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Insurance

ICAR 2016: Managing catastrophic risks in the challenging framework drawn by the climate change
While losses caused by natural catastrophes in the first half of 2016 were significantly higher than the corresponding figures for the previous year, only 38% of the total amount was insured, demonstrating once again the important dimensions of the property insurance gap worldwide. Continuare
(14.07.2016)
CHUBB announces catastrophe loss estimates for Q2
CHUBB Limited projects catastrophe loss of USD 315 million (USD 390 million pre-tax) net of reinsurance and including reinstatement premiums in the second quarter. In fact, the loss estimate is more than USD 280 million, pretax, earlier expected. Continuare
(14.07.2016)
The new KID in town is here. Or...
Starting 31 December 2016 European consumers will get a chance at comparing complex products, such as insurance-based investment products, namely PRIIPs, by consulting a Key Information Document (KID) before making any decision - as a new EU piece of legislation is scheduled to come into force. This is designed to help retail investors - consumers - in making this complex products more easily comparable. However, as it seems that not all stakeholders are on the same page with the KID, the story is yet to be written... Continuare
(13.07.2016)
French insurance professional associations reunite in a single organization: the French Federation of Insurance
The French Federation of Insurance Companies (FFSA) and the Association of Mutual Insurance Companies (GEMA) have recently reunited in a single organization, the French Federation of Insurance (FFA), bringing together about 280 insurance and reinsurance companies operating in France, representing over 99% of the market. Continuare
(13.07.2016)
Extreme weather to push ACHMEA into the red
Insurance company ACHMEA says it expects to post a "limited" loss over the first six months of this year, due in part to the impact of the heavy storms over the past few weeks. Continuare
(13.07.2016)
Decision of the Paris administrative court in favour of the opening up of the natural catastrophe reinsurance market in France welcomed by SCOR
A recent decision of the Paris administrative court, made public this week, requiring the State to "terminate the agreement regarding the State's guarantee of the Caisse centrale de reassurance, [....] insofar as the CCR's natural catastrophe reinsurance business is concerned, within one year", or, failing this, to notify the European Commission of the natural catastrophe reinsurance scheme within the same timefame. The European Commission will then have to rule on the scheme's compliance with European law.  Continuare
(13.07.2016)
EIOPA to launch EU-wide thematic review on market conduct
The European Insurance and Occupational Pensions Authority (EIOPA) is launching an EU-wide thematic review of market conduct among insurance companies operating in the unit-linked life insurance market. The review aims to cover 60% of each national market in terms of both gross written premiums and assets of unit-linked funds. The purpose of the review is to identify potential sources of consumer detriment stemming from the relationships between insurers and providers of asset management services.  Continuare
(06.07.2016)
EIOPA launches consultation paper regarding IDD impelmentation
​The European Insurance and Occupational Pensions Authority (EIOPA) published on July 4th a Consultation Paper on its draft technical advice to the European Commission on possible delegated acts concerning the Insurance Distribution Directive (IDD). This public consultation follows the EC request for technical advice of 24 February 2016.
