SLOVENIA: GRAWE recorded a total profit of EUR 0.7 million in 2018
During the General Meeting of Shareholders, GRAWE zavarovalnica d.d. presented the financial results for 2018. A total profit of EUR 0.7 million was recorded, alongside a total GWP level of EUR 43.3 million, above the expected number due to the increasing number of contracts.
SLOVENIA: Government pushes forward sale of NLB Vita
Slovenia's Government decided to lift some restrictions over Nova Ljubljanska Banka (NLB), the largest bank in Slovenia, to further advance its privatisation process. NLB Vita, the insurance subsidiary of the NLB Group, could be sold entirely.
SLOVENIA: The new insurance distribution law is officially in force since 31 January 2019
The National Assembly has officially transposed the European directive of insurance distribution in the national law at 31 January 2019. This initiative has come in the context where most European countries have already adopted the directive in their own law system.
STATISTICS: SLOVENIA timeline 2008 - 2017: steady and smooth transition year over year
The Slovenian insurance market maintained steady between 2008-2017, the difference from the first year to the last one being summed up in a small growth, in both written premiums and paid indemnities. In this period, the Slovenian insurance sector kept a smooth transition year over year, with no sudden changes in any of the main business lines, reflecting a good stability and steadiness.
Adriatic Slovenica's takeover by Generali greenlighted by the EC
The European Commission has greenlighted the takeover of insurer Adriatic Slovenia by Generali CEE, an affiliate of Italy's Generali Group, the world's third largest insurer, STA reports. According to the Commission, the deal does not affect the competition on the relevant markets.
STATISTICS: SLOVENIA, 3Q2018: Top 5 insurers account together for more than three quarters of the market GWP
Slovenian insurers reported for 3Q2018 GWP worth EUR 1.78 billion, by 6.6% up y-o-y. Paid claims have increased by 4.8%, to EUR 1.15 billion. Life insurance, in particular the UL products line, have seen the highest growth rates.
TRIGLAV Group, 3Q2018: annual profit guidance confirmed following the positive trend recorded in the first nine months
In 3Q2018, the Slovene TRIGLAV Group posted a profit before tax of EUR 69.9 million, 8% more y-o-y, mostly thanks to the profitable underwriting. Considering the business conditions anticipated until the year end, the Group confirms its annual profit guidance.
TRIGLAV to become the sole owner of Skupna pokojninska druzba's
Zavarovalnica TRIGLAV, the parent company of the TRIGLAV Group announced it signed an agreement with Nova Ljubljanska banka - NLB - to purchase the remaining 28.1% equity stake of pension insurer Skupna pokojninska druzba, thereby becoming its 100% owner.
COFACE announces the signing of an agreement to acquire PKZ, a credit insurance subsidiary of SID Bank
Coface announced it has signed a binding agreement with the Slovenian public SID Bank, to acquire 100% of PKZ capital, a credit insurance subsidiary of SID Bank.
STATISTICS: SLOVENIA, 1H2018: extreme weather events' bill pushed up the market's claims expenses by 6.7%
The Slovenian insurance market saw a 6% y-o-y growth in GWP in 1H2018, to EUR 1.24 billion. The non-life insurance segment had the largest contribution to the market growth, but also to the 6.7% growth recorded on the paid claims side.
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.