TOP NEWS
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by Daniela GHETU, 2024-12-05
On 24 November Vienna hosted a series of business and cultural events organized on the occasion of the 200 years Anniversary of the parent company of Vienna Insurance Group, Wiener Städtische Versicherungsverein. What began from just offering fire insurance in Austria, has become an insurance group that is the CEE market leader.
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by Marina MAGNAVAL, 2024-12-03
From January to October this year total GWP of Albanian insurers increased 7.56% y-o-y to ALL 20.26 billion (EUR 205.9 million), SeeNews writes with reference to official figures.
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by Marina MAGNAVAL, 2024-12-03
Fitch Ratings has maintained at B+ the insurer financial strength (IFS) rating of Bulgaria's Insurance Company Euroins, the main operating subsidiary of Euroins Insurance Group (EIG), part of Eurohold Bulgaria, with a stable outlook, as SeeNews reports.
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by Marina MAGNAVAL, 2024-12-03
The total GWP in Croatia in the first 10 months of 2024 amounted to EUR 1.6 billion, which is 11.41% more y-o-y. Of the total, EUR 271.3 million (17%) came from life insurance, and EUR 1.3 billion (83%) - from non-life, osiguranje.hr reports.
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by Daniela GHETU, 2024-12-04
The Polish Financial Supervision Authority (UKNF) has unveiled its supervisory priorities for 2025, with a significant emphasis on the insurance sector. These priorities aim to address emerging risks, enhance product quality, and strengthen market stability.
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by Daniela GHETU, 2024-12-04
“Certainly, the future” – the new PZU Group strategy for 2025-2027 is based on 4 pillars that will strengthen PZU’s position as a leader in large-scale risk management and a partner that provides certainty in times of threats, the Group’s press release says.
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by Marina MAGNAVAL, 2024-12-03
“The key indicators of the insurance sector's operations in the past 10 years have recorded a positive trend and more than doubled”, said the governor of the National Bank of Serbia, Jorgovanka Tabakovi? opening the 8th edition of the Serbian Insurance Days Conference, organized on November 27 in Zlatibor.
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by Marina MAGNAVAL, 2024-12-03
Hellenic Bank informed that, following its previous announcement on July 10, 2024 regarding its agreement with CNP Assurances for the acquisition of CNP Cyprus Insurance Holdings Limited, the Competition Protection Committee approved the acquisition on 27 November 2024, cyprusinsurancenews.com writes.
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by Marina MAGNAVAL, 2024-12-03
The Insurance Association of Turkey (TSB) has set its expectations for 2025 for the industry. The expectations are published in an information booklet of TSB, where the Association explains the steps taken by the Turkish insurance industry after the February 2023 earthquakes, Middle East Insurance Review reports.
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by Marina MAGNAVAL, 2024-12-03
Aon, a leading global professional services firm, announced the signing of a definitive agreement to acquire the in-house insurance agency business of Mitsubishi Chemical Group (MCG) enhancing Aon’s risk and health capability offering in Japan, the company says in its press-release. The transaction is expected to be completed in early 2025.
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by Daniela GHETU, 2024-12-03
Zurich Insurance Group has successfully acquired AIG’s global personal travel insurance and assistance business, including Travel Guard, for USD 600 million, plus a potential earn-out payment. The transaction makes Zurich one of the largest travel insurers globally, serving more than 20 million customers and 200 distribution partners.
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by Marina MAGNAVAL, 2024-12-03
Dutch insurer Achmea and Lifetri are merging their pension and life portfolios into Achmea Pensioen & Levensverzekeringen NV, creating a top three player with over 2.1 million customers, the insurer informed.
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by Marina MAGNAVAL, 2024-12-03
The Azerbaijan Insurers Association (AIA) and the Union of Insurance and Reinsurance Companies of Northern Cyprus signed a memorandum on insurance, Trend reports.
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by Marina MAGNAVAL, 2024-12-03
A unified motor insurance system will start operating in the Union State on January 1, 2025, according to the amendments to the federal law "On compulsory motor third party liability insurance of vehicle owners", which were adopted on November 27 by the Federation Council of the Federal Assembly of Russia, BELTA reports.
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by Marina MAGNAVAL, 2024-12-03
The number of insurance contracts with individuals, including compulsory travel insurance (CTI), in Kazakhstan increased by 38% to 18 million units in January-October of this year, according to a market study by ranking.kz.
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by Marina MAGNAVAL, 2024-12-03
For the period from January to October of this year, total GWP of the TAS Insurance Group amounted to UAH 3,980.45 million (~EUR 89.47 million), which is 36.1% more y-o-y, Forinsurer reports.
