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NEWS |
STATISTICS: UPDATE FY2018: CZECH market has passed the EUR 6 billion threshold
by Andrei Victor, 2019-03-28
According to the most recent figures available on the CNB website (Czech National Bank) - the local insurance industry totaled about CZK 155.05 billion (~EUR 6.03 billion) at the end of 2018, up by 2.05% y-o-y.
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A new life insurance company will launch in CZ & SK markets
by Cosmin CONCEATU, 2019-03-27
Youplus, a new life insurance company, will launch in the Czech and Slovak insurance markets in May 2019. Youplus will begin operation in the Czech Republic the first half of 2019 and enter the Slovak market in the second half.
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LATVIA: Parliament adopted MTPL law amendments
by Cosmin CONCEATU, 2019-03-27
On March 14, Saeima, the parliament of Latvia, adopted a set of amendments to the current MTPL system (OCTA). The changes aim to refine the present law of MTPL and eliminate the shortcomings in everyday practice. The amendments will enter into force 1 May 2019.
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STATISTICS: POLAND, FY2018: increased profitability despite a stagnating GWP level and increasing claims expenses
by Daniela GHETU, 2019-03-28
In 2018, Polish insurers paid almost PLN 42 billion (EUR 9.7 billion) to injured parties and clients. That's 4.7% more than a year earlier. On the other hand, GWP remained almost unchanged vs. 2017, totaling some PLN 62.17 billion (~EUR 14.5 billion).
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The Polish Insurance Association opens a representative office in Brussels?
by Daniela GHETU, 2019-03-28?
On March 1 this year the Polish Insurance Association (PIU) opened its representative office in Brussels. Its aim is to actively participate in legislative work on the European forum and to represent the interests of the Polish insurance market.
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PZU starts using AI to handle motor insurance claims aiming for tenfold increase of process efficiency
by Daniela GHETU, 2019-03-28
PZU successfully completed a pilot project of using artificial intelligence (AI) in handling motor damage claims, the company announced in a press release. PZU is the first insurer in Poland to implement this unique technology on such a scale.
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STATISTICS: ROMANIA, FY2018: Health insurance rose by 74.3%
by Cosmin CONCEATU, 2019-03-28
Romanian insurance market recorded in 2018 GWP worth EUR 2,174 million and EUR 1,278 million in paid claims. Total GWP volume rose by EUR 92 million compared to 2017 results (+4.44%) while PC level increased by EUR 185 million (+16.97%), mainly due to motor claims increases.
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STATISTICS: ROMANIA, 2008-2017: Motor business lines drove market evolution
by Cosmin CONCEATU, 2019-03-28
Between 2008-2017, in the Romanian insurance market, MTPL was the only insurance class that maintained a positive dynamic. MTPL, together with the Life insurance segment, had the biggest influence over general market evolution. The Romanian market is still recovering after the post-crisis effects.
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GREECE: Aegean Insurance to collaborate with Tieto to accelerate innovation in local insurance market
by Cosmin CONCEATU, 2019-03-28
Greece-based Aegean Insurance will start using the Finland-based Tieto "Insurance-in-a-Box" platform to become a leading innovator in the Greek insurance market.
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COFACE to expand its expertise on the Greek credit insurance market
by Andrei Victor, 2019-03-28
The global trade credit insurance COFACE announced the launch of its credit insurance offer in Greece, after being granted a license from the Greek regulatory authority to operate as credit insurer.
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KAZAKHSTAN: the share of TOP-5 in Mandatory Insurance of Civil Liability of Motor Vehicle Owners increased to almost 74% y-o-y
by Marina MAGNAVAL, 2019-03-28
In January-February 2019 the share of TOP-5 in Mandatory Insurance of Civil Liability of Motor Vehicle Owners increased from 55.4% (a year before) to 73.9%, allinsurance.kz reported.
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KAZAKHSTAN: FITCH affirmed Kazakhstan at 'BBB'
by Marina MAGNAVAL, 2019-03-28
FITCH Ratings has affirmed Kazakhstan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a stable outlook, the agency's report says.
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RUSSIA: in 2018 almost 20% of the population used voluntary insurance, of which disabled people amounted to a bit more than 9%
by Marina MAGNAVAL, 2019-03-27
According to a study by the Bank of Russia on the financial accessibility for disabled persons, in 2018 "voluntary insurance services were used by 19.9% of the Russian population in general and 9.4% of disabled people, while compulsory insurance services were used by 89.1% of the population in general and by 97.9% of disabled people," the document says.