Continuare
(05.07.2016)
Representatives from LV, AIG, Direct Line, Zurich and AXA join speaker panel for The Claims Transformation Forum
An average of 75% of every premium dollar earned by insurance companies worldwide is being spent on claims and claims related expenses. Therefore, the claims process has been identified as the key area to improve efficiency and reduce costs. Continuare
(01.07.2016)
Swiss Re: except for Russia and Ukraine, insurance business in the CEE region is expected to record a positive trend in 2016
In the Central and Eastern Europe, including Russia, life insurance premiums amounted in 2015 to USD 15 billion, 3.5% down y-o-y, according to the latest Swiss Re's sigma report, "World insurance in 2015: steady growth amid regional disparities". On the non-life side, total premiums fell by 4.9% y-o-y, to USD 38 billion. In average, the CEE citizens' yearly expenses for insurance amounted to USD 166, while the region's penetration degree stood at 1.9%. Continuare
(30.06.2016)
ALLIANZ completes AEGON P&C portfolio acquisition
The acquisition of AEGON's commercial P&C portfolio by ALLIANZ has been officially approved by the Dutch central bank and Dutch Authority for Consumers & Markets. Continuare
(30.06.2016)
Register now for the Pillar III Reporting and Data Quality Conference!
With Solvency II regulations, data validation reports and ORSA work streams, reporting has been a top priority for insurers in the last decade, data sitting at the centre of this activity. The main topic of the Pilar III Reporting and Data Quality Conference will be the drive improvements in reporting and data quality now that Pillar III has gone live in insurance companies. The event, which takes place in London, on September 22-23, 2016, is organized by Marcus Evans. XPRIMM Publications support the conference as Media Partner. Continuare
(30.06.2016)
Requirements Engineering and Legacy Systems
In order to remain competitive in the market, for example by a fast introduction of new insurance products, the legacy systems have to be modernized or replaced sooner or later. For this task, three alternatives were introduced with their advantages and disadvantages. All alternatives rely on a successful IT-Project.
In order to help them to succeed in time, budget, and scope, the professional application of different Requirements Engineering techniques are a key success factor.
Continuare
(30.06.2016)
6th Annual Managing Insurance Assets Conference brings into discussion the optimisation of the return on capital for insurance assets
Since the implementation of the pan-European Solvency II regulations, the investing requirements and restrictions of both insurers and asset managers have changed dramatically. This topic will be addressed during the 6th Annual Managing Insurance Assets, which will take place in London, on September 8-9, 2006. The event is organized by Marcus Evans and XPRIMM Publications support the conference as Media Partner. Continuare
(23.06.2016)
Aad VEENMAN appointed Chairman of ACHMEA Supervisory Board
Aad VEENMAN has been appointed Chairman of the Supervisory Board of ACHMEA with effect from 9 August 2016. The appointment is subject to clearance by the regulator. The Dutch Group announced that "due to health reasons, Erik van de MERWE at the same time - after the ACHMEA Supervisory Board has adopted the 2016 Half Year Results - will retire as Supervisory Board Chairman". Continuare
(23.06.2016)

