Total allocated reinsurance capital grew 7% in 2023, to $568 billion, and is forecast to grow even more to $625 billion for 2024, according to the Reinsurance News website, citing a report from credit rating agency AM Best.
According to the report, traditional reinsurance capital increased 14% year-on-year in 2023, by about $57bn to $468bn.
According to AM Best, apart from Berkshire Hathaway National Indemnity, the most significant capital growth came from Bermuda, thanks to strong operating profits reported by various Bermudian companies.
AM Best forecasts for 2024 traditional reinsurance capital growth of 10% to $515 billion, while third party capital is expected to be between $105 billion and $110 billion.
Thus, total allocated reinsurance capital at the end of 2024 is estimated at $620 billion to $625 billion, and AM Best analysts expect this market to continue to thrive through 2024.
Guardian Insurance Company (Kyiv) has developed a new insurance product, Guardian CASCO, covering military risks up to 100% of the vehicle’s value, according to the insurer’s website.
According to the terms of the insurance product, any type of vehicle, including electric vehicles, up to five years old and costing from UAH 1 million to UAH 10 million, is subject to insurance. The deductible is 0% for all risks. The insurance rate ranges from 3% to 4.2% (depending on the selected conditions).
The program covers standard insurance risks: Road traffic accident; fire; natural disaster; natural phenomena; illegal actions of third parties; other accidental events; illegal possession, as well as war risks: damage/destruction of the vehicle as a result of military operations due to the use of weapons, including unmanned aerial vehicles of any type and/or their wreckage, air defense equipment and/or ammunition on the territory of Ukraine in areas where military (combat) operations are not underway and are not under temporary occupation.
As an additional bonus, additional coverage is provided, in particular: gross violations of traffic rules, damage during evacuation – up to 5% of the sum insured once during the term of the contract.
The program does not impose age restrictions on drivers authorized to drive a vehicle. It is possible to pay the insurance premium in one lump sum or in installments.
Guardian Insurance Company is a member of the Presidium of the League of Insurance Organizations of Ukraine. In January 2020, it received the status of a full member of the MTIBU and is entitled to sell Green Card policies.
Starting Monday, August 25, Ukraine may return to exporting electricity during daytime hours when the power system has a surplus, NPC Ukrenergo reported on Telegram.
According to the company, this is facilitated by a decrease in heat and, as a result, electricity consumption, as well as the early completion of the scheduled repair of one of the units of nuclear power plants. At the same time, solar power plants are actively operating during the daytime.
Ukrenergo reminded that in order to avoid accidents, the power system must operate in a balanced manner – the amount of energy produced every minute must correspond to the amount of consumed resource.
“Given the economic inexpediency of limiting the operation of solar power plants, starting from August 25, Ukraine plans to resume electricity exports to neighboring countries. Tomorrow, an auction will be held for access to interstate crossings in the directions of Romania, Hungary and Moldova,” the NPC said.
Electricity will be exported exclusively during the period of surplus – during the active operation of SPPs. During periods of maximum consumption, when there is not enough capacity in the power system, electricity will not be exported from Ukraine.
Source: https://interfax.com.ua/
Moldovan authorities plan to complete a feasibility study by the end of 2024 on the construction of the country’s first multimodal logistics complex at the Beresti railway station in Ungheni (5 km from the border with Romania), the Moldovan Ministry of Economy said. The project is being implemented with technical support from USAID under the Institutional and Structural Reforms in Moldova program. Once the feasibility study is finalized, a tender to find an investor will be announced.
“The ambitious project includes rail and road access roads, container cranes, loading and unloading platforms, warehouses, and a fleet of trucks. It is estimated that the infrastructure will be able to handle up to 200,000 trucks annually, with cargo transshipment of about 4 million tons. Beresti terminal will become a regional logistics hub, integrating Moldova into the global transportation and logistics network,” the report says.
Currently, the main carriers from the East and West prefer to choose routes bypassing Moldova due to the lack of logistics infrastructure.
Beresti railway station is located 106 km from Chisinau, outside the city of Ungheni on the northern side, on the railway corridor that goes to the city of Balti and continues further to the border with Ukraine. The strategic location of the station is due to the proximity of the Romanian/EU border (5 km), as well as the connection to numerous industrial facilities and transportation routes.
The Beresti terminal site covers an area of 80 hectares, is owned by the state and managed by the State Enterprise “Railways of Moldova”. The site’s railroad tracks allow the use of both wide gauge (1520 mm) and European gauge (1435 mm).
According to Moldovan media, investments in the project are estimated at 30 million euros, the construction of the facility will take 24-30 months.
The rise in oil prices intensified on Friday afternoon in anticipation of a speech by Federal Reserve Chairman Jerome Powell.
Quotes for October futures for Brent on the London ICE Futures exchange by 14:41 by the quarter increased by $1.16 (1.5%) to $78.38 per barrel.
The price of WTI futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) increased by $1.22 (1.67%) to $74.23 per barrel by the specified time.
The day before, both brands rose by 1.5%.
The quotes are supported by expectations of a reduction in the key interest rate in the United States. High rates increase the cost of debt service, which could slow economic activity in the country and reduce demand for fuel.
“The dollar is falling on expectations of a rate cut,” said John Kilduff, partner at Again Capital. – “Everyone is now talking about an upcoming 50 basis point cut in the Fed Funds rate, which would be a significant step.
The market expects to receive new signals about the Fed’s position from Powell’s speech at the annual economic symposium in Jackson Hole, which begins at 17:00 CET.
Raiffeisen Bank (Kyiv) has opened its first underground branches in Kharkiv and Dnipro, the bank’s telegram channel reported on Friday.
As specified, the underground branches will operate on the basis of existing ones and will serve customers in case of an air alert. Customer service is already available through a separate entrance leading to the underground premises.
“Underground workplaces allow us to ensure continuity of customer service even in the event of air raids. This is especially important in cities that are subject to constant shelling, which is why branches are forced to stop working on the surface for a rather long time,” Artem Nidzelsky, Retail Business Director of the center of the bank’s southeastern region, said in a statement.
According to him, the continuous operation of the branches allows to support local businesses and provide access to financial services. This, in turn, helps to minimize economic losses for entrepreneurs and the population.
“It is also extremely important that the new initiative creates safer working conditions for employees, allowing them to work more confidently and with less stress,” emphasized Nizelsky.
Underground branches provide all banking services as well as traditional branches, including account opening, deposits, lending, customer consultations and cash payments.
Raiffeisen Bank explained that the first underground bank branches appeared in cities located near the hostilities and constantly under fire. The number and duration of air raids in these cities is increased, customers have limited access to offline services and frequent problems with stable communication.
This step is expected to help maintain economic stability in the frontline regions, preserve customer confidence and provide a sense of stability and security when using banking services, which is especially important in wartime.
In the future, the bank plans to open separate underground branches in Kharkiv, Dnipro and other frontline cities.
