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NEWS |
Conclusions of the Georgian International Insurance Conference
by Alexandra GUZUN, 2020-11-19
The second edition of The Georgian International Insurance Conference took place this year on 18 November in a virtual hybrid format hosted on Zoom platform and broadcasted live on XPRIMM YouTube channel.
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Insurance Europe: EU rules and trade policy must help, not hinder, European firms' global competitiveness
by Cosmin CONCEATU, 2020-11-18
Insurance Europe published its response to a consultation conducted by the European Commission on its review of EU trade policy.
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EVENT: The Future of Insurance Europe: Reuters CEO and C-Suite Leadership Event Goes LIVE Next Week
by Irina GHETU, 2020-11-19
"The Future of Insurance Europe" (Nov 24-25, 2020, Online) starts next week, uniting the industry's most influential CEOs and C-suite executive teams at the most highly anticipated event of 2020. XPRIMM Publications supports the event as Media Partner!
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Aon study: More than EUR 6.9 billion NatCat losses expected in Europe during October 2020
by Cosmin CONCEATU, 2020-11-16
Aon launched a new edition of its monthly Global Catastrophe Recap report, this edition evaluating the impact of natural disaster events occurred worldwide during October 2020. According to Aon's figures, Europe suffered more than EUR 6.9 billion economic losses caused by NatCat events during this period.
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Croatian Insurance Days 2020 - The insurance industry responded quickly and readily to the new challenges
by press.release, 2020-11-13
Croatian Insurance Days, the traditional event organized each autumn by by the Croatian Insurance Bureau (HUO) in partnership with the Croatian Chamber of Commerce, the Croatian Actuarial Society and the Croatian Insurance Law Association, was held online this year via web streaming. XPRIMM supported the even as Media Partner.
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HUNGARY: MNB fined Aegon Biztosito with HUF 60 million
by Cosmin CONCEATU, 2020-11-18
The National Bank of Hungary (MNB) imposed a fine of HUF 60 million (~EUR 166 thousand*) on Aegon Biztosito as a result of multiple deficiencies on insurer's activity, including investment life insurance and KGFB portfolio management, outsourcing activities, IT security, customer information, complaint handling, and (in several business lines) customer contracts.
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LITHUANIA: Central Bank conducted industry checks using secret shopping
by Andrei Victor, 2020-11-16
This year, the Bank of Lithuania — the single supervisory authority for the whole financial sector in Lithuania, including the insurance market — conducted a mystery shopping exercise to evaluate the practices of certain companies and persons offering training and consultation on savings and investment.
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SERBIA: Snapsheet announced the launch of Appraisals Software with Generali
by Alexandra GUZUN, 2020-11-17
In less than 60 days, Generali Osiguranje Srbija, a leader in the Serbian insurance market, self-configured and launched the Snapsheet Appraisals with Serbian and English language options, according to a press release of Snapsheet.
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Triglav Group has a higher business volume and a lower profit in the first nine months of 2020
by Alexandra GUZUN, 2020-11-17
Triglav Group has well faced the pandemic situation and recorded an increase of 6% (EUR 960.9 million) in consolidated gross written premium compared to the same period of 2019. Also, it stands by the already published annual profit estimates, with a lower percentage of 13% compared to the same period of 2019, but remained focused on its strategic guidelines, according to a press release.
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YGIN, the first global network connecting youth to transform insurance has been launched
by Alexandra GUZUN, 2020-11-13
The Spanish Association of Young Insurance Professionals (AJPS) has launched YGIN, Young Global Insurance Network, an international network for young professionals in the insurance sector. For 12 months, in Romania it will be represented by Alexandru Ciuncan.
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WTW acquires climate change adaptation advisory and analytics service Acclimatise
by Cosmin CONCEATU, 2020-11-17
Willis Towers Watson (WTW) announced the acquisition of Acclimatise, a market leader in climate change adaptation advisory and analytics services, to help meeting the growing demands from corporates, Governments and financial institutions.
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Generali Group confirmed in RobecoSAM's DJSI rank thanks to its sustainable business approach
by Cosmin CONCEATU, 2020-11-17
Generali has been confirmed in the Dow Jones Sustainability World Index (DJSI) and in the Dow Jones Sustainability Europe Index (DJSI Europe), recognition of its sustainability integration approach taken by the Group for its core business.
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Munich Re, Porsche and MHP founded "FlexFactory" joint venture
by Cosmin CONCEATU, 2020-11-17
The sports-car manufacturer Porsche, its management and IT consulting subsidiary MHP, and the insurance group Munich Re have founded a joint venture - the "FlexFactory" - company which aims to make the production of small series of all kinds of different products in the manufacturing industry more flexible and cost efficient.
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IGI reports a net profit of USD 20.7 million for first nine months of 2020
by Cosmin CONCEATU, 2020-11-16
International General Insurance Holdings Ltd. (IGI) announced its financial results for the third quarter and first nine months of 2020. The unaudited figures show a net profit for the third quarter of 2020 of USD 9.5 million (3Q2019: 4.3) and a net profit for nine months ended of USD 20.7 million (9M2019: 19.2).
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S&P's confirms Deutsche Ruckversicherung Group "A+" rating, outlook stable
by Cosmin CONCEATU, 2020-11-17
Standard & Poor's confirmed its "A+" rating for the Deutsche Ruckversicherung Group, Outlook "stable". The rating encompasses both Deutsche Ruckversicherung AG in Dusseldorf and Deutsche Ruckversicherung Switzerland Ltd (DR Swiss) in Zurich.
