XPRIMM News No. 493, 9 April, 2020

		Insurance Newsletter, No. 493, 9 April, 2020 Click here to subscribe! Click here to unsubscribe!

TOP NEWS Swiss Re, sigma: Socio-economic developments and climate-change effects to drive rising losses from severe weather events by Daniela GHETU, 2020-04-08 Insured losses from disaster events totaled USD 60 billion, while global economic losses reached USD 146 billion, the latest sigma report shows. Population growth, urbanization and economic development have triggered a rise in losses from weather events, masking the impact of climate change in a dynamic risk landscape. More POLAND: Despite being the largest CEE market, Polish insurance market potential remains huge by Andrei Victor, 2020-04-06 Despite that the Polish insurance market is the largest in CEE Region, it is still a market with huge potential, according to Roger HODGKISS, member of the top management team of GENERALI Poland being responsible for the P&C sales network and marketing of GENERALI and PROAMA. More ROMANIA: FGA ended its term as temporary administrator at EUROINS by Andrei Victor, 2020-04-06 The Board of the Financial Supervisory Authority (A.S.F.) approved, at the meeting on April 1st, the termination of the mandate of the Insurance Guarantee Fund - FGA as temporary administrator at the insurer EUROINS Romania Asigurare Reasigurare, the Romanian www. 1asig.ro informed. More ROMANIA: ASF fines CITY Insurance for violating the methodology for reserves by Andrei Victor, 2020-04-06 As a result of the periodic control performed at the largest Romanian insurer as GWP - CITY Insurance, the ASF Board decided to sanction the company with a fine of RON 100 k (about EUR 20 k), after finding a series of violations of the law regarding the methodology of calculating the technical reserves, as the market authority annouced in a statement published on its website. More ZURICH shareholders re-elect all members of the Board and approve dividend by Andrei Victor, 2020-04-06 Shareholders of ZURICH Insurance Group approved all items on the Annual General Meeting (AGM) agenda, including the re-election of all members of the Board of Directors. Thus, Michel M. LIES was confirmed as Chairman of the Board. More AZERBAIJAN: in February GWP dropped amid rising paid claims by Marina MAGNAVAL, 2020-04-08 In January and February this year, Azerbaijani insurers generated GWP in the amount of AZN 190.74 million (~EUR 101.78 million), which is almost 44% more y-o-y, according to the Central Bank of the country. More MOLDOVA: in 2019, almost 94% of total GWP generated by the non-life sector by Marina MAGNAVAL, 2020-04-07 According to the data of the National Commission on the Financial Markets of the Republic of Moldova (CNPF), in 2019 local insurance companies collected 7% more GWP y-o-y, informed the Chairman of the Administrative Board of CNPF, Valeriu CHITAN. More RUSSIA: S&P affirms SOGAZ at BBB, outlook stable by Marina MAGNAVAL, 2020-04-09 The long-term credit rating and financial stability rating of the market leader, SOGAZ insurance group, affirmed by S&P Global Ratings at BBB with a stable outlook, ASN reports with reference to the agency's press release. More UKRAINE: 24 MTPL insurers received the highest rating from MTIBU in 4Q2019 by Marina MAGNAVAL, 2020-04-08 In 4Q2019 the speed of claim settlement and the quality of MTPL insurers' work improved, according to the Motor (Transport) Insurance Bureau of Ukraine (MTIBU). More UKRAINE: INGO Ukraine rebrands as part of its digitalization strategy by Marina MAGNAVAL, 2020-04-09 From April this year, INGO Ukraine insurance company, one of the TOP-10 local market leaders, will operate under the name INGO. The company will also change its logo and corporate identity, as the insurer informed in its press release. More UKRAINE: ARX: despite growing paid claims in March, the average daily payments remain unchanged y-o-y by Marina MAGNAVAL, 2020-04-09 In March 2020, paid claims of ARX Insurance Company (formerly AXA Insurance) increased by 15% y-o-y, to almost UAH 89 million (~EUR 2.87 million), while the amount of average daily payments remained unchanged (about UAH 4 million), Forinsurer informed. More INSURERS ON THE COVID-19 FRONT COVID-19: