ARMENIA: insurers' dissatisfaction with Armenia's Single Window for Automotive platform is growing
Armenian insurance companies are getting increasingly unhappy with the Armenia's Single Window for Automotive (ASWA) platform, designed for handling vehicle insurance-related cases because of suffering additional losses, as Hayk ARAKELYAN, the head of the Union of Insurance Agents, said.
ARMENIA: the pilot agro insurance program to be launched in March
The pilot agro insurance program will be launched in March, 2019 in 5 regions of Armenia, according to the Deputy Minister of agriculture of Armenia Gegham GEVORGYAN, as ArmInfo wrote.
ARMENIA: Universal health insurance fund to go live from 2021, based on Estonian experience
From 2021 a Universal health insurance fund will start operations within the frame of the phased introduction of the compulsory health insurance (CHI) system, as Arsen TOROSYAN, the Health minister of Armenia, announced.
ARMENIA: in 2018 MTPL GWP increased by about 5.5% y-o-y, while its loss ratio reached 72.5%
MTPL loss ratio in Armenia in 2018 increased from 65% to 72.5%, based on the data of the Armenian Bureau of Motor insurers.
ARMENIA: export insurance in 2018 increased by 73%
In 2018 export insurance recorded a significant growth. Total insured amount was AMD 7.9 billion (+73% y-o-y), at that total insurance premiums exceeded the planned level for 2018-2020 by 31%, as the press office of the Export Insurance Agency of Armenia announced.
ARMENIA: for January-September 2018 insurers paid taxes by almost 24% less y-o-y
Tax payments of Armenian insurers for January-September 2018 decreased by 23.8% y-o-y. Including direct taxes (such as profit tax and income tax), which dropped by 26.3% y-o-y, as ArmInfo wrote.
STATISTICS: ARMENIA, 3Q2018: GWP up by 24.27%, more than half of the premiums generated by motor insurance
Based on 3Q2018 results, GWP of the market exceeded AMD 30.5 billion, according to insurers' reports compiled by the information portal ArmInfo. The market y-o-y growth rate was of 24.27%.
ARMENIA: launch date of agro insurance project is not yet determined
The Agricultural Ministry of Armenia previously announced that around the end of 2018 and beginning of 2019, insurers would start to sell agro insurance policies. However, as of now, launch of the agro insurance project is not yet determined and no memorandums are signed with insurers, as member of the Agricultural Alliance and Council to the CEO of NAIRI company, Artak MARTIROSYAN, announced.
ARMENIA: partnership in export insurance between representatives of Swiss Re and Malakut-Trade Credit Insurance
On September 4, the Minister of economic development and investments of Armenia, Artsvik MINASYAN, discussed partnership in export insurance with the chief insurance officer of Malakut-Trade Credit Insurance, Audrius ROSINASI, and Magnus NIGZHET, a Swiss Re representative, responsible for the export insurance line in Armenia, said ArmInfo.
STATISTICS: ARMENIA, H1 2018 result: growth of paid claims exceeded growth rate of premiums and amounted to almost 35%
Armenian market increased in local currency by 29.64% to AMD 22 billion (~EUR 39 million) in 1H2018, based on the data of ArmInfo portal. At that, growth rate of paid claims exceeded premiums and amounted to 34.91%.
ON THE MOVE
AON appoints Lambros LAMBROU as global CEO of Commercial Risk Solutions
Global re/insurance broker AON has named veteran AON leader, Lambros LAMBROU as Global Chief Executive Officer (CEO) of its Commercial Risk Solutions division.
Peter CLARKE named VP & COO of FAIRFAX
FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.
ERGO Group appoints a Polish manager
Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.
Jad ARISS appointed Secretary General of The Geneva Association
Jad ARISS, currently Group Head of Public Affairs and Corporate Responsibility with AXA, has been appointed Secretary General of The Geneva Association, effective 1 March 2019.
TURKMENISTAN: new General Director of the State insurance organization appointed
Guvanch NURMUKHAMMEDOV has been appointed as the new General Director of the State insurance organization, the single insurance institute of Turkmenistan, as the State information agency of Turkmenistan wrote.
Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe
Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.
Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna
Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.
FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee
To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.