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NEWS |
Natural disasters would have only a minimal impact on VIG's activity
by Andrei Victor, 2018-12-19
Austrian insurer VIENNA Insurance Group shows strong resilience in the latest EIOPA stress test, in all three quantitative test scenarios, VIG achieving results of between 158% and 215% including the volatility adjustment - well above the required minimum solvency ratio of 100%, the company announced in a statement.
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STATISTICS: ALBANIA timeline 2008 - 2017: the market increased twofold, but life insurance remained underdeveloped
by Cosmin CONCEATU, 2018-12-20
The Albanian insurance market grew between 2008-2017 on all segments, both in GWP and in paid claims terms. There is only one exception to this generalized upward trend, that is, the indemnities paid chapter on the property class " fire and allied perils insurance", which dropped 18.04%.
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STATISTICS: BULGARIA, 3Q2018: MTPL business shapes the market in growth and leadership terms
by Daniela GHETU, 2018-12-20
The Bulgarian insurance market saw a 13.5% GWP growth in 3Q2018, to EUR 953.36 million, while paid claims went up overall by only 3.75%, to EUR 407 million. Non-life insurance line, especially the MTPL class, were the market's growth drivers.
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FSC allows KBC to merge its Bulgarian life insurance units
by Andrei Victor, 2018-12-19
The Bulgarian Financial Supervisory Commission announced it has allowed DZI - Life Insurance's plan to absorb its wholly-owned unit UBB - Life Insurance. FSC did not provide further details in its statement.
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STATISTICS: POLAND, 3Q2018: the decreasing popularity of the UL life insurance products pulled down the market
by Daniela GHETU, 2018-12-20
Polish insurers have collected premiums worth EUR 10.84 billion, which is about 1.2% more y-o-y, and paid claims totaling EUR 6.87 billion, most damages and liquidated damages being related to motor insurance.
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STATISTICS: ROMANIA, 3Q2018: the almost 7% decrease on the MTPL line hardly offset by increasing business on othe non-life classes
by Daniela GHETU, 2018-12-19
Romanian insurers ended the first three quarters of 2018 with GWP worth EUR 1.6 billion, 0.7% up y-o-y, while paid claims have increased by 13.1%, to EUR 918 million. Given the national currency's depreciation against Euro, the results denominated in RON show a better dynamics.
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STATISTICS: CYPRUS 3Q: The insurance market has passed the threshold of EUR 650 million at the end of September
by Andrei Victor, 2018-12-20
The nine months report on insurers' performance published by the Insurance Association of Cyprus (IAC), shows that at the end of September 2018 the local insurance market totaled EUR 651 million in premiums, up by 7.2% y-o-y.
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AXA inaugurates global innovation center in the heart of Paris
by Daniela GHETU, 2018-12-19
On 18 December, in the 17th arrondissement of Paris, AXA has inaugurated "JAVA", its new global center dedicated to innovation, data and emerging technologies.
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With global insured losses of USD 79 billion, 2018 is the fourth costliest year on sigma records, according preliminary estimates
by Daniela GHETU, 2018-12-19
According to preliminary sigma estimates, total economic losses from natural and man-made catastrophes in 2018 declined to USD 155 billion from USD 350 billion in 2017. Global insured losses are estimated to be around USD 79 billion, higher than the annual average of the previous 10 years.
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UKRAINE: only 20% of insurers meet the new National financial services committee of Ukraine requirements for assets quality
by Marina MAGNAVAL, 2018-12-19
According to the National financial services committee of Ukraine, as the moment only 20% of the local insurers fully meet obligatory requirements to capital adequacy and solvency, liquidity and profitability, asset quality and riskiness of insurers' operations.
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AZERBAIJAN: ASA announced the rating list of insurers for November
by Marina MAGNAVAL, 2018-12-19
The Azeri Association of Insurers of (ASA) announced the results of the rating action considering insurance companies' level of service and customer attitude for November, according to the ASA official statement.
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GEORGIA: Bank of Georgia is creating its insurance company, while insurers demand to limit access of the banks to the insurance market
by Marina MAGNAVAL, 2018-12-19
According to Devi KHECHINASHVILI, Chairman of the Board, Georgian Insurance Association, Bank of Georgia is creating its own insurance company. The new insurer already received a permission from the National Bank and is going to apply to the State Insurance Supervision Service.
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Insurance Conference in Georgia to be held on 14 March 2019 in Tbilisi! Registration already opened. Take advantage of the early bird rates until 30 December
by Daniela GHETU, 2018-12-20
The conference aims to involve all the?relevant stakeholders?to identify the most appropriate solutions for the market's growth and to attract the investments and know-how, taking also into consideration the latest practices and other countries' experience.
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GEORGIA: IC Groups officially becomes part of Bulgarian EUROINS Insurance Group
by Daniela GHETU, 2018-12-19
As already stated (link la http://xprimm.com/Green-line-for-EUROINS-to-acquire-Georgian-insurer-IC-Group-articol-2,12,47-12012.htm) in September by EUROINS Insurance Group (EIG), Georgian insurer IC Group has become a member of the Bulgaria based group. EIG owns over 51% of the Georgian insurer.
