Accounting Standards Codification (ASC) 606, Willis Towers Watson (WTW) has reported revenues of USD 6.5 billion, 6% up y-o-y (3% increase constant currency and 4% increase organic), as compared to USD 6.1 billion for the same period in the prior year.
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MMC Q3 revenue increased to USD 3.5 billion
by Andrei Victor, 2018-11-08
The MARSH & McLENNAN Companies (MMC) reported Q3 2018 consolidated revenues of USD 3.50 billion (vs. USD 3.34 billion), up by 5% compared with the third quarter of 2017. The operating income was up to USD 541 million (vs. USD 535 million), while the net income attributable to the company was USD 276 million (vs. USD 393 million in Q3 2017).
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RUSSIA: MTPL paid claims decreased by 27 % y-o-y after first 9 months
by Marina MAGNAVAL, 2018-11-08
According to preliminary data of the Russian Association of Motor Insurers (RAMI), for the first 9 months of this year MTPL GWP amounted to RUB 167.16 billion, which is almost the same level as a year ago.
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AZERBAIJAN: nationwide introduction of compulsory health insurance postponed to 2020
by Marina MAGNAVAL, 2018-11-08
Nationwide introduction of compulsory health insurance in Azerbaijan was postponed from 2019 to 2020, reports the Analytical and Information agency FINEKO and ABC.AZ.
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AXA's 3Q revenues up by 4% y-o-y, to EUR 75.8 billion
by Andrei Victor, 2018-11-08
French insurer AXA announced its January-September 2018 total revenues were up 4% to EUR 75.8 billion with growth in all geographies.
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"Costly" times are coming for Bulgarian drivers
by Andrei Victor, 2018-11-08
Bulgarian insurance market" authority - FSC recently published a draft ordinance regarding the MTPL tariffs for MTPL policies, wrote local media.
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Adriatic largest insurer reported increasing profits and improved nine-month combined ratio
by Andrei Victor, 2018-11-08
Croatian holding ADRIS Grupa, the owner of the largest and oldest insurer in Adriatic region - CROATIA Osiguranje, announced in a statement its insurance arm generated a gross profit of HRK 403 million (~EUR 54.3 million) during the first nine months of the year, 46% more y-o-y compared to the 3Q2018 figure (HRK 275 million).
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Fitch: Spanish insurers' growth prospects better than peers'
by Andrei Victor, 2018-11-08
The Spanish insurance sector appears to have good prospects for profitable growth, in contrast to most other major European insurance markets, Fitch Ratings says in a new report.
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GEORGIA: a market leader, ALDAGI, believes the market has big potential but is still immature
by Marina MAGNAVAL, 2018-11-08
"By global standards, insurance in Georgia is still immature - in the initial stages really - therefore there are many things that are yet to be done and the market has big potential," Giorgi BARATASHVILI, CEO of ALDAGI, told the FINANCIAL in an interview.
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STATISTICS: KOSOVO 3Q2018: Insurers' net profit decreased by more than one third
by Andrei Victor, 2018-11-08
The insurance market of Kosovo totaled EUR 2.1 million at the end of September 2018, 34% less y-o-y (vs. EUR 3.2 million), data provided by the Central Bank (CBK) showed.
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STATISTICS: Montenegro, 3Q2018: GRAWE and LOVCEN lead the market rankings
by Andrei Victor, 2018-11-08
During 3Q2018, the Montenegrin insurance market totaled almost EUR 65 million, a 6% increase y-o-y, as the Insurance Supervision Agency has reported.
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RUSSIA: GWP of RESO-Garantia as of the end of September went up by 3.5% y-o-y
by Marina MAGNAVAL, 2018-11-08
Net profit of RESO-Garantia from January to September this year increased by 18% y-o-y and amounted to RUB 16.2 billion, as the insurer informed.
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UZBEKISTAN: from January to September O'zbekinvest Hayot paid claims 88% more y-o-y
by Marina MAGNAVAL, 2018-11-08
From January to September this year paid claims' growth rate of O'zbekinvest Hayot amounted to 88% y-o-y and reached UZS 49.6 billion, as UzReport informed.
