MARKETS & TRENDS

Business interruption (BI) is top global business risks according to Allianz Risk Barometer 2016

The impact of business interruption (incl. supply chain disruption), market developments (volatility, intensified competition and market stagnation) and cyber incidents are the major risks occupying the attention of companies at the start of 2016, according to the fifth annual Allianz Risk Barometer, which surveys over 800 risk managers and corporate insurance experts from more than 40 countries.

How can Kazakhstan become competitive in the WTO?

Kazakhstan's accession to the World Trade Organization (WTO) - is definitely a landmark event that will allow using the trade potential of the country with maximum benefits in the era of globalization. However, it is also important to protect the local market, including insurance one. According to Kazakh Association of Insurers (ASK), the competitiveness of domestic insurance market must be assessed not only in terms of business scale, the size of capital and assets, but also from the standpoint of equal or equivalent regulatory requirements.

Cyber risks - expected to develop fast driven by the increasing interconnectivity of business

"The cyber insurance market is currently estimated to be worth around USD 2 billion in premium worldwide, with US business accounting for approximately 90%. Fewer than 10% of companies are thought to purchase cyber insurance today. However, the cyber insurance market is expected to grow by double-digit figures year-on-year and could reach USD 20 billion+ in the next 10 years," states the recent study released by ALLIANZ, "A Guide to Cyber Risk: Managing The Impact of Increasing Interconnectivity".

Market for motor third party liability insurance in selected countries of South East Europe

The motor third-part liability insurance represents the most important insurance line of business, both in the developed and the developing countries. The legal framework, premium and reserving based on actuarial projections, guarantee funds, information systems, and reinsurance techniques all are crucial for the development of a healthy MTPL insurance system.

Who purchases the most expensive CASCO insurance in the CEE?

In addition to the deductible or the number of covered risks, there are other factors - such as the high frequency of damages, the road infrastructure and the high level of the compensation requests - that influence the CASCO insurance premium. In the case of Romanian, Russian and Ukrainian car owners the prices are among the highest in the Central and Eastern Europe region, according to the latest analysis carried out by the XPRIMM Publications.

MTPL prices in Central and Eastern Europe - how far from the mature markets?

Although mandatory in all European countries, MTPL insurance registers major differences both in rates and coverage accross the CEE and CIS markets. Thus, if in countries such as Russia and the Republic of Moldova the MTPL price is a standard one, regulated through the local legislation, in the member states of the European Union the price liberalization transformed the MTPL into one of the main sore points of the insurance markets.