BULGARIA: insurer assets saw an increase of 4.8% y-o-y in 2018
The assets of Bulgarian insurers in 2018 increased by 4.8% y-o-y to BGN 7.645 billion (EUR 3.91 billion), according to the statistics of insurance activity, published by the National Bank of Bulgaria on March 11.
BULGARIA: Only 14.5% of homes covered by property insurance
While residential real estate in Bulgaria has expanded in recent years, the property insurance market remains underdeveloped, well below its true potential.
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.
ON THE MOVE
GENERALI Group results for year 2018
In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).
Mark HILES left MARSH to join WTW's CEEMEA management team
Willis Towers Watson one of the largest re/insurance broker in the world announced it named Mark HILES as Head of Power and Utilities for the Central and Eastern Europe, Middle East and Africa (CEEMEA) region.
MetLife announced leadership changes as part of CEO transition
MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.
LLOYD's named Hayley SPINK as Head of Global Operations
LLOYD's aanounced the appointment of Hayley SPINK as Head of Global Operations. She takes over from Joe DAINTY, who leaves LLOYD's in March to join DXC.
HANNOVER RE launches an insurtech innovation platform
Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.
Conclusions: TBILISI - the first Georgian International Insurance Conference
Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will 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 is 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.
Motor insurance - becoming more financially efficient and consumer friendly
Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.