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Insurance - archive

BELARUS Re: Top 3 largest insurance indemnities paid in 2012

Last year was a successful one for BELARUS Re, the company managing not only to follow its business plan for 2012, but to achieve better results than expected in terms of premium production. Moreover, despite the difficult economic times, BELARUS Re was able to reduce the loss ratio for its portfolio from 12.39% in 2011 to 9.02% in 2012. more...

Profitability in motor insurance is an achievable goal

Motor insurance professionals, top representatives of the national professional bodies and supervising authorities from 25 countries joined in Istanbul, on March 3-4, for the 3rd edition of the International Insurance Forum. more...

Two new members appointed in the PZU Board

The Supervisory Board of PZU SA appointed on 15 March 2013 Barbara SMALSKA and Darius KRZEWINA as members of the Board of PZU SA.
"Changes in the composition of the Board of PZU SA are associated with the transformation model of the PZU Group. According to the new strategy PZU 2.0, group should be focused on the customer organization. Strengthening the Management with such experienced managers is the realization of this ambition, "- said Andrzej KLESYK, CEO of PZU SA.
more...

VIDEO: Professionals from 25 countries set motor insurance on the road towards profitability, on March 3-4 in Istanbul

Bodily injury claims, perceived as a growing threat for motor insurers in Europe, represented the opening discussion theme for the "Motor insurance - the road towards profitability" Conference, which took place on March 4, in Istanbul, during the International Insurance Forum 2013. Also, XPRIMM Motor Insurance Report - CEE, Turkey & CIS, the first European specialized publication dedicated to the motor insurance markets in 30 countries was also launched during the event. more...

Roumen GALABINOV: The MTPL limit of liability increased from BGN 60,000 to BGN 2 milllion since 2002, while the average premiums increased 3 times

"Since June 2012, the minimum liability for each insurance event in MTPL insurance class in case of non-material damage resulting in bodily injury or death are BGN 2 million (or EUR 1 million) in case of one injured person, and BGN 10 million (EUR 5 million) in case of two or more injured persons," declared Roumen GALABINOV, Deputy Chairman of the Management Board, Bulgarian Association of Insurance Brokers. more...

The Turkish insurance market is facing an explosion of bodily injury claims

"The market is facing an explosion of the bodily injuries claims' costs, especially claims in court lawsuits, and an increase of limits by 10%. The maximum liability limit per victim has become 250,000 TL starting 1st of January 2013", according to Ali ERLAT, Deputy General Manager in Charge of Underwriting & Claims, AXA Sigorta, Turkey. more...

Vladan MANIC: Insurance fraud, a major problem for the Serbian market, with losses of EUR 2-4 million/year

On Serbian insurance market, the insurance fraud phenomenon is taking place predominantly with motor hull insurance, MTPL and property insurance, according to Vladan MANIC, Secretary General of the Association of Serbian Insurers. "I estimate a loss of EUR 2-4 milion/year, which is quite significant for the market", he underlined. more...

Muzaffer AKTAS: Motor insurance is like sailing in dangerous waters

Fraud creates a problem in motor insurance because of the high number of active policies, making it a very dangerous line of business. "Fraud is one of the most dangerous things in insurance as well as one of the most difficult issues to deal with. Every person, including employees, from top to bottom can get involved", said Muzaffer AKTAS, Managing Director of WILLIS Re UK. more...

Macedonian supervisory authority is setting up the MTPL liberalization

The MTPL rates tariffs liberalization will bring "market stability, growth and confidence", declared Klime POPOSKI, President, Insurance Supervision Agency Macedonia. As benefits of the MTPL market liberalization he highlighted "the best price for consumers based on risk characteristics, the level-playing field due the fair competition for market players and the better payment of claims to consumers". more...

BiH, FY2012: 29% of claims paid by insurers in MTPL insurance were non-material. The market will be liberalized

In 2012, the claims paid by the BiH insurers on the MTPL insurance class totalized EUR 44.73 million, of which EUR 13 million (the equivalent of 29%) were related to non-material claims. For the same period, the Protective Fund paid EUR 0.9 million in non-material claims. more...

