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Insurance - archive

EIOPA: Risk balance sheet emphasized - opportunity

For the third time under the aegis of EIOPA, the high ranking representatives of the regulation and control financial institutions in Europe met in Frankfurt with the most relevant operators on the financial markets, for a dialog whose purpose is to define the future trends. The maintenance of a correct balance between risk and opportunity in the life and private insurance field, the definition of a coherent European framework for the private pensions, as well as the long-awaited launching of the new supervision measures, Solvency II, were the main topics of the 2013 edition. more...

BARNIER: Tri-party agreement for Omnibus II, a step insuring the unity in diversity for the European insurance market

One could say that a slackening of the insurance market was visible at this year's EIOPA Conference, after the seemingly never-ending implementation of a new Solvency II set of measures is drawing to an end. Upon the conference closing speech, Michel BARNIER, European Commissioner for the Internal and Services Markets, expressed both his satisfaction for reaching this stage and his concern for the phases still to be followed until the actual implementation, in 2016. more...

Life insurance - between risk, efficiency and ... survival

Now that the implementation process of Solvency II is in its last phase, the European insurance market is still concerned with the way in which a series of technical problems will be solved. Among them, a central place is occupied by the way in which the life insurance industry will meet the challenges raised in the financial environment dominated by low interests. more...

PensionsEurope: 'Pension funds can play a major role in the economic relaunch

Upon the European Pension Funds Congress 2013, event hosted by PensionsEurope within EUROPEAN FINANCE WEEK, Joanne SEGARS, PensionsEurope President, brought into debate the pension system in Europe, pointing out that 'there are still a series of unsolved issues for the European pensions, beyond the topic concerning the application of supervision criteria similar to Solvency II, which there is still no agreement about.' more...

Pillar III could represent the access road to the real portability of pensions at the EU level

Both on the European institutions' agenda and among the concerns of diverse associative structures of European entrepreneurs, the portability of private pensions - occupational or personal -, is still on the unsolved priorities list. The structural diversity of the pension systems and schemes, as well as the significant differences in the labor legislation and in the taxation system, are among the main reasons why it is still very difficult to imagine a comprehensive system at the EU level which ensures the efficient transfer of pensions rights acquired by a European citizen who changed, during his or her career, several jobs in different countries of the European Union. more...

The CEE and CIS regions will play an increasingly important role in the global reinsurance industry

The emerging insurance markets in the CEE and CIS regions have a significant potential in the future years and they will play an increasingly important role in the global reinsurance industry. "Geographically, they represent quite a significant region which will develop extensively over the next 20 to 30 years. And as these markets develop, they will increase their involvement in the global reinsurance market", Kirill SAVRASSOV, Chief Underwriting Officer and Senior Vice-President, PHOENIX CRetro Re's, has explained in an interview for INSURANCE Day. more...

Solvency II - once the provisions are clear, it is about worrying for the deadlines and the costs

"13 years after the starting point of the Solvency II concept, we have in place a solution which respects the original purpose of implementing a risk-based supervision, but whose complexity has surpassed the estimated level by far," said Carlos MONTALVO, Executive Director, EIOPA in his introductory remarks at the third panel of the EIOPA Conference. more...

LIVE from Vienna: VIG reports a significant improvement of the profit in the third quarter of 2013

"The development of Vienna Insurance Group shows that the strategic focus on the markets of the CEE region is very successful. The Group is positioned excellently in the region and earnings in the insurance business are increasing practically in all CEE markets," stated Peter HAGEN, CEO of Vienna Insurance Group commenting the 3Q2013 financial results of the Group. more...

The 12th edition of November Business Meetings of Reinsurers: an opportunity for development

Between 25 -26 November 2013, the 12th edition of the November Business Meetings of Reinsurers (NBM) takes place in Moscow, Russia. The event, which became a tradition over the years, is dedicated to the insurance and reinsurance markets in Russia, CEE and CIS and it is organized by the All-Russian Insurance Association (ARIA) and BUSINESS Format Group. XPRIMM Publications support the event as Media Partner, being represented by Oleg DORONCEANU, International Relations Director, Media XPRIMM. more...

