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
No question, this is the hardest time for most of the Russian insurers since they exist. The growth model does not work anymore in an environment, where everybody - business, private consumers, state - cut back insurance expenditure. On the other hand, shareholders run out of patience to support low margin insurance assets, and the regulator urges for more transparency and improvement of the capital base. However, we believe that this is also the time when insurers usually adapt and streamline processes, decrease costs, but at the same time embrace new technologies and develop new products. Our job at Swiss Re is it to exchange with our partners on new ideas, make them see what is working in Australia, France, the U.S., start-ups successful in Japan and Germany.
The average expenses on insurance products in Poland are 5 times lower than of the average European Union resident. In this sense one can say that the Polish market is still developing and highly dependent on the welfare of the society.
As the overall insurance penetration is not yet at the desired level, the motor lines are still the market drivers in Turkey. "As a country, as an industry, we have to increase the insurance penetration rate. The motor line has already grown, so our focus now is on other lines of business. Health is one of them. We believe in complementary health products because right now just 2 million people benefit from private health policies and we are 80 million in total."
How will VIENNA Insurance Group look in 2026? Which is the
group's strategy in the CEE region? What are the new management's plans? All
these questions are answered by Elisabeth STADLER, CEO & Chairwoman of the
Managing Board, VIENNA Insurance Group in an exclusive interview for XPRIMM
Estimates suggest the cyber market alone could triple in size over the next five years. Fresh thinking also needs to be applied to difficult questions surrounding new technologies such as driverless cars, cloud computing, 3D printing, the internet of things, nanotechnology, "sharing economies", drone proliferation and a host of other issues which will require risk-transfer mechanisms.
There are lots of rating agencies in the world; there are good agencies in Japan, in Europe and in other countries. But four rating agencies - Standard & Poor's, Fitch Rating's, Moody's and AM Best - are familiar to everybody. To us, a rating from such an agency is a "pass" into the world of international insurance and reinsurance, which allows us to work in all countries from Kazakhstan. These agencies employ highly skilled professionals who understand the situation both in the world economy and in the economy of Kazakhstan.
Last year there were a positive dynamics of development of BELARUS Re. Thus, in 2015 the total volume of reinsurance premiums reached BYR 488.0 billion, up by 44.6% in the current prices compared to 2014. There has been a significant growth and financial performance. Thus, the net profit of BELARUS Re has grown by 43.2% over the year 2015 and insurance reserves were increased by one-third.
The main challenges of aviation insurers are linked with the state of aviation industry in Russia, which are founded into a structural crisis, characterized by a decline in traffic, large losses, changes in structure of traffic and the structure of cost. During 2015 the crisis grew and the passenger traffic declined. Moreover, the loss of profitable international destinations led to an increasing share of unprofitable domestic traffic. According to the Federal Air Transport Agency, the total financial losses of the airlines increased by 70% in 2015.
Increased supervision and activities of the entity agencies for insurance supervision on the adequate application of the premium system in Bosnia and Herzegovina has led to an increase in total premium of compulsory motor third-party liability insurance of 8.29% and an increase in the share of this type of insurance in total premium in non-life insurance of 3.41%.
The Albanian FSA in cooperation with the World Bank has been working on the draft bill on catastrophe insurance. The purpose of this bill is to regulate the compulsory catastrophe insurance. Compulsory catastrophe insurance will cover the damage, caused by either earthquakes or floods and it will not extend to all types of buildings.
For the time being, the Russian market capacity for spacecraft insurance
is about USD 20-25 million. The main capacity for such risks is offered
by the first 5 largest insurance companies on the Russian market,
including SOGAZ, INGOSSTRAKH and VTB Insurance. It is important to note
that the market's total capacity strongly depends on their
un/willingness to re/insurance space risks.