TOP NEWS
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by Daniela GHETU, 2023-08-08
Severe storms and heavy rain have caused Slovenia's worst floods on record, also affecting the South of Austria. While economic losses are estimated at about EUR 500 million, thousand of people evacuated from their homes and at least 6 died. Local re/insurers expect significant claims expenses.
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by Andrei VICTOR, 2023-08-07
On 27 July 2023, the international rating agency Standard & Poor's (S&P) confirmed Vienna Insurance Group's (VIG) rating of "A+" with stable outlook. “This means that VIG continues to be one of the companies with the best rating in the ATX of the Vienna Stock Exchange”.
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by Daniela GHETU, 2023-08-08
WARTA, a leading motor insurer in Poland, and Cambridge Mobile Telematics (CMT), the world’s largest telematics service provider, announced Warta4U, a connected insurance program that offers safe driving discounts. The program will begin by focusing on young drivers, providing them feedback on risk factors like speed, acceleration, braking, cornering, and phone distraction while driving.
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by Marina MAGNAVAL, 2023-08-01
According to the 1H results, the MTIBU (Motor (Transport) Insurance Bureau of Ukraine) made almost 4,000 payments from the Bureau's Victim Protection Fund for a total of UAH 225 million (~EUR 5.61 million), as the Bureau stated in its press release.
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by Marina MAGNAVAL, 2023-08-07
The MTPL market in Ukraine from January to June 2023 grew by 32.3% y-o-y. According to the MTIBU (Motor (Transport) Insurance Bureau of Ukraine), Ukrainian insurers increased MTPL GWP to UAH 3.8 billion (~EUR 94.81 million), including on e-policies to UAH 2.78 billion (+48.1%), Forinsurer reports.
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by Marina MAGNAVAL, 2023-08-01
According to the 1H results, the MTPL loss ratio in Armenia stabilized at 64%, having slightly decreased from 65% in the same period of 2022, while much lower than 81% in 2021, and 73% in 2019, ArmInfo reports.
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by Marina MAGNAVAL, 2023-08-07
In 1H2023, the Armenian insurance sector increased tax payments to the state treasury by 10%, providing total of AMD 1.010 billion (~EUR 2.40 million), of which AMD 855.1 million were direct taxes, with an annual growth of 9.2%, ArmInfo reports.
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by Marina MAGNAVAL, 2023-08-01
In 2022 the Central Bank of Azerbaijan (CBA) spent AZN 1.05 million (USD 620,000) on insurance services, Trend reports.
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by Marina MAGNAVAL, 2023-08-01
The Central Bank of Azerbaijan (CBA) predicts that by the end of 2023, the insurance sector will amount to AZN 1.2-1.3 billion (~EUR 0.68 billion), as was stated by CBA Director General Ziya Aliyev at the scientific and practical conference "Successful Ways to Resolve Insurance Disputes", ABC.AZ wrote.
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by Marina MAGNAVAL, 2023-08-07
In 2023, about 420,000 hectares of sown areas were insured in Azerbaijan. The number of appeals to the Agricultural Insurance Fund in connection with damage to sown areas, according to Fuad Sadygov, Chairman of the Board of the Fund, has reached 7,000 year to date, Trend writes.
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by Marina MAGNAVAL, 2023-08-01
Belarus plans to change the regulation in the field of insurance (currently, insurance activities are regulated by decrees of the President of the Republic of Belarus), which is designed to ensure consistency, complexity, and stability of insurance activities, BELTA reports. The draft law will soon be submitted to the House of Representatives.
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by Marina MAGNAVAL, 2023-08-07
The number of farmers insuring their land is growing in Moldova. The amount of compensation for farmers is 70% of the sum insured, while for cattle breeders the amount is even higher, said Minister of Agriculture and Food Industry Vladimir Bolea, noi.md wrote.
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by Marina MAGNAVAL, 2023-08-01
In Tajikistan, the insurance sector saw positive results in key indicators, as was announced by the experts of the National Bank at the final meeting on activities of this sector of the economy for the first half of 2023, Sputnik reports.
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by Andrei VICTOR, 2023-08-07
The Allianz Group announced that it had completed a transaction regarding the sale and transfer of its operations in Lebanon to Global Gate Capital (GGC Group), a leading Asset Manager, as the Munich-based group streamlines its operations.
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by Andrei VICTOR, 2023-08-07
Dutch financial group Aegon announced the sale of its 56% stake in its joint venture in India, Aegon Life Insurance Company, to Bandhan Financial Holdings Limited, an Indian financial services company.
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by Andrei VICTOR, 2023-08-07
Global commercial insurance prices increased 3% in the second quarter of 2023 (down from a 4% increase in Q1), according to the Global Insurance Market Index released by the insurance brokerage company Marsh. The second quarter marks the 23rd consecutive quarter of pricing increases.
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by Andrei VICTOR, 2023-08-07
UK insurer Aviva has signed a contract with Barclays UK to purchase its home insurance portfolio, which comprises 350,000 customers.
