LATVIA: Tax reform slowed down life insurance in 2018
Insurance market premiums in 2018 increased by 11.3% overall compared to 2017. Life insurance as a whole remains the most important insurance group, but its recorded evolution shows near stagnation.
LATVIA: 2018 MTPL results were positive for insurers
Data collected by the Latvian Motor Insurers' Bureau (LTAB) shows that the 9 MTPL insurers from Latvia earned EUR 3.61 million revenues from this business line. It is the first time in the past 10 years when Latvian MTPL insurers profited from this type of business line.
STATISTICS: LATVIA: Local insurers posted EUR 9.33 million in nine-month profit
Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.
BMW, Audi and Toyota the most popular brands among the car thieves in Latvia
BMW, Audi and Toyota are the brands most targeted by the car thieves in Latvia, as well as seven to 12 years old automobiles, a representative of BALTA Insurance - member of the PZU Group, stated for the LETA news agency.
SEB to merge its three Baltic life units
SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".
STATISTICS: LATVIA, 1H2018: aggregate profit of EUR 7.23 million, about EUR 2 million less y-o-y
The Latvian insurance market totaled EUR 386 million at the end of June 2018, with an 18% increase y-o-y. At the same time, insurance companies paid EUR 200 million in claims (12% more y-o-y).
Latvia: SEB's three life insurance entities in the Baltics will merge in one company headquartered in Riga
Skandinaviska Enskilda Banken AB (SEB) will merge its Baltic life insurance operations into one company, headquartered in Riga, reports The Baltic Course. Simplification of the operation model and improve services and solutions are the main reasons of the merger.
STATISTICS: LATVIA 1Q2018: Life insurers reported a quarterly net loss of EUR 1.5 million
Latvian insurers generated EUR 2.69 million in first quarter net profit, which is more than double compared with the Q1 2017 net profit of EUR 1.13 million, according to the figures released by the Financial and Capital Market Commission (FKTK).
LATVIA, 1Q2018: aggregate loss from mandatory MTPL 33 times lower y-o-y
Latvian insurers' aggregate loss from mandatory MTPL insurance was EUR 120,000 in 1Q2018, down from EUR 4.05 million in the same period last year, reports LETA, according to information released by the Motor Insurers' Bureau of Latvia (LTAB).
STATISTICS: LATVIA, FY2017: The share of EU branches GWP increased to almost 35%
According to the year-end market figures published by FKTK (the Financial and Capital Market Commission), the Latvian insurance market totaled EUR 646 million at the end of December 2017, up by 21.4% y-o-y.
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.