TOP NEWS
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by Daniela GHETU, 2024-11-05
Ethniki, Hellenic General Insurance S.A. ("Ethniki") announced the signing on 1 November 2024 of the agreement for the acquisition by SIGNAL IDUNA, subsidiary of the homonymous German group, of the 96.74% stake that the Greek insurer owns in the Romanian GARANTA Asigurari.
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by Marina MAGNAVAL, 2024-11-05
As Gazeta Ubezpieczeniowa (Insurance Gazette) reports, according to Warta's estimates, premium dynamics in corporate insurance in the first half of the year was at 111%. The insurer points out that this means stable growth.
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by Daniela GHETU, 2024-11-05
PERILS has released its initial industry loss estimate for the floods across Central Europe and Italy from 14 to 20 September 2024, putting the total at EUR 1.89 billion. Most losses occurred in Austria, Czechia and Poland—accounting for about 95% of the total—followed by Italy and Slovakia, with minor impacts in Hungary and Romania.
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by Daniela GHETU, 2024-11-05
Insured losses from the extreme flooding in the eastern and southern regions of Spain are expected to be well above EUR 1 billion, given the significant damage to people, properties, vehicles, and businesses as well as to the region's agriculture sector, global rating and consultancy company Morningstar DBRS said.
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by Marina MAGNAVAL, 2024-11-05
WTW, a leading global advisory, broking and solutions company, announced financial results for the third quarter ended September 30, 2024 – the revenue was USD 2.29 billion, an increase of 6% as compared to USD 2.17 billion for the same period in the prior year, the company’s press release said.
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by Marina MAGNAVAL, 2024-11-05
In the first nine months of 2024, Adris grupa achieved total consolidated revenue in the amount of EUR 842 million, which is 9% more y-o-y. Revenue from the sale of goods and services amounted to EUR 794 million (+9%).
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by Daniela GHETU, 2024-11-07
Munich Re generated a net result of EUR 930 million in Q3 2024. The y-o-y decline in the quarterly result is attributable to above-average major losses from natural catastrophes. In the first three quarters, the net result amounted to EUR 4,692 million.
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by Marina MAGNAVAL, 2024-11-05
MetLife reported 3Q2024 premiums, fees and other revenues of USD 12.5 billion, down 5% y-o-y. Adjusted premiums, fees and other revenues were also USD 12.5 billion, down 5% on a reported basis and down 4% on a constant currency basis from the prior-year period, according to the company’s press release.
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by Marina MAGNAVAL, 2024-11-05
Chubb reported net income for the quarter ended September 30, 2024 of USD 2.32 billion, or USD 5.70 per share, and core operating income of USD 2.33 billion, or USD 5.72 per share. Up 15.2% and 15.6%, respectively, with P&C underwriting and net investment income both up double-digit; global P&C and Life insurance net premiums written up 8.5% and 10.6%, in Constant Dollars, according to the press release.
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by Daniela GHETU, 2024-11-07
Zurich Insurance Group (Zurich) delivered a robust performance in 9M 2024, with all businesses contributing positively. The P&C business continues to show strength while Life and Farmers build on their positive momentum.
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by Marina MAGNAVAL, 2024-11-05
The financial “health” indicators of the motor insurance sector have returned to the pre-pandemic negative levels, insurancedaily.gr writes.
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by Marina MAGNAVAL, 2024-11-05
From January to September 2024, Armenian insurers paid taxes in the amount of AMD 1.7 billion (USD 4.4 million), which is 6.3% higher y-o-y in local currency, ArmInfo writes with reference to the data of the State Revenue Committee of the Republic of Armenia.
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by Marina MAGNAVAL, 2024-11-05
Introduction of universal health insurance (UHI) in Armenia in 2025 is not planned, as the Minister of Finance of Armenia Vahe Hovhannisyan stated in the parliament on November 1, since the draft budget for next year does not include a corresponding expenditure item, ArmInfo reports.
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by Marina MAGNAVAL, 2024-11-05
A total of 405,604 hectares of cultivated land have been insured in Azerbaijan in the first 9 months of this year, Trend reports with reference to the Agrarian Insurance Fund.
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by Marina MAGNAVAL, 2024-11-05
A total of 9,363 claims were filed based on the European Accident Statement in the first 9 months of 2024. Total payments reached KZT 1,480 billion, and the average settlement period was 15 days, the Agency for Regulation and Development of Financial Market of Kazakhstan reported.
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by Daniela GHETU, 2024-11-07
The National Bank of Ukraine (NBU) has drafted and proposed for public discussion amendments to the rules of compiling and submitting reports by participants of the non-banking financial services market, Interfax reports.
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by Daniela GHETU, 2024-11-05
Swiss Re agrees to sell iptiQ's European P&C business to Allianz Direct, in line with its strategic decision to withdraw from iptiQ. Allianz Direct, the pan-European online insurer of Allianz Group, will take over the risk carrier based in Luxembourg.
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by Daniela GHETU, 2024-11-07
Swiss Re announced the strengthening of its P&C Re reserves in Q3, following a comprehensive review. The Group added USD 2.4 billion to P&C Re's prior year US liability reserves in the third quarter of 2024, bringing the total reserve additions to USD 3.1 billion for the first nine months of the year.
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INSURANCE EUROPE NEWS
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by Giancarlo Bosser, 2024-11-07
The Retail Investment Strategy (RIS) proposal presented by the European Commission in May 2023 is a key opportunity to boost EU citizens' participation in capital markets so that they can make the most of their money while supporting the European economy. Since its publication, member states have been busy defining their position in the Council, while the ECON Committee of the European Parliament adopted the report of Rapporteur MEP Stéphanie Yon-Courtin in March this year.
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Insurance Europe calls on the European Commission to withdraw Artificial Intelligence Liability Directive
by Daniela GHETU, 2024-11-07
Insurance Europe has called on the European Commission (EC) to withdraw its Artificial Intelligence Liability Directive (AILD), arguing that it would create legal uncertainty and discourage innovation.
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INSURANCE & TECHNOLOGY
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by Daniela GHETU, 2024-11-07
One-quarter of P&C insurers now deploy AI models to assess extreme weather threats, reflecting a rapid shift toward technology as climate risks increase, a research by ZestyAI, a climate and property risk analytics provider that uses machine learning to predict weather-related damage, shows.
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by Daniela GHETU, 2024-11-05
In the midst of increasing discussion about how the insurance market and its customers can benefit from the use of AI, Loadsure, the insurtech MGA announced it partnered with Google Cloud to develop an AI-powered claims verification system.
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STATISTICS
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by Daniela GHETU, 2024-11-07
Bulgarian insurers wrote gross premiums worth EUR 1.19 billion in the first half of 2024, which is by 3.3% over the 1H2023 result. According to data provided by the market authority, life insurance GWP accounted for EUR 203.5 million, 9% up y-o-y, while non-life GWP reached EUR 989.9 million, 2.7% up y-o-y.
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by Daniela GHETU, 2024-11-07
GWP amounted to EUR 26.35 billion at CEE level, up by 7.6% y-o-y. At the same time, claims paid remained quasi unchanged y-o-y, of EUR 11.9 billion. However, the present regional figures should be carefully considered as for Bosnia & Herzegovina and Serbia only the Q1results were available. Also, since claims data for Slovenia and Romania are likewise unavailable, the error on the claims side may be more substantial, undoubtedly changing the final outcome significantly.
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EVENTS
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CURRENT XPRIMM REPORTS
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