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XPRIMM News No. 461, 8 August, 2019

Insurance Newsletter, No. 461, 8 August, 2019

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Profit of HRK 208 million for Croatia osiguranje
Group at end-June

by Andrei Victor, 2019-08-06
In the first six months of 2019, Croatia osiguranje
(CO) Group recorded net profit amounting to HRK 208 million (~EUR 27.5 million). At the same time, gross written premium at CO Group level amounted to HRK 1,981 million (~EUR 264 million) and was 1% lower compared to last year.?

POLAND: less than 0.5% of all registered vehicles are not covered by a MTPL policy
by Daniela GHETU, 2019-08-07
According to the Polish Insurance Guarantee Fund's estimations, there may be about 80-90,000 vehicles in use without a valid MTPL policy, which is 0.4 - 0.5% of all registered vehicles. This percentage places Poland among the CEE countries with the highest degree of insurance coverage, together with Slovenia the Czech Republic and Hungary.

MMC, 1H2019: operating income maintained solid, reaching USD 1.6 billion
by press.release, 2019-08-08
Marsh & McLennan Companies, Inc. (NYSE: MMC) consolidated revenue was USD 4.3 billion, an increase of 16% compared with the second quarter of 2018. Underlying revenue grew 4% compared to a year ago.

Aon, 2Q2019: total revenue increased 2% to USD 2.6 billion
by press.release, 2019-08-08
Total revenue of Aon plc (NYSE: AON) in the second quarter increased 2% to USD 2.6 billion compared to the prior year period, driven by 6% organic revenue growth, partially offset by unfavorable impact from foreign currency translation and divestitures, net of acquisitions.

Hannover Re, 1H2019: net income rose by 19.3%
by Cosmin CONCEATU, 2019-08-08
Hannover Re reported EUR 663 million net income for the first half-year of 2019, which represents an increase of 19.3% compared to the same period of prior year net income.

Swiss Re, 1H2019: USD 953 million net income, supported by reinsurance and investment activity
by Cosmin CONCEATU, 2019-08-07
For the first six months of 2019, Swiss Re reported a total net income of USD 953 million, 5.3% smaller y-o-y due to large losses in Corporate Solutions branch, lightened by the positive growths in reinsurance segments.

SCOR, 1H2019: net income rose by 9.2%
by press.release, 2019-08-07
SCOR reported a net income of EUR 286 million for the first half-year of 2019 (+9.2%, when compared to 1H2018), achieving the targets set by company's "Vision in Action" strategic plan.

Munich Re, 1H2019: consolidated result reached EUR 1.6 billion, 4.6% higher y-o-y
by Cosmin CONCEATU, 2019-08-07
Munich Re consolidated result reached EUR 1.6 billion (+4.6% y-o-y) in the first half of 2019, while the second quarter of 2019 consolidated result alone amounted EUR 1.0 billion (+36.4% y-o-y).

MUNICH Re estimates H1 industry NatCat losses at USD 15 billion
by Andrei Victor, 2019-08-05
Global reinsurer MUNICH Re has estimated that insured losses resulting from natural catastrophes totaled USD 15 billion in the first half of 2019, below the long-term average of USD 18 billion.

Generali, 1H2019: Net profit rose by 34.6%
by Cosmin CONCEATU, 2019-08-06
Generali Group published the consolidated financial report for the first 6 months of 2019. The Group's net profit reached EUR 1.8 billion, 34.6 percent more than the half-year of 2018 profit.

GENERALI to expand presence in Portugal with EUR 600 million acquisition
by Andrei Victor, 2019-08-05
The Italian insurer, GENERALI announced the acquisition of a local insurance company and service platform from APOLLO GLOBAL MANAGEMENT. The purchase makes GENERALI the second largest non-life group in the country with a market share of 18.7% and the third largest player in the whole market.

