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IASB to propose one-year deferral of insurance contracts Standard
by press.release, 2018-11-15
The International Accounting Standards Board has voted to propose a one-year deferral of the effective date for IFRS 17, the new insurance contracts Standard, to 2022.
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TRIGLAV Group, 3Q2018: annual profit guidance confirmed following the positive trend recorded in the first nine months
by Daniela GHETU, 2018-11-15
In 3Q2018, the Slovene TRIGLAV Group posted a profit before tax of EUR 69.9 million, 8% more y-o-y, mostly thanks to the profitable underwriting. Considering the business conditions anticipated until the year end, the Group confirms its annual profit guidance.
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STATISTICS: Czech Rep., 3Q2018: risky drivers are providing for the MTPL premiums growth
by Daniela GHETU, 2018-11-15
According to the market results published by CAP - the professional association of the Czech insurers -, the local market saw a 5.55% y-o-y increase in GWP, to EUR 3.78 billion, most of which came from the non-life insurance segment.
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PIU, Gjensidige Insurance and Swedbank nominated for the European Excellence Awards 2018
by Daniela GHETU, 2018-11-15
Among the nominees of the 2018 European Excellence Awards, the leading Award for European PR and communications, there are three entries belonging to the insurance world: the Polish Insurance Association, Swedbank and Gjensidige Insurance.
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Bulgaria: Protests, traffic jams and blockades against high fuel tariffs, car taxes and MTPL premium
by Andrei Victor, 2018-11-14
Thousands of Bulgarians protested last weekend in over 20 cities by blocking major highways and roads against higher fuel prices, tax increases for older, more polluting cars and an expected increase in MTPL premiums.
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ALLIANZ' Q3 net profit increased by 23.6% to EUR 1.9 billion
by Andrei Victor, 2018-11-14
German insurer ALLIANZ announced its total revenues increased by 7.9%, to EUR 30.5 billion in Q3 2018, while the operating profit grew by 20.6%, to EUR 3.0 billion. Overall, the net income attributable to shareholders was up by 23.6% to EUR 1.9 billion, "mainly driven by the increased operating profit".
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HANNOVER Re confirms the profit guidance of more than EUR 1 billion for 2018
by Andrei Victor, 2018-11-14
German reinsurer HANNOVER Re increased Group net income by 32.1% 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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ZURICH confirmed its 2017-2019 financial targets
by Andrei Victor, 2018-11-14
ZURICH Insurance Group reported a 2% increase in its 3Q2018 property and casualty business and confirmed its financial targets, according to a statement posted on the insurer website.
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Lloyd's post-Brexit unit is established and operational
by Andrei Victor, 2018-11-14
Lloyd's, the global insurance and reinsurance market, announced its post-Brexit unit - Lloyd's Brussels - is established and operational. "Lloyd's Brussels is Lloyd's first Europe wide operation and will bring Lloyd's expertise closer to its customers and partners in Europe".
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TALANX's 9 months profits increased despite the Q3 industrial lines losses
by Andrei Victor, 2018-11-14
The German insurer TALANX said its nine-months EBIT improved by 33% to about EUR 1.5 billion (vs. EUR 1.1 billion at the end of September 2017), while the Group net income was up by 10% to EUR 488 million.
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KAZAKHSTAN: Standard & Poor's improved its financial rating on EURASIA to BBB-, outlook stable
by Marina MAGNAVAL, 2018-11-15
On November 14 Standard & Poor's announced about improvement of the financial rating of the Kazakh leading insurer EURASIA to BBB-, outlook stable. The insurer has also improved the national rating to kzAAA.
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KAZAKHSTAN: based on 3Q2018 results, total assets of the insurance sector went up by 6.8% y-o-y
by Marina MAGNAVAL, 2018-11-14
For 3 quarters this year total assets of local insurers increased by KZT 62.8 billion (+6.8% y-o-y) and reached KZT 988.1 billion. However, growth rates slowed down (vs 8.6% a year ago), according to the data of the National Bank of Kazakhstan.
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WTW expanded its presence in Kazakhstan
by Andrei Victor, 2018-11-15
Global insurance broker Willis Towers Watson (WTW) expanded its presence in Kazakhstan - by opening a new entity to serve clients in "this key Central Asian growth market", as the company officials affirmed in a statement.
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STATISTICS: UZBEKISTAN, 3Q2018: voluntary insurance is still the market driver (+117%)
by Marina MAGNAVAL, 2018-11-15
For 3 quarters Uzbek insurers generated GWP in the amount of almost UZS 1.2 trillion. At that voluntary classes collected UZS 984.4 billion from the total GWP, according to the data of the Ministry of Finance of Uzbekistan.
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UKRAINE: from January to September MTPL premiums went up by 20.6%
by Marina MAGNAVAL, 2018-11-15
For the period from January to September 2018 MTPL premiums of MTIBU members in Ukraine went up by 20.6% y-o-y and amounted to UAH 3.3 billion, said Forinsurer.
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RUSSIA: life insurance after 3 quarters went up by 36%, preliminary data show
by Marina MAGNAVAL, 2018-11-15
According to the preliminary data for 9 months this year, provided by the All-Russian Insurance Association (ARIA), Russian life insurers generated GWP in the amount of RUB 342.6 billion (+36% y-o-y).
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Hurricane Michael may cost the US economy about USD 15 billion
by Andrei Victor, 2018-11-14
According to the latest edition of the monthly Global Catastrophe Recap report published by Impact Forecasting, AON's catastrophe model development team, hurricane Michael is expected to leave USD 15 billion financial impact on US economy.
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| Markets&Trends |
Cyber-risk, the number one concern in advanced economies
by Daniela GHETU, 2018-11-13
Unemployment, inability of governments to effectively manage countries and abrupt price changes in the energy sector are the main risks for business, executives from different regions of the world consider. In Europe, Asia-Pacific and North America cyber attacks were labeled as the main risk, the latest Regional Risks for Doing Business report shows.
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| INTERVIEW |
 Jasminka HORVATH MARTINOVIC
CEO
Wiener
Osiguranje
by Daniela GHETU, 2018-11-15
Our business strategy will deliver new and improved tools for both sales and clients, but also new and innovative, yet simple products aligned with modern way of life to attract millennial customers. In this area we are dealing with changes that are accelerating day by day, and we must not only observe them, but to lead and run them. This not only means implementing changes regarding our everyday operations, but also developing entirely new strategies.
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| On the move |
Andrej SLAPAR reappointed the President of the Management Board of Zavarovalnica TRIGLAV for another five years term
by Daniela GHETU, 2018-11-15
The Supervisory Board of Zavarovalnica TRIGLAV reappointed the President of the Management Board of Zavarovalnica TRIGLAV Andrej SLAPAR for a new five-year term of office and approved the proposal submitted by the President of the Management Board, reappointing Uros IVANC and Tadej COROLI as Members of the Management Board.
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Thierry DEREZ resigned from SCOR's Board of Directors
by Daniela GHETU, 2018-11-14
Thierry DEREZ, chief executive of COVEA, has resigned from the Board of SCOR, thus putting an end to a conflictual situation that lasted several months following the rejected EUR 8.2 million takeover bid placed by COVEA in September.
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BEAZLEY's CUO to join Lloyd's of London Board in February 2019
by Andrei Victor, 2018-11-14
Lloyd's, the specialist insurance and reinsurance market announced that Neil MAIDMENT has been appointed as an independent non-executive of the Lloyd's Board with effect from February 2019.
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IGI appoints its first Chief Technology Officer
by Daniela GHETU, 2018-11-15
International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.
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