PZU insurer posts UAH 24 million profit in Ukraine
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Austrian insurer VIG intends to become a Top3 insurer in the Ukrainian insurance market, and "is mulling the possibility of acquiring another risk insurance company", wrote the local business portal open4business.com.ua.
Huge losses in mandatory insurance have made it necessary to review license conditions for companies by introducing additional requirements to their solvency in line with EU standards, the National Bank of Ukraine (NBU) has said.
For 7 months this year TAS Insurance Group generated UAH 749.62 million of premiums* (+38.8% y-o-y), as informed Forinsurer portal.
The National Financial Services Committee toughens solvency requirements for the local insurers. The Ministry of Finance registered an order of the Committee on approval of the Regulation on mandatory criteria and standards of capital adequacy and solvency, liquidity, profitability, asset quality and riskiness of the insurers' operations.
MTIBU published sales statistics of e-MTPL in Ukraine from February 7 to July 31, 2018. During this period local insurers sold 31,155 of electronic MTPL policies, wrote FORINSURER.
On July 19 the National Commission for financial service market regulation approved the draft regulation on amending the Policy on reserves formation for risk insurance, which will toughen the technical reserves requirements for insurers, said the member of the Commission - Alexander ZALETOV, as informed INTERFAX-Ukraine.
For the 1st quarter Ukrainian insurers generated UAH 11.6 billion of GWP (+6.63%) and paid UAH 3.17 billion of claims (+35.15%), according to the data, published by the National Commission for financial service market regulation.
The international rating agency Standard&Poors improved the long term national scale rating of Ukraine from "uaBBB-" to "uaBBB" due to review of rating criteria.
For the period from January to April this year local insurers-member of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) increased MTPL GWP, compared to the same period a year ago, by 17.2% to UAH 1.39 billion.
In Ukraine from February to June this year local insurers have sold around 15.7 thousand of electronic MTPL policies, according to the data of the Motor Insurance Bureau of Ukraine.
Turkish reinsurer MILLI Re stated that Gokhan AKTAS has been appointed to the position of Manager of Foreign Inward Business on 01 September 2018.
JLT Re announced that Martin BLACKWELL will be joining JLT Re as a Partner, capital solutions, next month.
On September 13, 2018, the Insurance Supervision Agency of Ljubljana organized its 4th conference on insurance. The subject of the event was Insurance in the Digital Future. Visit the event's web page to see the conference materials and photo gallery.
The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.
Only 5% of cyber losses are insured, estimates Christian Fuhrmann, chief executive of global clients/North America, Munich Re. Very complex by nature and continuously changing, cyber insurance is one of the biggest challenges for insurers, he said.
AXA announced today that it has obtained all regulatory approvals required to complete the proposed acquisition of XL Group previously announced on March 5, 2018. The acquisition is expected to close on September 12, 2018, pending the satisfaction of the remaining customary closing conditions.
The latest editions of the XPRIMM Motor Insurance Report and Property Insurance Report will be launched in Monte Carlo, at the 62th edition of the "Rendez-Vous de Septembre," one of the most important international events dedicated to insurers, reinsurers, brokers, and reinsurance consultants.
Hannover Re expects to see stability in prices and conditions overall for the treaty renewals as at 1 January 2019 and promising opportunities for next year arising from digitalization, increased demand for coverage of cyber risks, as well as from various openings in the Asian growth markets.
Despite the high losses from 2017 the reinsurance market is still soft, James KENT, Global Chief Executive Officer (CEO) of Willis Re stated at a press briefing in Monte Carlo.
Catastrophe risk modeling firm AIR Worldwide released a new severe thunderstorm model for Europe. Together with AIR's Extratropical Cyclone Model for Europe and European flood models, this new model now allows for a comprehensive assessment of atmospheric risk in this region.