Moldova

MOLDOVA: Insurance company ASITO closes down!
Shareholders of ASITO insurance company have decided to close the company. The director of ASITO, Andrei Lupyri, has written a request to the Financial Market National Committee, with the request to take away the license. Continuare
(07.07.2016)
Moldova avoids suspension from the Green Card system
The General Assembly of the Council of Bureaux in Brussels decided on June 2 to revoke the suspension of the National Bureau of Motor Insurers of Moldova (BNAA) from the "Green Card" system. Continuare
(09.06.2016)
STATISTICS: Moldova: Insurance market grew by 12.1% in the first quarter
In the first three months of 2016, the total premiums of Moldova's insurance companies increased by 12.12%, up to MLD 284.41 million, compared to the same period of 2015, according to the official data published by the supervisory authority - NCFM. Continuare
(09.06.2016)
MOLDOVA: "Bomb" under the insurance system Green Card
On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street. Continuare
(23.05.2016)
STATISTICS: MOLDAVIAN insurers reported a business volume of EUR 59 million at the end of 2015
At the end of December 2015, the Moldavian insurance market totaled MDL 1.2 billion (about EUR 58.8 million), up by 2.1% y-o-y, according to the preliminary statistics recently published by the market's supervisory authority. Claims paid by the 15 insurers that have reported operations totaled MDL 386.6 million (or EUR 18.5 million) - equivalent to 31% of the total GWP. Continuare
(14.04.2016)
MOLDOVA: Green Paper system is available for yet three months
Council of Bureaux (CoB), the European institution based in Brussels, manager of the international insurance system "Green Card", has decided to postpone the decision suspending the National Bureau of Motor Insurers of Moldova (NBMI) of the "Green Card" until the General meeting of its members, scheduled to take place in early June, reads a press release issued by the NBMI.
Continuare
(03.03.2016)
STATISTICS: MOLDOVA: All insurers have gained profit in the first 9 months
All 15 insurance companies active on the Moldavian insurance market have concluded the first nine months of the year with a positive balance, according to data published by the National Commission of Financial Market (NCFM). Continuare
(17.12.2015)
Starting April 1st, 2016, MOLDAVIAN drivers will not be able to buy Green Card insurance
Starting April 1st, 2016, Moldavian drivers will not be able to buy Green Card policies from local companies, according to the most recent decision taken by the National Bureau of Motor Insurers (BNAA). According BNAA's statistics, on December 7th, there were 39,589 valid Green Card policies issued by 10 authorized insurers. Continuare
(10.12.2015)
MOLDOVA 3Q2015: Stagnation in GWP, decreasing claims expenses
The GWP, in the first nine months, by the 15 Moldavian insurance companies active on the local market, totaled MDL 909.25 million (EUR 44.16 million), up by 1% y-o-y, according to the official data published by the National Commission of Financial Market of Moldova. Continuare
(12.11.2015)
MOLDOVA: In 1H2015 the share of mediated premiums by the brokerage companies rose to 31.3% of the total volume of GWP
In the first half of 2015, the premiums mediated by the Moldavian insurance brokerage companies went up by 13% y-o-y, to MDL 179.35 million, according to the official data published by the National Commission of Financial Market of Moldova. Continuare
(29.10.2015)
MOLDOVA: Development of the risk-based supervision system of the non-banking financial markets supported by an EUR 1.3 million EU contribution
The European Union has launched a new Twinning Project in the field of prudential regulation and supervision of the non-banking financial market in Moldova, according to the official press-release published by the National Commission for Financial Markets. The project is financed by the European Union to the tune of EUR 1.3 million. Continuare
(29.10.2015)
Alina OSOIANU is the new CEO of the Motor Insurers' Bureau of Moldova
The National Motor Insurers' Bureau of Moldova (BNAA) has recently elected a new executive staff. Thus, the new CEO is Alina OSOIANU. She will replace Mihai MANOLE who resigned from the top executive position. Continuare
(24.09.2015)
Moldova avoids suspension from Green Card system. The CoB General Assembly decided to postpone the deadline until April 1st, 2016
2014 and the first half of the current year were one of the most difficult periods for the domestic insurance market due to the internal disputes in the National Bureau of Motor Insurers in Moldova between the members with rights to issue Green Card policies, namely, regarding the principle of internal organization and the lack of access by the local management to the funds of the bureau. Continuare
(17.09.2015)
STATISTICS: Moldova: The value of paid claims by insurers decreased by 44% y-o-y
In the first six months of this year, the insurance companies of Republic of Moldova reported a total GWP volume of about MDL 573.17 million, down by half percent compared with the 1H2014 figures. About 93.72% of aggregated GWP volume was generated by the non-life classes, the remaining 6.28% being accounted by life policies. Continuare
(17.09.2015)
MOLDOVA: In the first half of 2015, the volume of premiums of the "Green card" insurance has decreased by 6.4%
According to preliminary data of the National Commission for financial market, in January-June 2015 the largest volume of premiums accounted for the company Moldasig - 26,04 million lei, Donaris Grup - 24,62 million lei, Asito - 17,85 million lei, Klassika Asigurari - 17,64 million lei, Victoria Asigurari - 15,52 million lei. The share of these companies accounted for over 80% of the collected premiums on the "Green card" insurance. Continuare
(17.08.2015)
 

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Interview of the week
Assen CHRISTOV Assen CHRISTOV
Chairman of the Supervisory Board
EUROHOLD

The economic environment and the insurance market are fully correlated. Healthy growth of the insurance business is hardly possible without economic growth. Of course, we have been an example of an expanding business in the times of economic downturn, but this expansion also comes along immense managerial and organizational efforts. Details




















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