Slovene re/insurane groups TRIGLAV and SAVA informed the public of the Insurance Supervision Agency's new call upon the insurance companies to suspend the payout of dividends from accumulated profit and not to undertake any irrevocable commitment to pay out dividends by 1 October 2020.
The coronavirus pandemic is leaving deep scars on the global economy. According to the credit insurer EULER HERMES, this will likely to lead to a deep recession in world trade and the global economy - and consequently to a wave of insolvencies worldwide.
ROSGOSSTRAKH Life company, which based on 2019 results ranked 7th among local life insurers, made its first payment under COVID-19 risk, as the insurer said on May 18th in a press release.
Italian insurer GENERALI announced that all its subsidiaries in ACEER Region (Austria, CEE & Russia Region) tooked part in different initiatives to help the clients and communities overcome the coronavirus crisis. Thus, GENERALI pubished an overview of actions being taken by its subsidiaries in the Austria, CEE & Russia Region. "It covers different initiatives which have been developed to assist our clients and communities".
AVIVA Italy confirms its commitment towards the Milanese city with a new donation of more than EUR 200,000 to the local district of the Italian Red Cross, together with a donation of EUR 200,000 to support the Mutual Aid Fund instituted by the Mayor of Milan.
Lloyd's, the world's leading (re)insurance market, today revealed that it will pay out in the range of $3bn to $4.3bn* to its global customers as a result of the far-reaching impacts of COVID-19. This is on a par with 9/11 in 2001 and the combined impact of hurricanes Harvey, Irma and Maria in 2017, all of which led to similar pay outs by the Lloyd's market**. These losses could rise further if the current lockdown continues into another quarter.
Italian insurance group GENERALI confirmed the solid capital positiion and the targets for 2021, despite the effects of the Covid-19 pandemic, which are still uncertain at the moment.
CROATIA's osiguranje shareholder - the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry announced that due the severity of economic circumstances in Croatia and the world, caused by the coronavirus epidemic, the company will focus on maintaining liquidity and cutting costs.
AVIVA France has pledged a package of specific support measures to help customers and communities through the Covid-19 crisis and lockdown period. These range from premium and rent deferrals, to the creation of a solidarity fund for people who can't.
Most Russians are more or less concerned about the pandemic situation, but most of them do not take any measures to reduce this fear, ROSGOSSTRAKH Life said in its press release, dedicated to the rating of concern among the country's regions.
According to the Central Bank of Azerbaijan, the declining economic activity during the pandemic negatively affects GWP collection of the insurance market, Trend reports.
The 64th edition of the Rendez-Vous de Septembre, due to be held in Monaco this 12 to 17 September 2020, was cancelled owing to uncertainties linked to the international health situation.
UK-based financial group AVIVA informed its Italian subsidiary - AVIVA Italy supports the Mutual Aid Fund, founded by Giuseppe SALA, Mayor of Milan. The aim of the fund is to help those who are facing the hardest difficulties caused by the economic and health emergency relating to Covid-19.
CROATIA osiguranje (CO), one of the largest insurer in the Adriatic region, annonced that based on currently available information, it cannot reliably estimate the amount of potential losses that would result from the direct impact of COVID-19.
TRIGLAV Group informed in a statement its expectations regarding the impact of the pandemic on Group's performance in 2020. Thus, compared to the published business plan for 2020 in December 2019 - profit before tax of EUR 95 million - EUR 105 million and GWP of around EUR 1.2 billion, the most recent scenario published by the company as a result of Coronavirus pandemic indicates a decline in Group FY2020 profit of 10%-25%, while in case of GWP the forecast indicate a decrease of 3-5%.
Polish insurance group PZU (Powszechny Zaklad Ubezpieczen), one of the largest CEE insurer informed its Management Board decided to submit a motion to PZU's Ordinary Shareholder Meeting on the distribution of FY2019 PZU's net profit.
Austrian VIG Group announced that due to the ongoing Covid-19 crisis it expects FY2020 burdened results. "Against the backdrop of the ongoing Covid-19 crisis and the associated increased insecurities on capital markets and on the operative business development, VIG Group expects dampening effects on its full year results 2020".
Through fund manager MAPFRE Asset Management, MAPFRE has launched a three-year guaranteed mutual fund with a bond issued by the Madrid local government exclusively for the fight against COVID-19 as its underlying asset.
This year, the development of Lithuania's insurance market will depend on the impact of the coronavirus (COVID-19) outbreak on transport, health and unit linked life assurance. While the country's insurance market grew by almost 8% in 2019, this year its growth is expected to moderate.
A group of financial associations, including Insurance Europe, has written a joint letter to Commissioner Paolo Gentiloni to ask for reporting obligations relating to the EU's 2018 update of its cross border tax directive (DAC6) to be deferred until 2021, as financial institutions currently face significant implementation challenges outside of their control, including most recently the COVID-19 pandemic.