Q3 2024 preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, shows that at the end of September 2024, the Greek insurance market totaled EUR 4.19 billion, up by 10.8% y-o-y.

The non-life insurance segment increased by 11.2% y-o-y to EUR 2.17 billion - of which EUR 586.7 million - MTPL, EUR 244 - MoD, EUR 484.2 - property, while the life insurance business line was up by 10.4% to EUR 2.02 billion - due the 21.1% increase posted by life insurance linked to investment funds.

The market figures published by HAIC include the figures for 48 insurers, of which 43 were active in Non-Life insurance and 15 in Life insurance. Of the 48 insurance enterprises, 26 were established in Greece in the form of S.A. Insurance Company, 1 in the form of mutual insurance cooperative, 15 as EU branches and 6 FOS insurers.

Access XPRIMM Database and download latest Greece insurance market statistics.

According to the quarterly statistics published by the Central Bank of Hungary, at the end of Q3 2024, the aggregate GWP of Hungarian insurers reached EUR 3.23 billion, 9.87% up y-o-y. In local currency, the market growth was 11.65% y-o-y.

AM Best has upgraded Generali's Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-” (Superior) from “a+” (Excellent). The outlook is stable.

In 3Q 2024, Polish insurers paid compensation and benefits worth PLN 36.8 billion (EUR 8.6 billion), by ~11.5% more y-o-y. However, claims paid for losses caused by violent weather and the effects of floods in southern Poland - increased by as much as 40% y-o-y, to PLN 2.3 billion, data collected by PIU – the Polish Chamber of Insurers show.

During its 2024 Investor Day in London, SCOR presented its new L&H strategy and updated Forward 2026 strategic plan which was approved by Group’s Board of Directors at a meeting held on 11 December 2024.

The total economic losses from the DANA (Depresión Aislada en Niveles Altos) floods in Spain in 2024 were estimated to EUR 12 - 13 billion, while Spain’s public/private Consortium for Insurance Compensation (CCS), said it would payout at least EUR 3.5 billion, an analysis provided by Moody’s said.

The insurance industry supports the transition away from internal combustion engines (ICEs). Indeed, given the challenges posed by the accelerating pace of climate change, driving cars that no longer run on fossil fuels is the only right choice for us as a society, maybe even the only possible choice. As insurers, we are taking positive action to shape this change notably by providing loss prevention advice and monitoring the effects of electric cars on motor insurance.

Envelop Risk, the data-driven cyber reinsurance and analytics specialist, announced it has reached the milestone of USD 1 billion GWP since its launch in 2018, during which, it also achieved a compound annual growth rate of 40%. 

The consumer-friendly home insurance policies offer significant advantages compared to other market options. Their average premium is 22% lower than the average annual premium for fully insured residential properties and amounts to HUF 50,800, according to the Hungarian National Bank’s Q3 2024 Home Insurance Index.

In Q3 2024, the average annual premium for mandatory MTPL insurance for standard-use passenger cars in Hungary rose by 10% y-o-y, reaching HUF 58,000, said the National Bank of Hungary. Claims costs rose by half as much, and there was no growth in claims expenses during the last quarter. With inflation declining, a smaller increase would have been justified.

Arch Insurance announced the appointment of Rachida LAAZAOUZI as Senior Casualty Underwriter for the French market, effective immediately.

UNIQA’s new “Growing Impact 2025 – 2028” strategy announced today aims for an average premium growth of 5%/year and net combined ratio consistently below 94%; annual growth in consolidated profit of > 6% and a stable and sustainable ROE after taxes of over 12%, as well as an annual increase in dividend per share.

 Optio Group, a leading specialty MGA, today announces the completion of its strategic investment of Italian MGA, Heca S.r.l. (Heca) after receiving regulatory approval.

LIFE IS HARD, a leader in digitalization solutions for businesses based in Romania, announces the winning of a new European funding project, entitled "Work is cool - Students prepared for competition and performance", worth a total of approximately EUR 1 million.

Aon, a leading global professional services firm, named Robert O’Connell as global cyber strategy and growth leader, executive managing director, within its Reinsurance Solutions business. O’Connell will be based in New York and report to Randy Stanco, U.S. strategic business leader for Reinsurance Solutions.

MetLife Investment Management (MIM), the institutional asset management business of MetLife, Inc. (NYSE: MET), announced that it has appointed Kerry O’Brien as global head of Insurance Asset Management and Liability Solutions, the company said in its press-release.

At the end of 3Q2024, the insurance sector of Uzbekistan grew by 18.64% y-o-y and amounted to UZS 7.01 trillion (EUR 494.28 million), according to data published by the National Agency for Prospective Projects of the Republic of Uzbekistan.

According to the Insurance Supervision Service of Georgia, the insurance market grew by 20.12% in the first three quarters of 2024, amounting to GEL 982.57 million (EUR 322.37 million).

Together with other six professional associations of the financial world, Insurance Europe has signed a joint statement calling on the co-legislators to deliver on commitments to boost European competitiveness and to avoid concluding the Financial Data Access (FiDA) Regulation before a thorough assessment of its impact across the entire value chain is completed.

Voluntary motor vehicle insurance in Azerbaijan for January-October of this year amounted to AZN 50.69 million (~EUR 27.55 million), which is 19% more y-o-y, ABC.AZ writes with reference to the Central Bank report.