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by Marina MAGNAVAL, 2024-12-03
INGO Insurance Company has become a new member of the League of Insurance Organizations of Ukraine (LIOU), which opens up additional opportunities for the company for cooperation, development of industry initiatives and participation in the formation of common strategies to strengthen the country's insurance market, Forinsurer writes.
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by Marina MAGNAVAL, 2024-12-03
A draft law “On agricultural risk insurance” has been developed in Uzbekistan, which was discussed on November 25 during the presentation of proposals for food security governance, increase of cotton and cereal crop yields, gazeta.uz writes.
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by Media XPRIMM, 2024-12-05
At its Annual General Meeting today, the International Association of Insurance Supervisors (IAIS) adopted the global Insurance Capital Standard (ICS). Additionally, members endorsed substantial updates to the IAIS Insurance Core Principles (ICPs) and Common Framework for the supervision of internationally active insurance groups (ComFrame).
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ON THE MOVE
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by Media XPRIMM, 2024-12-05
The Board of Supervisors of EIOPA elected Zuzana Silberová, Executive Director of the Financial Market Supervision Department at the Czech National Bank (CNB) as EIOPA’s new Vice-Chairperson.
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by Daniela GHETU, 2024-12-03
The Centre for Disaster Protection, a UK funded entity that works helping people, countries, and organizations change how they plan and pay for disasters, announced the appointment of Cristina Stefan as its new Head of Advisory.
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by Daniela GHETU, 2024-12-04
The Geneva Association is announced two key leadership changes, effective 1 January 2025. Darren Pain, Director Cyber and Evolving Liability, has been appointed Director of Research, succeeding Kai-Uwe Schanz. Dennis Noordhoek, Director Public Policy & Regulation, will assume the new role of Director of External Stakeholder Engagement.
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INSURANCE EUROPE NEWS
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by Daniela GHETU, 2024-12-04
With a growing scale of digital possibilities, insurance fraudsters are increasingly creative and, importantly as well, increasingly able to cross borders without much effort. At the same time, strategies to combat fraud remain predominantly national, due to the realities of judicial systems and relevant legal frameworks.
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by Media XPRIMM, 2024-12-05
Responding to a European Commission consultation on the functioning of the EU securitization framework which closed on 4 December, Insurance Europe said it supports regulatory changes to improve the market for securitizations in line with the Commission's objectives.
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EIOPA NEWS
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by Media XPRIMM, 2024-12-05
EIOPA is inviting you to the upcoming public online event, on 11 February 2025, to discuss three consultation papers on Natural catastrophe risks and prevention measures awareness, Biodiversity, Sustainability risk plans.
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MARKETS & TRENDS
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by Daniela GHETU, 2024-12-05
Estimated insured losses from natural catastrophes on track to exceed USD 135 billion in 2024 worldwide. Europe, in particular, has experienced intense flooding in 2024, resulting in the second-highest insured losses from floods in the region ever, according to Swiss Re Institute's estimates.
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by Daniela GHETU, 2024-12-05
Extreme weather enters G20 top five risks following a year marked by record temperatures, severe flooding and wildfires, shows the Executive Opinion Survey, conducted by the World Economic Forum. However, economic threats continue to top the list of concerning issues.
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STATISTICS
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by Daniela GHETU, 2024-12-05
Gross written premiums amounted to EUR 26.9 billion at regional level, up by 7.67% y-o-y. At the same time, claims paid only increased by 0.03% y-o-y, to EUR 12.12 billion.
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by Daniela GHETU, 2024-12-05
The Lithuanian insurance market totaled EUR 1.17 billion at end-September 2024, up by 9.57% y-o-y, according to the quarterly figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims from insurance losses worth EUR 526 million, up by 10.8% y-o-y.The life insurance line of business expanded by 3.76% y-o-y to EUR 269.9 million mostly due to traction exercised by the index-linked and unit-linked products.
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by Daniela GHETU, 2024-12-05
Macedonian insurers reported aggregate nine-months 2024 aggregate GWP worth MKD 12.18 billion (~EUR 198.17 million), 12.6% more y-o-y, according to the preliminary market figures provided by the Insurance Supervision Agency of North Macedonia.Non-life GWP accounted for about 83.14% of the total GWP (MKD 10.13 billion, or EUR 164.75 million, up by 11.09% y-o-y) - of which MTPL (36.7% of total), property (17.17%), MoD (8.3%) and GTPL (2.47%).
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EVENTS
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CURRENT XPRIMM REPORTS
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