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Swiss Re Institute: Secondary perils' toll is visibly increasing
by Daniela GHETU, 2019-12-19
Secondary perils' share in the total economic losses from natural disasters is increasing, Swiss Re Institute's report Insurance in a world of climate extremes shows. While 2019 was, overall, a "calmer" year in Nat Cat terms, as compared with the previous year and the last decade's average indicators, losses produced by less spectacular, but more frequent events are increasing.
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VIG received gold medal at BEST RECRUITERS Awards
by Cosmin CONCEATU, 2019-12-16
For the third year in a row, Vienna Insurance Group (VIG) has received the gold award for the insurance industry at the annual BEST RECRUITERS ranking.
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Aon: flooding and storms in Europe result in significant economic loss in November
by press.release, 2019-12-19
Aon plc launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during November 2019.
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BiH: Regulator temporarily suspended AURA Sarajevo MTPL license
by Cosmin CONCEATU, 2019-12-17
On December 11, 2019, The Insurance Supervision Agency of the Federation of Bosnia and Herzegovina announced the temporary withdrawal of AURA license to perform MTPL business in Tuzla Canton.
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CZECH REPUBLIC: Supervisory stress tests confirmed that insurers and banks are resilient
by Andrei Victor, 2019-12-17
In September, the Czech National Bank (CNB) completed this year's round of supervisory stress tests of banks and insurance companies. The tests used data as of the end of 2018. "Their results demonstrated that the two sectors are still prepared to withstand a deterioration in economic conditions", as CNB affirmed in a statement.
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STATISTICS: ROMANIA, 3Q2019: motor insurance lines determine once again the market dynamics
by Daniela GHETU, 2019-12-19
Romanian insurance market has achieved a 6.7% y-o-y growth in GWP terms, reaching a total volume of EUR 1.7 billion at the end of Q3. At the same time, claims paid by the insurers went up by 13%, to EUR 1.04 billion, mostly because of the increasing claims expenses on the MTPL line.
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ROMANIA: The private pensions industry's share in GDP increased to 6.22%
by Andrei Victor, 2019-12-17
The value of total assets under administration, at the level of the entire private pension system, reached RON 61.53 billion (EUR 12.95 billion), as of September 30, 2019, up 24.04% from December 2018. The share of private pensions in Gross Domestic Product was, at the end of September 2019, 6.22% compared to 5.22% in December 2018.
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Fitch upgrades Adriatic Slovenica IFS Rating from 'BBB+' to 'A'
by Cosmin CONCEATU, 2019-12-16
On December 13, 2019, Fitch Ratings made the announcement of upgrading Adriatic Slovenica d.d.'s (Adriatic) Insurer Financial Strength (IFS) Rating to 'A' from 'BBB+'.
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STATISTICS: SERBIA, 3Q2019: insurers' premiums rose 6% y-o-y
by Andrei Victor, 2019-12-19
The GWP of Serbian insurers increased 5.9% year-on-year to RSD 79 billion (EUR 672 million*) in the first nine months of 2019, according to the most recent figures published on the website of National Bank of Serbia (NBS).
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VIG receives award as the most innovative insurance company
by press.release, 2019-12-18
The third round of pitches in Vienna Insurance Group's "VIG Xelerate" digitalisation initiative ended in November 2019. VIG is providing around EUR 5 million to promote award-winning projects submitted by its Group companies.
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AXA has become the largest 100% foreign-owned P&C insurer in the Chinese market
by Andrei Victor, 2019-12-19
French insurance group AXA announced that it has completed the acquisition of the remaining 50% stake in Chinese insurer AXA Tianping Property & Casualty Insurance Company Ltd from its domestic shareholders, becoming the largest 100% foreign-owned P&C insurer in local market.
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AM Best revised Barents Re outlooks to negative
by press.release, 2019-12-16
On December 13, 2019, AM Best announced the revision of the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Barents Re and Barents Re Lux.
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AZERBAIJAN: the cabinet of ministers approved the Statute of the Agricultural Insurance Fund
by Marina MAGNAVAL, 2019-12-18
The cabinet of ministers of Azerbaijan approved the Statute of the Agricultural Insurance Fund, Trend reports with reference to the cabinet.
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STATISTICS: BELARUS, 3Q2019: over 60% of the paid claims fell on voluntary classes
by Marina MAGNAVAL, 2019-12-19
Market GWP for 9 months of 2019 amounted to BYN 1.03 billion (EUR 455.06 million*), in local currency translating in an almost 13.70% increase y-o-y, as the data published by the Ministry of Finance of the Republic show.
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KAZAKHSTAN: the country is ready to introduce mandatory social health insurance from April 1, 2020
by Marina MAGNAVAL, 2019-12-18
According to the Ministry of Health of Kazakhstan, the country is ready to introduce mandatory social health insurance, 97% of the population already being updated in the databases, allinsurance.kz reports.
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RUSSIA: in 2019 the number of regions with state support of agroinsurance increased to 57
by Marina MAGNAVAL, 2019-12-19
On December 17, the Ministry of Agriculture announced the planned volume of agroinsurance subsidies in Russia for 2020, which could be increased to RUB 4.2 billion (~EUR 60 million) vs. the initially planned RUB 2.2. billion (~EUR 31.5 million), ASN reports.
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STATISTICS: UKRAINE, 3Q2019: almost 61% of GWP came from legal entities
by Marina MAGNAVAL, 2019-12-19
GWP of the Ukrainian insurance market at the end of 3Q2019 increased to UAH 40.56 billion (EUR 1.54 billion*), which in local currency is 16.3% more y-o-y. Net premiums increased by 18.8% (to almost UAH 30.15 billion), as the data of the regulator show.
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UKRAINE: e-MTPL policies exceeded 1 million units sold
by Marina MAGNAVAL, 2019-12-19
The total number of e-MTPL policies in 2019 (as of the mid-December) increased 7.6 times from 2018 level, to over 1 million e-policies (vs. 137.8 e-policies sold in 2018), Forinsurer reports.
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UZBEKISTAN switches to IFRS starting 2021
by Marina MAGNAVAL, 2019-12-18
From 2021, Uzbekistan will switch to International Financial Reporting Standards (IFRS) - as follows from the draft resolution of the President of Uzbekistan "On additional measures for the transition to international financial reporting standards", published on the Uzbekistan's state portal (in Uzbek language).
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