CYPRUS: new insurance system for farmers to be launched in 2019
The cabinet of Ministers approved in February, 2019 the creation of a new insurance system for farmers that seeks to offer financial support to producers of all crops, as well as for sheep and goat farmers.
CYPRUS: Hellenic Bank is to revise its activities in the insurance sector
Hellenic Bank is about to revise its insurance activities to discover the best alternatives for the subsidiary insurance companies, according to the portal insuranceworld.gr of Ethos Media.
STATISTICS: CYPRUS 3Q: The insurance market has passed the threshold of EUR 650 million at the end of September
The nine months report on insurers' performance published by the Insurance Association of Cyprus (IAC), shows that at the end of September 2018 the local insurance market totaled EUR 651 million in premiums, up by 7.2% y-o-y.
STATISTICS: CYPRUS, 1H2018: Local insurance industry increased in almost all LoBs
During the first half of the current year, the local insurance industry increased in almost all business classes, with total GWP being up by almost 8% to EUR 458 million, according to half-year market figures published on the IAC website - the local professional association.
UPDATE: New findings suggest Olympic Insurance was already bankrupt in 2015
The Cypriot Auditor General Odysseas MICHAELIDES claimed that his office had spotted Olympic's insolvency issues during a 2014 audit. Yet, the situation broke out only four years later, when the company went bankrupt leaving some 200,000 clients uninsured.
London Club to set up a new office in Cyprus over Brexit
British ship insurer London P&I Club will set up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, wrote Reuters.
STATISTICS: CYPRUS, 1Q2018: A life & pensions insurer dominates the market rankings
The insurance market of Cyprus totaled EUR 251 million in the first three months of 2018 in terms of GWP, up by 7.2% y-o-y, according to the quarterly preliminary market figures published by the Insurance Association of Cyprus - IAC.
Cypriot biggest life insurer appointed new CEO
At the beginning of June, UNIVERSAL Life - the Cypriot largest life insurer announced that its Board of Directors has decided to appoint Evan GAVAS as the new CEO - Chief Executive Officer of the Company.
STATISTICS: CYPRUS, FY2017: Non-life underwriting result increased by more than 10%
Total FY2017 GWP amounted to EUR 816.6 million, compared to EUR 765.3 million in 2016, representing a healthy 6.5% growth, according to the market figures published by the Insurance Association of Cyprus - IAC.
STATISTICS: CYPRUS: The insurance market exceeded EUR 600 million at the end of September
The quarterly report on insurers' performance published by the Insurance Association of Cyprus (IAC), shows that at the end of September 2017 the local insurance market totaled EUR 605.6 million in premiums, up by 6.6% 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.