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UKRAINE: GWP of INGO Ukraine went up by 13.7% and paid claims - by 10.9%
by Marina MAGNAVAL, 2018-11-08
INGO Ukraine generated GWP in the amount of UAH 876.8 million, in the first nine months of 2018, 13.7% more y-o-y. At the same time, the insurer's paid claims reached UAH 378.8 million (+10.9%), informed Forinsurer.
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SEB to merge its three Baltic life units
by Andrei Victor, 2018-11-08
SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".
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KAZAKHSTAN: the market leader EURASIA is creating a new life insurer
by Marina MAGNAVAL, 2018-11-08
The leader of the Kazakh insurance sector, EURASIA, is planning to create a new life insurer, according to the business information center Kapital.kz.
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KAZAKHSTAN: insurers request the revision of the tariffs in mandatory MTPL insurance
by Marina MAGNAVAL, 2018-11-08
Kazakh insurers request the revision of the tariffs in mandatory MTPL insurance since they hadn't been revised during 10 years and no longer meet the existing market conditions, wrote allinsurance.kz.
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UZBEKISTAN: from January to September O'zbekinvest Hayot paid 88% more y-o-y in claims
by Marina MAGNAVAL, 2018-11-08
From January to September this year, the paid claims' growth rate of O'zbekinvest Hayot amounted to 88% y-o-y and reached UZS 49.6 billion, announced UzReport.
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QBE announces changes to simplify and streamline its operations
by Daniela GHETU, 2018-11-06
QBE has announced on 31 October changes to its structure in an important step towards further simplifying its operations and building a more streamlined, agile and customer-oriented business.
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A.M. Best downgrades Credit Ratings of Tokio Millennium Re AG; places under review with developing implications
by team, 2018-11-06
A.M. Best has downgraded the Financial Strength Rating to A+ (Superior) from A++ (Superior) and the Long-Term Issuer Credit Rating to "aa-" from "aa+" of Tokio Millennium Re AG (TMR) (Switzerland).
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Aon, Q3 2018: positive evolution of key financial indicators and a new silent cyber solution
by Daniela GHETU, 2018-11-06
Aon has reported for Q3 2018 total revenues up by 6%, to USD 2.3 billion, including 6% organic revenue growth. The operating margin increased to 11.2%, and operating margin, adjusted for certain items, increased 190 basis points to 18.5%.
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RUSSIA: GWP of RESO-Garantia went up by 3.5% y-o-y as of the end of September
by Marina MAGNAVAL, 2018-11-08
Net profit of RESO-Garantia from January to September this year increased by 18% y-o-y and amounted to RUB 16.2 billion, as announced by the insurer.
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Insurance, a key player in building resilience
by Daniela GHETU, 2018-11-05
"The frequency of natural disasters is increasing, and the damage they cause will be greater as the world population becomes more urban and concentrated in areas prone to catastrophe," one of the latest analysis published by Aon under the Global Insurance Market Opportunities titles sates.
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Who were the winners of the Golden Shield Excellence Awards?
by Adina TUDOR, 2018-11-08
InsureTek Middle East 2018, organized by Biz Events Management and supported by XPRIMM Publications as Media Partner, took place on 7 November 2018 at Hotel Grand Excelsior, Dubai.
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The "Croatian Insurance Days" take place in Opatija, Croatia
by Daniela GHETU, 2018-11-08
The most important annual meeting of the Croatian insurers, the "Croatian Insurance Days", started today in Opatija, Croatia.
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IIF 2018 - Insurance in a DIGITAL WORLD
by Daniela GHETU, 2018-11-05
Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.
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Reducing the risks in agriculture by using insurance means, discussed in Skopje
by Daniela GHETU, 2018-11-06
On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.
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| INTERVIEW |
 Interview with Michaela KOLLER, Director General, Insurance Europe
by Daniela GHETU, 2018-11-08
In 2019, for the first time, Insurance Europe will organize its annual conference in a CEE country – Romania, during the period in which Romania will hold the EU Council presidency. “The Insurance Europe Conference is an opportunity to put Romania on the map. It would be great if this is picked up in Romania — and also in the CEE markets — as an opportunity to get the voices of the markets heard.”
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