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LIVE TEXT: TBILISI - the first Georgian International Insurance Conference
by Daniela GHETU, 2019-03-14
Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.
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STATISTICS: RUSSIA, FY2018: for the first time in the last 6 years GWP growth exceeded 15%
by Marina MAGNAVAL, 2019-03-14
The market total GWP in 2018 exceeded RUB 1,479 trillion for the first time in the last 6 years, the growth rate showed its maximum and reached 15.7% (vs 8.3% a year ago), according to the data, published by the Bank of Russia.
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RUSSIA: in 2018 insurers paid 20% less y-o-y under court decisions
by Marina MAGNAVAL, 2019-03-14
In 2018, legal settlements of insurers dropped by 20% (from RUB 20.8 billion to RUB 16.79 billion), although total volume of market paid claims increased by 2.5%, as the regulator's data show.
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GENERALI Group in 2018 - profit increased by almost 10%
by Cosmin CONCEATU, 2019-03-14
In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).
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BULGARIA: insurer assets saw an increase of 4.8% y-o-y in 2018
by Marina MAGNAVAL, 2019-03-14
The assets of Bulgarian insurers in 2018 increased by 4.8% y-o-y to BGN 7.645 billion (EUR 3.91 billion), according to the statistics of insurance activity, published by the National Bank of Bulgaria on March 11.
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UPDATE: Estonia officially adopted the law on mutual insurers and insurance cooperatives
by Cosmin CONCEATU, 2019-03-14
Starting March 2nd 2019, commercial associations in Estonia are allowed to perform insurance activities inside country borders, under the title of insurance associations. The Amendment on Insurance Activities Act, the law governing the insurance market in Estonia, applies the regulation for insurance associations as well.
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STATISTICS: Hungary, MNB: Insurersʼ FY2018 GWP up by 7.1% y-o-y
by Andrei Victor, 2019-03-14
Hungarian insurersʼ revenues from premiums rose 7.1% y-o-y in 2018 to
HUF 1,024 billion (EUR 3.2 billion), as the figures recently published
by the National Bank of Hungary (MNB) show.
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STATISTICS: MONTENEGRO, 2008-2017: life insurance GWP increased by 95.5%
by Cosmin CONCEATU, 2019-03-14
In 10 years, between 2008 and 2017, the insurance market in Montenegro grew by EUR 21.2 million (+35.0%) in terms of gross written premiums (GWP). More than half of the market was represented by motor insurance classes. Life insurance maintained a positive trend the whole decade.
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PZU Group, FY2018: the highest annual net profit for 5 years
by Cosmin CONCEATU, 2019-03-14
In 2018, PZU recorded a profit of PLN 5.4 billion at Group level, while parent company profit was PLN 3.2 billion (+11.0%). Total GWP reached PLN 23.5 billion (+2.7%) in 2018.
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ROMANIA: GOTHAER Asigurari Reasigurari develops its 3 years mid-term strategic plan
by Adina TUDOR, 2019-03-14
At the end of 2018, GOTHAER announced a change of focus of the strategy regarding the group`s activity in Romania.
After 2 months of deep analysis and changes in the company`s management, GOTHAER completes its statement with some key-strategic aspects regarding the company's future presence on the Romanian insurance market.?
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Sava Re's FY2018 net profit rises 38% y-o-y
by Marina MAGNAVAL, 2019-03-14
The Sava Re Group ended 2018 with a net profit of EUR 43 million, delivering a 13.1% return on equity. In 2018, the Group's equity grew by 7.6% to EUR 340.2 million as of December 31, 2018. The Group's net technical provisions stood at EUR 1.1 billion.
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SLOVENIA: GRAWE recorded a total profit of EUR 0.7 million in 2018
by Cosmin CONCEATU, 2019-03-14
During the General Meeting of Shareholders, GRAWE zavarovalnica d.d. presented the financial results for 2018. A total profit of EUR 0.7 million was recorded, alongside a total GWP level of EUR 43.3 million, above the expected number due to the increasing number of contracts.
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BELARUS: market growth in January 2019 exceeded 16% y-o-y
by Marina MAGNAVAL, 2019-03-14
In January 2019, local market GWP amounted to BYN 123.8 million (+16.4% y-o-y), according to market figures published by the Ministry of Finance of the Republic.
