ALBANIA's Eurosig selling 90% of Insig's life-insurance business - report
After the transaction, Eurosig will own a 10% stake in the life-insurance business of Insig, Albanian business newspaper Monitor reported on Thursday. Read the full story
The about 5% appreciation of the Albanian Lek against EURO has favored the market results denominated in European currency, showing a higher growth rate than in local currency. Thus, in EUR, GWP increased overall by 9.43%, to EUR 61.2 million.
GWP written for the first five months (January to May) 2018 by Albanian insurers amounted to over ALL 6,277 million, or 3.01% more y-o-y, while the number of related insurance contracts reached to 462,260 with an increase of 7.30% y-o-y, Albanian FSA data show.
The Albanian insurance market reached over ALL 3.55 billion (EUR 27.2 million) during Q1 2018, or 2.53% more y-o-y, according to the quarterly statistics published by the local Financial Supervisory Authority.
The Albanian insurance industry amounted over ALL 16.19 billion (~EUR 122 million) at the end of 2017, or 5.38% y-o-y. During the analysed period, the number of issued insurance contracts reached 1,261,238 showing an increase of 11.99 % compared to year 2016.
Albania will undertake a legal initiative to insure households and businesses from floods, the country's Prime Minister Edi Rama announced on Manday, reads xinhuanet.com.
Albanian insurance market totaled EUR 90 million (ALL 12 billion) at the end of September 2017, a nominal growth rate in European currency of about 14.5%.
Albanian Competition Commission said it has approved the sale and transfer of 90% shares of the life insurer INSIG Jete (INSIG Life), from local insurer EUROSIG to two local businessmen: Shefqet KASTRATI and Samir MANE.
The Albanian insurance market reached over ALL 7,415 million (EUR 56 million) during the period January - June 2017, or 12.03% more compared with 1H2016, the Financial Supervisory Authority informed.
The Albanian insurance market reached over ALL 3.45 billion (EUR 25.4 million) during Q1 2017, or 17.62% more y-o-y, according to the quarterly statistics published by the local Financial Supervisory Authority.
At the end of 2016, the Albanian insurance market totaled about ALL 15,466 million (about EUR 114 million), or 9.64% y-o-y, according to the figures published by the local market authority. The total value of paid claims was about ALL 4,276 million (EUR 31.6 million) or 17.54% more y-o-y, of which more than half (about 52%) were related to Compulsory MTPL insurance.
Turkish reinsurer MILLI Re stated that Gokhan AKTAS has been appointed to the position of Manager of Foreign Inward Business on 01 September 2018.
JLT Re announced that Martin BLACKWELL will be joining JLT Re as a Partner, capital solutions, next month.
On September 13, 2018, the Insurance Supervision Agency of Ljubljana organized its 4th conference on insurance. The subject of the event was Insurance in the Digital Future. Visit the event's web page to see the conference materials and photo gallery.
The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.
Only 5% of cyber losses are insured, estimates Christian Fuhrmann, chief executive of global clients/North America, Munich Re. Very complex by nature and continuously changing, cyber insurance is one of the biggest challenges for insurers, he said.
AXA announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group previously announced on March 5, 2018. The acquisition is expected to close on September 12, 2018, pending the satisfaction of the remaining customary closing conditions.
The latest editions of the XPRIMM Motor Insurance Report and Property Insurance Report will be launched in Monte Carlo, at the 62th edition of the "Rendez-Vous de Septembre," one of the most important international events dedicated to insurers, reinsurers, brokers, and reinsurance consultants.
Hannover Re expects to see stability in prices and conditions overall for the treaty renewals as at 1 January 2019 and promising opportunities for next year arising from digitalization, increased demand for coverage of cyber risks, as well as from various openings in the Asian growth markets.
Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.
Catastrophe risk modeling firm AIR Worldwide released a new severe thunderstorm model for Europe. Together with AIR's Extratropical Cyclone Model for Europe and European flood models, this new model now allows for a comprehensive assessment of atmospheric risk in this region.