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XPRIMM News No. 465, 12 September, 2019

Insurance Newsletter, No. 465, 12 September, 2019

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Les Rendez-Vous de Septembre
RVS Monte Carlo: Swiss Re: Change in the re/insurance industry is accelerating
by Mihaela CIRCU, 2019-09-09
Swiss Re expects further rate increases for loss-affected and underperforming businesses and broadly stable rates in other areas, amid continued capital abundance in the reinsurance market.

RVS Monte Carlo: S&P's: reinsurance industry's outlook stable, but a new approach is needed in pricing terms
by Mihaela CIRCU, 2019-09-09
Reinsurance rates have taken a slightly ascending path overall, but the trend is more visible in some regions as the pricing cycles' characteristics have changed, becoming more geography sensitive than in the past, a panel of experts have explained speaking at the S&P Global Ratings' Annual Reinsurance Roundtable at Monte Carlo.

RVS Monte Carlo: AIR estimates insured losses for Dorian between 1.5 Billion - 3 Billion USD
by Mihaela CIRCU, 2019-09-09
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses resulting from Hurricane Dorian's impact to the Caribbean will range from 1.5 billion USD to 3 billion USD.

RVS Monte Carlo: AIR estimates the average annual loss from catastrophes at USD 92 billion
by Mihaela CIRCU, 2019-09-09
AIR estimates that the global modeled insured average annual loss from catastrophes worldwide is about USD 92 billion, according to 2019 Global Modeled Catastrophe Losses report.

Swiss Re: Change in the re/insurance industry is accelerating - scale, efficiency and risk knowledge gaining importance
by team, 2019-09-10
Swiss Re expects further rate increases for loss-affected and underperforming businesses and broadly stable rates in other areas, amid continued capital abundance in the reinsurance market. To ensure a long-term sustainable reinsurance market, further rate increases are needed to adequately reflect the risks, as shown by the current hurricane season.

Hannover Re: still a challenging environment for the reinsurance industry, but signs of improvement are visible
by team, 2019-09-09
The insurance industry continues to face the challenges of surplus capacities and historically low interest rates. Prices and conditions have nevertheless taken an appreciably more pleasing turn in 2019 compared to just one year earlier, is Hannover Re's opinion.

Guy Carpenter: InsurTech is advancing at an ever-increasing pace
by team, 2019-09-11
Fear of disruption was pervasive early in the "InsurTech" era, stemming from indications that major technology companies were entering the sector, such as "Googlezilla", Apple and Amazon.

The second edition of #InsurtechBalkans will take place in Skopje, North Macedonia
by team, 2019-09-12
After the successful pilot of #InsurtechSofia, launched in 2017, Fintechguardian - The European Association of Fintech Stakeholders is organizing a second edition of #InsurtechBalkans series of specialized Insurtech summit and expo events, this time in Skopje, North Macedonia.

Standard & Poor's affirms "AA-" rating with stable outlook for SCOR
by press.release, 2019-09-10
SCOR has been informed of the decision by Standard & Poor's (S&P) to affirm the financial strength rating for the Group and its main subsidiaries at "AA-", with a "stable outlook", and to maintain the counterparty credit ratings at "AA-/A-1+".

Guy Carpenter: terrorism risk may be modeled by using the latest technologies and analytics
by Daniela GHETU, 2019-09-10
Guy Carpenter's terrorism model, Sunstone, is global and reflects the full spectrum of attack types. To improve the impact of terrorist atacks assessment across a large portfolio, the company is developing a 3D cityscape blast modeling tool that provides for a detailed representation of central business districts.

Swiss Re's Sigma: record-high protection gap of USD 1.2 trillion
by Mihaela CIRCU, 2019-09-08
The world economy is less resilient now than in 2007 at the onset of the global financial crisis, according to the new Macroeconomic Resilience Indices jointly developed by Swiss Re Institute (SRI) and the London School of Economics (LSE).

Munich Re: new digital solutions in risk analysis and claims settlement
by press.release, 2019-09-09
Munich Re offers its clients two new services that make claims settlement easier for insurance companies, in the natural hazards area. The new services address wildfire and hurricane damage claims.

Aon: ARA reinsurers net profit went up by 44% y-o-y
by team, 2019-09-10
Aon published its half-year ARA (Aon's Reinsurance Aggregate) report on the global reinsurance market. The report shows strong earnings among the top reinsurance companies, driven by premium growth, a small incidence of major losses and improved investment results.

RMS: USD 3.5 - 6.5 billion insured losses from wind and storm surge caused by Hurricane Dorian in the Caribbean
by Daniela GHETU, 2019-09-10
RMS estimate for insured losses to the Caribbean from Hurricane Dorian is between USD 3.5 - 6.5 billion, a significantly higher amount compared to the AIR Worldwide one a week ago. This estimate represents insured losses associated with wind and storm surge damage across the Caribbean region, most notably in the Bahamas.

STATISTICS: ROMANIA, 1H2019: paid claims growth has outpaced the premium production increase
by Daniela GHETU, 2019-09-12
After the first six months of 2019, the Romanian insurers aggregate premiums production increased y-o-y by 6.13%, to EUR 1,148.6 million. Paid claims increased by 17.55%, to EUR 708.35 million. Motor insurance lines had the largest contribution to both GWP and paid claims increase.

