STATISTICS: LITHUANIA 1H: motor lines posted the largest GWP increases
Lithuanian insurers reported GWP of EUR 440 million in 1H 2018, 13.4% more y-o-y, according to the half-year figures published on the Central Bank's website.
STATISTICS: LITHUANIA, 1Q2018: Sustainable and robust growth of insurance market continues
In the first quarter of this year, the Lithuanian insurance market grew by 18.3%, the premiums amounted to almost EUR 220 million, and claims paid - EUR 115 million, according to the figures published by the Bank of Lithuania.
Bank of Lithuania: Over two-thirds of settled disputes between consumers and providers were in the field of insurance
In 2017 the Bank of Lithuania settled more than 500 disputes between consumers and providers of financial services. Most disagreement (over two-thirds) was in the field of insurance, while disputes with banks accounted for a fifth.
STATISTICS: Lithuania, FY2017: Life payments generated one third of total indemnities
Lithuania's insurance market totaled EUR 792.60 million at the end of 2017, 11.66% more y-o-y according to the year-end market statistics provided by Lietuvos bankas.
STATISTICS: LITHUANIA, 3Q: Life and motor insurance fueled the largest share of the market growth
Lithuania's insurance market increased in absolute value by EUR 82 million totalling EUR 580 million at the end of September 2017, according to the Lietuvos bankas's 3Q figures.
Lithuania: Central Bank issued a warning to ERGO Insurance SE for violating payment procedures
Bank of Lithuania announced it issued a warning to ERGO Insurance SE - which operates in the country through a branch -, because as a result of an investigation, it identified that in administering insured events the insurer was not duly following the procedure for payment of the insurance benefit established in Article 98 of the Insurance Law.
STATISTICS: LITHUANIAN insurance market posted robust half-year GWP growth
Lithuanian insurers reported GWP of EUR 387.7 million in 1H 2017, the growth rate within the entire insurance market being 17.4%, according to the half-year figures published on the Central Bank's website.
LITHUANIA: AIG to close its Vilnius service center after operating for two years
AIG - American International Group announced it is closing its service center operations from Vilnius, Lithuania. The service center was opened in April 2015 to service insurance policies, manage claims and oversee payouts, wrote "The Baltic Course".
STATISTICS: LITHUANIAN insurers posted Q1 five times higher gross profits y-o-y
Lithuanian insurers reported GWP of EUR 184.7 million in Q1 2017, while growth within the entire insurance market was 16%, according to the figures published on the Central Bank's website.
STATISTICS: LITHUANIA: After 10% y-o-y increase in FY2016 GWP, CB predicts a slowdown in FY2017 rates
Lithuanian insurers reported GWP of EUR 709.8 million in 2016, while growth within the entire insurance market was 10%. The amount of insurance premiums within the non-life insurance sector stood at EUR 463.1 million last year, an increase of 13.2% y-o-y, mostly driven by the motor insurance classes.
ON THE MOVE
MILLI Re announced new Manager appointment
Turkish reinsurer MILLI Re stated that Gokhan AKTAS has been appointed to the position of Manager of Foreign Inward Business on 01 September 2018.
Martin BLACKWELL to Join JLT Re as Partner
JLT Re announced that Martin BLACKWELL will be joining JLT Re as a Partner, capital solutions, next month.
The challenges associated with digitization in the insurance sector discussed at the "Insurance in the Digital Future" Conference, in Ljubljana
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.
LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"
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.
Munich Re: aggregation risk of cyber insurance is 'the elephant in the room'
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 obtained approvals for XL acquisition. Last day of independence for XL Group
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.
FY2017 XPRIMM Property and Motor insurance reports to be launched in Monte Carlo
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: broadly diversified reinsurers with expertise and a very good rating will benefit from the current state of the market
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.
Willis Re - Market still soft, but functional
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.
AIR launches severe thunderstorm model
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.