TAJIKISTAN: National Association of Insurance Companies created
In February 2019, the National Bank of Tajikistan announced the creation of the National Association of Insurance Companies, which will support the development of insurance activity in the country.
STATISTICS: TAJIKISTAN, FY2018: the market went down in both local currency (-0.7%), and in euro (almost 3%)
In 2018, Tajik insurers generated TJS 234.2 in GWP (EUR 21.68 million), the market decreased both in local currency (-0.7%) and in euro (-2.76%), according to market data published by the National Bank of Tajikistan.
TAJIKISTAN: two insurers established in January 2019
In January this year the National Bank of Tajikistan has granted operating licenses to two new insurance companies - MEHRUBON and Tajik-Chinese Insurance.
STATISTICS: TAJIKISTAN, 3Q2018: the market went up by more than 51% as compared to the first half year result
For 9 months of 2018 Tajik insurers generated GWP in the amount of TJS 141.97 million (EUR 13.32 million), TJS 34.01 million from which were ceded in reinsurance (in voluntary classes only), as the data of the National Bank of Tajikistan show.
STATISTICS: TAJIKISTAN, 1H 2018 result: voluntary insurance keeps 71% stake in GWP portfolio
In the first half year Tajik market generated TJS 93.63 million of GWP (EUR 8.79 million), TJS 20.65 million from that amount were ceded in reinsurance, based on the data, published by the National Bank of Tajikistan.
Tajikistan: one more insurer stopped operating
SUGURTAI MILLI stopped its insurance activity due to expiration of its license, as informed the press service of the National Bank of Tajikistan.
Tajikistan: local insurance market lost one insurer
Insurance company SUGURTAI NACHOT stopped its insurance activity on the Tajik market due to expiration of its license, as informed the press service of the National Bank of Tajikistan.
STATISTICS: Tajikistan, FY2017: The share of voluntary classes amounted to almost 77%
According to the year-end market figures, published by the National Bank of Tajikistan, Tajik insurers totally produced TJS 235.84 million (EUR 22.30 million) of GWP by the end of December 2017.
TAJIKISTAN: Two state insurance companies collected 51% of the total GWP
According to the XPRIMM estimates, the insurance penetration degree in Tajikistan remains at 0.44% of GDP (2012-2014).
TAJIKISTAN, FY2011: Still in "infancy"
According our estimations, the total GWP amounted about EUR 20 million in 2011, respectively EUR 16 million in case of 2010, representing about 0.4% of GDP (EUR 4.9 billion in 2011 and EUR 4.2 billion in 2010 - published by the National Bank of Tajikistan), Tajik insurance industry being the smallest of the Central Asian CIS markets. Despite rapid growth in recent years, the insurance sector is still underdeveloped, highly concentrated, the majority of companies are undercapitalized, while many forms of insurance protection common in other parts of the world are not yet available.
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.