Allianz, 1H2019: operating profit grew by 6.4% y-o-y
by Cosmin CONCEATU, 2019-08-06
Allianz Group operating profit for the first half of 2019 reached EUR 6.1 billion (+6.4%), staying above the mid-point of Allianz full-year target range, the company said. The second quarter operating profit increased as well, reaching EUR 3.2 billion (5.4% more y-o-y).

STATISTICS: ARMENIA: in January-June total net profit of insurers increased by 71% y-o-y
by Marina MAGNAVAL, 2019-08-08
In the first half of 2019 Armenian insurers have recorded a consolidated net profit by 71% higher as compared with the similar period of 2018, amounting to AMD 757.8 million (~USD 1.6 million), ArmInfo reports.
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STATISTICS: AZERBAIJAN, 1H2019: market GWP decreased by 8.84% y-o-y
by Marina MAGNAVAL, 2019-08-08
For the first half of 2019, market GWP decreased by 8.84% y-o-y and amounted to AZN 361.34 million (EUR 187.05 million), according to the data published by the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).
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AZERBAIJAN: from January to June Green Card GWP increased by 15% y-o-y
by Marina MAGNAVAL, 2019-08-05
In the first half year of 2019, the number of Green Card policies increased by 16% y-o-y and totaled 18,837 agreements, Trend reports according to the data of the Bureau of Compulsory Insurance of Azerbaijan.
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BELARUS: concept bill "On insurance" to expand possibilities in compulsory insurance and change strict a licensing
by Marina MAGNAVAL, 2019-08-07
The Belarussian Ministry of Finance is preparing a concept bill "On insurance", which will establish a uniform approach for insurer activity, as well as expand possibilities for state and non-state insurers in compulsory insurance for placing and investing funds and insurance reserves, BELTA news agency reports.
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GEORGIA: adoption of the law on MTPL postponed
by Marina MAGNAVAL, 2019-08-08
The discussion of the MTPL bill, based on which the mandatory motor third party insurance system was supposed to be introduced from July 1, 2019, was postponed for September, as Business Georgia reports.
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KAZAKHSTAN: in May, total equity and assets of insurers decreased amid an impressive growth of income - almost 41% from April
by Marina MAGNAVAL, 2019-08-05
Total equity of insurers in May continued to decline (-0.6%) and amounted to KZT 499.1 billion (~EUR 1.17 billion). However, the leader in terms of equity, EURASIA, improved its result in May to KZT 137.8 billion, as did VICTORY, which ranks second (to KZT 87.1 billion), reports.
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KAZAKHSTAN: Sigma: last year Kazakh insurance market ranked 77th in the world
by Marina MAGNAVAL, 2019-08-07
According to Sigma, the research publication of Swiss Re, the Kazakh insurance market ranked 77th among world markets in 2018, ahead of Cyprus, reported with reference to
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MOLDOVA: ACORD GRUP: MTPL and Green Card dominate the market
by Marina MAGNAVAL, 2019-08-07
The Moldovan market is underdeveloped and affected by disloyal competition. The largest share in insurer portfolios is MTPL and Green Card, since this insurance is mandatory, says Natalia ROSCA, General Director of Acord Grup.
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RUSSIA: In 1H2019, MTPL GWP decreased by almost 5%, while paid claims increased by almost 9%
by Marina MAGNAVAL, 2019-08-05
According to preliminary data, in 1H2019, MTPL GWP decreased by 4.7% y-o-y, while the total number of MTPL policies rose by 0.8%, reported Igor YURGENS, President of the Russian Association of Motor Insurers (RAMI).
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RUSSIA: from January-June the accrued reinsurance premium of RNRC increased by 21% y-o-y
by Marina MAGNAVAL, 2019-08-05
For the first half of the year, accrued reinsurance premium of the Russian National Reinsurance Company (RNRC) amounted to RUB 7.59 billion (~EUR 0.1 billion), which is 21% more y-o-y, the reinsurer reports.
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TAJIKISTAN: in the first half of the year voluntary life insurance got ahead of property insurance in portfolio of TAJIKSUGURTA
by Marina MAGNAVAL, 2019-08-07
From January to June 2019, 31.4% of all insurance contracts of the state insurer TAJIKSUGURTA fell on voluntary life insurance, according to the director Shukhrat MAKSUDZODA, as Sputnik reports.
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UKRAINE: from January to June GWP of ARSENAL Insurance increased by 15% y-o-y
by Marina MAGNAVAL, 2019-08-05
For the first half of the year, GWP of ARSENAL Insurance increased by 15% y-o-y, Forinsurer reports. The key driver of the company's growth is motor insurance.
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UKRAINE: net profit of ARX and ARX Life increased by 58% y-o-y in 1H
by Marina MAGNAVAL, 2019-08-08
In the first half year of 2019, ARX and ARX Life (former AXA Insurance and AXA Life) recorded a total net profit of almost UAH 80 million (+58% y-o-y/~EUR 2.68 million), Forinsurer reports.
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ICAR 2019: Climate change is here. Where to the insurance industry??
by Daniela GHETU, 2019-08-08?
If the 2010 floods, one of the most destructive events that affected Poland in 2010, had taken place in 2018, it would have cost EUR 3.8 billion, which in local currency means by 20.9% more than in 2010.More?

