Allianz Bulgaria has officially started its distribution agreement with UniCredit Bulbank. Thus, since the beginning of October the life and property insurance products of Allianz will be available at the UniCredit Bulbank's counters across Bulgaria.

In the first half of 2018, the Bulgarian insurance market maintained a growth rhythm close to that established during the previous year, reporting a 7.9% y-o-y increase in GWP, to EUR 627.5 million.

Ralitsa AGAIN-GURI, deputy head of the Bulgarian Financial Supervision Commission (FSC) resigned in the wake of the Olympic insurance company bankruptcy scandal. Vladimir SAVOV, a FSC member, will temporary take over her tasks until a new appointment will be approved by the Parliament.

The total GWP by Bulgarian insurers in 1Q 2018 was BGN 608.07 million (EUR 310.90 million), up by 6.28% y-o-y, according to the quarterly statistics published on the FSC's website.

Bulgaria's ARMEEC Leasing, part of local insurer ARMEEC, intends to acquire the Bulgarian unit of ERB Leasing, part of Greece's Eurobank group.

Ernst & Young, the Bulgarian Financial Supervision Commission's consultant on the bonus-malus system introduction for the MTPL insurance has submitted its final report, presenting no less than 11 possible scenarios for the system's design.

According to a recent decision of the Bulgarian State Fund Agriculture, the budget state aid scheme for agricultural insurance premiums co-financing will be increased by BGN 700,000 in 2018, to BGN 2.2 million (EUR 1.12 million), Novinite reports.

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).

End investors, Insurance-Linked Securities (ILS) funds, and buyers - the three groups active in ILS - have predominantly weathered 2017 loss activity with a view that reinsurance products backed by 'alternative' capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson.

Swiss Re expects the global reinsurance industry to consolidate as the distinction between insurers and reinsurers become increasingly blurred, an executive from the Swiss Group said in Baden Baden, reports Reuters.

Current market conditions are putting increasing pressure on returns with some companies viewing consolidation as a potential solution, James NASH, CEO of International at Guy Carpenter said in his opening remarks at the Baden-Baden 2018 Reinsurance Meeting hosted by the global risk and reinsurance specialist.

E+S Ruckversicherung AG, the Hannover Re Group's unit handling German business, continues to expect a positive premium development in the German market for the January 2019 renewals, albeit at a somewhat more diminished pace than in 2018.

The market volume for cyber insurance is expected to grow up to USD 8-9 billion by 2020, Doris HOEPKE, member of Munich Re's Board of Management stressed in Baden Baden adding that, "The demand for cyber risk cover is growing continuously. We therefore see it as our duty to develop solutions."

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

"You don't have to be big to be beautifully relevant or financially successful, but you do have to be focused," Pina ALBO, Group CEO of Hamilton Insurance Group said, addressing the question of whether bigger is necessarily better at the Reinsurance Symposium in Baden-Baden.

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.