INGOSSTRAKH Insurance has traditionally held the leading position in the market of the Kyrgyz Republic in 2018
Based on 2018 results, the total GWP of INGOSSTRAKH Insurance Company under direct insurance agreements amounted to KGS 423,5 million, which in total market GWP, generated by 16 insurance companies of the Kyrgyz Republic, is equal to 40,9%.
KYRGYZSTAN: ATN Polis headed rankings in terms of 2018 paid claims
Insurance company ATN Polis became the market leader of Kyrgyzstan in terms of claims paid in 2018. The insurer's paid claims amounted to KGS 20.51 million (~EUR 0.25 million), according to the company's official announcement on its website.
KYRGYZSTAN: property insurance led 2018 year in GWP and paid claims
The State Service on regulation and supervision of the financial market under the government of the Kyrgyz Republic (supervisor) on February 8, 2019 conducted a meeting of the Executive Council, dedicated to the results of 2018 and tasks for 2019, according to the statement on the official website.
KYRGYZSTAN: law on compulsory MTPL insurance will come into force on February 7, 2019
On February 7, 2019 the law on compulsory MTPL insurance will come into force in Kyrgyzstan, as the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic informed.
STATISTICS: KYRGYZSTAN, 3Q2018: property insurance takes about 50% of GWP
For 9 months in 2018 GWP of Kyrgyz insurers amounted to KGS 638.96 million, according to the report of the State Service for Regulation and Supervision of the Financial Market under the Government of the Kyrgyz Republic.
KYRGYZSTAN: development of agro insurance is planned on the basis of Turkish experience
Kyrgyzstan plans to develop agro insurance of crops and livestock based on the experience of Turkey, said information agency Kabar.
KYRGYZSTAN: after 10 years of waiting, the law on MTPL will come into force on February 7, 2019
The law on MTPL, which hasn't been working since its adoption during 10 years, will finally come into force on February 7, 2019, according to the information agency Sputnik.
KYRGYZSTAN: State service for regulations and supervision - for 1Q insurance market increased by 20.6%
On July 12 the State service for regulations and supervision held a conference devoted to the activity results during the first half of the year and future perspectives, as the regulator informed on the official website.
PAID Romania - a model for reforming the mandatory home insurance system in Kyrgyzstan
Initiated by the World Bank, a technical knowledge exchange meeting was held in Bucharest with PAID Romania representatives and a delegation consisting of high-level representatives of the insurance market and the Kyrgyz parliament, on the topic of the Romanian experience in building a compulsory home insurance scheme.
Kyrgyzstan: half of the Kyrgyz insurers ended Q1 2018 with a positive balance sheet
Total profit for the 1st quarter 2018 amounted to KGS 58.2 million. "Out of 21 insurance companies of the market, profit was generated by 10 companies", - informed the National statistics committee.
ON THE MOVE
Bulgaria: Boiko ATANASSOV appointed as FSC's head
The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.
RUSSIA: Alexander ZARETSKI steps down from the presidency at METLIFE
On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.
TALANX announced finalization of generational renewal at Board level
The German insurer TALANX announced the Supervisory Board has completed the generational shift at Board level.
New appointments within SCOR Global P&C; Michel BLANC is the new CEO of Reinsurance
In Reinsurance, SCOR Global P&C announces the following appointments, effective April 1, 2019:
ASIROM VIG names Wolfgang HAJEK new CFO
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9
10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.
Conclusions: TBILISI - the first Georgian International Insurance Conference
The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.
Did you book your seat at one of the key European events dedicated to property and cyber insurance?
Climate risks have always produced high impact events, causing material and human losses that often have remained in collective memory as reference points. On the other hand, cyber risks are just emerging, but they are already demonstrating a potentially catastrophic impact which still needs to be better understood and assessed.