The Joint Board of Appeal of the European Supervisory Authorities (ESAs) has decided to dismiss the appeal brought by the credit rating agency Scope Ratings GmbH against the European Securities and Markets Authority (ESMA) in relation to the interpretation of the applicable legal provisions of the Credit Rating Agencies (CRA) Regulation.

In the first nine months of 2020 total assets of the Tajik insurance companies reached TJS 417.3 million (~EUR 34.5 million*), which is about 92% of their assets amount in 2019, according to the data, published by the National Bank of Tajikistan.

DELOITTE assisted the Austrian insurer VIG in taking over the units of the Dutch financial group AEGON in Hungary, Poland, Romania and Turkey, informed the Romanian insurance news portal www.1asig.ro here

The Central Bank of Hungary - Magyar Nemzeti Bank (MNB) the regulator and supervisor of Hungarian insurance market fined local insurer GROUPAMA Biztosito HUF 49.5 million (about ~ EUR 137,500) for the violations of MTPL's portfolio management, IT security, remuneration policy, risk management system, and other deficiencies of customer information and complaint handling.

According to the most recent statistics published by Estonian Motor Insurance Bureau, in the first eleven months in 2020, in the country there were about 25,000 traffic insurance accidents subject to insurance, of which 10,300 were related to parking lots.

Turkish Finance Minister Lutfi ELVAN mentioned that the Government will take concrete steps to move the insurance and private pension industry forward, according to the Middle East Insurance Review.

In 2021, development of the insurance market in Kazakhstan will follow the benchmarks formed by the pandemic - among them active development of online insurance, infrastructure, and digital marketing. "This will help to make competition between companies more transparent and fairer", said Anna NEKRYUKOVA, Deputy Chairman of the Board of Amanat for Kapital.kz.

In December 2020 GWP of the compulsory non-life insurance in Azerbaijan exceeded AZN 156.8 million (~EUR 77.13 million*), generated for 11 months of the year. This is equal to 23.4% of the total market GWP, as Trend informed according to the data of the Central Bank of the country.

The Azerbaijani insurance company AXA MBASK will terminate its activity and will be liquidated, based on the decision of its management, Trends reported with reference to the State Tax Service under the Ministry of Economy of Azerbaijan.

Financial Strength Rating of EyeMed Insurance Company (EIC) (Phoenix, AZ) was confirmed of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a". The outlook of these Credit Ratings (ratings) is stable.

Assicurazioni Generali was admitted to the Cooperative Compliance regime, established by Legislative Decree n. 128/2015, according to a Generali press release. This will enable an innovative way to maintain constant and preemptive dialogue with the Italian Revenue Agency (Agenzia delle Entrate).

According to Guy Carpenter & Company, LLC. press release, price increases at the January 1, 2021 reinsurance renewals were moderated compared to initial expectations by abundant capital levels and an increased willingness on the part of reinsurers to deploy capacity in several sectors,

Mapfre Colombia, a subsidiary of Mapfre Re, a Spanish (re)insurer with offices in 19 countries has announced that it selected the Agritask analytics and operations platform to enhance its risk monitoring and claim management processes of its agriculture business.

Following press reports that the European Commission has put pressure on the European Supervisory Authorities (ESAs) to propose, by the end of January, technical solutions to make the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs) suitable for undertakings for collective investment in transferable securities (UCITS), in view of the end of the exemption for these funds from PRIIPs rules in December 2021, William Vidonja, head of conduct and business at Insurance Europe, said:

Insurance Europe has published its response to a consultation conducted by the European Insurance and Occupational Pensions Authority (EIOPA) on its draft opinion on the use of climate change scenarios in an insurer's own risk & solvency assessment (ORSA).

In the first 9 months of 2020, the insurance market in Romania posted GWP of RON 8.52 billion (~EUR 1.74 billion), increasing by approximately 4.77% y-o-y, shows in the report published at the end of December by Romanian ASF - Financial Supervisory Authority, according to the Romanian insurance portal www.1asig.ro here.

Macedonian insurers posted nine-months 2020 aggregate GWP worth MKD 7.52 billion (~EUR 122 million), 5.22% less y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.

Non-life GWP dominated the market portfolio accounting more than 84% of the total GWP (MKD 6.33 billion, or EUR 102.7 million) - of which MTPL (40.75% of total), property (20.13%), MoD (8.18%) and GTPL (2.11%) - , the remaining share of 16% being represented by the life insurance segment: GWP of MKD 1.18 billion (EUR 19.2 million).

TRIGLAV (15.18% market share), EUROLINK (11.85%) and MAKEDONIJA (11.41%) were the largest non-life insurers, while CROATIA (38.34%), GRAWE (30.95%) and WINNER LIFE (17.87%) were the top 3 life insurers.

Access www.xprimm.com and download the 3Q2020 Macedonian insurance market statistics.

In 2020, the leader of the insurance market, PASHA Life, which began operations on November 24, 2010, celebrated its 10th anniversary - the number of employees increased from 8 to 250, charter capital exceeded AZN 40 million, and assets amounted to AZN 400 million (~EUR 191.48 million*), said the chairman of the Board of PASHA Life Insurance Niyaz ISMAILOV for Trend.

MTPL GWP in January-November 2020 in Ukraine increased by 21.13% to UAH 5.58 billion (~EUR 0.16 billion*), while the number of contracts grew by 3.64% y-o-y.

MTPL insurers in Ukraine from January to October 2020 paid UAH 2.3 billion (~EUR 69 million*) to victims of road accidents, which is 11% more y-o-y, Forinshurer reports according to MTIBU.