RUSSIA: MTPL liberalization will boost competition price, says FITCH
MTPL insurers in Russia are likely to compete more strongly on price if further liberalization of the market takes effect next year, FITCH Ratings says in a new report, published on November 5, 2018.
RUSSIA: GWP of RESO-Garantia as of the end of September went up by 3.5% y-o-y
Net profit of RESO-Garantia from January to September this year increased by 18% y-o-y and amounted to RUB 16.2 billion, as the insurer informed.
RUSSIA: MTPL paid claims decreased by 27 % y-o-y after first 9 months
According to preliminary data of the Russian Association of Motor Insurers (RAMI), for the first 9 months of this year MTPL GWP amounted to RUB 167.16 billion, which is almost the same level as a year ago.
RUSSIA: GWP of RESO-Garantia went up by 3.5% y-o-y as of the end of September
Net profit of RESO-Garantia from January to September this year increased by 18% y-o-y and amounted to RUB 16.2 billion, as announced by the insurer.
RUSSIA: SOGAZ and VTB merge completed
SOGAZ and VTB group completed 100% of the transfer of VTB Insurance. The merge involves all the companies of VTB group, including VTB Life insurance and VTB health insurance. All necessary approvals from regulatory authorities were received, according to SOGAZ.
RUSSIA: national rating of SiV Life confirmed at ruAA
Expert RA confirmed the rating of SiV Life at ruAA with a stable forecast. As the key positive rating factor the agency pointed to the high financial potential of the company's owner, Talanx AG, one of the leaders in the European insurance market with high international ratings.
RUSSIA: an Indian company became the leader of RNRC retrocession program for 2019
The President of RNRC (Russian National Reinsurance Company) Nikolay GALUSHIN announced on October 23 that the company held a competitive selection of an insurance broker to organize a retrocession program for 2019, at that an Indian company became the leader of the program, writes Finmarket.
RUSSIA: ERGO Group is selling 100% of ERGO Life to ROSGOSSTRAKH
ERGO Group AG announced the sale of 100% of its life business in Russia to ROSGOSSTRAKH. The parties already signed an agreement and the deal is subject to approval by the regulatory authorities, as ERGO informed on its official website.
RUSSIA: from January to September GWP of RNRC went up by 68% y-o-y
GWP of RNRC (Russian National Reinsurance Company) amounted to RUB 8.8 billion (+68% y-o-y) from January to September this year, as reported by the Financial director of the company, Olga KRYMOVA.
RUSSIA: Bank of Russia increased requirements to credit ratings of foreign reinsurers
Bank of Russia decided to increase requirements to international credit ratings of the foreign reinsurers, whose obligations under insurance contracts are accepted to cover insurance reserves, according to the press release of the Central Bank.
ON THE MOVE
ERGO Group to reduce its Management Board and appoint new CUO
The Supervisory Board of ERGO Group AG voted to reduce the size of the Board of Management of ERGO Group AG with effect from January 1, 2019. Thus, in the future, the Board of Management will comprise of only five members.
CHUBB appoints new Division President in Bermuda
CHUBB has appointed Judy GONSALVES as Vice President of CHUBB Group and Division President of Bermuda.
AON establishes New Ventures Group and appoints Chief Innovation Officer
AON has announced that it is taking another significant step to realize the full potential of its AON United growth strategy by establishing a New Ventures Group and assigning a team of proven senior leaders to further accelerate the creation of new value sources for its clients.
The "Croatian Insurance Days" take place in Opatija, Croatia
The most important annual meeting of the Croatian insurers, the "Croatian Insurance Days", started today in Opatija, Croatia.
Reducing the risks in agriculture by using insurance means, discussed in Skopje
On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.
IIF 2018 - Insurance in a DIGITAL WORLD
Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.
VIDEO: MUNICH Re: We have the duty to find solutions for cyber risks, which are a threat at the global level
Becoming a growing threat globally, cyber risks is both a challenge and an opportunity for the insurance industry. MUNICH Re's representatives talked to XPRIMM TV in Baden Baden, about the different approach to this type of risk that the Group, as one of the most active players on the cyber market solutions, proposes.
Willis Towers Watson: reinsurance products backed by 'alternative' capital have become mainstream
End investors, Insurance-Linked Securities (ILS) funds, and buyers - the three groups active in ILS - have predominantly weathered 2017 loss activity with a view that reinsurance products backed by 'alternative' capital have become mainstream, according to a new Global ILS Market Survey by Willis Towers Watson.
Swiss Re expects the reinsurance industry to further consolidate
Swiss Re expects the global reinsurance industry to consolidate as the distinction between insurers and reinsurers become increasingly blurred, an executive from the Swiss Group said in Baden Baden, reports Reuters.
NASH, Guy Carpenter: The current pressure on returns is a stimulus for consolidation
Current market conditions are putting increasing pressure on returns with some companies viewing consolidation as a potential solution, James NASH, CEO of International at Guy Carpenter said in his opening remarks at the Baden-Baden 2018 Reinsurance Meeting hosted by the global risk and reinsurance specialist.
Hannover Re expects modestly higher premiums and stable conditions for its German business
E+S Ruckversicherung AG, the Hannover Re Group's unit handling German business, continues to expect a positive premium development in the German market for the January 2019 renewals, albeit at a somewhat more diminished pace than in 2018.
Insurance Market and Regulatory Developments in the Western Balkan Countries - Challenges and Perspectives
15 November 2018, 18.00 hours
House of Finance, Frankfurt, Germany
For details: http://www.icir.de
November Business Meetings (NBM) for Reinsurers
21-22 November 2018
"Novaya Ploschad" Business Center, Moscow, Russia
Organizer: The All-Russian Insurance Association (ARIA)
Media Partner: XPRIMM Publications
For details: ins-df.com
5 - 6 December 2018
Excel London, UK
Media Partner: XPRIMM Publications
For details: fintechconnect.com
IFRS 9 After Implementation In-House Training
Date, venue & schedule - chosen by the applicants
Organizer: GLC Europe
Media Partner: XPRIMM Publications
For details: glceurope.com