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The initiation of mandatory MTPL insurance in Georgia to improve the overall perception of insurance products in the country
by Adina TUDOR, 2019-03-14
The development process of the Georgian insurance market will be significantly boosted by the initiation of obligatory Motor Third Party Liability (MTPL) Insurance in Georgia, representatives of ARDI Insurance point out in an official statement.
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RUSSIA: SBERBANK Life insurance in 2018 removed the market leader and came out on top in terms of GWP
by Marina MAGNAVAL, 2019-03-14
Based on 2018 results, SBERBANK Life Insurance ranked first in terms of GWP among all market insurers. The company's GWP reached RUB 181.5 billion. As the same time, the insurer removed SOGAZ - whose GWP amounted to RUB 160.5 billion - from its leading position, as regulator's data show.
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RUSSIA: Motor Hull GWP increased by 3.8% y-o-y in 2018
by Marina MAGNAVAL, 2019-03-14
Motor Hull GWP increased by 3.8% (from RUB 162.5 billion to RUB 168.7 billion) in 2018, while paid claims remained at almost the same level (RUB 83.2 billion vs RUB 83.3 billion a year ago), as regulator's data show.
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RUSSIA: in 2H2018 agroinsurance with state support increased by 79% y-o-y and non-state insurance policies went up by 33%
by Marina MAGNAVAL, 2019-03-14
In 2H2018 agroinsurance with state support increased by 79% y-o-y, as the President of the National Association of Agriculture Insurers (NAAI) Korney BIJDOV informed.
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TAJIKISTAN: National Association of Insurance Companies created
by Marina MAGNAVAL, 2019-03-14
In February 2019, the National Bank of Tajikistan announced the creation of the National Association of Insurance Companies, which will support the development of insurance activity in the country.
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Book your seat at IFRS 17 Nordics Conference!
by Adina TUDOR, 2019-03-14
IFRS 17 Nordics, taking place on the 9th of May in Stockholm, is a unique chance to gain actionable insights that will help professionals make their IFRS 17 implementation project succeed.
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HANNOVER RE launches an insurtech innovation platform
by Cosmin CONCEATU, 2019-03-14
Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.
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AON's NVG further advances Intellectual Property Solutions
by Cosmin CONCEATU, 2019-03-14
AON's New Ventures Group (NVG) will be sponsoring the firm's Intellectual Property Solutions (IPS). IPS aims to help firms identify and manage risks surrounding proprietary data. To accomplish this objective, NVG recently appointed Brian COCHRANE as Chief Commercial Officer.
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KYRGYZSTAN: ATN Polis headed rankings in terms of 2018 paid claims
by Marina MAGNAVAL, 2019-03-14
Insurance company ATN Polis became the market leader of Kyrgyzstan in terms of claims paid in 2018. The insurer's paid claims amounted to KGS 20.51 million (~EUR 0.25 million), according to the company's official announcement on its website.
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Motor insurance - becoming more financially efficient and consumer friendly
by team, 2019-03-14
Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.
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| Markets & Trends |
March 2019 analysis on Brexit impact
by Cosmin CONCEATU, 2019-03-14
A New Financial analysis found that 275 firms are moving or have already moved their businesses, staff and assets from Britain to the EU because of Brexit. The report shows Dublin, Luxembourg and Paris were the common choice, while Frankfurt was preferred by banks or investment banks.
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Next generation products and services: How insurers are innovating right now
by Adina TUDOR, 2019-03-14
From day-to-day operations, to the very relationship between insurers and policy-holders, it is no exaggeration to say that connected insurance represents the biggest potential for transformation that insurance has witnessed since the invention of the computer.
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| On the move |
Mark HILES to join WTW's CEEMEA management team
by Andrei Victor, 2019-03-14
Willis Towers Watson one of the largest re/insurance broker in the world announced it named Mark HILES as Head of Power and Utilities for the Central and Eastern Europe, Middle East and Africa (CEEMEA) region.
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MetLife announced leadership changes as part of CEO transition
by Andrei Victor, 2019-03-14
MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.
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LLOYD's named Hayley SPINK as Head of Global Operations
by Andrei Victor, 2019-03-14
LLOYD's aanounced the appointment of Hayley SPINK as Head of Global Operations. She takes over from Joe DAINTY, who leaves LLOYD's in March to join DXC.
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