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Conclusions:?TBILISI - the first Georgian International Insurance Conference
by Daniela GHETU, 2019-03-14?
The first Georgian International Insurance Conference took place on 14 March 2019. The event 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 was 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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VIG, 2018: top results for premiums and profit before taxes
by Cosmin CONCEATU, 2019-03-21
Vienna Insurance Group (VIG) published its 2018 annual report. The Group's overall result shows increases on premiums volume, profit increases and a reduced combined ratio.
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EUROHOLD increases share capital by BGN 80 million
by Cosmin CONCEATU, 2019-03-21
Bulgaria-based Eurohold plans to increase its share capital by BGN 80 million through preferred shares, the new total reaching BGN 277 million. The capital growth will help the company to reduce its debt and support expansion plans.
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STATISTICS: BULGARIA, FY2018: Insurer profits increased by almost 30% to EUR 60.40 million
by Andrei Victor, 2019-03-21
Preliminary FY2018 market figures from the Bulgarian FSA show that local insurers ended the year with a 16% y-o-y GWP growth-rate, to BGN 2.52 billion (EUR 1.29 billion), while aggregate value of net profit increased by 29.42% y-o-y, to BGN 118.12 million (~ EUR 60.40 million).
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CROATIA: February 2019 GWP increased by +5.76% y-o-y
by Cosmin CONCEATU, 2019-03-21
In February 2019 total GWP value in Croatia reached HRK 1,818,336,162 (EUR 245 million), an increase of HRK 129,584,639 (+5.76%) compared to February 2018. Non-life GWP represented 76.51%, while Life classes reached a 23.49% share.
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LITHUANIA: Ukrainian insurer GUARDIAN gets new shareholder from Lithuania
by Marina MAGNAVAL, 2019-03-21
In March 2019, Ukrainian insurer GUARDIAN announced in a press release that Lithuania citizen, Arunas SIKSTA, was about to acquire the company as a new shareholder, the insurer said.
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ROMANIA: The insurance market increased by 4.5% in 2018
by Adina TUDOR, 2019-03-21
"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.
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STATISTICS: SLOVAKIA, 2008-2017: Insurance market shaped by Life business line
by Cosmin CONCEATU, 2019-03-21
Between 2008-2017, the Slovak insurance market maintained a stable evolution, reflected in an almost horizontal graphical trendline, with no major spikes or drops in GWP. Overall market GWP fluctuated between EUR 1,967-2,135 million, almost equally divided between Life and Non-Life premiums.
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GEORGIA: GPI Holding - Estonian model will boost insurance business
by Marina MAGNAVAL, 2019-03-21
Applying the Estonian model for profit taxation (insurance companies will not be subject to income tax on reinvested profits) will boost development and growth, according to the General director of GPI Holding, Paata LOMIDZE, reported Caucasus Business Week.
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KAZAKHSTAN: in January this year, voluntary classes generated 87% of GWP as market driver
by Marina MAGNAVAL, 2019-03-21
In January this year, 87% of total GWP was generated by voluntary insurance. The total market GWP increased by 40.8% y-o-y and paid claims went up by 10.9%, according to the National Bank of Kazakhstan.
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INGOSSTRAKH Insurance has traditionally held the leading position in the market of the Kyrgyz Republic in 2018
by Marina MAGNAVAL, 2019-03-21
Based on 2018 results, the total GWP of INGOSSTRAKH Insurance Company under direct insurance agreements amounted to KGS 423,5 million, which in total market GWP, generated by 16 insurance companies of the Kyrgyz Republic, is equal to 40,9%.
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STATISTICS: MOLDOVA, FY2018: the market growth in euro almost doubled its growth in local currency
by Marina MAGNAVAL, 2019-03-21
Moldovian insurers ended 2018 with GWP growth of 5.29% in local currency and by 10.08% in euro, by generating EUR 77.77 million in GWP.
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RUSSIA: RNRC's share in outward reinsurance reached 10% in 2018
by Marina MAGNAVAL, 2019-03-21
In 2018, the share of the Russian National Reinsurance Company (RNRC) in total outward reinsurance of the Russian insurance companies amounted to 10% (vs 7.3% a year ago), according to a report by RNRC.
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UKRAINE: FITCH affirmed Ukraine at B- with stable outlook
by Marina MAGNAVAL, 2019-03-21
In March 2019, FITCH Ratings affirmed Ukraine's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a stable outlook, according to the agency's official report.
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UNIQA gradually drops investments in coal-based industry
by Cosmin CONCEATU, 2019-03-21
UNIQA Group wants to completely withdraw its capital market investments related to coal industry. UNIQA Austria states that at the end of January 2019, its investment portfolio was already coal-free.
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TALANX boosts 2018 key indicators despite heavy Q4 Nat Cat losses; confirms 2019 targets
by Andrei Victor, 2019-03-21
Hanoover-based insurer TALANX reported impressive FY2018 results, despite heavy Q4 Nat Cat losses, as the company reported in a statement.
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FITCH: rising claims costs are challenging UK motor insurers
by Daniela GHETU, 2019-03-21
UK motor insurers' profit margins will remain under pressure as insurers struggle to increase premium rates to keep pace with rising claim costs, Fitch Ratings says in a new report. It is difficult to put up prices without losing business as the market is highly competitive and price-sensitive in the UK.
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| On the move |
ASIROM VIG names Wolfgang HAJEK new CFO
by Cosmin CONCEATU, 2019-03-21
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
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Bulgaria: Boiko ATANASSOV appointed as FSC's head
by Andrei Victor, 2019-03-21
The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.
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TALANX announced finalization of generational renewal at Board level
by Andrei Victor, 2019-03-21
The German insurer TALANX announced the Supervisory Board has completed the generational shift at Board level.
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New appointments within SCOR Global P&C; Michel BLANC is the new CEO of Reinsurance
by press.release, 2019-03-21
In Reinsurance, SCOR Global P&C announces the following appointments, effective April 1, 2019:
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RUSSIA: Alexander ZARETSKI steps down from the presidency at METLIFE
by Marina MAGNAVAL, 2019-03-21
On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.
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Matteo CARBONE, keynote speaker at IIF 2019 - MOTOR INSURANCE - the innovation challenge
by team, 2019-03-21
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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Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9
by Daniela GHETU, 2019-03-21
10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.
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| Interview |
Dinara TEZEKBAEVA
- Chairman of the Board, INGOSSTRAKH INSURANCE COMPANY (Kyrgyzstan)
by Marina MAGNAVAL, 2019-03-21
One of the most anticipated events of 2019 in the Kyrgyz insurance market is the introduction of compulsory insurance for civil liability of vehicle owners, or MTPL. A relevant law for the Kyrgyz Republic was adopted in 2015, and its introduction was expected in 2016. However, the introduction was postponed to 2019 due to social discontent, decline of living standards and general economic slowdown in the country.
As for our company, we are planning to become one of the most dynamic players in the insurance market in terms of implementing new technologies, considering that they will be the main growth driver in the coming years.
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