News - Insurance

ROMANIA: The private pensions industry's share in GDP increased to 6.22%

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.

AM Best revised Barents Re outlooks to negative

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.

CCN broadens scope of activities with Advisory 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.

STATISTICS: HUNGARY, 3Q2019: Insurers' 9 months GWP climbed 11% y-o-y

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.

AZERBAIJAN: for 10 months life insurance dropped by almost 40%

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.

Ethniki Asfalisitiki: a new chapter in the Greek's insurance market flagship sale

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 affirms Credit Ratings of Colonnade Insurance SA

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.