STATISTICS: ARMENIA, FY2018: insurers' total net profit down by 67.6%y-o-y due to fast increasing claims expenses
Armenian insurers' GWP reached AMD 41 billion (EUR 74 million) in 2018, according to data provided by ArmInfo. Denominated in local currency, the market's growth seems lower than in euro due to the Armenian dram appreciation (17.36% vs 22.97% in euro).
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.
ON THE MOVE
GRAWE Hrvatska: Natasa KAPETANOVIC to be the new President of the Management Board
After almost 20 years in the positions of member and President of the GRAWE Hrvatska Management Board, Igor PURETA will leave the company at the expiration of his mandate, on April 2. He will be replaced by Natasa KAPETANOVIC, member of the Management Board since 2010.
Jean-Paul CONOSCENTE promoted to CEO of SCOR Global P&C and will join SCOR's executive committee
SCOR announced it has appointed Jean-Paul CONOSCENTE, currently CEO of Reinsurance at SCOR Global P&C, as Chief Executive Officer of SCOR Global P&C. Jean-Paul CONOSCENTE will also join the Group's Executive Committee. This appointment is effective April 1, 2019.
Supervisory Board Chair NN Group steps down
NN Group announces that Jan HOLSBOER, chair of the Supervisory Board of NN Group, has decided to step down as of the close of the annual general meeting (AGM) on 29 May 2019. The Supervisory Board has elected David COLE as Jan HOLSBOER's successor.
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.
Inclusive Insurance - just a week to the second edition of IIF - CEE & SEE Regional Actuarial Insurance Conference in Skopje
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.