 TOP
NEWS |
Insurance Europe: Current VAT rules are outdated for the provision of modern financial services
by Cosmin CONCEATU, 2020-11-25
Insurance Europe published its response to the European Commission's (EC's) roadmap for the review of VAT rules for financial and insurance services. Insurance Europe considers that the current VAT rules are outdated and cannot be adequately applied to the provision of modern financial services.
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VIG, 9M2020 results: Premium income increased to almost EUR 8 billion
by Cosmin CONCEATU, 2020-11-26
For the first nine months of 2020, Vienna Insurance Group (VIG) reported a solid premium income of EUR 8 billion, an improved combined ratio of 96.1% and a financial result of EUR 513 million, lowered by the ongoing COVID-19 pandemic.
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Juan Ramon Pla, BIPAR: "The most important perspective of COVID-19 is the relation between the client and the insurance intermediary"
by Alexandra GUZUN, 2020-11-26
"The COVID-19 epidemy was a surprise for everyone and no one was prepared for this and no one was expecting that this would happen, so we had to be flexible and adapt to serve our clients" declared Juan Ramon Pla, President of BIPAR (European Federation of Insurance Intermediaries) during the fifteenth edition of the National Conference of Insurance and Pension Brokers organized today by UNSICAR.
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Sava Insurance Group, 9M2020: Operating revenue grew 16.4% y-o-y to EUR 489.5 million
by Cosmin CONCEATU, 2020-11-24
From January to September 2020, the Sava Insurance Group grew operating revenue by 16.4%, while the group's net profit went up by 26.4% year on year. Operating revenue generated by the Sava Insurance Group reached 76.5% of the full-year target set in the revised 2020 plan.
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Swiss Re Group: "We expect that COVID-19 will remain an earnings and not a capital event for the Group"
by Cosmin CONCEATU, 2020-11-20
During its Investors' Day, held on November 20, 2020, Swiss Re confirmed its over-the-cycle financial targets and delivered a positive outlook, based on improving market conditions and targeted growth opportunities across the Group's businesses. The Group will also intends to reiterate its capital management priorities, focusing on superior capitalisation and a stable or increasing dividend.
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VIG expects year-end profits in the range of EUR 300 - 350 million
by Andrei Victor, 2020-11-23
Austrian insurer VIG announced in a statement that it expects gross profit for the full year 2020 to be in a range of EUR 300 - 350 million, subject to unpredictable volatilities on capital markets.
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Aon's Fireside Chat: Contract clarity could drive insurance growth
by Cosmin CONCEATU, 2020-11-20
Aon interviewed the Managing Director and Global Head of Reengineering and Expense Management at Morgan Stanley, Charlie Chasin, as part of its Virtual Reinsurance Renewal Season fireside chats.
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Flood risk and climate change in UK, discussed at Guy Carpenter and Flood Re co-hosted webinar
by Cosmin CONCEATU, 2020-11-24
The dual challenges of increasing flood risk in the UK and the impact of climate were discussed by Guy Carpenter and Flood Re co-chaired on November 20, during "Climate Change - Improving the flood resilience of the built environment" webinar.
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RMS, Willis Re and Securian Financial launched USD 100 million mortality catastrophe bond
by Cosmin CONCEATU, 2020-11-24
RMS together with Willis Re Securities and Securian Financial launched the new "La Vie Re Limited (Series 2020-1)" mortality catastrophe bond, providing USD 100 million of reinsurance protection for Minnesota Life Insurance Company, a Securian Financial affiliate.
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Zurich confirms it is in discussions regarding MetLife's U.S. P&C business
by press.release, 2020-11-23
Zurich Insurance Group (Zurich) notes media reports regarding a potential transaction with MetLife.Zurich confirms it is in discussions to acquire MetLife's U.S. P&C business.
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UNIQA posted strong 9 months results despite COVID-19 pandemic
by Andrei Victor, 2020-11-25
Austrian insurance group UNIQA announced its 9 months uderwriting result almost doubled to EUR 124.9 million vs. 3Q2019, despite the company had to pay out "over EUR 70 million in additional insurance benefits from January to September for business interruptions and cancelled events due to COVID-19".
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UNIQA 3.0 strategy program was adopted, will reduce the number of employees
by Alexandra GUZUN, 2020-11-23
For the next few years, The Management Board and the Supervisory Board of UNIQA Insurance Group AG has approved a strategy program named UNIQA 3.0 that will lead to expenses of about EUR 210 million, according to a press release.
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Aviva sells its entire 80% stake in Italian life insurance joint venture, Aviva Vita
by Cosmin CONCEATU, 2020-11-23
Aviva announced the sale of its entire 80% shareholding in the Italian life insurance joint venture, Aviva Vita S.p.A., to its partner UBI Banca. On completion, Aviva will receive about EUR 400 million in cash consideration.
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Turkey: Three operating satellits are insured by the state owned Turkiye Sigorta (Turkey Insurance)
by Alexandra GUZUN, 2020-11-20
For the first time, Turksat, the only satellite operator in Turkey has fulfill an insurance policy with Turkiye Sigorta (Turkey Insurance) for the three operating satellites: 'Turksat 3A' (launched in June 2008), 'Turksat 4A' (February 2014) and 'Turksat 4B' (October 2015).