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by Andrei VICTOR, 2023-08-07
At the end of July, German re/insurance group Allianz announced that Allianz Global Corporate & Specialty (AGCS) together with the commercial insurance business of local Allianz Property & Casualty (P&C) entities will begin to trade as “Allianz Commercial”.
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by Andrei VICTOR, 2023-08-08
French reinsurer SCOR posted insurance revenue of EUR 3,930 million in Q2 2023, up +4.3% compared to Q2 2022. At the same time, P&C combined ratio of 88.5% (-24.6 pts compared to Q2 2022). SCOR informed it generates EUR 192 million net income in Q2 2023, contributing to EUR 502 million net income in H1 2023
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by Andrei VICTOR, 2023-08-08
French insurance group AXA informed its H1 2023 gross written premiums and revenues increased by 2% y-o-y to EUR 55.7 billion. At the same time, AXA posted underlying earnings worth EUR 4.1 billion, up by 5% y-o-y, the company being on track on track to deliver the 2023 target worth EUR 7.5 billion.
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STATISTICS
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by Andrei VICTOR, 2023-08-08
According to the 2023 Q1 figures published by the National Bank of Slovakia, insurance market totaled at the end of March EUR 579.23 million (up by 14% y-o-y), while gross claims paid by insurers were about ~EUR 220.62 million (down by 13.6% y-o-y).
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by Marina MAGNAVAL, 2023-08-10
According to the 1Q2023 results, the insurance sector of Uzbekistan grew by about 29% y-o-y, reaching UZS 1,669.17 billion (EUR 134.42 million), according to data published by the Insurance Market Development Agency under the Ministry of Finance.
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MARKETS & TRENDS
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by Andrei VICTOR, 2023-08-07
According to Global Catastrophe Recap: First Half (1H) of 2023 recently published by Aon, economic losses stemming from global natural disasters are estimated at USD 194 billion. “Notably, this is above the 1H average of USD 128 billion for the 21st century, the fifth highest on record and the highest since 2011”.
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by Andrei VICTOR, 2023-08-07
According to Swiss Re Institute, global insurance premiums, both in non?life and life, are estimated to grow by 1.1% in 2023 and by 1.7% in 2024. Premium volumes are expected to total a new peak of USD 7.1 trillion in 2023, compared to USD 6.8 trillion in 2022.
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by Andrei VICTOR, 2023-08-07
The broader market trends seen at January 1 continued at mid-year renewals, but with improved timing and concurrence around terms and conditions. While property pricing saw continued risk-adjusted rate increases in many segments, the average change moderated from January 1, according to reinsurance broker Guy Carpenter, part of Marsh McLennan.
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by Daniela GHETU, 2023-08-07
While 1H 2023 is a continuation of the recent run of years with high losses, insured losses continue to account for less than 40% of overall losses, confirming the large insurance gap that persists in many countries for multiple natural hazards. Insurers bore around 35% of worldwide losses in terms of the average half-year losses in the period 2013–2022, Munich Re said.
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ON THE MOVE
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by Andrei VICTOR, 2023-08-07
Global reinsurer Swiss Re informed in a statement that the Board of Directors proposes Jacques de Vaucleroy for election as Chairman at next AGM in April 2024
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by Daniela GHETU, 2023-08-08
The Romanian Financial Supervisory Authority has approved the renewal of the mandate of President of the UNIQA Asigurari Directorate for Paul CAZACU, a role he initially assumed in February 2021.
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by Andrei VICTOR, 2023-08-07
Dutch insurer Achmea announced that Nienke Meijer was appointed as a member of Achmea’s Supervisory Board for a period of four years. The appointment has been approved by the Dutch central bank. Nienke Meijer fills the vacancy that arose when Lineke Sneller stood down in April.
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by Andrei VICTOR, 2023-08-07
Global insurance broker announced the appointment of Charles Williamson as CEO of Victor, its leading global managing general underwriting business. He succeeds Brian Hanuschak, who has been named Chairman of Victor. The appointments are effective August 1.
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by Andrei VICTOR, 2023-08-07
Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan announced that Pat Donnelly has been appointed as President, Marsh Specialty and Global Placement, effective immediately. He will continue to be based in Chicago and reports to Martin South, President and Chief Executive Officer, Marsh.
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by Andrei VICTOR, 2023-08-07
Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, announced the appointment of Rebekah Clement in the new role of Corporate Affairs Director.
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by Andrei VICTOR, 2023-08-07
American International Group (AIG) announced that Christopher Schaper, currently CEO of AIG Re, has been named Global Chief Underwriting Officer of AIG, effective as of the closing of the previously announced sale of Validus Re to RenaissanceRe, which is expected to occur in the fourth quarter of 2023.
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by Andrei VICTOR, 2023-08-08
The insurance broker Marsh announced the appointment of Angela Duca as Global Head of Credit Specialties, Marsh Specialty. She succeeds Nick Robson, who has been named Global Chairman, Credit Specialties. “The appointments are effective immediately and both will report to Pat Donnelly, President, Marsh Specialty and Global Placement”.
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EVENTS
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CURRENT XPRIMM REPORTS
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