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ACHMEA uses reserves to keep health insurance premiums affordable for customers
by Andrei Victor, 2020-11-16
Dutch insurer ACHMEA announced is contributing about EUR 130 million from its reserves to limit the increase in its basic health insurance premiums for next year. This amount will be charged against the result for the financial year 2020.
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AVIVA completes sale of its shareholding in PT ASTRA AVIVA Life
by Andrei Victor, 2020-11-19
AVIVA plc announced that it has completed the sale of its entire shareholding in PT ASTRA AVIVA Life (Indonesia) to PT SEDAYA MULTI INVESTAMA.
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Fitch Ratings' Negative Outlooks on the Turkish sovereign and Turkish banks' ratings
by Alexandra GUZUN, 2020-11-13
Ratings are under pressure for the Turkish insurers' Insurer Financial Strength from the Negative Outlooks on the Turkish sovereign and Turkish banks' ratings, according to the report released by the agency.
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ARMENIA: after 9 months, corporate insurance accounts for almost 51% in the portfolios of insurers, while almost 68% of claims paid to retail clients
by Marina MAGNAVAL, 2020-11-19
The results of the insurance market for 9 months of 2020 show that corporate insurance dominates in GWP portfolios of Armenian insurers (50.9% or AMD 17.2 billion/~EUR 30 million*), while retail insurance accounts for 49.1% (AMD 16.6 billion/~EUR 29 million*), against 49.7% and 50.3% correspondingly a year earlier, ArmInfo reports.
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KAZAKHSTAN: Fitch Ratings: the market is largely recovering after difficult second quarter
by Marina MAGNAVAL, 2020-11-17
After a decline in 2Q2020, the insurance market of Kazakhstan is demonstrating resilience to the effects of the pandemic crisis with GWP largely recovering in 3Q2020, as Fitch Ratings noted in the report, published on November 12.
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MOLDOVA: ACORD GRUP SA celebrates 18 years of work on the insurance market
by Marina MAGNAVAL, 2020-11-19
ACORD GRUP SA celebrates 18 years of work in the market. ACORD GRUP is one of the first and most successful companies in the insurance market in Moldova and has achieved this by improving the quality of services and constantly adapting to the challenges of the market, writes CapitalMarket.
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RUSSIA: GWP of ROSGOSSTRAKH Life doubled y-o-y from January to September
by Marina MAGNAVAL, 2020-11-17
For the first nine months of 2020, according to the company, ROSGOSSTRAKH Life doubled its GWP volume y-o-y (in local currency), having collected RUB 14.4 billion (~EUR 0.15 billion*), the insurer reports.
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UKRAINE: MTIBU enters the most prestigious rating of TOP-25 innovative companies of Ukraine for the first time
by Marina MAGNAVAL, 2020-11-19
MTIBU (Motor Transport Insurance Bureau of Ukraine) entered the most prestigious rating of TOP-25 innovative companies in Ukraine for the first time. The rating was carried out by the authoritative business publication "Vlast Deneg". MTIBU is the only insurance organization included in the rating, the Bureau reports.
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UZBEKISTAN: State Health Insurance Fund to be established from December 1
by Marina MAGNAVAL, 2020-11-19
In accordance with the presidential decree, the State Health Insurance Fund will be established in Uzbekistan from December 1, UzReport news agency reports.
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THE MOVE |
GFIA appoints Don Forgeron as President, makes 3 more executive
committee changes
by Cosmin CONCEATU, 2020-11-16
Global Federation of Insurance Associations (GFIA) announced the
election of Don Forgeron as its new President, as well as new appointments
to its executive committee, following a vote at its annual general
assembly.
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Nanne Bos appointed as Aegon's Chief Communications Officer
by Cosmin CONCEATU, 2020-11-17
Nanne Bos will join Aegon as Chief Communications Officer, as per
January 1, 2021. Nanne will succeed Frans de Beaufort, who will
be appointed from the same date as Global Head of Corporate Sustainability.
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CHUBB appoints John LATTER to Claims Director role for Europe and
Eurasia & Africa
by Andrei Victor, 2020-11-16
Re/insurer CHUBB announced the appointment of John LATTER as Senior
Vice President, Claims Director for the company's Europe and Eurasia & Africa
regions.
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| STATISTICS |
STATISTICS: ARMENIA, 3Q2020: Insurance market dropped by more than 7% y-o-y, the largest decline being recorded in travel segment
by Marina MAGNAVAL, 2020-11-19
According to the 3Q2020 results, GWP of Armenian insurers decreased by 7.37% y-o-y in local currency, to AMD 33.83 billion (EUR 59.17 million). At the same time, it should be noted that the dynamics improved during the third quarter - GWP and paid claims returned to a growing trend, as the results, provided by ArmInfo, show.
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STATISTICS: GREECE, 3Q2020: Insurance market decreased by 4.5% due to life segment fall
by Andrei Victor, 2020-11-19
According to the 3Q preliminary insurance market figures published by HAIC - Hellenic Association of Insurance Companies, at the end of September 2020, the local insurance market totaled EUR 2.87 billion, down by 4.5% y-o-y.
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STATISTICS: CYPRUS, 1H2020: Local insurers' GWP expanded by 1.8% y-o-y
by Andrei Victor, 2020-11-19
Cypriot insurers reported aggregate GWP of EUR 457 million in the first six months of 2020, up by 1.8% y-o-y, according to the quarterly market figures report published by the Insurance Association of Cyprus - IAC.
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