In September, the Czech National Bank (CNB) completed this year's round of supervisory stress tests of banks and insurance companies. The tests used data as of the end of 2018. "Their results demonstrated that the two sectors are still prepared to withstand a deterioration in economic conditions", as CNB affirmed in a statement.
The value of total assets under administration, at the level of the entire private pension system, reached RON 61.53 billion (EUR 12.95 billion), as of September 30, 2019, up 24.04% from December 2018. The share of private pensions in Gross Domestic Product was, at the end of September 2019, 6.22% compared to 5.22% in December 2018.
For the third year in a row, Vienna Insurance Group (VIG) has received the gold award for the insurance industry at the annual BEST RECRUITERS ranking.
On December 13, 2019, AM Best announced the revision of the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Barents Re and Barents Re Lux.
On December 13, 2019, Fitch Ratings made the announcement of upgrading Adriatic Slovenica d.d.'s (Adriatic) Insurer Financial Strength (IFS) Rating to 'A' from 'BBB+'.
On December 12, 2019, the Supervisory Board of Munich Re has appointed Dr. Achim KASSOW (53) to the Board of Management with effect from 1 May 2020.
EIOPA has recently launched the 2019 edition of its Annual European Insurance Overview. Based on annually reported Solvency II information for 2018, the report covers all countries in the EEA.
European insurers pay out almost EUR 3 billion a day in claims to help businesses and individuals through difficult events and in benefits to long-term savers, states the most recent publication by Insurance Europe.
At the beginning of December 2019, the Bank of Lithuania appointed Jekaterina GOVINA as Director of the Supervision Service.
The boards of Claim Corporation Network and Numa Digital consulting B.V. have successfully finalized their meetings in relation to the intended cooperation on CCN's consultancy and advisory activities.
Hungarian insurance market totaled HUF 862.20 billion (EUR 2.66 billion) at the end of Q3 2019, 10.97% more y-o-y, official statistics showed. In terms of damages, the value of incurred claims (paid claims and reserves, summed-up) amounted to HUF 312.95 billion for life insurance contracts (+10.72% y-o-y) and HUF 198.45 billion for non-life policies, +13.96 more y-o-y.
The Czech Republic insurance maket reported a nine months growth rate in premiums of 5.64% y-o-y to CZK 102.86 billion (or EUR 3.98 billion), according to the end-September 2019 market statistics published on the local professional association website.
The Cypriote insurance market increased by 4.66% y-o-y at the end of 3Q2019 according to the data published by The Insurance Association of Cyprus - IAC, amounting to a figure over EUR 678.55 million in GWP.
From January to October 2019, GWP of the voluntary Health insurance increased by almost AZN 10 million (~EUR 5.27 million), Motor Hull increased by about 20%, while Life insurance, on the contrary, decreased by almost 40% y-o-y, and these trends will continue, said Azer ALIYEV.
According to the Motor Transport Bureau of Ukraine (MTIBU), for the first 9 months of this year, the total number of Green Card policies increased by 43.2% y-o-y and reached almost 842 thousand units, Forinsurer reports.
Latest news available show the group of bidders interested by the sale of the leading Greek insurance company Ethniki to five: the Chinese group Fosun, the investment funds CVC Capital Partners, Centerbridge and Lone Star, and a special purpose vehicle called I3CP, which is associated with Leadenhall Capital Partners.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Colonnade Insurance S.A. (Luxembourg), a member of Fairfax Financial Holdings Limited (Fairfax). The outlook of these Credit Ratings (ratings) is stable.
According to the market results for 9 months of 2019, the total number of agents of ROSGOSSTRAKH company grew by almost 41% y-o-y, which allowed the company to regain its first place on the market in terms of total number of individual agents, ASN reports.
As the data of the Bank of Russia show, from January to September 2019, MTPL GWP amounted to RUB 154 billion (~EUR 2.18 billion), which is 6.7% less y-o-y. Paid claims exceeded RUB 103.1 billion (~EUR 1.46 billion), ASN reports.
According to the Belarusian Association of Insurers, from January to September 2019, local insurers paid almost BYN 9 million (~USD 4.5 million) for insurance against accidents and illnesses during travelling abroad, which is 23% more y-o-y, said the association in its press release.