LITHUANIA: Ukrainian insurer GUARDIAN gets new shareholder from Lithuania
In March 2019, Ukrainian insurer GUARDIAN announced in a press release that Lithuania citizen, Arunas SIKSTA, was about to acquire the company as a new shareholder, the insurer said.
STATISTICS: LITHUANIA, FY2018: CB forecasts the market will be close to EUR 1 billion at year end following the 2018 results
The entire Lithuanian insurance market totaled about EUR 880 million at the end of 2018, 11% more y-o-y, according to the year-end figures recently published on the Central Bank website.
LITHUANIA: Property insurance disputes raised by 28% in 2018
The number of disputes between insurers and customers has raised mainly due to the low degree of customers' understanding over their insurance products, an analysis over the property insurance market recently published by Bank of Lithuania says.
LITHUANIA: Lithuania's credit rating affirmed at A- with a positive outlook
In February, 2019 the international credit rating agency FITCH Ratings, based on the country's sound public finances and strong economic situation, affirmed Lithuania's long-term credit rating at A- with a positive outlook, as the Ministry of Finance of the Republic of Lithuania announced.
LITHUANIA: decreasing prices for all types of transport insurance
In 3Q2018, prices of compulsory MTPL insurance scaled down, while the entire insurance market grew by 13%. Having come into force in October, significant amendments have strengthened consumer protection within the insurance market, Bank of Lithuania stated in a press release.
STATISTICS: LITHUANIA, 3Q: Insurers' GWP increased by EUR 75 million, fueled especially by the two motor classes
Lithuania's insurance market increased by almost 13% y-o-y totaling EUR 655 million at the end of September 2018, according to the Lietuvos bankas's 3Q figures.
STATISTICS: LITHUANIA 1H: motor lines posted the largest GWP increases
Lithuanian insurers reported GWP of EUR 440 million in 1H 2018, 13.4% more y-o-y, according to the half-year figures published on the Central Bank's website.
STATISTICS: LITHUANIA, 1Q2018: Sustainable and robust growth of insurance market continues
In the first quarter of this year, the Lithuanian insurance market grew by 18.3%, the premiums amounted to almost EUR 220 million, and claims paid - EUR 115 million, according to the figures published by the Bank of Lithuania.
Bank of Lithuania: Over two-thirds of settled disputes between consumers and providers were in the field of insurance
In 2017 the Bank of Lithuania settled more than 500 disputes between consumers and providers of financial services. Most disagreement (over two-thirds) was in the field of insurance, while disputes with banks accounted for a fifth.
STATISTICS: Lithuania, FY2017: Life payments generated one third of total indemnities
Lithuania's insurance market totaled EUR 792.60 million at the end of 2017, 11.66% more y-o-y according to the year-end market statistics provided by Lietuvos bankas.
ON THE MOVE
Bulgaria: Boiko ATANASSOV appointed as FSC's head
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.
RUSSIA: Alexander ZARETSKI steps down from the presidency at METLIFE
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.
TALANX announced finalization of generational renewal at Board level
The German insurer TALANX announced the Supervisory Board has completed the generational shift at Board level.
New appointments within SCOR Global P&C; Michel BLANC is the new CEO of Reinsurance
In Reinsurance, SCOR Global P&C announces the following appointments, effective April 1, 2019:
ASIROM VIG names Wolfgang HAJEK new CFO
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9
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.
Conclusions: TBILISI - the first Georgian International Insurance Conference
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.
Did you book your seat at one of the key European events dedicated to property and cyber insurance?
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.