AZERBAIJAN: AzSığorta ended 2018 with profit of AZN 4.7 million, capitalization increased by 16% y-o-y
AzSıgorta, which in terms of GWP ranked 8th on the local market in 2018, ended last year with profit of AZN 4.7 million, according to the Chairman of the board of the company, Anar TALYBOV.
AZERBAIJAN: temporary administration institution established in insurance
The presidential decree of Ilham ALIYEV on amending the Law on insurance activity provides for the right of the Financial Market Supervisory Authority of Azerbaijan to introduce temporary administrators in Azeri insurance companies or dismiss their top management from duty, as the news agency Trend wrote.
STATISTICS: AZERBAIJAN, FY2018: market result denominated in euro saw an impressive growth, of over 36%
In 2018 Azeri insurers generated GWP in the amount of almost AZN 728 million (+30.7% y-o-y), data published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show. In European currency, thanks to the Azeri Manat appreciation against Euro, the market results look much more impressive (+36.36% y-o-y growth).
AZERBAIJAN: changes in the board of the only reinsurance company - AzRe
On January 3, 2019 Fuad KULIEV was appointed as the chairman of the board of directors of the reinsurance company AzRe, according to the company.
AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association
Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.
AZERBAIJAN: insurance market in 2018 may reach a record GWP volume, of over AZN 700 million
For 11 months of 2018 Azeri insurers generated GWP of AZN 663.9 million (31.7% more y-o-y) and paid claims amounted to AZN 224.1 million (3% less y-o-y), according to the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).
AZERBAIJAN: compulsory real estate insurance GWP increased by 18% y-o-y in January-October, while the leading compulsory class - MTPL went up only by 1.61%
According to the Chairman of the ASA Mustafa ABBASBEYLI, compulsory real estate insurance in Azerbaijan in 2019 may double its volume, as Trend wrote. He pointed out that as of now the penetration degree of the compulsory real estate insurance in Azerbaijan is about 10-15%.
AZERBAIJAN: Ata Sigorta's license for reinsurance temporary suspended
The Financial Markets Supervision Chamber of Azerbaijan (FIMSA) suspended the license issued to Ata Sigorta for the reinsurance operations, because of the non-conformity of Ata Sigorta's capitalization for provision of reinsurance services, FIMSA said in its statement.
Yavuz OLKEN appointed Chairman of the Board of Directors of Azerbaijani AXA MBASK
Yavuz OLKEN has been appointed Chairman of the Board of Directors of the Azerbaijani insurance company AXA MBASK, the Trend news agency reports referring to the company's website.
AZERBAIJAN: ASA announced the rating list of insurers for November
The Azeri Association of Insurers of (ASA) announced the results of the rating action considering insurance companies' level of service and customer attitude for November, according to the ASA official statement.
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.