News - Insurance

RUSSIA: insurers' profit in 2018 grew by almost 70%

According to the Bank of Russia, in 2018 the insurer profit grew by almost 70% to RUB 204.1 billion (vs RUB 120.6 billion in 2017). Return on equity reached 31.2%, total assets increased by more than 20% and exceeded RUB 2.9 trillion, based on the survey of key indicators of insurer activity in 2018.

Willis Towers Watson acquires TRANZACT

Willis Towers Watson is acquiring TRANZACT for USD 1.2 billion in closing consideration, with potential earn-out of up to USD 200 million, payable in either cash or stock by 2021, if certain financial targets are achieved.

GENERALI appoints Steven ZUANELLA as Group Chief Digital Officer

As of April 1st, 2019, Steven ZUANELLA is Group Chief Digital Officer, the Italian insurer GENERALI annouced. "Steven ZUANELLA has the responsibility of steering, controling and supporting Group digital and data analytics initiatives and orchestrating innovation at the Group level."

BETTER FINANCE elects new President

On Monday, BETTER FINANCE and its member organizations gathered in Bucharest, Romania, to celebrate the 10-year anniversary of the European Federation of Investors and Financial Services Users and elect a new board and president.

AZERBAIJAN: The market grew by 2% y-o-y in Jan-Feb

According to The Financial Market Supervisory Authority of Azerbaijan, total market GWP in January-February amounted to AZN 132.82 million (~EUR 68.69 million), 2.05% more y-o-y. Total paid claims dropped by 18.2%, to AZN 33.12 million (~EUR 17.13 million), Trend News Agency reports.

Conclusions: IIF 2019 - PROPERTY INSURANCE - the 2 CAT Cs: climate and cyber

Re/insurance professionals activating on the property segment, as well as cyber specialists, gathered on Tuesday, 9 April, in Vienna, Austria, at The "IIF 2019 - PROPERTY INSURANCE - the 2 CAT Cs: climate and cyber" Conference, to analyze the impact and current status of the climate and cyber risks.

Conclusions: IIF 2019 - MOTOR INSURANCE - the innovation challenge

Technology driven trends in the motor insurance field and technological approaches to meet future challenges were just a few of the topics analyzed during "IIF 2019 - MOTOR INSURANCE - the innovation challenge", which took place on Monday, 8 April, in Vienna, Austria.

GENERALI to take over ERGO units in Hungary and Slovakia

Italian insurer GENERALI announced signing an agreement to take over the entire life, non-life and composite insurance portfolios of three entities of ERGO International AG in Hungary and Slovakia. The sale is subject to certain regulatory and anti-trust approvals, as is customary for transactions of this kind. The parties have agreed not to provide details of the purchase price and other terms.

ALBANIA: AFSA introduces MTPL Bonus-Malus system

The Albanian Financial Supervisory Authority (AFSA) has approved sets of instructions for Bonus-Malus system implementation. The Bonus-Malus system will begin to function in Albania starting April 1, 2019.

MMC completes acquisition of JLT

Marsh & McLennan Companies (MMC) announced the completed the acquisition of Jardine Lloyd Thompson Group plc (JLT) for USD 5.6 billion in fully diluted equity value. A week ago, the European Commission gave the green light for the transaction.