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NEWS |
Aon: 2010-2019, the costliest decade on record
by press.release, 2020-01-22
On January 22, 2019 Aon launched its Weather, Climate & Catastrophe Insight: 2019 Annual Report. The report evaluates the impact of global natural disaster events to identify trends, manage volatility and enhance resilience.
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At PZU's initiative, 12 of the largest CEE enterprises signed the Business Council of Growing Europe founding memorandum
by Daniela GHETU, 2020-01-23
Representatives of the 12 largest and most dynamic enterprises in the CEE - among which the PZU and TRIGLAV Groups -, have signed in Davos a memorandum forming the Business Council of Growing Europe, an initiative that will promote CEE as an attractive destination for investors and to support cooperation between business leaders from the region.
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Two CEOs of VIG Group companies honoured as managers of the year
by Andrei Victor, 2020-01-21
VIENNA Insurance Group announced two of the top women managers in the Group - Svetla NESTOROVA (Bulgaria) and Sabina MUJANOVIC (Bosnia-Herzegovina), recently received major awards for their performance in 2019.
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PORSCHE, MHP and MUNICH Re found a joint venture
by Andrei Victor, 2020-01-21
PORSCHE, MHP - the sports-car manufacturer's subsidiary for management and IT consulting - and reinsurer MUNICH Re plan to form a joint venture. In fact, the three partners have already signed an agreement.
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LATVIA: the market is growing yet risk insurance still accounts for only 1.3% of GDP
by Marina MAGNAVAL, 2020-01-17
The insurance market has been growing over the past couple of years, recently showing a double-digit increase, despite a smaller growth rate at the end of 2019, according to Uldis DZINTARS, member of the board of BALTA (leader of Latvian non-life sector, which belongs to the PZU group), LETA news agency writes.
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LATVIA: Smoke detectors and fire extinguishers mandatory for every home
by Cosmin CONCEATU, 2020-01-22
As of January 1st, 2020, Latvian legislation imposed mandatory smoke detectors for all residential buildings. Similarly, fire extinguishers became mandatory for every Latvian dwelling.
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STATISTICS: SEE, 3Q2019: regional market expanded more than a quarter in Q3 2019 to EUR 11.5 billion
by Andrei Victor, 2020-01-23
At the end of 3Q2019, the SEE insurance market (inclusing Cyprus, Greece and Turkey) totaled about EUR 11.5 billion in GWP, 26.44% more y-o-y, according to preliminary figures centralized by XPRIMM.
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STATISTICS: CIS, 3Q2019: Azeri market faced negative dynamics while Ukraine achieved impressive growth
by Marina MAGNAVAL, 2020-01-23
By the end of 3Q2019, the GWP in euro of the CIS regional insurance market recorded a total growth of 12.73% year-on-year, though the dynamics of the individual markets were quite heterogeneous, as the data collected and analyzed by XPRIMM show.
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AZERBAIJAN: new departments established in Central Bank due to transfer of regulatory and supervisory functions
by Marina MAGNAVAL, 2020-01-20
As the Central Bank of Azerbaijan announced on its website, there has been some structural changes in connection with the transfer to the Central Bank of the powers of the Financial Market Supervisory Authority (FIMSA), which was abolished under the president's decree, Trend reports.
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AZERBAIJAN: AM Best withdrew PASHA Credit Ratings at company's request
by press.release, 2020-01-23
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Azerbaijan-based PASHA Insurance OJSC.
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GEORGIA: introduction of compulsory motor insurance delayed for an indefinite period
by Marina MAGNAVAL, 2020-01-20
Introduction of MTPL in Georgia was delayed and the bill most likely won't be considered this year, as Devi KHECHINASHVILI, Head of the Georgian Insurance Association, believes.
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GEORGIA: GPI Holding maintains the market leadership position after 3Q2019
by Daniela GHETU, 2020-01-17
GPI Holding, a member of Vienna Insurance Group, maintained its leadership position on the Georgian insurance market, with a 17% market share after 3Q2019. The company reported GWP worth EUR 25.36 million and reinsurance premiums of EUR 4.38 million, while paid claims reached EUR 16.4 million.
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Insurance Group of Georgia: 20% growth in the number health insurance customers
by Daniela GHETU, 2020-01-20
Insurance Group of Georgia (IGG), one of the most recently launched companies with fully domestic capital, ended 3Q2019 with gross earned premiums worth GEL 9.98 million (~EUR 3.1 million), by almost 5% up y-o-y. Claims paid amounted to GEL 7.5 million (EUR 2.33 million).
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RUSSIA: the 3rd International Insurance and Reinsurance Congress to be held on April 21-22
by press.release, 2020-01-20
The 3rd International Insurance and Reinsurance Congress will be held on April 21-22, 2020 in Moscow, traditionally combining two events: the 24th Annual Reinsurance Conference and the 3rd Insurance Conference.
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RUSSIA: market leader's charter capital increased to RUB 30 billion
by Marina MAGNAVAL, 2020-01-20
The leader of the Russian insurance market in terms of GWP and paid claims, SOGAZ group, increased its charter capital to RUB 30 billion (~EUR 0.43 billion). The changes of the insurer's charter were registered on December 31, 2019, ASN reports.
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UKRAINE: GWP of UNIVERSALNA increased by 15% y-o-y in 2019
by Marina MAGNAVAL, 2020-01-21
According to the preliminary results of 2019 summed up, the GWP of UNIVERSALNA insurance company (included in TOP-10 Ukrainian non-life insurers in 3Q2019) increased at the end of 2019 by 15% y-o-y, to UAH 950 million (~EUR 35.95 million), as Forinsurer reports.
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| MARKETS AND TRENDS |
World Economic Forum publishes annual Global Risks Report
by Andrei Victor, 2020-01-22
According to a press release by the WEF, for the first time in the history of the Global Risks Perception Survey, environmental concerns dominate the top long-term risks by likelihood - extreme weather,climate action failure, natural disasters, biodiversity loss and human-made environmental disasters being the top 5 long term risks identified in the World Economic Forum's Global Risks Report 2020.
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| On the move |
Niels ZIJDERVELD appointed as FRISS CCO
by Cosmin CONCEATU, 2020-01-17
FRISS appointed Niels ZIJDERVELD as Chief Commercial Officer. ZIJDERVELD will lead the FRISS Sales and Marketing departments.
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Magdalena MACKO-GIZINSKA joins NN Poland management board
by Cosmin CONCEATU, 2020-01-20
Polish subsidiary of NN announced the appointment of Magdalena MACKO-GIZINSKA as member of the board and Chief Customer Officer, starting January 2020.
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Willis Re appoints head of International Casualty Reinsurance
by Cosmin CONCEATU, 2020-01-23
Willis Re recently announced the appointments of Cameron Green as head of International Casualty Reinsurance practice and John Philipsz as CEO of Willis Re Australia. Both appointments are effective as of 1 January 2020. Cameron and John will continue to be based in Sydney.
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Toby Srihiran Brown named MetLife Chief Auditor
by press.release, 2020-01-23
On January 22, 2020, MetLife announced that Toby Srihiran Brown will become executive vice president and Chief Auditor, effective March 1 current year.
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LLOYD's announced changes: Jon HANCOCK to leave in 2020; Julia Tyson appointed as CHRO; Jo SCOTT promoted
by Andrei Victor, 2020-01-21
LLOYD's recently announced that Jon HANCOCK has decided to step down as Performance Management Director in 2020.
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TransRe announced changes inside underwriting team
by press.release, 2020-01-23
On January 21, 2020, TransRe announced a series of changes within its underwriting structure and promoted a number of key leaders.
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