Austrians want more business in Ukraine, but war is a worry
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In March 2019, FITCH Ratings affirmed Ukraine's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a stable outlook, according to the agency's official report.
GWP of Ukrainian insurers (MTIBU members) in January this year went up by 12.3% to UAH 318.8 million (~EUR 10 million) y-o-y. However, total number of agreements in January decreased by 0.05%, as Foninsurer wrote.
According to the National Financial Services Committee, the number of complaints regarding insurance activities in 2018 remained almost unchanged (5381 vs 5389 in 2017). At that the major part (63%) of the complaints were about MTPL, as Forinsurer wrote.
By the end of the first quarter of 2019 it is planned to increase MTPL insurance limits for damage to property, life and health caused as a result accidents, as MTIBU informed.
Personal insurance lines in Ukraine are showing a rapid growth. In 3Q2018 GWP from individuals amounted to UAH 13.39 billion (+20.5% y-o-y), as Forinsurer wrote.
According to the National financial services committee of Ukraine, in order to remove unreliable players from the financial market, 126 organizations, including 13 insurance companies, were removed during January-September, as the member of the Committee, Aleksander ZALETOV informed.
For 9 months in 2018 Ukrainian insurers generated GWP in the amount of UAH 34.87 billion (~EUR 1 billion). At that annual growth rate in local currency amounted to 11.1%, according to the data, published by the National Financial Services Commission.
According to the National financial services committee of Ukraine, as the moment only 20% of the local insurers fully meet obligatory requirements to capital adequacy and solvency, liquidity and profitability, asset quality and riskiness of insurers' operations.
MTPL GWP of Ukrainian insurers-members of MTIBU for 10 months this year went up by 21.4% y-o-y and reached UAH 3.7 billion, according to the data of MTIBU.
UNIQA Group's Ukrainian subsidiaries, UNIQA and UNIQA Life, generated GWP in the amount of UAH 2 billion (~EUR 60.37 million) in 3Q2018, which is 27.1% more y-o-y, as Forinsurer informed.
The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.
On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.
The German insurer TALANX announced the Supervisory Board has completed the generational shift at Board level.
In Reinsurance, SCOR Global P&C announces the following appointments, effective April 1, 2019:
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.
The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.
Climate risks have always produced high impact events, causing material and human losses that often have remained in collective memory as reference points. On the other hand, cyber risks are just emerging, but they are already demonstrating a potentially catastrophic impact which still needs to be better understood and assessed.