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Insurance

Zvonko IVANUSIC steps down from the SAVA Re's Board Chairman position
The supervisory board of SAVA Reinsurance Company recalled Zvonko IVANUSIC from the position of both Chairman and Member of the Company's management board as of August 23rd, 2016. Jost DOLNICAR, also a management board member, was appointed as temporary chairman, while the Board itself will continue to function with only three members. Continuare
(25.08.2016)
ITALY: At least 241 people killed by earthquake; over USD 1 billion in losses expected
According to the latest report of the Civil Protection Department, the strong Italian earthquake's death toll stands at 241, while thousand of rescuers and volunteers are still struggling to search other possible survivors under the rubble and the ground continues to tremble. The 6.2-magnitude quake hit at 03:36 (01:36 GMT) on Wednesday, August 24th, 100km (65 miles) north-east of Rome. Based on the previous experiences, economical loss may hit over USD 1 billion, according to some sources. Continuare
(25.08.2016)
Solvency II first lessons under debate in Ljubljana; registration still available until August 26th
Nine months after Solvency II had officially come into force within the EU, the conference "SII Lessons Learned", organized in Ljubljana, on September 6th, by the Insurance Supervision Agency of Slovenia under the honorary patronage of the President of Slovenia, Borut PAHOR, will try to explore the first lessons learned from regulatory change of a very significant magnitude. XPRIMM Publications support the event as Media Partners. Continuare
(18.08.2016)
P&C insurers need to get faster and more precise to address the challenges raised by the climate change
"Things that grow rapidly and are of meaning to the P&C insurance companies are actually two. One is the data which are available to try to drive insight in terms of anticipating loss, preparing for it etc., and the other are a couple of types of risk that are just becoming more important: one would be that the climate instability mounts and the other are the cyber attacks. There are definitely two categories that will be in the future more important that they are today," said Scott STEPHENSON, President and CEO of Verisk, in an interview to AM Best TV. Continuare
(18.08.2016)
PCS Announces Launch of Historical Catastrophe Database for Turkey; Access Available for Events Going Back to the 1999 Earthquakes
Property Claim Services® (PCS®), a Verisk Analytics (Nasdaq:VRSK) business, today announced the launch of its historical database of industrywide catastrophe loss estimates for Turkey. In conjunction with the Istanbul Underwriting Center (IUC), PCS Turkey delivers insured loss estimates for catastrophe and noteworthy noncatastrophe events going back to the tragic earthquakes of 1999. Continuare
(18.08.2016)
KPMG: Significant growth expected on the political risk and crisis management insurance segment
"According to the Global Terrorism Index, the total costs of global terrorism reached USD 52.9 billion in 2014 which is the highest level so far and is an almost 350% increase from 2010," states a report issued by KPMG in July 2016, "Political risk and crisis management insurance". Continuare
(11.08.2016)
Business and networking sessions in the picturesque island of Hydra
The 18th Hydra Meeting, hosted by the Hellenic Association of Insurance Companies, will take place from 21 to 23 of September 2016 on the picturesque island of Hydra - Greece. XPRIMM Publications support the event as Media Partner. Continuare
(11.08.2016)
Manuela ZWEIMUELLER, keynote speaker at the 2016 edition of the Croatian Insurance Days
