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EVENT (Update): The Future of Insurance Europe: Reuters Exclusive CEO and C-Suite Leadership Discussion Points
by Irina GHETU, 2020-11-02
Reuters` "The Future of Insurance Europe" event (Nov 24-25, 2020, Online), will unite the most influential CEOs and insurance C-suite leadership teams for real business discussions to develop solutions, tackle challenges, set benchmarks and collectively lay the foundations for the future.
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Meet the Russian insurance market, live, on the XPRIMM YouTube channel!
by XPRIMM, 2020-11-05
The forthcoming international edition of the XPRIMM Time for Business show will focus on the Russian insurance market and its evolution under the specific uncertain situation created by the pandemic, as well as on its future perspectives.
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Insurance Europe: EIOPA and ESRB approach to Solvency II review would undermine insurers in facilitating EC CMU and Green Deal objectives
by Cosmin CONCEATU, 2020-11-05
Insurance Europe - together with other insurance sector bodies - has written to the European Commission to highlight how the Solvency II review provides the key opportunity to enhance insurers' ability to support the Commission's growth and sustainability objectives.
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BULGARIA: The Commission for Protection of Competition approved Eurohold's acquisition of CEZ subsidiaries
by Cosmin CONCEATU, 2020-10-30
Bulgaria's Commission for Protection of Competition (CPC) granted approval to Eurohold Bulgaria to acquire the subsidiaries of CEZ Group in Bulgaria. The acquisition will be carried out through the specially set up Eastern European Electric Company B.V. (EEEC), 100% owned by Eurohold.
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CO Group posted 9 months net profit of almost EUR 39 million
by Andrei Victor, 2020-11-03
ADRIS grupa - the shareholder of CROATIA osiguranje, reported 9 months 2020 revenues of HRK 3.88 billion (~EUR 510 million) and were down 19% year-on-year.
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The Croatian Insurance Day 2020: see the conference full program
by Daniela GHETU, 2020-11-05
The full program of the forthcoming Croatian Insurance Days Conference was published on the event's website, listing several interesting topics focusing on insurance consumers and industry transformation in the new normal of the post-Covid era. XPRIMM is supporting the event as a Media Partner.
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LATVIA: Vienna Insurance Group acquires 100% of BTA market leader
by Cosmin CONCEATU, 2020-11-03
Vienna Insurance Group AG (VIG), has become 100% owner of BTA Baltic Insurance Company AAS (BTA) shares, the insurance market leader of Latvia.
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GFIA has published the new Annual Report 2019-2020 - see details about the opinion of the external authors
by Alexandra GUZUN, 2020-11-03
The Global Federation of Insurance Associations (GFIA) has launched its new Annual Report with a wide range of topics that include industry's role considering the pandemic situation.
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Munich Re generated almost EUR 1 billion profit for the first 9 months of 2020
by Cosmin CONCEATU, 2020-11-05
During the first nine months of 2020, Munich Re generated a profit of EUR 999 million (9M2019: 2,490). The operating result fell to EUR 353 million (9M2019: 844).
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Hannover Re net income contracted to EUR 668 million
by Cosmin CONCEATU, 2020-11-05
For the period between January-September 2020, Hannover Re reported a net income after nine months of EUR 667.8 million, contracted by 33.4%. The operating profit (EBIT) was down 35.3% from the previous year's level at EUR 902.9 million, while earnings per share were EUR 5.54 (9M2019: EUR 8.32).
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GFIA: Cybercrime is increasing as criminals exploit the COVID-19 pandemic
by Alexandra GUZUN, 2020-11-04
Cybercrime is the new challenge that the COVID-19 pandemic brings. The changes that took place in our lives such as: the way we learn, shop and work caused by the COVID-19 pandemic have increased the digitalization trends, but this is not necessarily a good strategy as these also bring implication for cyber risk.
