STATISTICS:

Insurance & Reinsurance in the Baltics: Online services should be a means to lower costs

Today starts the XVI International Conference "Insurance & Reinsurance in the Baltics", organized by the Latvian Insurers Association, the main annual event dedicated to the Baltics insurance markets, gathering more than 200 participants.

"The Baltic markets need to lower their cost ratios by controlling the acquisition costs through online sales, online claims reporting and online customer relations", Ricard WENNERKLINT, Deputy CEO, IF P&C stated during the opening of the conference. Rates should be going down and so should the combined ratio, but it is still not happening, as an important part of the insurance premium goes to administrative costs, noted the representative of IF.

"Digital and innovation - internet of things - is the future of insurance. As an example - 40% of the interactions with clients in the Nordic countries are made through smartphones - and this was a demand from the clients", added WENNERKLINT.

Among the key speakers of the event are also Janis ABASINS, President, Latvian Insurers Association, Matteo CARBONE, Principal, Bain & Company, Tomas SINICKI, Shareholder, Knowledgeprice.com, William VIDONJA, Head of Conduct of Business, Insurance Europe, Esko KIVISAARI, Deputy Managing Director, Federation of Finish Financial Services, Michael THEILMEIER, Senior Marketing Manager, Gen Re, Elena ROGOVA, Underwriter Central & Eastern Europe, Hannover Re amd Alexandru CIUNCAN, Xprimm | Member of the Insurance and Reinsurance Stakeholder Group of EIOPA.

Download the Conference Program here.



Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

STATISTICS: Latvian insurers' profits decreased by 88% during 3Q2017

The Latvian insurance market totaled EUR 482.63 million at the end of September 2017, or 15.21% more y-o-y, according to data released by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 262.12 million in claims (1.77% more y-o-y).

2018-01-18

ON THE MOVE

TOP EVENT

photodune-3834701-laughing-girl-xs

LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.

13.09.2018

Willis Re - Market still soft, but functional

Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.

10.09.2018

AIR launches severe thunderstorm model

Catastrophe risk modeling firm AIR Worldwide released a new severe thunderstorm model for Europe. Together with AIR's Extratropical Cyclone Model for Europe and European flood models, this new model now allows for a comprehensive assessment of atmospheric risk in this region.

10.09.2018

See all