S&P Global Ratings: the capital positions of European insurers are a key strength in Russia-Ukraine military conflict context
by Daniela GHETU, 2022-03-08
For the many insurers headquartered outside Russia that have exposure to the country, their exposure is small enough and their capital strong enough for them to avoid a deterioration in credit quality, S&P Global Ratings said in a bulletin released on March 4.

VIG, FY2021: the EUR 11 billion premium threshold reached for the first time; gross profit up by almost 50% y-o-y
by Daniela GHETU, 2022-03-08
Vienna Insurance Group (VIG) reported today total GWP for 2021 reaching for the first time the EUR 11 billion premium threshold and by 5.5% up y-o-y. VIG results were positive and showed a very good dynamic largely on all business lines and geographies. Profit before taxes went up by almost 50%, to EUR 511.3 million.

Triglav Group in 2021: Record results, increased volume of business and strong profit growth
by Andrei Victor, 2022-03-07
According to unaudited data, the Triglav Group increased its total revenue to EUR 1.46 billion in 2021 (10% growth compared to the previous year) and achieved EUR 132.6 million in profit before tax (46% growth compared to the previous year).

Sava Insurance Group posted record year-end net profits
by Andrei Victor, 2022-03-07
In 2021, the Sava Insurance Group generated EUR 732.7 million in operating revenue, up 7.6% year on year, according to unaudited results. "The after-tax profit of EUR 76.2 million is a remarkable 35.1% increase over the previous year and significantly better than planned", as the Slovene re/insurance group mentioned in a statement.

NORTH MACEDONIA: total number of citizens with private health insurance in 2021 increased by 60%
by Marina MAGNAVAL, 2022-03-10
More than 23,000 persons used private health insurance last year to cover the costs of medical services. Nine insurance companies paid EUR 3.4 million for medical expenses covered by private health insurance. Total number of citizens who have private health insurance in 2021 increased by 60% and exceeded 182,000 insured persons, the Insurance Supervision Agency (ISA) said.

NORTH MACEDONIA: MAKEDONIJA Insurance ended 2021 with premium and profit increase
by Marina MAGNAVAL, 2022-03-10
MAKEDONIJA Insurance (Vienna Insurance Group) ended the year with a profit before tax in the amount of MKD 63.6 million (after tax - MKD 55 million denars), the portal osigurajse.net informed.

Serbia, KBF: Insurers and the state should pool forces in order to insure catastrophic risks
by Daniela GHETU, 2022-03-09
A panel of discussions at the Kopaonik Business Forum, the most important event of its kind in Serbia and the region organized by the Serbian Association of Economists has analyzed the lessons learned from the pandemic crisis, as well as the possibility of insuring catastrophic risks, including the pandemic one.

Learn more about the reinsurance business with CCR Re
by team, 2022-03-08
After more than 3,500 market professionals in over 30 countries have benefitted from the reinsurance basic course started last year by CCR Re, this year the reinsurer continues, starting 15 March, with a new series of tutorials.

Hannover Re, FY2021: net income up by 39% despite higher than average NatCat expenses and considerable pandemic-related losses
by Daniela GHETU, 2022-03-10
Despite considerable losses both in P&C and L&H reinsurance, Hannover Re generated Group net income of EUR 1.23 billion for the 2021 financial year, achieving its profit target.

VIG Re, FY2021: Profitable growth despite record natural catastrophe losses
by Daniela GHETU, 2022-03-10
VIG Re reported profit before taxes of EUR 26.8 million, up by 19% y-o-y, an all-time high, while gross written premium reached EUR 661 million, up by 14.2% y-o-y. The Net combined ratio stood at 96.1%, impacted by weather related losses in Continental Europe.

GDV: The consequences of the war for German insurers
by Daniela GHETU, 2022-03-10
"The war in Ukraine has only minor direct economic effects for German insurers, since they are hardly involved in Ukraine and Russia," says Joerg Asmussen, General Manager of the German Insurance Association.

CCN Group strengthens its strategic position by acquiring APRIL Deutschland
by Daniela GHETU, 2022-03-08
Astrea, an MGA brand of the Claims Corporation Network (CCN) Group has acquired APRIL Deutschland AG from the French APRIL SAS of Lyon. This acquisition has been made to strengthen CCN's core business lines, which include third-party administration (TPA), MGA and insurance services.

Russian insurers downgraded on severely adverse macroeconomic climate
by Daniela GHETU, 2022-03-08
S&P Global Ratings said on 7 March 2022 that it has taken negative rating actions on its rated Russian insurers, reflecting the agency's view of the heightened likelihood of financial and business vulnerability caused by rapidly escalating geopolitical and economic risks in Russia and follow the lowering of the Russian sovereign rating to CCC-.

KAZAKHSTAN: S&P affirms sovereign credit rating of the Republic of Kazakhstan at BBB-, outlook stable
by Marina MAGNAVAL, 2022-03-08
On March 4, 2022, S&P affirmed sovereign credit rating of the Republic of Kazakhstan at BBB- with a stable outlook, Allinsurance.kz portal reports with reference to the National Bank of Kazakhstan.

MOLDOVA: NCFM calls on motor third party liability insurers to show solidarity and understanding
by Marina MAGNAVAL, 2022-03-08
National Financial Market Commission (NCFM) has clarified for parties involved in third party liability insurance the latest changes regarding availability of a Green Card policy for vehicles registered in Ukraine, CapitalMarket reports.

UKRAINE: NBU extends deadlines for submitting annual reports until March 31
by Marina MAGNAVAL, 2022-03-07
In connection with the martial law throughout Ukraine, the National Bank (NBU) has extended the deadline for submitting annual reports by non-banking financial institutions for 2021 until March 31, 2022, Forinsurer said.

STATISTICS: Hungary: Insurers' 2021 net profits compressed to EUR 217 million
by Andrei Victor, 2022-03-08
Life GWP increased by 13.64% y-o-y to HUF 602.7 billion / EUR 1.6 billion while non-life portfolio expanded by 7.9% to HUF 726.8 billion / EUR 1.9 billion, according to the most recent statistics published by the National Bank of Hungary (MNB). Thus, during the analyzed period, the life insurance business accounted for 45% and the non-life insurance business for 55% of total GWP.

STATISTICS: HAIC: Greece insurers GWP up by 7.7% in 2021
by Andrei Victor, 2022-03-08
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 4.26 billion at the end of 2021, up by 7.7% y-o-y.

First Congress of Actuaires du Monde - see the program of the two days event (1)
by XPRIMM, 2022-03-10
The inaugural day of the First Congress of Actuaires du Monde will focus on the actuarial challenges due to the liberalization of the MTPL tariff in CEE / SEE markets. The "in-person" event will take place at the Marriott Hotel, in Skopje (North Macedonia) on 31 March & 1 April 2022.

Generali co-opts three new members to its BoD
by Andrei Victor, 2022-03-07
The Board of Directors of Assicurazioni Generali announced the co-optation of Alessia FALSARONE, Andrea SIRONI and Luisa TORCHIA as members of the Board.

1st Congress of Actuaires du Monde
Skopje Marriott Hotel, Macedonia
31 March - 1 April, 2022
Organizers: Actuaires du Monde
Media Sponsor: XPRIMM
More details: here

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