Bancassurance in Moldova, debated during the National Bancassurance Conference on November 15

On the 15th of November, representatives of the Moldavian insurance companies and the most important banks, as well as international specialists in the financial field will be reunited during the National Bancassurance Conference - "BANCASSURANCE - Realities and Perspectives", an event focusing on the potential of the bancassurance segment in Moldova and on finding the best solutions for implementing the bancassurance model in the country. more...

LITMUS Analysis launches the October report

LITMUS Analysis, a consultancy agency offering rating advice for re/insurers, launched their monthly review of rating agency activity in the reinsurance & specialty lines sectors. The report includes the calculation of the 'Litmus Composite Score', as well as commentaries on both ratings and financial issues that impact the sector. more...

Baden Baden 2013: Challenges are not over

"Risk transfer is the core of our business as a leading reinsurer, but the risk landscape is undergoing a substantial change which the industry needs to respond to in order to facilitate sustainable growth in line with the demands of the client", concluded the reinsurance professionals attending the 2013 edition of the traditional autumn meeting in Bade-Baden. more...

The first insurance risk forum of 2014 will be held in Vienna

The 3rd Annual Insurance Risk Management Forum, organized by FLEMING Europe, will take place on February 19-20, 2014 in Vienna, Austria. Among others, the forum's key discussions will include the enterprise-wide risk management framework, the emerging risks, risk culture, underwriting and appetite, stress testing & scenarios, operational and reputational risks, supply chain and business continuity risk, Internal model vs. Standard model, Compliance, ORSA 2014, ComFrame or Omnibus II. more...

WorldPensionSummit 2013: trends and solutions in the current pensions landscape

Financial markets are more complex than ever before: new technology, a new generation of people being educated in new ways, changing demographics and a rapidly shifting financial landscape all combine to place new challenges on pension providers. So what are the key trends shaping consumer behaviour? What do the people really think about savings, retirement and pensions, and how much do they understand? more...

Business opportunities with a Turkish aroma: Baden-Baden Turkish Evening

The professionals interested in the business opportunities offered by the Turkish market gathered on the 22nd of October at the Baden-Baden Turkish Evening, organized by LOCKTON Re and Istanbul Underwriting Center. During this event, a new special issue of INSURANCE Profile Turkey, a Media XPRIMM publication, was launched. The publication outlines the key points of the Turkey economy and of the local insurance market evolution for 2012 and 1H /2013. more...

NatCat such as floods and earthquakes - the main topics discussed in Baden-Baden

Natural catastrophes, such as the German floods, as well as the losses and other implications they generate, with a particular focus on the companies' predictions and estimates, represent the main subjects debated these days in Baden-Baden. more...

ANADOLU Sigorta: Mergers and acquisitions will continue on the Turkish market

Mergers and acquisitions processes will continue on the Turkish insurance market, according to Mehmet Ali OZDEMIR, Reinsurance Manager of ANADOLU Sigorta (the second player on the local market by the value of GWP). "There have been a lot of mergers in Turkey in 2013. (...) In 2013 we saw the largest influx of capital in the Turkish market from abroad which seems to be continuing", said OZDEMIR, quoted by BADEN-BADEN Today, an insurance publication issued by INTELLIGENT Insurer. more...

Solvency II to be postponed until 2016

The Solvency II Directive, is to be delayed until 2016, according to Michel BARNIER, European Commisioner for internal market and services said in a statement.
The Directive, already adopted, creates a modern and risk-based prudential regime for insurance and reinsurance undertakings. National regulatory regimes for insurance, which vary greatly, are no longer able to guarantee an efficient internal market and prevent possible future crises.
more...

CEE 1H2013: Good news ... still to come

Despite the optimistic view expressed by the leading economic forecasting entities with regard to the economic rebound of the CEE region, the regional insurance market closed the first half of 2013 with a big, but hardly pleasant surprise: a 4.12% decrease in GWP, to a total of about EUR 17 billion. In absolute figures, the underwriting result of 1H2012 lags behind the previous year's figure by EUR 730 million, an amount that fairly equals, for example, the total premium production of the three Baltic markets.
more...

SWISS Re wants stability on the CEE markets

The CEE region still holds a vast potential for growth from the insurance perspective. Nevertheless, solid and healthy growth is hard to achieve without the support of the reinsurers. Given the fact that insurance penetration in the CEE region is quite low, while the population is considerable, insurers and reinsurers are betting on the market's development. more...

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