Vienna Insurance Group (VIG) published its 2018 annual report. The Group's overall result shows increases on premiums volume, profit increases and a reduced combined ratio.
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.
UK motor insurers' profit margins will remain under pressure as insurers struggle to increase premium rates to keep pace with rising claim costs, Fitch Ratings says in a new report. It is difficult to put up prices without losing business as the market is highly competitive and price-sensitive in the UK.
"In 2018, the Romanian insurance market improved its solvency indicators", Cristian ROSU, Vice-President Insurance and Reinsurance Sector, ASF - The Financial Supervision Authority declared on Tuesday, 21 March, commenting on the financial results reported on the Romanian market last year.
In 2018, the share of the Russian National Reinsurance Company (RNRC) in total outward reinsurance of the Russian insurance companies amounted to 10% (vs 7.3% a year ago), according to a report by RNRC.
Applying the Estonian model for profit taxation (insurance companies will not be subject to income tax on reinvested profits) will boost development and growth, according to the General director of GPI Holding, Paata LOMIDZE, reported Caucasus Business Week.
In March 2019, Ukrainian insurer GUARDIAN announced in a press release that Lithuania citizen, Arunas SIKSTA, was about to acquire the company as a new shareholder, the insurer said.
Hanoover-based insurer TALANX reported impressive FY2018 results, despite heavy Q4 Nat Cat losses, as the company reported in a statement.
In January this year, 87% of total GWP was generated by voluntary insurance. The total market GWP increased by 40.8% y-o-y and paid claims went up by 10.9%, according to the National Bank of Kazakhstan.
In March 2019, FITCH Ratings affirmed Ukraine's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B-' with a stable outlook, according to the agency's official report.
UNIQA Group wants to completely withdraw its capital market investments related to coal industry. UNIQA Austria states that at the end of January 2019, its investment portfolio was already coal-free.
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.
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.