BULGARIA: EUROHOLD turned on profit in 2018
Bulgarian EUROHOLD -owner of EUROINS Insurance Group (EIG) - announced in its preliminary financial report for 2018 - a positive financial result in amount of BGN 1.7 million (EUR 871,800) versus a loss of BGN 17.3 million (EUR 8.84 million) for the comparable period last year.
BULGARIA: MTPL insurers' contribution to the motor Guarantee Fund raised by BGN 2 per policy
Bulgarian FSC (Financial Supervision Commission) has raised the fixed amount of contribution that Bulgarian insurers have to transfer to the Guarantee Fund for each MTPL contract issued, as a followup to the December 20th discussion when the Commission initially talked about a possible change in the amount of contribution.
Bulgaria: Hungarian OTP takes over the banking, leasing and life insurance business from Societe Generale
The sale of the French Societe Generale banking group's Bulgarian subsidiary, SG Expressbank - including the leasing, factoring and life insurance subsidiaries -, to Hungarian OTP Bank was finalized, according to an OTP statement on 16 January.
STATISTICS: BULGARIA, 3Q2018: MTPL business shapes the market in growth and leadership terms
The Bulgarian insurance market saw a 13.5% GWP growth in 3Q2018, to EUR 953.36 million, while paid claims went up overall by only 3.75%, to EUR 407 million. Non-life insurance line, especially the MTPL class, were the market's growth drivers.
FSC allows KBC to merge its Bulgarian life insurance units
The Bulgarian Financial Supervisory Commission announced it has allowed DZI - Life Insurance's plan to absorb its wholly-owned unit UBB - Life Insurance. FSC did not provide further details in its statement.
STATISTICS: BULGARIA, 2008-2017 timeline: claims went up at a double pace than GWP
The Bulgarian insurance market saw a 21.5% increase in GWP volume throughout between 2008 and 2017, the 10 years for which xprimm.com statistical database in presenting market results. The MTPL insurance class had the largest contribution, in absolute terms, to the market growth.
Bulgaria: Protests, traffic jams and blockades against high fuel tariffs, car taxes and MTPL premium
Thousands of Bulgarians protested last weekend in over 20 cities by blocking major highways and roads against higher fuel prices, tax increases for older, more polluting cars and an expected increase in MTPL premiums.
"Costly" times are coming for Bulgarian drivers
Bulgarian insurance market" authority - FSC recently published a draft ordinance regarding the MTPL tariffs for MTPL policies, wrote local media.
Bulgaria: VIG to increase its participation in Bulstrad after TBI liquidation
The Bulgarian Financial Supervision Commission - FSC announced that it has allowed Vienna Insurance Group (VIG) to increase its direct shareholding in Bulstrad Vienna Insurance Group, following the liquidation of its fully-owned subsidiary TBI Bulgaria.
The distribution partnership between ALLIANZ and UniCredit comes alive in Bulgaria
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.
ON THE MOVE
AON appoints Lambros LAMBROU as global CEO of Commercial Risk Solutions
Global re/insurance broker AON has named veteran AON leader, Lambros LAMBROU as Global Chief Executive Officer (CEO) of its Commercial Risk Solutions division.
Peter CLARKE named VP & COO of FAIRFAX
FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.
ERGO Group appoints a Polish manager
Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.
Jad ARISS appointed Secretary General of The Geneva Association
Jad ARISS, currently Group Head of Public Affairs and Corporate Responsibility with AXA, has been appointed Secretary General of The Geneva Association, effective 1 March 2019.
TURKMENISTAN: new General Director of the State insurance organization appointed
Guvanch NURMUKHAMMEDOV has been appointed as the new General Director of the State insurance organization, the single insurance institute of Turkmenistan, as the State information agency of Turkmenistan wrote.
Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe
Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.
Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna
Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.
FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee
To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.