This year's keynote speaker at the Croatian Insurance Days conference will be Dr. Manuela ZWEIMUELLER, Head of Department Regulations within EIOPA, the European supervisory authority for the insurance and professional pension insurance. The event will take place in Opatija, Croatia, on 9- 11 November, with XPRIMM Publications as Media Partner. Continuare
(11.08.2016)
ICAR 2016: How may the insurance industry respond to the increased complexity and extend of Business Interruption claims
Terrorist attacks shifting from large, mostly property damage related, public events towards "lone-wolf" shooter attacks causing limited asset damage, may change the landscape of the terrorism insurance towards a larger prevalence of the business interruption insurance clauses. Continuare
(11.08.2016)
UK: Average price of comprehensive motor insurance up 10% y-o-y
The average price paid by British motorists for private comprehensive motor insurance in Q2 2016 rose slightly by 1% since the previous quarter, but increased by 10% on the same period last year according to the ABI's latest Quarterly Average Private Comprehensive Motor Insurance Premium Tracker published today. These figures illustrate the ongoing pressure on premiums driven by increases in Insurance Premium Tax (IPT) and the rising costs of personal injury claims. Continuare
(11.08.2016)
STATISTICS: ROMANIA: Over 9% increase in Q1 and for the first time GWP cover 100% of damages and expenses
Gross underwritten premiums in the insurance market in the first quarter of this year totaled RON 2.43 billion (~EUR 540 million), up 9.16% compared to the same period in 2015, according to the market evolution presented by the Romanian Financial Supervisory Authority (ASF). Growth has been fueled by the non-life insurance segment, which recorded an advance of 9.74%, approaching the threshold of RON 2 billion, as well as the life insurance segment, in which underwritings increased by 6.6%, amounting to RON 438 million. Continuare
(11.08.2016)
The United Nations Economic and Social Council (ECOSOC) granted Consultative Status to BJD Reinsurance Consulting
The United Nations Economic and Social Council (ECOSOC) at its Coordination and Management Meeting of 25 July 2016 adopted the recommendation of the committee on Non-Governmental Organizations to grant Special Consultative Status to BJD Reinsurance Consulting. Continuare
(05.08.2016)
AXA to sell its ROMANIAN operations to VIG
AXA and VIENNA Insurance Group (VIG) announced that they signed an agreement on August 3, 2016, through which the Austrian insurer would acquire 100% of AXA's Life & Savings insurance operations in Romania (AXA Life Insurance) through its BCR Life and OMNIASIG entities. Continuare
(04.08.2016)
Romanian insurer CARPATICA Asig sent into bancruptcy
On July 27th 2016, the Romanian insurance supervisor withdrew local insurer CARPATICA Asig's operating license and begun bankruptcy procedures. Continuare
(04.08.2016)
Chicago Insurance Forum to emphasize shifting the cultural mind-set of the industry to a data-centric approach
The insurance sector has been grappling with data for decades and is perhaps one of the oldest institutions to practice what it would now be considered Data Science and analytics. The inherently risk averse nature of Insurance has historically demanded Actuaries to implement rigorous statistical and mathematical processes to enable the quantification of risk into a packaged, saleable product. Although insurance organisations have long been aware of the applications of data for business gain, there has been renewed interest in Big Data given the diversification of new sources now available through the exponential growth in technology. Continuare
(27.07.2016)