Ratings updates
Serbian DUNAV Re's credit rating by AM Best upgraded to B+
by Daniela GHETU, 2019-08-06
AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to "bbb-" from "bb+" of Serbian reinsurer Dunav Re a.d.o. Belgrade, a subsidiary of Dunav Insurance Company j.s.c. Belgrade. The outlook of the Credit Ratings (ratings) is stable.

Slovenian Groups TRIGLAV and SAVA Re rated "a" by the Standard&Poor's agency?
by Daniela GHETU, 2019-08-07?
In July 2019, S&P announced it has reaffirmed the "A" Long-Term Credit Rating and Financial Strength Rating of TRIGLAV Group and affirmed the financial strength rating of SAVA Re Group to "A". Both ratings have a stable medium-term outlook and are valid also for the groups' parent companies and subsidiaries.

A+ with stable outlook - Standard & Poor's confirms excellent rating for Vienna Insurance Group (VIG)
by press.release, 2019-08-05
On 30 July 2019, the international rating agency Standard & Poor's (S&P) again confirmed its rating for Vienna Insurance Group of A+ with stable outlook in a press release.
On the move
MMC elects Tamara INGRAM to BoD
by Andrei Victor, 2019-08-05
Global re/insurance brokerage Marsh & McLennan Companies (MMC) announced its BoD has elected Tamara INGRAM as director effective July 19, 2019. With Tamara INGRAM's election, the Company's Board will consist of 13 directors.

RUSSIA: Gennady GALPERIN head of ROSGOSSTRAKH from July 20
by Marina MAGNAVAL, 2019-08-05
Gennady GALPERIN was elected to the position of CEO by the Board of Directors of the company, effective July 20, 2019, ASN reported.
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AXA XL names Simona FUMAGALLI Head of International Financial Lines, Europe
by Andrei Victor, 2019-08-05
AXA XL Insurance announced the appointment of Simona FUMAGALLI to Head of International Financial Lines, Europe, based in Milan.

AXA XL announces key appointments to London Reinsurance team
by Andrei Victor, 2019-08-05
AXA XL, the property, casualty and specialty risk division of AXA announced three senior appointments to the London Reinsurance team, Megan KEMPE, Nick PASCALL and Conor GAFFNEY. The appointees will be based in London and report to Rob LITTLEMORE, CEO of London Reinsurance.

RUSSIA: VSK's rating improved to BB
by Marina MAGNAVAL, 2019-08-06
Fitch Ratings improved the financial stability rating of VSK from BB- to BB, outlook stable, ASN reports.
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? STATISTICS: CEE region 1Q2019
? STATISTICS: CIS region 1Q2019


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