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KAZAKHSTAN: GWP of professional liability insurance dropping against paid claims growth in the segment
by Marina MAGNAVAL, 2018-12-20
GWP of compulsory insurance classes went up, overall, by 9.3% y-o-y, in the first ten months of 2018, although all major types of compulsory professional liability insurance demonstrate a rather strong decrease, according to the data of the National Bank of Kazakhstan.
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Fitch affirms Russian National Reinsurance Company's IFS at 'BBB-'; Positive Outlook
by press.release, 2018-12-20
Fitch Ratings has affirmed Russian National Reinsurance Company's (RNRC) Insurer Financial Strength (IFS) rating at 'BBB-' with a Positive Outlook.
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STATISTICS: RUSSIA, 3Q2018: the growth of the market driver, life insurance, was over 40%
by Marina MAGNAVAL, 2018-12-19
For 9 months this year Russian insurers generated GWP in the amount of RUB 1.093 trillion (+13.65% y-o-y). In European currency, due to significant depreciation of the local currency against euro, the market growth looks much more moderate - only 2.05%, according the Bank of Russia data.
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RNRC, Russian state reinsurer signs brokerage deal with Aon Plc subsidiary
by Daniela GHETU, 2018-12-19
The Russian National Reinsurance Company (RNRC) has signed a one-year agreement with a local unit of London-based insurance broker Aon Plc that will allow RNRC to reinsure risks for up to RUB 10 billion (EUR 149 million), Reuters reports.
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S&P: Russia-Based Insurers SOGAZ And VTB Insurance 'BBB-' Ratings Placed On CreditWatch Developing As Merger Progresses
by press.release, 2018-12-19
S&P Global Ratings today placed its 'BBB-' long-term issuer credit and financial strength ratings on Russia-based insurers OJSC SOGAZ and VTB Insurance on CreditWatch with developing implications.
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RUSSIA: insurers with foreign participation in the ownership provided for 19% of the total market GWP in 3Q
by Marina MAGNAVAL, 2018-12-19
According to the Bank of Russia data, for 9 months this year insurers with foreign participation generated GWP in the amount of RUB 206.4 billion, which is almost equal to 19% of the total market premiums for the period.
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STATISTICS: TAJIKISTAN, 3Q2018: the market went up by more than 51% as compared to the first half year result
by Marina MAGNAVAL, 2018-12-19
For 9 months of 2018 Tajik insurers generated GWP in the amount of TJS 141.97 million (EUR 13.32 million), TJS 34.01 million from which were ceded in reinsurance (in voluntary classes only), as the data of the National Bank of Tajikistan show.
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FIAR returns to SINAIA, its historical hometown
by Daniela GHETU, 2018-12-20
To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. Yet, the forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort.
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| On the move |
Alexander BOCKELMANN leaves UNIQA
by Andrei Victor, 2018-12-19
Alexander BOCKELMANN, Chief Digital Officer and Management Board member of UNIQA Osterreich Versicherungen AG and UNIQA International AG, will be leaving the company at his own request at the end of January 2019.
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Swiss Re appoints Mark Hodges as new CEO of ReAssure
by Andrei Victor, 2018-12-19
As part of the preparation towards a potential initial public offering (IPO) of ReAssure, Swiss Re announces Mark HODGES, currently Chief Executive Officer of Centrica Consumer division, as new CEO of ReAssure from 1 March 2019.
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ZURICH proposes Jasmin STAIBLIN for election to the Board of Directors
by Andrei Victor, 2018-12-19
ZURICH Insurance Group announced that the Board of Directors will nominate Jasmin STAIBLIN for a position on the Group's Board.
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Marsh Announces Future Leadership Appointments For Regional, Specialty and Placement Teams
by press.release, 2018-12-20
New York, December 18, 2018 - Marsh has announced the appointments of key leaders for its regional, specialty, and placement teams worldwide, effective upon closing of the transaction between Marsh's parent company, Marsh & McLennan Companies, and JLT subject to the receipt of certain antitrust and regulatory approvals.
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Nigel FRUDD will take over as CEO of Sompo International, replacing John CHARMAN
by Daniela GHETU, 2018-12-19
Sompo International Holdings Ltd. (Sompo International), a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that Nigel FRUDD will become CEO of Sompo International, effective January 1, 2019, subject to applicable regulatory approvals.
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| STATISTIC
UPDATES |
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EVENTS |
IFRS 9 After Implementation In-House Training
Date, venue & schedule - chosen by the applicants
10th Bancassurance Africa Summit 2019
12 - 15 February 2019
Cape Town, South Africa
IIF 2019 - Actuarial Trends in the SEE Region
28 February 2019,
Skopje, Macedonia
Georgian International Insurance Conference
14 - 15 March 2019,
Tbilisi, Georgia
IIF 2019 - MOTOR Insurance Conference
8 April 2019
Bristol Hotel, Vienna, Austria
IIF 2019 - Property Conference
9 April 2019
Bristol Hotel, Vienna, Austria
European Consumer Protection Conference
17 May 2019
Intercontinental Hotel, Bucharest, Romania
FIAR 2019 - International Insurance Reinsurance Forum
19 - 22 May 2019
Sinaia, Romania |
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