Xceedance and Oasis LMF announce on-demand catastrophe modelling services
by press.release, 2019-09-09
Xceedance announced the availability of On-Demand Catastrophe Modelling Services, using the Oasis Loss Modelling Framework (Oasis LMF).

ARMENIA: insurers' taxes for the first six months decreased by more than 18% y-o-y
by Marina MAGNAVAL, 2019-09-10
From January to June 2019, taxes paid by local insurers in Armenia amounted to AMD 928.5 million (~EUR 1.7 million), which is 18.2% less y-o-y, ArmInfo reports.
More Продолжение

STATISTICS: KYRGYZSTAN, 1H2019: paid claims amounted to 18% of the market GWP
by Marina MAGNAVAL, 2019-09-12
Total market GWP in 1H2019 reached KGS 523.09 million (EUR 6.61 million), according to data published by the State Service of Financial Market Regulation and Supervision for the Kyrgyz Republic.
More Продолжение

MOLDOVA: peaceful settlement of traffic accidents to significantly simplify damage compensation
by Marina MAGNAVAL, 2019-09-12
As of September 8, 2019, a procedure exists for peaceful settlement of traffic accidents without police documentation, reported, according to the press-service of the National Commission for Financial Markets (CNPF).
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RUSSIA: new law on housing insurance for emergency situations may help significantly reduce recovery costs
by Marina MAGNAVAL, 2019-09-10
On August 4, 2019, the law on housing insurance for emergency situations came into force, according to which regional authorities can develop their own insurance programs, ASN reports. Under it, homeowners may get coverage not only for natural risks, but also for manmade or technological risks as fire, gas explosion etc.
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RUSSIA: combined MTPL and Motor Hull policy for convenience and insurance cost decrease
by Marina MAGNAVAL, 2019-09-10
On September 4 the Bank of Russia published a draft regulation on the minimum requirements for combined MTPL and Motor Hull insurance products, which allows the addition of Motor Hull clauses directly into the MTPL policy without making a separate contract, ASN reports.

TURKMENISTAN: Republic of Turkmenistan now the 47th member country of ICIEC
by Marina MAGNAVAL, 2019-09-12
At the beginning of September, Turkmenistan joined the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group (IsDB), thus becoming the 47th member country of ICIEC, the Corporation announced.
More Продолжение

Guy Carpenter: IFRS 17 and the Value of Reinsurance
by press.release, 2019-09-09
International Financial Reporting Standard (IFRS) 17 will impact the insurance value chain far beyond the areas of actuarial modeling and financial reporting, Vasilka BANGEOVA, Managing Director, Strategic Advisory, EMEA, Guy Carpenter, says.
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?


COO, GROSS Insurance LLC

by Marina MAGNAVAL, 2019-09-11
GROSS INSURANCE is following international corporate management standards and an important element of our strategy is openness, which in our opinion is one of the factors for successful business. It is important that potential partners and other interested parties have a constant access to the company’s actual information.


On the move
New changes in VIG's Managing Boards
by press.release, 2019-09-12
In recognition of his dedicated effort and outstanding leadership in Poland, Romania, the Baltic States, the Ukraine and Moldovia, Franz Fuchs will be named Deputy General Manager on 1 October 2019. Three new members with extensive international experience in the Group - Gerhard Lahner, Gabor LEHEL and Harald RIENER - will join the Managing Board as of 1 January 2020. Judit HAVASI will resign from the VIG Managing Board at the end of 2019.

David PRIEBE appointed as Chairman of Guy Carpenter
by press.release, 2019-09-12
Guy Carpenter announced a key leadership change to further its growth strategy. David PRIEBE has been appointed to the role of Chairman of Guy Carpenter, effective immediately.




6th Annual Insurance Business Forum
16-18 September, 2019
Swissotel Sochi Kamelia, Sochi, Russia
Organizer: Insurance Business Forum
For details:

4th Annual Connected Claims Europe
18 - 19 September, 2019
Novotel Amsterdam City, The Netherlands
Organizer:?Insurance Nexus
Media Partner:?XPRIMM Publications
For details:?

9th Edition Insurance Asset Management
18 - 20 September, 2019
Amsterdam, Netherlands
Organizer:?marcus evans
Media Partner:?XPRIMM Publications
For details:?
2-3 October 2019
Skopje, North Macedonia

Annual National Reinsurers Summit
3 - 4 October 2019
St. Petersburg, Russia
Organiser: RNRC - Russian National Reinsurance Company
For details:

Baden-Baden XPRIMM Reception
20 October 2019
Kurhaus Casino
Baden-Baden, Germany
Organizer: XPRIMM

10th Annual WorldPensionSummit
22 - 24 October, 2019
Louwman Museum, the Hague, the Netherlands
Organizer:?P&I Events
Media Partner:?XPRIMM Publications
For details:?

Baden Baden Meetings 2019
20-24 October 2019
Baden Baden, Germany
For details:

Insurance Conference - Republic of Moldova
3rd Edition
11 November, 2019
Radisson Blu Leogrand Hotel
Chisinau, Republic of Moldova
Organizer: XPRIMM

Bancassurance Asia Masterclass 2019
12 - 14 November 2019
Kuala Lumpur, Malaysia
Organizer:?Equip Global Pte Ltd
Media Partner:?XPRIMM Publications
For details:?

DIA Munich
20-21 November 2019??
Munich, Germany
Organizer: DIA
Media Partner: XPRIMM Publications


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