Moldova

STATISTICS: Rep. of Moldova, 1H2016: GWP up by more than 9.5%, while claims increased by over 40%
The Moldavian insurance market has recorded in 1H2016, total GWP of MDL 628 million (EUR 28,2 million), increasing by 9,5% as compared with 1H2015, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF). In the European currency, company's GWP have seen a decrease of 0,49%, as a consequence of the national currency depreciation against the European one. Continuare
(18.08.2016)
MOLDOVA: Insurance company ASITO closes down!
Shareholders of ASITO insurance company have decided to close the company. The director of ASITO, Andrei Lupyri, has written a request to the Financial Market National Committee, with the request to take away the license. Continuare
(07.07.2016)
Moldova avoids suspension from the Green Card system
The General Assembly of the Council of Bureaux in Brussels decided on June 2 to revoke the suspension of the National Bureau of Motor Insurers of Moldova (BNAA) from the "Green Card" system. Continuare
(09.06.2016)
STATISTICS: Moldova: Insurance market grew by 12.1% in the first quarter
In the first three months of 2016, the total premiums of Moldova's insurance companies increased by 12.12%, up to MLD 284.41 million, compared to the same period of 2015, according to the official data published by the supervisory authority - NCFM. Continuare
(09.06.2016)
MOLDOVA: "Bomb" under the insurance system Green Card
On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street. Continuare
(23.05.2016)
STATISTICS: MOLDAVIAN insurers reported a business volume of EUR 59 million at the end of 2015
At the end of December 2015, the Moldavian insurance market totaled MDL 1.2 billion (about EUR 58.8 million), up by 2.1% y-o-y, according to the preliminary statistics recently published by the market's supervisory authority. Claims paid by the 15 insurers that have reported operations totaled MDL 386.6 million (or EUR 18.5 million) - equivalent to 31% of the total GWP. Continuare
(14.04.2016)
MOLDOVA: Green Paper system is available for yet three months
Council of Bureaux (CoB), the European institution based in Brussels, manager of the international insurance system "Green Card", has decided to postpone the decision suspending the National Bureau of Motor Insurers of Moldova (NBMI) of the "Green Card" until the General meeting of its members, scheduled to take place in early June, reads a press release issued by the NBMI.
Continuare
(03.03.2016)
STATISTICS: MOLDOVA: All insurers have gained profit in the first 9 months
All 15 insurance companies active on the Moldavian insurance market have concluded the first nine months of the year with a positive balance, according to data published by the National Commission of Financial Market (NCFM). Continuare
(17.12.2015)
Starting April 1st, 2016, MOLDAVIAN drivers will not be able to buy Green Card insurance
Starting April 1st, 2016, Moldavian drivers will not be able to buy Green Card policies from local companies, according to the most recent decision taken by the National Bureau of Motor Insurers (BNAA). According BNAA's statistics, on December 7th, there were 39,589 valid Green Card policies issued by 10 authorized insurers. Continuare
(10.12.2015)
MOLDOVA 3Q2015: Stagnation in GWP, decreasing claims expenses
The GWP, in the first nine months, by the 15 Moldavian insurance companies active on the local market, totaled MDL 909.25 million (EUR 44.16 million), up by 1% y-o-y, according to the official data published by the National Commission of Financial Market of Moldova. Continuare
(12.11.2015)
MOLDOVA: In 1H2015 the share of mediated premiums by the brokerage companies rose to 31.3% of the total volume of GWP
In the first half of 2015, the premiums mediated by the Moldavian insurance brokerage companies went up by 13% y-o-y, to MDL 179.35 million, according to the official data published by the National Commission of Financial Market of Moldova. Continuare
(29.10.2015)
MOLDOVA: Development of the risk-based supervision system of the non-banking financial markets supported by an EUR 1.3 million EU contribution
The European Union has launched a new Twinning Project in the field of prudential regulation and supervision of the non-banking financial market in Moldova, according to the official press-release published by the National Commission for Financial Markets. The project is financed by the European Union to the tune of EUR 1.3 million. Continuare
(29.10.2015)
Alina OSOIANU is the new CEO of the Motor Insurers' Bureau of Moldova
The National Motor Insurers' Bureau of Moldova (BNAA) has recently elected a new executive staff. Thus, the new CEO is Alina OSOIANU. She will replace Mihai MANOLE who resigned from the top executive position. Continuare
(24.09.2015)
Moldova avoids suspension from Green Card system. The CoB General Assembly decided to postpone the deadline until April 1st, 2016
2014 and the first half of the current year were one of the most difficult periods for the domestic insurance market due to the internal disputes in the National Bureau of Motor Insurers in Moldova between the members with rights to issue Green Card policies, namely, regarding the principle of internal organization and the lack of access by the local management to the funds of the bureau. Continuare
(17.09.2015)
STATISTICS: Moldova: The value of paid claims by insurers decreased by 44% y-o-y
In the first six months of this year, the insurance companies of Republic of Moldova reported a total GWP volume of about MDL 573.17 million, down by half percent compared with the 1H2014 figures. About 93.72% of aggregated GWP volume was generated by the non-life classes, the remaining 6.28% being accounted by life policies. Continuare
(17.09.2015)
 

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Interview of the week
Assen CHRISTOV Assen CHRISTOV
Chairman of the Supervisory Board
EUROHOLD

The economic environment and the insurance market are fully correlated. Healthy growth of the insurance business is hardly possible without economic growth. Of course, we have been an example of an expanding business in the times of economic downturn, but this expansion also comes along immense managerial and organizational efforts. Details




















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