ZAD BULSTRAD VIENNA INSURANCE GROUP has been awarded the highest recognition on the insurance market in Bulgaria, during the 10th anniversary edition of the Bulgarian market's prestigious awards gala.

The third largest Bulgarian insurer in GWP terms has sold 80% of its Russian unit ITIL ARMEEC shares, announced the Financial Supervision Commission without providing further information, wrote SeeNews.

Belgian financial group KBC said it has completed the acquisition, through its Bulgarian subsidiary DZI Insurance, of MetLife's 40% stake in UBB-MetLife Life Insurance Company, a life insurance joint venture between United Bulgarian Bank (UBB) and MetLife (UBB-MetLife).

Bulgarian insurers ended 2017 with a 7.50% y-o-y growth-rate in GWP, to BGN 2.20 billion (EUR 1.12 billion), while the aggregate value of net profit decreased by 4.80% y-o-y to BGN 102.83 million (~ EUR 52.58 million), according to the Bulgarian FSA preliminary figures.

The aggregate GWP of Bulgarian insurers increased by 7.56% y-o-y to BGN 1.64 billion (EUR 839.72 million) during the first nine months of 2017, quarterly statistics from the Financial Supervisory Commission (FSC) show.

Belgian financial group KBC announced it reached an agreement with MeLife to aqcuire MetLife's remaining 40% stake in Bulgarian joint venture UBB-MetLife Life Insurance Company through DZI, its Bulgarian insurance subsidiary.

The Bulgarian Financial Supervision Commission (FSC) has revoked the licence of the life insurer SyVZK (TUMICO - Trade Union Mutual Insurance Cooperative) for carrying out insurance activity for all classes, forbidding the company to conclude any new contract for six months.

Bulgarian insurers managed to achieve a 10.14% increase in GWP in the first half of 2017, to EUR 581.6 million. The market growth was almost entirely provided by the non-life segment, especially the motor insurance lines.

The Financial Supervision Commission in Bulgaria has decided that beginning with 2018 drivers with a "spottiness" driving history will pay a higher fee for the MTPL insurance, reports Novinite.

The total GWP by Bulgarian insurers in 1Q 2017 was BGN 572 million (EUR 293 million), up by 9.7% y-o-y, according to the quarterly statistics published on the country's financial regulator website.

The annual and most important insurance event within the Caucasus region - "Insurance in Azerbaijan: New perspectives", started today, in Baku, organized by XPRIMM and Azerbaijan Insurers Association, with the official support of the Financial Market Supervisory Authority of Azerbaijan.

FRISS will host on Wednesday, 20 June a 30 minutes webinar, by Karlyn Carnahan (Celent), looking at the role of fraud analytics tools as an enabler of customer experience. Registrations are opened.

will take place on September 17-21, 2018 in Sochi
The upcoming Forum, supported by the All-Russian Union of Insurers (ARIA), will logically continue a detailed discussion of the most pressing issues previously raised at ARIA events in 2018: Insurance and Reinsurance International Congress in Moscow and Insurance International Conference in St. Petersburg.

Today, at PensionsEurope Conference 2018, Ms. Ana Carla Pereira, Head of Unit for Modernisation of Social Protection Systems at the European Commission, presented the main findings of the 2018 Pension Adequacy Report (2018 PAR) and 2018 Ageing Report (2018 AR).