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RUSSIA: SBERBANK Insurance joined the Russian Association of Motor Insurers
by Marina MAGNAVAL, 2020-11-23
SBERBANK Insurance joined the professional association of MTPL insurers, having received the status of a member of the Russian Association of Motor Insurers (RAMI). Becoming a member of RAMI is one of the conditions for obtaining a license for MTPL, as the press service of the insurer reported on November 20.
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RUSSIA: GWP of RESO-Garantia at the end of third quarter increased by 9.8% y-o-y
by Marina MAGNAVAL, 2020-11-26
For the first 9 months of 2020, the GWP of RESO-Garantia increased by 9.8% y-o-y, to RUB 77.42 billion (~EUR 0.84 billion*). The company's paid claims for the period amounted to RUB 34.78 billion, writes ASN with reference to the company's press release.
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UKRAINE: Number of MTPL agreements increased by 8.7% y-o-y in 3Q2020
by Marina MAGNAVAL, 2020-11-25
According to the MTIBU (Motor Transport Insurance Bureau of Ukraine), in the third quarter of 2020, the number of concluded MTPL agreements reached 2.24 million units, which is 8.7% more y-o-y. At the same time, collected GWP amounted to UAH 1.65 billion (+30%) (~EUR 49.75 million*), according to the Bureau's website.
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UZBEKISTAN: S&P assesses the industry and country risks of the non-life sector in Uzbekistan as high
by Marina MAGNAVAL, 2020-11-23
S&P Global Ratings assesses the industry and country risks of the non-life sector in Uzbekistan as high - as in Russia, Azerbaijan, India, Kenya and Turkey, according to the agency's report
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| STATISTICS |
STATISTICS: ESTONIA, 3Q2020: Insurance market continued to decline
by Andrei Victor, 2020-11-26
Estonian insurers reported 3Q 2020 GWP of EUR 350 million, 4.66% less compared with January-September 2019, according to the market figures published by the Estonian National Statistics Board.
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STATISTICS: LITHUANIA, 3Q2020: Life insurers maintained the market in positive area
by Andrei Victor, 2020-11-26
Lithuanian insurers reported GWP of EUR 710 million at end-September 2020, 0.6% more y-o-y, according to the quarterly market figures published on the Central Bank's website.
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STATISTICS: MOLDOVA, 3Q2020: Market dropped 13% y-o-y, but TOP-3 ended the third quarter in the growth zone
by Marina MAGNAVAL, 2020-11-26
At the end of 3Q2020, the insurance market in Moldova amounted to MDL 1.06 billion (EUR 53.57 million*), which is 12.80% less y-o-y in local currency. Paid claims also decreased by almost 12%, to MDL 438 million, as the data, published by the National Commission of Financial Market shows.
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| INTERVIEW |
 Michaela KOLLER, Director General, Insurance Europe
by Mihaela CIRCU, 2020-11-24
It is up to the EU institutions to ensure an appropriate regulatory
framework is in place that enables innovation and allows consumers,
established companies and new market entrants, such as InsurTechs,
to benefit from the opportunities that digitalisation can offer.
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| ON
THE MOVE |
Pawel Kowalewski will lead GrECo Specialty's new Power & Renewables division
by press.release, 2020-11-25
GrECo Specialty, a dedicated specialty unit of GrECo is further expanding its services for the energy sector. Due to the ever increasing importance of the power and renewables sector a dedicated division was established to better support our clients in this industry.
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OCEAN Re named Denis Nikolaytsev as Head of Representative Office for the new Moscow office
by Alexandra GUZUN, 2020-11-26
OCEAN Re continues its stage of international development and expansion and will startup a new Representative Office in Moscow most probably at the beginning of the next year, appointing Denis Nikolaytsev as Head of the new office.
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Marsh named Hamish Roberts as Global Renewable Energy Leader
by Alexandra GUZUN, 2020-11-23
On 19 November, Marsh has announced the appointment of Hamish Roberts as the Global Renewable Energy Leader, Marsh JLT Specialty. He will report to Andrew George, Global Head, Energy & Power, Marsh JLT Specialty.
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HODGKISS to replace FEDYNA as President & CEO of GENERALI Poland
by Andrei Victor, 2020-11-23
GENERALI CEE Holding announced that during the Supervisory Board held last week on 19th November 2020, Roger HODGKISS was nominated, with immediate effect, new President of the Management Board and CEO of GENERALI Poland insurance companies.
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LLOYD's confirmed its new Council members effective December 1st
by Andrei Victor, 2020-11-25
LLOYD's announced its new Council members. The roles will come into effect on 1 December 2020. LLOYD's mentioned six of the fifteen members of the new Council are elected by the market.
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QIC Group appoints Hasan Al-Lawati as the new CEO for Oman branch
by Cosmin CONCEATU, 2020-11-24
Qatar Insurance Group recently announced the appointment of Hasan Al-Lawati as the new CEO for its subsidiary Oman Qatar Insurance Company (OQIC). Lawati will focus on driving forward the strategic goals of OQIC and will facilitate its further growth and development in the Sultanate of Oman.
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