News - On the Coronavirus Front

Slovene TRIGLAV and SAVA to suspend pay out dividends by 1 October 2020

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.

GENERALI actions against COVID-19 in the ACEER Region

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".

Lloyd's market set to pay out up to USD 4.3 billion to customers

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.

ADRIS Grupa: It would be justified to refrain from paying out dividend

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 Italy donates EUR 200 k to Milan Municipality

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.

CO: We cannot estimate the COVID-19 impact

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 published the Coronavirus impact on FY2020 planned figures

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%.

Covid-19: Insurance Europe calls for deferral to EU cross border tax reporting obligations

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.

--> Netopia