EUROPE

RISKSA Magazine - - International News -

Ma­jor in­ter­est for in­sur­ance units of Turkey’s Halk­bank Ac­cord­ing to Reuters, more than a dozen ma­jor Euro­pean in­sur­ance groups have shown a sig­nif­i­cant in­ter­est in the ac­qui­si­tion of Halk Hayat Emeklilik and Halk Sig­orta, the pen­sion and in­sur­ance units of Turk­ish Halk­bank. Th­ese in­sur­ance groups in­clude Ageas, Aviva, Zurich, Ja­pan’s Meiji Ya­suda, Nip­pon Life and Sompo Ja­pan In­sur­ance. Malaysia’s Khaz­anah and USlisted Ace Group have also ex­pressed in­ter­est. In the first half of 2014, Halk Sig­orta gen­er­ated a to­tal vol­ume of gross writ­ten pre­mi­ums of €103 mil­lion), while Halk Emeklilik re­ported €33 mil­lion. Swiss Re CEO says its all about ‘cov­er­ing the gaps’ Rein­sur­ers should worry less about ex­cess cap­i­tal and more about cov­er­ing the gaps. This was ac­cord­ing to Swiss Re CEO Michel Liès who de­liv­ered the key­note speech at the re­cent AM Best Con­fer­ence for rein­sur­ers. Liès pulled back from the rein­sur­ance sec­tor’s ear­lier line that ‘new cap­i­tal’ was ‘hot money’ that would dis­ap­pear at the first sign of trou­ble. He said that “it re­mains to be seen” what would hap­pen if ei­ther yields im­proved else­where or if there were a ma­jor cat­a­strophic event, but he did not pre­dict that the new cap­i­tal would go away.

Claims growth rates set to rise Swiss Re’s Global Eco­nomic and Re/In­sur­ance Out­look pre­dict that the rate of claims growth is ex­pected to rise in com­ing years. The claims growth is ex­pected to in­crease across all ge­ogra­phies, with Canada and Ger­many his­tor­i­cally high cor­re­la­tions of claims growth to wage and CPI in­fla­tion, ac­cord­ing to Swiss Re’s Ro­man Lech­ner. The UK and France have his­tor­i­cally shown low growth of claims in re­la­tion to GDP. In the life sec­tor, prof­its for life as­sur­ers had been im­prov­ing, with an out­per­for­mance in the UK be­ing based on life as­sur­ers in the UK gen­er­ally hav­ing a higher per­cent­age of their as­sets in eq­ui­ties. In­gosstrakh rat­ings re­moved from Cred­itWatch list Stan­dard & Poor re­moved the rat­ings of Rus­sian in­surer In­gosstrakh In­sur­ance Com­pany from the Cred­itWatch list (rat­ings un­der re­vi­sion), where S&P had placed them with neg­a­tive im­pli­ca­tions. The out­look is neg­a­tive. In the re­port, S&P noted that the neg­a­tive rat­ing out­look re­flects Rus­sia’s sovereign out­look, as well as the in­cer­ti­tude re­gard­ing In­gosstrakh’s abil­ity to im­prove its op­er­at­ing per­for­mance, liq­uid­ity and cap­i­tal ad­e­quacy in the dif­fi­cult eco­nomic en­vi­ron­ment and the cur­rent mar­ket con­di­tions in Rus­sia.

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