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UKRAINE: GWP of TAS went up by 38% y-o-y in January-February 2019
by Marina MAGNAVAL, 2019-03-28
In January-February 2019, GWP of the TAS group increased by 38.2% y-o-y to UAH 262.87 million, as Forinsurer wrote.
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RenaissanceRe completes acquisition of Tokio Millennium Re
by Cosmin CONCEATU, 2019-03-27
RenaissanceRe Holdings Ltd. announced on March 22 that it has concluded the acquisition of Tokio Millennium Re ("TMR"). The acquisition was initially announced 30 October 2018 and the completion follows the receipt of all necessary regulatory approvals.
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MUNICH Re's outlook for 2019: Group profit guidance of around EUR 2.5 billion
by Daniela GHETU, 2019-03-27
MUNICH Re is aiming for a profit increase of EUR 200 million to around EUR 2.5 billion for the current year, of which around EUR 2.1 billion comes from reinsurance and around EUR 0.4 billion from ERGO.
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IGI, 2018 results: strong recovery after 2017 catastrophe losses
by Cosmin CONCEATU, 2019-03-28
Dubai-based International General Insurance Holdings Limited (IGI) recorded USD 301.6 million in GWP, an increase of USD 26.3 million (+9.5%), at the end of 2018. Improvements were in the net result, as well as the combined operating ratio.
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Lloyd's: GBP 1.0 billion aggregated market loss in 2018 caused by costly NatCat events
by Daniela GHETU, 2019-03-27
Following a volatile investment environment and another costly year from natural catastrophes in which the market paid GBP 19.7 billion in claims (gross of reinsurance), Lloyd's has today reported an aggregated market loss of GBP 1.0 billion for 2018 (2017: loss of GBP 2.0 billion).
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European Commission approves acquisition of JLT by MMC
by Andrei Victor, 2019-03-28
TheEuropean Commission announced it approved the acquisition of Jardine Lloyd Thompson Group plc by Marsh & McLennan Companies. "The approval is conditional on the divestment of JLT's global Aerospace practice", as the European Regulator stated.
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Interview: Jonathan LARSEN, Ping An's Chief Innovation Officer. Meet him at DIA Amsterdam 2019. XPRIMM readers get a discount!
by Adina TUDOR, 2019-03-28
Insurance pioneers from all continents connect and get inspired, between 25 and 27 June 2019, at DIA Amsterdam 2019. The event, supported by XPRIMM Publications as Media Partner, brings into debate the future of insurance.
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Re/insurers awarded for their 2018 activity in Italy
by Daniela GHETU, 2019-03-27
On March 27 the Italy Protection Awards were held for 2018 re/insurer activity in the Italian insurance market. The ceremony was to support the insurance protection development in Italy since 2011.
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Global fintech and innovation leaders meet in Istanbul
by Adina TUDOR, 2019-03-28
Fintech industry pioneers, practitioners, banks, insurers, asset managers, investors, entrepreneurs and enthusiasts from all around the world will gather in Istanbul, at the beginning of April, to participate at Istanbul Fintech Week.
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EVENT |
Matteo CARBONE, keynote speaker at IIF 2019 - MOTOR INSURANCE - the innovation challenge
by team, 2019-03-28
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, 2019-03-28
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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| MARKETS & TRENDS |
| On the move |
MUNICH Re: Proposals for election to the Supervisory Board
by Daniela GHETU, 2019-03-27
Nikolaus von Bomhard (62) was nominated for election to the MUNICH RE's Supervisory Board at the Annual General Meeting, on 30 April 2019, and also recommended to succeed Bernd Pischetsrieder as Chairman of the Supervisory Board.
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Burkhard KEESE confirmed as CFO of Lloyd's
by Daniela GHETU, 2019-03-28
Burkhard KEESE has been confirmed as the Chief Financial Officer (CFO) of Lloyd's following the unanimous approval of his appointment as successor to John PARRY by the Council of Lloyd's.
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CRO Hilary Weaver to leave LLOYD's after 16 years
by Andrei Victor, 2019-03-28
LLOYD's of London announced that Hilary WEAVER, Chief Risk Officer, will leave LLOYD's at the end of March 2019 after 16 years.
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PZU's Management Board confirmed for a new term?
by Daniela GHETU, 2019-03-28?
The Supervisory Board of PZU SA appointed the Management Board of the company, including its president, Pawel SUROWKA, for a new term, which will last until December 31, 2022.
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