Montenegro is ready for MTPL rates liberalization

Starting 2017, the MTPL rates will be liberalized on the insurance market in Montenegro, according to the Law on Compulsory Insurance in Traffic (Official Gazette No. 44/12) which sets a transitional five years period for the prices liberalization. more...

Turkey: Lawyers are looking for road accidents victims to represent

Victims of road accidents in Turkey sometimes learn about their rights after years. As a consequence, it is more difficult to calculate the rightful amounts to be granted. Also, some of the victims go directly to the court without asking the insurance company for an indemnity, a fact that brings a significant increase on indemnity values. more...

Russian car crash victims chased for their litigation rights by lawyers

Bodily injury claims are not yet a problem on the Russian market, as the compensation limit is only EUR 4.000 per person and insurers do not cover medical expenses if medical treatment is included in the mandatory health insurance system, as Svetlana NIKITINA, Vice President, Russian Association of Motor Insurers pointed out during IIF 2013. more...

The MTPL law in Croatia will bring tables of indemnity to the bodily injuries compensation process

Currently, on the Croatian insurance market, the evaluation and the level of compensation for bodily injuries claims is decided by the courts which use criteria established by the Supreme Court. But this is about to change, as the new MTPL Law proposed by the Ministry of Finance aims to bring medical tables and tables of indemnity in order to implement a system of evaluation and compensation of personal injury claims. more...

The first statistical report on 30 motor insurance markets to be launched at IIF 2013 - Istanbul

XRPIMM Group will publish a new magazine - XPRIMM Motor Insurance Report - CEE, Turkey & CIS - the first European specialized publication dedicated to the motor insurance markets in 30 countries. The magazine will be officially launched on Monday, March 4, during the "Motor insurance - the road towards profitability" conference in Istanbul. The publication includes a wide array of statistical data regarding the motor insurance segment, presented both regionally and separately for each country, for 2011 and the first half of 2012. more...

Profitability in motor insurance - under debate in Istanbul, at IIF2013. Only 9 days left for late registrations!

Every time the non-life insurers' profitability issue comes under debate in the emerging markets of the CEE and CIS regions, discussion inevitably focuses on the profitability, or the lack of it, on the motor insurance lines. Considering their over 50% share in the regional portfolio, it is obvious that motor insurance classes need a special attention. IIF 2013 will bring into the spotlight this issue, benefitting from the presence of a large array of reputed speakers, as well as of a new editorial premiere branded XPRIMM: the Motor Insurance Report - CEE, Turkey & CIS. more...

Torbjorn MAGNUSSON elected Vice-president of INSURANCE EUROPE

Torbjorn MAGNUSSON, President and CEO of Sweden's If P&C Insurance, has been elected, for a period of three years, vice-president of INSURANCE EUROPE, the European insurance and reinsurance federation. more...

The Group strategy and Solvency II pushed the Baltic businesses of ERGO to ESTONIA

As xprimm.com announced in January 2012, ERGO Insurance Group merged its three non-life insurance companies in the Baltic States into a unique European Company: ERGO Insurance SE (Societas Europaea). The head office of ERGO Insurance SE has been registered in Estonia. The Latvian and Lithuanian general insurance companies continue their business as branches of the European company. more...

How to evaluate moral claims - Case studies from Romania and CEE, at IIF 2013 - Istanbul, March, 3rd-4th

With a 46% increase of paid claims in the first 9 months of 2012, the bodily injury claims represent a real issue for the motor insurance market in Romania. The situation is not that different compared to other countries in Central and Eastern Europe, where the evolution of this claims segment represents a main concern. Thus, this year's edition of the International Insurance Forum in Istanbul will focus on bodily injury claims as a major discussion topic. more...

Amendment to the Law on Insurance: deadline for separation of mixed insurance companies is postponed

A few days before the New Year, the Law Amending the Law on Insurance came into force. According to this Law, separation of composite (mixed) insurance companies, envisaged by the end of 2012, has been postponed until the end of 2013. This means that all insurance companies that, as of the effective date the amendment has come into force, have a license for dealing with both life and non-life insurance, would have to separate their operations by the end of the current year and to provide the National Bank of Serbia, as a regulator of this market, with proof of this separation. more...

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