According to the results of the 2020 first quarter, the Tajik insurance market saw a rapid growth, expanding by more than 11% y-o-y. Market GWP exceeded TJS 92 million (~EUR 8.22 million), as the data published by The National Bank of Tajikistan show.

Insurers of Azerbaijan ended the first quarter of 2020 with GWP worth of AZN 241 million (~EUR 128.5 million), which in local currency reflects an increase of 19.7% y-o-y, as the data published by the regulator show.

LLOYD's announced the appointment of Marc LIPMAN as President, LLOYD's Canada, and Attorney-in-Fact (AIF) for LLOYD's Underwriters. Marc LIPMAN assumes the role of AIF from Lisa DUVAL, who stepped in last year on an interim basis and now returns to LLOYD's International Regulatory Affairs in London.

The Agricultural Insurance Fund needs to obtain a license from the Central Bank of Azerbaijan. It will be possible only after the number of companies, participating in the charter capital of its management company, is defined, Trend reports citing Fuad SAGIDOV, Chairman of the Fund's Board.

Total income of insurers for the first three months of the year reached KZT 166.81 billion (~EUR 0.34 billion), and net profit tripled y-o-y (KZT 55.34 billion). About 39% of the total income of insurance companies was provided by their investment activities, Allinsurance.kz reports.

The state share (25%) of KAFOLAT insurance company, which is one of the TOP-5 insurers of Uzbekistan, will be sold at an online auction. The price of the share package is USD 2.2 million, as Trend informed with a reference to the State Asset Management Agency.

"Increasing inequality, dramatically shifting consumer behaviors and a lockdown that is having a significant toll on young people's prospects, mental health and wellbeing are highly interdependent issues which impact the global economy, geopolitics and our societies in equal measure," commented John Scott, Head of Sustainability Risk and Zurich Insurance in the WEF & Zurich Insurance Covid-19 Risk report.

In the first quarter 2020, Ukrainian insurers paid UAH 2.78 billion (~EUR 91.89 million) insurance premiums under risk reinsurance contracts, which is 37.4% less y-o-y, said Oleksandr ZALETOV, the member of the National Commission for the State Regulation of Financial Services Markets, Forinsurer reports.

Turkmenistan is about to introduce a mandatory insurance for the passengers of all transport types, Turkmenportal informs. The corresponding draft of the latest edition of "Rules for mandatory state insurance of passengers of all types of transport and transport complex employees" was presented by Deputy Chairman of the Cabinet of Ministers, Gadyrgeldi MUSHSHIKOV, at a recent session of the government.

During May 2020, S&P Global Ratings affirmed the ratings of multiple (re/)insurance groups and companies, including Munich Re, Fairfax and NN.

At the end of May 2020, the Ministry of Finance (MoF) from Latvia has submitted to the Cabinet of Ministers an assessment prepared in co-operation with the Central Bank of Latvia and the Financial and Capital Market Commission (FCMC) regarding a possible merge between the Central Bank and FCMC, planned to start in 2022 - 2023.

From January to March 2020, the GWP of ROSGOSSTRAKH Life amounted to RUB 5.2 billion (~EUR 60.65 million), which is 354% more y-o-y, according to the insurer's press service.

MTPL rates in Azerbaijan were established in 2011 and since then remained unchanged. A special group was created to work in the direction of changing the rates and insurance amounts, according to the Executive director of the Compulsory Insurance Bureau of the country, Rashad AHMADOV, as reported by Trend.

GUY CARPENTER - the risk and reinsurance specialist and a business of MARSH & McLennan Companies, announced that it has entered into an exclusive multi-year agreement with SYNTHETIK to further enhance its proprietary terrorism modeling product, SUNSTONE.

Slovenian Life insurer NLB Vita becomes part of the SAVA Insurance Group — one of the top three insurance groups in the Adria region, after on May 29 — the two involved parties — KBC Insurance and Nova Ljubljanska banka — closed the transaction announced on 27 December 2019.

PZU Group ended the first quarter of 2020 with a consolidated net result of PLN 116 million, 84.5% lower year-on-year. The net profit registered by the group excluding Alior Bank and Pekao reached PLN 577 million (-13.3%).

For the 500^th time, XPRIMM News lands today, as every Thursday, on your screens with the latest news and statistics that illustrate the trends and evolutions of the insurance markets in the CEE, SEE and CIS regions.

The current legislation of the Ukrainian insurance market leaves it far behind when compared to other European countries. Its insurance penetration degree is roughly around 1.3%, while in Europe the average sits at a solid 5%. At the same time, the Ukrainian market saw a stable annual growth of about 20% in the latest years, according to the Lexology portal.

The 2020 pandemic affected all sectors of Moldovan economy, including the insurance sector. Total number of new insurance contracts has decreased dramatically in the past months, a sharp decline being noticed in segments such as voluntary insurance and Green Card, CapitalMarket reports.