Czech Rep.: 2018 insurance frauds in Czech Republic, as reported by Allianz, Kooperativa and Generali
Three top Czech insurers have identified fraudulent insurance claims worth CZK 640 million, in 2018. While Prague was the region providing for the highest amount of fraud attempts, the main lines of business affected by the fraudulent behavior of insureds were property, motor and lianility insurance.
Czech Republic: the new Insurance Distribution Act is changing insurance distribution
The new Insurance Distribution Act that became effective in the Czech Republic on 1 December 2018, and replaced the still effective Act on Insurance Intermediaries and Loss Adjusters (IILA) has introduced important changes on insurance distribution, as Schoenherr Journal wrote.
Czech Rep.: SIMPLEA was accepted by CNB to start doing insurance business in 2019 Q2
The newly founded insurance company Simplea was finally licensed by the Czech National Bank to start its activity, and it is expected to start operating in the second quarter of 2019.
RENOMIA buys majority stake in established insurance broker IMG in the Czech Republic
RENOMIA, a leading insurance broker in Central and Eastern Europe, announced it bought a majority stake in IMG, one of the leading Czech insurance brokers providing services to corporate and individuals.
STATISTICS: Czech Rep., 3Q2018: risky drivers are providing for the MTPL premiums growth
According to the market results published by CAP - the professional association of the Czech insurers -, the local market saw a 5.55% y-o-y increase in GWP, to EUR 3.78 billion, most of which came from the non-life insurance segment.
Czech Rep: Draught hits local farming causing losses of nearly half billion euro
While other European countries have experienced heavy rains causing severe flooding episodes, the Czech Republic is challenged by one of the worst droughts in its recent history, causing losses of over CZK 12 billion (~EUR 473 million) to the local farmers.
STATISTICS: CZECH. Rep., 1H2018 (CNB): positive trend equally driven by the MTPL and Motor Hull insurance lines
The market statistical data provided by the Czech National Bank for 1H2018 confirm the positive trend reported by the results published by the local insurers' association (CAP) one month ago. Yet, as the group of market players considered by each of the two reports is different, also the overall picture is somewhat different.
STATISTICS: CZECH Rep., 1H2018 (CAP): 5% market growth fueled mainly by the Motor Hull insurance line
According to data provided by the Czech Insurance Association (CAP), its members ended 1H2018 with GWP worth EUR 2.53 billion, 5.16% up y-o-y, an increase almost fully driven by the non-life segment, in particular by the motor insurance lines.
STATISTICS: CZECH REP., 1Q2018 (CAP): market increase equally supported by life, motor and corporate insurance lines
The Czech insurance market ended 1Q2018 with GWP worth EUR 1.32 billion, 10.8% up y-o-y. Non-life insurance lines had the largest contribution, reporting GWP of EUR 889.4 million, which is 12.7% more y-o-y.
VIG Group's Czech companies won multiple awards
Vienna Insurance Group's (VIG) companies Kooperativa and Ceska podnikatelska pojistovna (CPP) led the way in the Association of Czech Insurance Brokers' "Insurer of the Year" survey, taking the top two spots in all four of the main categories.
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.