STATISTICS: CZECH REP., 2008-2017 timeline: Life insurance was the weightiest business line
Between 2008-2017, the Czech insurance industry grew in terms of gross written premiums (GWP) by EUR 836 million (+ 16.5%). Overall, the market increased on all main business lines, with the exception of MTPL, which dropped EUR 6 million (- 0.7%) by the end year.
STATISTICS: CZECH REP., FY2018: 4% market growth driven by the motor insurance lines
Czech insurers ended 2018 with a 4.1% y-o-y increase in GWP, to EUR 5.03 billion. Most of the market growth was owed to the higher growth rates seen on the motor insurance lines, data provided by CAP - the Czech Insurance Association show.
Czech Rep.: 2018 insurance frauds in Czech Republic, as reported by Allianz, Kooperativa and Generali
Three top Czech insurers have identified fraudulent insurance claims worth CZK 640 million, in 2018. While Prague was the region providing for the highest amount of fraud attempts, the main lines of business affected by the fraudulent behavior of insureds were property, motor and lianility insurance.
Czech Republic: the new Insurance Distribution Act is changing insurance distribution
The new Insurance Distribution Act that became effective in the Czech Republic on 1 December 2018, and replaced the still effective Act on Insurance Intermediaries and Loss Adjusters (IILA) has introduced important changes on insurance distribution, as Schoenherr Journal wrote.
Czech Rep.: SIMPLEA was accepted by CNB to start doing insurance business in 2019 Q2
The newly founded insurance company Simplea was finally licensed by the Czech National Bank to start its activity, and it is expected to start operating in the second quarter of 2019.
RENOMIA buys majority stake in established insurance broker IMG in the Czech Republic
RENOMIA, a leading insurance broker in Central and Eastern Europe, announced it bought a majority stake in IMG, one of the leading Czech insurance brokers providing services to corporate and individuals.
STATISTICS: Czech Rep., 3Q2018: risky drivers are providing for the MTPL premiums growth
According to the market results published by CAP - the professional association of the Czech insurers -, the local market saw a 5.55% y-o-y increase in GWP, to EUR 3.78 billion, most of which came from the non-life insurance segment.
Czech Rep: Draught hits local farming causing losses of nearly half billion euro
While other European countries have experienced heavy rains causing severe flooding episodes, the Czech Republic is challenged by one of the worst droughts in its recent history, causing losses of over CZK 12 billion (~EUR 473 million) to the local farmers.
STATISTICS: CZECH. Rep., 1H2018 (CNB): positive trend equally driven by the MTPL and Motor Hull insurance lines
The market statistical data provided by the Czech National Bank for 1H2018 confirm the positive trend reported by the results published by the local insurers' association (CAP) one month ago. Yet, as the group of market players considered by each of the two reports is different, also the overall picture is somewhat different.
STATISTICS: CZECH Rep., 1H2018 (CAP): 5% market growth fueled mainly by the Motor Hull insurance line
According to data provided by the Czech Insurance Association (CAP), its members ended 1H2018 with GWP worth EUR 2.53 billion, 5.16% up y-o-y, an increase almost fully driven by the non-life segment, in particular by the motor insurance lines.
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.