KAZAKHSTAN: in December 2018 insurers' assets exceeded KZT 1 trillion
According to the Association of Financiers of Kazakhstan, for 11 months in 2018 the insurers' assets went up by 8.6%, and by the beginning of December they exceeded KZT 1 trillion amounting to KZT 1,004.8 billion.
KAZAKHSTAN: total amount of administrative fines against non-life insurers in 2018 reached KZT 173 million
According to the National Bank of Kazakhstan, in 2018, 18 out 20 existing insurers fell under the regulator's sanctions. 167 measurers were applied mostly in the form of administrative fines for non-life insurers in 2018 and reached a record amount of KZT 173 million.
KAZAKHSTAN: for 11 months in 2018 the market concentration increased by almost 14% y-o-y
The Kazakh insurance sector keeps concentrating. As of December 1, 2018 the share of TOP-5 companies in general insurance GWP increased by 13.9 percentage points y-o-y, reaching 68.3% (vs 54.4% a year ago), as allinsurance.kz informed.
KAZAKHSTAN: for Jan-Nov 2018 the Motor Hull market share went up by 12% y-o-y
According to the National Bank of Kazakhstan as of December 1, 2018 the Motor Hull market share went up by 12% y-o-y, at the same time total number of the insured vehicles dropped by 4.5 % y-o-y, as allinsurance.kz informed.
KAZAKHSTAN: as of December 1, 2018 insurers' assets exceeded KZT 1 trillion while total market GWP dropped by 5.7%
For the first time insurers' assets exceeded KZT 1 trillion. As of December 1, 2018 total assets amounted to KZT 1.004 trillion (+7.5% y-o-y), as allinsurance.kz wrote.
KAZAKHSTAN: GWP of professional liability insurance dropping against paid claims growth in the segment
GWP of compulsory insurance classes went up, overall, by 9.3% y-o-y, in the first ten months of 2018, although all major types of compulsory professional liability insurance demonstrate a rather strong decrease, according to the data of the National Bank of Kazakhstan.
KAZAKHSTAN: paid claims by the six biggest insurers account for over 57% of the market, 10 months statistics show
GWP as of the end of October amounted to KZT 317.7 billion (+1.9% y-o-y), according to Ranking.kz, as Allinsurance.kz informed. Paid claims throughout the same period increased by 9.9% y-o-y, to KZT 77.9 billion
KAZAKHSTAN: motor insurance accounts for over 30% of the market portfolio, while about a quarter of all vehicles in the country are not insured
Motor insurance lines in Kazakhstan (compulsory MTPL and Motor Hull conjunctively) account for over 30% in the market non-life portfolio, according to the 10 months results; at that about 24% of the registered vehicles are not insured, as Allinsurance.kz wrote.
KAZAKHSTAN: EURASIA keeps about a quarter of total assets and almost 44% of total profit of the insurance sector
In October the insurance market saw positive growth in terms of total assets and capital: assets increased by 0.2% to KZT 990.4 billion, total capital went up by 0.1% to KZT 462 billion, as allinsurance.kz informed.
KAZAKHSTAN: Swiss Re is expanding its presence in Kazakhstan based on agro insurance
Swiss Re is ready to extend its presence in Kazakhstan, according to the agro insurance underwriter of Swiss Re for Eastern Europe, Russia, Ukraine and Kazakhstan, Marcel ANDRIESSE (Senior underwriting Agriculture).
ON THE MOVE
Guy Carpenter announces new division and senior appointments designed to deliver enhanced client value
Guy Carpenter & Company, LLC, a wholly owned subsidiary of Marsh & McLennan Companies, announced the formation of a new Global Capital Solutions Group and a series of new leadership appointments related to the Jardine Lloyd Thompson Group plc (JLT) acquisition.
MMC names new MERCER CEO and MMC Vice Chairman
Marsh & McLennan Companies (MMC) announced key leadership changes appointing new MERCER CEO and MMC Vice Chairman "to further its growth strategy".
ALLIANZ announced three executives appointments
German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.
Thomas MOTAMED elected to AIG BoD
The Board of Directors of American International Group elected Thomas Firouz MOTAMED as a Director, effective immediately.
Bozidar Ljubisavljevic to lead Marine Specialty for Howden Turkey, the Middle East & Africa
Howden, part of Hyperion Insurance Group, announced the appointment of Bozidar LJUBISAVLJEVIC as Regional Marine Practice leader for the Howden Turkey, the Middle East and Africa region (TMEA). He will be based in Dubai.
Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia
Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.
The "Croatian Insurance Days" took place in Opatija, Croatia
The most important annual meeting of the Croatian insurers, the "Croatian Insurance Days", took place in Opatija, Croatia, on 7 - 9 November.
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.