TOP NEWS
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by Daniela GHETU, 2023-02-23 As of 20 February, the Turkish Catastrophe Insurance Pool (TCIP) has already paid claims worth about USD 27.6 million to policyholders whose homes were affected by the 6 February earthquakes.  More
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by Daniela GHETU, 2023-02-23 Moody’s RMS®, the leading global catastrophe risk modeling and solutions company, estimates economic losses from the moment magnitude (Mw) Mw7.8 and Mw7.5 earthquakes that struck southern Türkiye on Monday, February 6 are likely to exceed USD 25 billion (TRY 471 billion), and the total insured loss is likely to exceed USD 5 billion (TRY 94 billion). More
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by Daniela GHETU, 2023-02-23 According to Extreme Event Solutions at Verisk (formerly AIR Worldwide), economic losses for the February 6, 2023, earthquakes in Türkiye will likely exceed USD 20 billion, and industry insured losses will likely exceed USD 1 billion. These estimates are based on impacts of both M7+ earthquakes that occurred on that day. Results from Verisk indicate the initial shock is the driver of most of the insured losses. More
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by Marina MAGNAVAL, 2023-02-22 Acredia, the leading company for credit insurance on the Austrian market, specialized in debt collection and protection, strengthens its position on the Croatian market, svijetosiguranja.eu wrote. More
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by Andrei Victor, 2023-02-22 The number of insurance frauds increased during 2022, according to the figures published by the Czech Insurance Association (CAP). The professional association of Czech insurers informed that during last year, it inspected a total of 13,820 suspected claim files, up by 21% y-o-y, the aggregate value of detected fraud totaling CZK 1.42 billion - or ~EUR 59 million (up by CZK 173 million, or by 14% y-o-y). The average amount of detected fraud / claim file reached CZK 231 thousand (vs CZK 249 thousand in 2021 or CZK 288 thousand in 2020). More
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by Marina MAGNAVAL, 2023-02-23 In 2022, the ombudsman of the Latvian Insurers' Association (LAA) received 35 customer complaints about insurance services and the largest number of them were about Motor Hull, while in 2021 most complaints were submitted about property insurance. Total number of complaints in 2022 compared to 2021 has increased very slightly (35 vs 32), Latvian Insurers' Association (LAA) reports. More
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by press.release, 2023-02-23 A group of industry representatives - including Insurance Europe - have published a statement calling on the European Parliament to ensure that its position on the European Commission's proposed Artificial Intelligence (AI) Act would support innovation and the uptake of the use AI in Europe. More
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by Marina MAGNAVAL, 2023-02-22 The insurance market of Armenia ended 2022 at a historical maximum of premiums and paid claims. The increase in paid claims was imperceptible, while the increase in premiums was double-digit, which allowed the insurance sector to receive a net profit of AMD 4 billion (USD 10 million), with a 5.5-fold annual growth, ArmInfo reports. More
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by Marina MAGNAVAL, 2023-02-22 PASHA Life, the country's leading life insurance company, took the leading position among insurance market participants in terms of GWP in 2022. The company set a new record in the insurance market, having collected AZN 407 million (EUR 224.68 million) for all products and made insurance payments to its customers in the amount of AZN 221 million (+17%), Trend wrote. More
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by Marina MAGNAVAL, 2023-02-22 The parliamentarians face the task of forming a single insurance market of the Union State, the Deputy Chairman of the Commission on Legislation and Regulations of the Parliamentary Assembly of the Union of Belarus and Russia, Chairman of the Standing Commission on Legislation and State Building of the Council of the Republic, Sergei Sivets said, BELTA reports. More
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by Marina MAGNAVAL, 2023-02-22 MTPL market in Ukraine in 2022 decreased by 2.6% y-o-y, amounting to just over UAH 7 billion (~EUR 0.17 billion), including UAH 4.8 billion (+19%) collected under electronic insurance contracts, Forinsurer reports with reference to the MTIBU (Motor Transport Insurance Bureau of Ukraine). More
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by Daniela GHETU, 2023-02-23 Munich Re posted a profit of EUR 3,419 million in the 2022 financial year, thus exceeding its profit guidance of EUR 3.3 billion. The Group's profit in Q4 2022 amounted to EUR 1,516 million. Gross premiums written rose by 12.7% to EUR 67,133 million year on year. More
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by Andrei Victor, 2023-02-22 The German insurance group Allianz reported FY2022 total revenues worth EUR 152.7 billion, representing an increase of 2.8% y-o-y (12M 2021: EUR 148.5 billion), largely driven by the Property-Casualty business segment. More
