AXA is planning the sale of its central European business as the insurer looks to quit markets where it lacks scale, reports Reuters, citing sources close to proceedings. One source told the news agency: “AXA plans to sell its businesses in Poland, the Czech Republic and Slovakia.” The source added that “teasers” (information packs) have been sent to potential suitors.…
Insolvency risk is expected to spike for companies in eastern Europe this year as economies fight against global trade tensions, the US-China trade conflict and a potential no-deal Brexit, according to trade credit insurer Atradius. In a barometer of B2B payment practices across 1,500 businesses in seven eastern European countries – Czech Republic, Hungary, Poland, Slovakia, Turkey, Bulgaria and Romania…
Businesses across the world are most concerned by economic risks, but cyber has climbed the rankings once again and remains the number one threat in Europe, according to a survey by the World Economic Forum (WEF). The survey asked nearly 13,000 business leaders in more than 130 countries to choose five risks from a list of 30 that will cause…
Brokerslink has added three European brokers to its network, including French maritime firm Filhet-Allard Maritime (FAM), part of the Filhet-Allard Group. The two other two brokers are Colemont FKB, an established Latvian company, and Draudimo Bités, a Lithuanian broker specialising in transport and logistics. The additions take Brokerslink’s presence in Europe to 36 countries. Christos Gavriel, Brokerslink’s regional manager for…
Marsh reports that warranty and indemnity (W&I) claim notifications are up 293% across Europe, the Middle East and Africa (EMEA) between 2016 and 2018, with the cover gaining in popularity and notifications as a proportion of policies placed rises. In its Transactional Risk Insurance Claims Study, Marsh also finds a reduction in the time taken to settle W&I claims. In…
Severe weather events across Europe last month caused at least €1.42bn of economic damage, with insurance expected to cover about €1.24bn of the losses, according to Aon. In its latest Global Catastrophe Recap report, the broker says that weather between 10 June and 12 June resulted in large hail, strong gusts of wind and intense rainfall across multiple countries in central…
Russia’s insurance market is at a “turning point” following premium growth and stronger profitability last year, although the recovery is “fragile”, according to ratings analyst AM Best. It said threats facing the Russian insurance market could still have an adverse impact on market development and performance. In recent years, the number of Russian market players has significantly reduced to 199,…
Broker Gallagher has bought a 29.7% stake in independent Czech broker Renomia, which operates in its home country, Slovakia, Romania, Hungary, Serbia, Bulgaria and Croatia. Renomia has been a member of Gallagher’s worldwide network of Global Alliance broker partners since 2004. It has achieved double-digit growth in the past five years. Gallagher said the minority holding will strengthen its presence…
Chubb has appointed Karine Paul and Brigitte Vorrath as global client executives within its major accounts team for continental Europe. In the newly created roles, Ms Paul will manage France and the Nordic region, in addition to international accounts in the UAE and India. Ms Vorrath will manage accounts in Germany, Austria, Poland, Czech Republic, Hungary and Russia. Switzerland will…
Vienna Insurance Group (VIG) is to use its strong capitalisation to achieve further growth and broaden its presence, according to its group CEO. VIG’s 2018 group annual report notes that the group has a solvency ratio of 239%. “After beating our forecasts, we’ve raised our targets for 2019 and 2020,” said VIG CEO Elisabeth Stadler. “We will maintain our focus…