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GFIA: FSB should increase support for private pension systems
by Cosmin CONCEATU, 2020-11-03
The Global Federation of Insurance Associations (GFIA) has published a letter where it calls on the Financial Stability Board (FSB) to increase its support for the resilience of private capital-backed pension systems.
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Peak Re completed the issuance of USD 250 million public hybrid securities
by Cosmin CONCEATU, 2020-10-30
Peak Re announced that its wholly-owned subsidiary Peak Re (BVI) Holding Limited, has successfully completed the issuance of USD 250 million of perpetual subordinated guaranteed capital securities at 5.35%.
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QIC Group reports 4% increase in GWP to QAR 10.2 billion
by Cosmin CONCEATU, 2020-10-30
Qatar Insurance Company (QIC) its financial results for the first nine months of 2020. The figures show a 4% increase in the volume of gross written premiums (GWP) to QAR 10.2 billion.
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PartnerRe announced collaboration with machine learning company Ladder
by Cosmin CONCEATU, 2020-10-30
PartnerRe announced that it has established a new partnership with Ladder, a pioneered in the use of machine learning to instantly underwrite life insurance online. The result is a streamlined, ten-minute digital process and affordable pricing to help modern consumers care for their families.
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Complimentary travel insurance offered by Celestyal Cruises
by Alexandra GUZUN, 2020-11-05
The Cyprus cruise line Celestyal Cruises will provide complimentary travel insurance for all new, individual bookings made through to 30 November and it will also cover medical expenses associated with Covid-19 for its guests.
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TURKEY: significant material losses expected after the October 30th earthquake in the Aegean area
by Daniela GHETU, 2020-11-03
A 7.0-magnitude earthquake struck Friday in the Aegean Sea between the Turkish coast and the Greek island of Samos, killing at least 91 people and injuring over 1,000 amid collapsed buildings and flooding, according to the latest official data available. The quake also made a couple of victims, and injured 19 people, in addition to the material damages.
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ARMENIA: for the first three quarters, total net profit of insurers grew 3.6 times y-o-y
by Marina MAGNAVAL, 2020-11-03
Total net profit of Armenian insurers for the first 9 months of the year grew 3.6 times and exceeded AMD 4 billion (~EUR 6.97 million*), as ArmInfo reports.
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BELARUS: from November 1, the Social security treaty between the Republic of Belarus and the Republic of Moldova comes into force
by Marina MAGNAVAL, 2020-11-03
From November 1, the Social security treaty between the Republic of Belarus and the Republic of Moldova comes into force, which regulates payment of insurance premiums for state social (pension) insurance, as well as granting and payment of pensions and insurance compensations, as BELTA informed, citing the Ministry of Labor and Social Protection.
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GEORGIA: Insurance companies are working with the state to increase opportunities in the fight against coronavirus
by Marina MAGNAVAL, 2020-11-05
Private insurance companies in Georgia join the fight against coronavirus. According to Devi KHECHINASHVILI Chairman of the Board, Georgian Insurance Association, insurers will join measures to help those with mild forms of the virus, Business Georgia reports.
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MOLDOVA: Draft law on insurance and reinsurance activities was approved
by Marina MAGNAVAL, 2020-11-05
On October 28, the Government of Moldova approved a draft law on insurance and reinsurance activities, developed by specialists of the National Commission for the Financial Market (CNPF) together with experts from the World Bank. The draft law will be submitted to Parliament for consideration and further approval.
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RUSSIA: from January to September, agroinsurance with state support increased by 31%
by Marina MAGNAVAL, 2020-11-03
According to the National Association of Agriculture Insurers (NAAI), for the period of January to September 2020, agroinsurance with state support increased by 31% y-o-y, with both crop and livestock insurance showing positive dynamics, as follows from the NAAI report.