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by Andrei Victor, 2023-02-22 Global reinsurer Swiss Re reported a net income of USD 472 million for 2022, with a net income of USD 757 million in the fourth quarter. For 2023, the reinsurer said it targets a net income of more than USD 3 billion, "supported by successful P&C Re renewals, an expected decline in COVID-19 claims, higher interest rates and cost discipline". More
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by Andrei Victor, 2023-02-22 Austrian insurance group UNIQA informed it expects to report significantly improved consolidated earnings before taxes for the financial year 2022 in the range of EUR 420 million to EUR 425 million, better than expected, as compared with EUR 382.3 million a year before. More
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by Andrei Victor, 2023-02-22 Allianz Global Corporate & Specialty SE (AGCS), the corporate insurance carrier of Allianz Group reported FY 2022 GWP worth EUR 11.169 billion, up by EUR 1.683 billion or by 18% y-o-y from EUR 9.486 billion a year before. More
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by Marina MAGNAVAL, 2023-02-22 North Macedonia's insurance companies reported aggregate FY2022 gross written premiums worth MKD 12.78 billion (EUR 207.92 million), up by 9.94% y-o-y, according to the year-end market figures published on the country's Insurance Supervision Agency website. More
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by Marina MAGNAVAL, 2023-02-22 The insurance sector of Azerbaijan ended 2022 with an increase of 15%, reaching AZN 970.82 million (EUR 535.95 million). At the same time, paid claims decreased by 5.56% to AZN 433.20 million (EUR 239.15 million), according to the statistics published by the National Bank. More
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by Marina MAGNAVAL, 2023-02-22 At the end of 2022, the insurance sector of Kazakhstan grew by 10.40%, to KZT 899.59 billion (EUR 1.82 billion). At the same time, insurers' paid claims, in contrast to premiums, jumped by more than 50% in local currency, reaching KZT 196.33 billion (EUR 398.37 million), according to data published by the National Bank. More
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TOP EVENTS
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by Daniela GHETU, 2023-02-23 Insurance companies are expected to play a critical part in the transition to a net-zero, resilient and socially just economy. Not only can they impact changes through ESG investing and underwriting, but they can also make contribution with own sustainable and inclusive operations that go beyond traditional corporate social responsibility approaches. More
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by team, 2023-02-23 Motor has been a low-risk and high-volume mainstay segment of P&C for many decades. Competition among insurers is thus rightly fierce and any novelty impacting even lightly their portfolios' performance metrics becomes something worth exploring and, eventually, a must-have. Given the difficult and fast changing current context, this is more real than ever. More
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INTERVIEW
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by Sergiu COSTACHE, 2023-02-22 There is no confidence without trust, there is no trust without transparency and there is no transparency without intellectually honest communication. Our industry is highly technical and very complex. Technical complexities might generate different interpretations and assessments of the risk. Over and beyond numbers, you need honest, non-bureaucratic dialogue to assess the risk and protect people. Irrespective of market conditions, industry consolidations, companies restructuring or political seasons, our dialogue has to be transparent, continuous, and above all well-intended. More
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by Daniela GHETU, 2023-02-22 A significant number of vehicles that were destroyed during the hostilities or abandoned by their owners in the temporarily occupied territories. Moreover, a huge number of Ukrainian refugees went abroad in their own cars, estimates vary from hundreds of thousands to one and a half million. Therefore, the number of cars that are operated on the territory of Ukraine has become physically smaller, and this directly, but in different directions, affected both the indicators of the domestic MTPL and the Ukrainian Green Card segment, which has grown. More
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ON THE MOVE
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by Andrei Victor, 2023-02-22
The Supervisory Board of NN Group intends to reappoint David Knibbe as member of the Executive Board of NN Group and to designate him again as Chief Executive Officer (CEO) and chair of the Executive Board for a term of four years, as the Dutch group announced in a statement.
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CURRENT XPRIMM REPORTS
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