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Insurance Europe responds to IAIS consultation on impact of COVID-19
by press.release, 2020-09-08
Insurance Europe has today published its response to a consultation by the International Association of Insurance Supervisors (IAIS) on the impact of COVID-19 on insurers.
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Insurance Europe: EC digital ID proposals are welcomed in principle, but should not increase regulatory burden
by press.release, 2020-09-10
Insurance Europe has today published its response to a roadmap consultation by the European Commission on an EU digital ID scheme. Digital identities and the associated processes of authentication and authorisation are an essential component of the digital single market.
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BULGARIA: Insurers' aggregated assets, at market level, up by 7.7%
by Daniela GHETU, 2020-09-10
Bulgarian insurers' total assets increased by 7.7% y-o-y, data provided by the Bulgarian Central Bank as of June 30, show. At the same time, the number of market players decreased by 1 unit, to 51 companies. The scope of the statistics also includes the data for the branches of insurers headquartered outside Bulgaria.
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Vienna Insurance Group starts innovative insurance model in Poland
by press.release, 2020-09-07
The Vienna Insurance Group is now starting a new pilot project and will introduce a motor insurance offer with fully digital distribution and claims settlement on the Polish market by the end of year 2020. The heart of the project is an IT platform that allows rapid and flexible adaptations to meet changing customer needs and market conditions. If the pilot project is successful, an expansion to other VIG countries is planned.
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SCOR is well positioned to capture profitable growth opportunities from the new supportive market environment
by press.release, 2020-09-10
At its annual Investor Day, SCOR's Executive Management team, led by Denis Kessler, presents an overview of the first year of the "Quantum Leap" strategic plan.
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Swiss Re sees positive outlook for renewals, further market hardening expected
by press.release, 2020-09-10
Following rate improvements in many markets, and particularly in loss-affected segments, Swiss Re expects further rate hardening across all lines of business. At the same time, the reliance on underwriting profits increases in the low interest rate environment.
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Swiss Re: Global supply chain changes pick up pace to yield new opportunities
by press.release, 2020-09-10
Global supply chains are undergoing fundamental and accelerated restructuring, the latest Swiss Re Institute sigma study, "De-risking global supply chains: rebalancing to strengthen resilience", says.
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Guy Carpenter launches probabilistic Indonesia Flood Model
by press.release, 2020-09-10
Guy Carpenter & Company, LLC, a leading global risk and reinsurance specialist and a business of Marsh & McLennan Companies (NYSE: MMC), today announced the launch of its new Indonesia Flood Model. The fully probabilistic model provides countrywide coverage and enables insurers to assess their exposure to floods, the most frequently occurring natural peril in the country.
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Lloyd's expects to pay GBP 5 billion for COVID-19 customer claims
by press.release, 2020-09-10
Lloyd's confirmed it expects to pay out up to GBP 5 billion in COVID-19 customer claims on a gross basis, with the publication of its 2020 Half Year Results.
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RENOMIA purchased specialised brokerage company RISKON
by press.release, 2020-09-07
RENOMIA has become the owner of a 100% business share in the specialised brokerage company RISKON.
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Turkey put six insurers under a single roof to form the country's largest insurer
by Andrei Victor, 2020-09-09
Six Turkish insurers and pension fund companies will form the country's largest insurance and pensions company, wrote Middle East Insurance Review here.
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ARMENIA: Armenian Bureau of motor insurers celebrates its 10th anniversary
by Marina MAGNAVAL, 2020-09-09
In September 2020 the Armenian Bureau of motor insurers celebrates its 10th anniversary, in connection with that the Bureau has prepared a report on the work done, achievements in MTPL baased on the key indicators, such as procedures for concluding contracts, registrations of accidents, claim payment, as well as MTPL reforms, according to the announcement made on the website of the Bureau.
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KAZAKHSTAN: New bill concept provides a number of long-awaited changes for the insurance market next year
by Marina MAGNAVAL, 2020-09-09
The insurance market regulator came up with an initiative to develop a draft law "on amendments and additions to certain legislative acts of the Republic of Kazakhstan on regulation and development of the insurance market and securities market" in order to update the legislation and make changes on problematic market issues, according to the Association of Financiers of Kazakhstan (AFK).
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RUSSIA: 2nd practical conference "Bancassurance. Era of ecosystems" - update
by press.release, 2020-09-07
On October 1st, 2020, the magazine "Bankovskoe obozrenie" and "BusinessDrom" analytical center will hold a conference dedicated to partnership between insurers and banks as well as intermediaries and marketplaces.
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RUSSIA: New regulation on MTPL came into force, allowing to reduce tariffs for careful car owners
by Marina MAGNAVAL, 2020-09-08
On September 5, 2020, a new regulation of the Bank of Russia came into force, defining the procedure for applying new MTPL tariffs and allowing insurers to apply tariff factors that characterize likelihood of an insured event, The Russian Association of Motor Insurers (RAMI) informed.
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RUSSIA: 89% of insurers made profit by the end of June
by Marina MAGNAVAL, 2020-09-10
At the end of the second quarter of 2020, the profit of the insurance sector has grown, and return on equity has become the highest over the past three and half years (33.7%), according to the report of the Bank of Russia.
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UKRAINE: GWP under Green Card policies dropped by more than 36% y-o-y
by Marina MAGNAVAL, 2020-09-10
For the period from January to June 2020, GWP under Green Card policies, issued by members of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) decreased to UAH 0.56 billion (~EUR 18.8 million*), which is 36.37% less y-o-y, Forinsurer reports.
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Munich
Re: Major risks of our time - Better preparation needed
by Daniela GHETU, 2020-09-10
The systemic nature of very large losses has increased as a result of globalisation
and digitalisation. The greater interconnectedness has also heightened
interdependencies. Yet a variety of solutions are conceivable for the three
major risks of our time - pandemics, cyber and climate change, Munich Re's
analysts said recently.
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