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RUSSIA: 24th Annual Reinsurance Conference and 19th Annual November Business Meetings of Reinsurers to be held on November 25-26
by press.release, 2020-11-04
On November 25-26, 2020, a unique event in its format will be held, which will unite:24th Annual Reinsurance Conference19th Annual November Business Meetings of Reinsurers
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TURKMENISTAN: procedure for claim payment to military personnel under compulsory state insurance to be simplified
by Marina MAGNAVAL, 2020-11-05
On October 29, 2020, at a meeting of the Cabinet of Ministers, the Deputy Prime Minister for Economy and Finance announced that work is underway on compulsory insurance of military personnel in accordance with the Decree of the President of Turkmenistan d/d March 31, 2010 "On compulsory state personal insurance of military personnel and persons liable for military service, persons of ordinary and commanding staff of internal affairs bodies", writes turkmenportal.com.
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UKRAINE: Total profit of ARX and ARX Life from January to September grew by 168% y-o-y
by Marina MAGNAVAL, 2020-11-05
From January to September 2020, total GWP of ARX and ARX Life amounted to UAH 2.2 billion (~EUR 66.33 million*), which is 17% more y-o-y, while total net profit of the two companies reached UAH 308 million (+168% y-o-y), as Forinsurer reported.
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| INTERVIEW |
 Ramize
Ramadani, Director of Insurance Supervision Department, Central
Bank of Kosovo
by Cosmin CONCEATU, 2020-11-05
In the midst of the COVID-19 pandemic situation, the financial performance
of the insurance sector in Kosovo remained stable in the face of
declining premium income and renewable contracts. (...) Nevertheless,
during the first half of 2020, the insurance market registered a
profit of EUR 5.7 million, a welcomed improvement from a loss of
EUR 3.7 million recorded in the same period of last year.
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| STATISTICS |
STATISTICS: ALBANIA,
3Q2020: Insurers' GWP down by 6.54% y-o-y
by Andrei Victor, 2020-11-05
Albanian 3Q2020 GWP amounted to over ALL 11,999 million (EUR 96.73
million), or 6.54% less compared to January-September 2019, according
to the quarterly figures published by Albanian Financial Supervisory
Authority (AFSA).
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STATISTICS: CROATIA,
3Q2020: Insurers' GWP down by 1.43% y-o-y
by Andrei Victor, 2020-11-05
The gross written premiums of Croatian insurers decreased by 1.43%
y-o-y to HRK 8.042 billion (EUR 1.07 billion) at the end of September
2020, according to the quarterly figures published by the Croatian
Insurance Bureau - CIB.
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STATISTICS: MONTENEGRO,
3Q2020: Subunit decrease in GWP reported by local insurers
by Andrei Victor, 2020-11-05
Montenegrin insurance market totaled EUR 71.63 million at the end
of September 2020, 0.97% less y-o-y, accoring to the quarterly market
data released by Insurance Supervision Agency.
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XPRIMM Time For Business:
Redefining value in motor insurance
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| ON
THE MOVE |
Aon appoints Byron SPRUELL to Board of Directors
by Andrei Victor, 2020-11-02
Global re/insurance broker Aon announced that Byron SPRUELL, President, League Operations at the National Basketball Association (NBA), has been appointed to its Board of Directors.
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Generali Poland named Maciej Fedyna as new President of the Management Board and CEO
by Alexandra GUZUN, 2020-11-03
Starting with 1 July 2020, Maciej Fedyna was nominated by the Supervisory Board as new President of the Management Board and CEO of Generali in Poland and will succeed Andrea Simoncelli who was appointed as new Chairman of the Supervisory Boards of Generali T.U. S.A., Generali Zycie T.U. S.A and Generali Finance Sp. z o.o.
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Aegon nominates Frans Blom for Supervisory Board
by Cosmin CONCEATU, 2020-10-30
Aegon announced that Frans Blom will be nominated for appointment to its Supervisory Board for a four-year term. The proposal has been approved by the Dutch Central Bank and will be submitted for approval by Aegon's shareholders at the 2021 Annual General Meeting. Until then, he will attend the Supervisory Board meetings as an observer.
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AIG announces leadership transitions
by Andrei Victor, 2020-11-02
American International Group announced leadership transitions for its executive team and Board of Directors.
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