TOP NEWS
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by Daniela GHETU, 2025-01-16
The European Council’s recently released report Forward look2025 – Time for Leadership highlights how climate change is profoundly impacting the insurance industry, where rising costs and widening coverage gaps risk pushing the continent toward a potential insurance crisis.
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by Daniela GHETU, 2025-01-16
The recent wildfires sweeping through Los Angeles have caused unprecedented destruction, with economic losses currently estimated by AccuWeather to reach up to USD 275 billion, while officials warn the region isn’t in the clear yet. This catastrophe is poised to become one of the most financially devastating natural disasters in U.S. history.
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by Marina MAGNAVAL, 2025-01-08
From January to November 2024 GWP of insurance companies in Bosnia’s Serb Republic totaled KM 326.4 million (EUR 166.9 million), up 11.4% y-o-y, according to the Serb Republic’s insurance regulator, SeeNews wrote.
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by Marina MAGNAVAL, 2025-01-13
Starting last December 1, road insurance was extended to all-terrain vehicles, such as snow vehicles and TRVs registered as all-terrain vehicles. Today, however, only 15% of all-terrain vehicles have motor insurance. If a snow vehicle or other off-road vehicle is used, it must have road insurance, LKF wrote.
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by Marina MAGNAVAL, 2025-01-08
Total GWP of insurance companies operating in Kosovo increased to EUR 152.8 million in January-November 2024, from EUR 133.3 million in the same period of 2023, according to the central bank data, SeeNews writes.
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by Marina MAGNAVAL, 2025-01-13
According to data collected by Rankomat, last year MTPL prices increased by 25% compared to 2023. The experts believe that drivers will face further increases in 2025, Gazeta Ubezpieczeniowa (Insurance Gazette) writes.
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by Daniela GHETU, 2025-01-13
The largest compensation received by a Romanian homeowner whose residence was protected by an optional insurance policy and affected by a fire exceeded EUR 422,000, according to an analysis conducted among UNSAR (the professional union of the Romanian insurers) members.
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by Daniela GHETU, 2025-01-15
Reimbursement of medical expenses, hospitalization, surgical procedures, and temporary incapacity to work were the Top 5 most accessed coverages in the Romanian life insurance market in 2023, while 4 out of the 5 largest indemnities paid under this insurance line were granted as a result of the insured individuals' deaths, data provided by UNSAR show.
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by Daniela GHETU, 2025-01-08
GrECo, the independent risk consultant & insurance broker in CEE, headquartered in Vienna, Austria, announced the acquisition of a majority stake in Comergon, a well-established privately-owned specialist insurance broker for corporate Property & Casualty risks as well as Health & Benefits in Greece and Cyprus.
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by Marina MAGNAVAL, 2025-01-13
NN Group, an international financial services company, active in 10 countries, with a strong presence in a number of European countries and Japan, announced the completion of the sale of its Turkish operations to Zurich Türkiye, the Group said in its press release.
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by Marina MAGNAVAL, 2025-01-08
Life insurance in Azerbaijan amounted to AZN 79.3 million (~EUR 44.13 million) in January-November 2024. According to the Central Bank, this is AZN 5.2 million, or 7% more y-o-y, Trend writes.
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by Marina MAGNAVAL, 2025-01-08
PASHA Life Insurance, the leader of the insurance market in Azerbaijan, achieved significant success by all financial indicators in 2024. The company's GWP increased by 22%, total assets rose by 13%, while profit in 2024 increased by 20%, according to the Chairman of the Board of PASHA Life Insurance Niyaz Ismayilov, Trend writes.
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by Marina MAGNAVAL, 2025-01-08
Assets of the insurance sector at the end of November 2024 increased by 20.8%, amounting to KZT 3.0 trillion (~EUR 5.55 billion), mainly because of increased income from insurance activities and revaluation of foreign currency.
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by Marina MAGNAVAL, 2025-01-08
Voluntary property insurance of motor vehicles in Kazakhstan in January-August 2024 amounted to KZT 67.9 billion (~EUR 0.13 billion), which is 10.1% less y-o-y. At the same time, the number of road accidents in Kazakhstan has doubled, Allinsurance.kz reports.
