Based on its 2020-2022 strategy, the Sava Insurance Group has prepared its annual plan for 2020. The Group's operating revenues for 2020 are planned to exceed 4%, while it targets a net profit of over EUR 45 million and a ROE of at least 11%.
In 2020, Triglav Group expects to increase its consolidated written gross premium to around EUR 1.2 billion (2019 plan: around EUR 1.1 billion) and profit before tax to EUR 95-105 million (2019 plan: EUR 90-100 million), while keeping a combined ratio below 95%.
According to the Chairman of the Financial Supervision Commission (FSC), Boyko ATANASOV, the proposed new Bonus-Malus system was well-balanced for drivers. About 21,000 drivers will pay more (about 4 times) for their civil liability insurance, as the data of the Insurers Association show.
Between January and November 2019, the Albanian insurance market exceeded ALL 15.63 billion/ EUR 0.13 billion (+3.20% y-o-y) in premiums. Market paid claims for the period amounted to about ALL 5.48 billion (11.13% less y-o-y), as the data of the Financial supervisory authority (AMF) show.
On January 1st, 2020, as part of the reorganization of the National Bank of Kazakhstan, an agency on regulation and development of the financial markets started to operate, Allinsurance.kz reported.
For the period between January and October 2019, life insurance had a positive trend. According to the data of EAEE (The Association of Insurance Companies of Greece), the Greek life sector saw a 19.1% rise y-o-y, reaching EUR 1.65 billion.
In December 2019, the Ministry of Finance issued a license for a new insurance company - Omad sug'urta, as UzReport news agency informed.
From January to September 2019, expenses for agents' remuneration of Ukrainian insurers increased by 72.5% y-o-y, according to the report for the mentioned period of the National Financial Services Commission.
The Green Card System Monitoring Committee will decide in the nearest time whether Moldova will be excluded from the international insurance system, Valeriu CHITAN, announced.
By 2021, the Russian insurance market won't be able to reach the goal set by the All-Russian Insurance Association (ARIA) of RUB 2 trillion (~EUR 28.8 billion), part of its development strategy, as the national rating agencies Expert RA and NCR (National Credit Ratings) consider.
According to PZU Ukraine group, the key event in 2019 on the Ukrainian insurance market was the signing of the "split" law - the transfer of the regulator's functions of the non-banking financial sector to the National Bank.
As of December 1st, 2019, GWP of the insurance market reached KZT 455.4 billion (~EUR 1.1 billion*), which is 31.2% more y-o-y, reports Allinsurance.kz based on the regulator's data.
PASHA Life Insurance plans to achieve a record net profit among insurers of the country based on 2019 results (~AZN 25 million/ ~EUR 13 million), as Niyaz ISMAYLOV, Chairman of the Board of the company, told Trend.
Aon plc launched the latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact of the natural disaster events that occurred worldwide during November 2019.
Secondary perils' share in the total economic losses from natural disasters is increasing, Swiss Re Institute's report Insurance in a world of climate extremes shows. While 2019 was, overall, a "calmer" year in Nat Cat terms, as compared with the previous year and the last decade's average indicators, losses produced by less spectacular, but more frequent events are increasing.
Romanian insurance market has achieved a 6.7% y-o-y growth in GWP terms, reaching a total volume of EUR 1.7 billion at the end of Q3. At the same time, claims paid by the insurers went up by 13%, to EUR 1.04 billion, mostly because of the increasing claims expenses on the MTPL line.
The GWP of Serbian insurers increased 5.9% year-on-year to RSD 79 billion (EUR 672 million*) in the first nine months of 2019, according to the most recent figures published on the website of National Bank of Serbia (NBS).
GWP of the Ukrainian insurance market at the end of 3Q2019 increased to UAH 40.56 billion (EUR 1.54 billion*), which in local currency is 16.3% more y-o-y. Net premiums increased by 18.8% (to almost UAH 30.15 billion), as the data of the regulator show.
Market GWP for 9 months of 2019 amounted to BYN 1.03 billion (EUR 455.06 million*), in local currency translating in an almost 13.70% increase y-o-y, as the data published by the Ministry of Finance of the Republic show.
New York Life Insurance Co. made a USD 6.3 billion acquisition deal of a Cigna Corp. unit that sells life and disability insurance, Bloomberg