POLAND: UFG published its annual rankings of insurer data quality
The Insurance Guarantee Fund of Poland (UFG) published its 8th annual review of data quality provided by insurance companies. According to UFG's ratings, PZU, TUW TUW, Link4, Compensa and Allianz were the top 5 insurers in 2018.
POLAND: MAK Group and STBU brokers merge creating the first broker with over PLN 1 billion mediated premiums
The management boards of the MAK Group and STBU announced the two brokers will merge, creating the biggest player in the intermediation segment. In 2018, the aggregated volume of intermediated premiums exceeded PLN 1 billion, a historical record.
Arkadiusz GESICKI, appointed managing Director for Business Development at PZU
Arkadiusz GESICKI was appointed managing Director for Business Development at PZU, responsible for the Strategy and Design Office and the Business Development Office.
POLAND: platform for identifying insurance fraud launched by the Insurance Guarantee Fund
Aiming to help all market participants in revealing and preventing insurance fraud, the Polish Insurance Guarantee Fund (UFG) has launched a dedicated platform using advanced technologies.
POLAND, 3Q2018: Bancassurance arrangements provided for 12.6% of the market GWP
The Polish bancassurance distribution channel provided for 12.6% of the total premium production of the local market in 3Q2018, i.e. for a GWP volume of PLN 5.8 billion.
Poland: the financial markets' supervisory body reorganized as state legal entity
On 1 January 2019, further provisions of the Act of 9 November 2018 amending certain acts in connection with the strengthening of supervision over the financial market and investor protection on the Polish market entered into force.
STATISTICS: POLAND, 3Q2018: the decreasing popularity of the UL life insurance products pulled down the market
Polish insurers have collected premiums worth EUR 10.84 billion, which is about 1.2% more y-o-y, and paid claims totaling EUR 6.87 billion, most damages and liquidated damages being related to motor insurance.
STATISTICS: POLAND, 2008-2017 timeline: motor lines took over the trendsetter role after 2015
As the XPRIMM 10 years GWP timeline for Poland shows, the local insurance market needed about 10 years to regain and exceed its pre-crisis level: GWP of EUR 14.95 billion in 2017 vs. EUR 14.2 billion in 2008.
POLAND: insurance brokers have mediated GWP of EUR 1.7 billion in 2017
The total number of insurance brokers licensed in Poland at the end of 2017 was of 1,416. Throughout the year, 34 deletions from the register of insurance brokers were made, a Polish Financial Supervision Authority's Report on the condition of the brokerage market in 2017 shows.
Jacek JASTRZEBSKI is the new Chairman of the Polish Financial Supervision Authority
KNF- the Polish Financial Supervision Authority has announced the appointment of Jacek JASTRZEBSKI as Chairman of the market regulator, replacing Marek CHRZANOWSKI who resigned amid corruption allegations.
ON THE MOVE
Bulgaria: Boiko ATANASSOV appointed as FSC's head
The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.
RUSSIA: Alexander ZARETSKI steps down from the presidency at METLIFE
On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.
TALANX announced finalization of generational renewal at Board level
The German insurer TALANX announced the Supervisory Board has completed the generational shift at Board level.
New appointments within SCOR Global P&C; Michel BLANC is the new CEO of Reinsurance
In Reinsurance, SCOR Global P&C announces the following appointments, effective April 1, 2019:
ASIROM VIG names Wolfgang HAJEK new CFO
Romania-based ASIROM, part of Vienna Insurance Group (VIG), has appointed Wolfgang HAJEK as the new CFO.
Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9
10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.
Conclusions: TBILISI - the first Georgian International Insurance Conference
The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.
Did you book your seat at one of the key European events dedicated to property and cyber insurance?
Climate risks have always produced high impact events, causing material and human losses that often have remained in collective memory as reference points. On the other hand, cyber risks are just emerging, but they are already demonstrating a potentially catastrophic impact which still needs to be better understood and assessed.