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STATISTICS
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by Marina MAGNAVAL, 2025-01-15
The regional insurance market of the former Soviet Union* countries grew by 37.61% in euros over the first three quarters of 2024, amounting to EUR 28.54 billion, according to xprimm statistics.
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by Daniela GHETU, 2025-01-15
Insurers active on the Romanian market wrote gross premiums worth EUR 3.39 billion in the first three quarters of 2024, which is by 11.45% more y-o-y. Out of this total, local insurers accounted for EUR 2.88 billion, while the remaining EUR 513 million were generated by branches of EU insurers operating on FOS/FOE.
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by Daniela GHETU, 2025-01-15
According to the Q3 2024 market data published by the Financial and Capital Market Commission (FKTK), the Latvian insurance market totaled GWP worth EUR 918.26 million, about 9.8% more y-o-y.
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by Marina MAGNAVAL, 2025-01-08
The Ukrainian insurance market demonstrated growth in all key indicators for the first 9 months of 2024 - assets, insurance premiums and paid claims. GWP rose by 12.18% to UAH 38.30 billion (EUR 833.48 million), and paid claims - by 25.30% to UAH 15.07 billion (EUR 327.95 million), according to data published by the National Bank.
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CONTRIBUTORS
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by Daniela GHETU, 2025-01-16
Diligent, data-driven forecasting helps us set expectations, guide decision-making, identify risks and opportunities – and provides a compass to recalibrate, should things develop differently than anticipated. There's always that tension between the actual versus the expected.
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MARKETS & TRENDS
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by Daniela GHETU, 2025-01-16
Cyber incidents, including data breaches, ransomware attacks, and IT disruptions like the CrowdStrike incident, top the Allianz Risk Barometer for 2025. Business interruption ranks #2, remaining a key concern across all company sizes, followed by natural catastrophes.
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ON THE MOVE
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by Marina MAGNAVAL, 2025-01-13
On January 1, 2025, Gregor Pilgram, CEO of Generali Versicherung AG (Austria), assumed the position of President of the Austrian Insurance Association VVO. He will hold this position for the next two years.
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by Daniela GHETU, 2025-01-08
VIG Re, announced organizational changes to its Board of Management, effective 1 January 2025. These changes are designed to further enhance the company's strategic direction and operational efficiency, the company’s press release stated.
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by Daniela GHETU, 2025-01-13
Aon plc, a leading global professional services firm, announced the appointment of outgoing Lloyd's of London’s CEO, John Neal as Global Chairman of Climate Solutions and Global CEO of Reinsurance for Aon, effective following the conclusion of his notice period.
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by Marina MAGNAVAL, 2025-01-13
WTW, a leading global advisory, broking and solutions company, announced the appointment of Hugo Wegbrans as Head of Corporate Risk and Broking (CRB) Europe and Simon Delchar as Global Head of Placement, the company said.
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by Daniela GHETU, 2025-01-15
Swiss Re's Board of Directors proposes Morten Hübbe and George Quinn for election as new members of the Board at the upcoming AGM on 11 April 2025. Current Board members Philip Ryan and Sir Paul Tucker will not stand for re-election.
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by Marina MAGNAVAL, 2025-01-08
MetLife in December announced that Nick Nadgauda will join the company as Executive Vice President and Chief Information Officer, effective March 10, 2025, the company said in its press release.
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by Marina MAGNAVAL, 2025-01-08
In December 2024 Chubb announced the appointment of John Latter to lead Claims for Chubb Overseas General (COG), effective immediately.
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by Marina MAGNAVAL, 2025-01-13
American International Group (AIG) announced that Christopher Flatt, currently Head of AIG North America Alternative Channels, has been named Global Chief Underwriting Officer, effective immediately. Mr. Flatt will report directly to Peter Zaffino, Chairman & Chief Executive Officer, AIG and join the company’s Executive Leadership Team, the Group said.
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EVENTS
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CURRENT XPRIMM REPORTS
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DARAG acquires run-off portfolio from wefox Insurance AG
