The Russian Federation has created its own specialized reinsurer - the National Reinsurance Company
(NRC), effectively from October 12th, 2016. The main goals of the
company are to offer additional capacity for the Russian market
(including sanctioned risks) and also to cover Nat Cat perils for
consumers. The law stipulates also that local insurers/reinsurers must
offer 10% quota of the risks to the NRC.
Despite all the cliches saying that the "price should not be the first
criteria when buying insurance", the price is one of the most
determining factors from a customer's pint of view. I think instead of
criticizing this behavior, we must accept and internalize this natural
fact. All sales channels are steering their customers for the best
Following the implementation of Solvency II, TRIGLAV Group will continue to strengthen its position in the Adria region and to develop as the insurance hub of South-East Europe through organic growth and potential takeovers, should an appropriate opportunity arise.
At the beginning of the 2000's, when the insurance industry was not sufficiently capitalized and could not take its own retention large risks, about 60-70% of premiums were ceded for reinsurance abroad. In recent years, the domestic insurance market has grown, and the total premiums ceded to foreign reinsurers fell to 35-30%. Nevertheless, we cannot say that potential of the insurance market is fully involved in the reinsurance business.
DASK has developed a target disaster management model for handling both
heavy and minor damage cases. The methodology for assessing earthquake
damage to a building is developed in collaboration with universities and
it is scientifically proven with similar methods. In order to build an
infrastructure that enables DASK to manage claims caused by any kind of
catastrophic events including severe earthquake, cooperation with expert
business partners was engaged.
It is expected that the adoption of the Law on pension and disability insurance in the Federation of Bosnia and Herzegovina which is now in parliamentary procedure and the announced changes to the health insurance system shall lead to the positive changes in the insurance market, to the development of new products and higher share of voluntary insurance premium in the total portfolio.
The insurance industry in Kazakhstan is one of the key elements of the
national financial system. The existence of such compulsory insurance as
MTPL and compulsory insurance of third party liability for tour
operators and tour agents imposes on insurance industry a greater social
responsibility toward society.Due to this fact the insurance market
needs more stability, reliability and transparency in order to further
Consumer protection is one of HANFA's top priorities, especially taking into account the growth in unit-linked life insurance.
ACRA's methodology fundamentally differs from the ones used by
international peers due to the very fact that it is based on the
national scale. This is what distinguishes our approach as a more
detailed one allowing for fine tuning, with the local market
peculiarities being accounted for. The approaches used by international
agencies are intended to rate local companies on the international scale
and then map international credit ratings to national scale
Establishing a robust anti-fraud culture and awareness in the company
may prove crucial to improving financial indicators, will argue Roland
WORNER, Global Head of Anti-Fraud , Zurich Insurance Company speaking at
the Insurance Fraud Forum, to be held in Munich, Germany, on October
20-21. He shared some of his opinions on the topic in the following