ASF and EIOPA delayed the BSR of Romanian insurance sector by Andrei Victor, 2020-04-06 In the context of Coronavirus crisis, the exercise to evaluate asets and liabilities (BSR - Balance Sheet Review) in the insurance sector in Romania will be postponed, the Romanian Financial Supervisory Authority announced in a statement. More MUNICH Re withdraws profit guidance for 2020 and discontinues share buy-back until further notice by Andrei Victor, 2020-04-06 World largest reinsurer MUNICH RE informed to the great uncertainty concerning the macroeconomic and financial impacts of COVID-19, "from today's perspective -and assuming a burden from major man-made and natural-catastrophe losses that is otherwise in line with expectations - MUNICH Re will not attain its profit guidance of EUR 2.8 billion for 2020 as a whole". More COVID-19: Slovene TRIGLAV and SAVA Re to suspend the dividend payments for 2019 by Andrei Victor, 2020-04-08 Slovene re/insurance groups TRIGLAV and SAVA Re informed that following the recommendation received on March 31st, 2020 from the Slovenian Insurance Supervision Agency, they will temporarily suspend the dividend payments for 2019. More Global Federation of Insurance Associations' statement on COVID-19 by Daniela GHETU, 2020-04-07 While insurers have and always will do everything in their power to support businesses and individuals during major catastrophes of any kind, governments should not push the industry beyond the limits of the financial stability framework, the Global Federation of Insurance Associations - GFIA said in its statement on COVID-19. More PZU extends cyber insurance for SMEs during work from home period by Daniela GHETU, 2020-04-08 PZU adapts to its SME clients' needs in the current COVID-19 crisis by extending the coverage of the protection package for small and medium companies with Cyber insurance, considering the higher exposure to hacker attacks while working remotely. More S&P changed the rating outlook of PZU from "Positive" to "Stable" due to the outbreak of the pandemic by Andrei Victor, 2020-04-08 Polish insurance group PZU (Powszechny Zaklad Ubezpieczen Spolka Akcyjna informed that on 6 April 2020 S&P Global Ratings changed the insurer' rating outlook from "Positive" to "Stable". At the same time, the agency affirmed PZU SA's financial strength rating at an unchanged level of "A-". More AZERBAIJAN: corporate and retail segments are decreasing during the quarantine by Marina MAGNAVAL, 2020-04-08 The measures under the special quarantine regime in Azerbaijan, aimed to limit the spread of the infection, are negatively affecting the domestic economic activity, and thus, work and results of the insurers, according to Trend. More Dutch groups AEGON and NN suspended the dividend distributions as a consequence of the COVID-19 pandemic by Andrei Victor, 2020-04-06 The two Dutch financial groups AEGON and NN informed that they will act in accordance with the recommendations of EIOPA and the Dutch Central Bank (DNB) published on 2 April 2020, which urge insurers to temporarily suspend their dividend distributions and share buyback programmes as a consequence of the COVID-19 pandemic. More

Contributors Risk Management during the Pandemic by team, 2020-04-09 Under the extraordinary effects of COVID - 19, all players in the economic structure are preparing for their most efficient detective actions. As an initial reaction from the banking sector, ECB asked from the European banks about checking their business continuity plans and making quick amendments according to their gaps. A similar reaction to the insurance sector could be performed soon by EIOPA as well. More On the move Guy Carpenter appoints Vijaya Singh as Global Head of Marketing and Communications by press.release, 2020-04-08 Guy Carpenter & Company announced today that Vijaya Singh has been appointed as Global Head of Marketing and Communications, effective immediately. More SCOR appoints Emmanuel Joffre as Chief Human Resources Officer by press.release, 2020-04-08 SCOR announced the appointment of Emmanuel Joffre as Chief Human Resources Officer, with immediate effect. Previously he has held the role of Head of Human Resources for the Americas Hub. More RUSSIA: SBERBANK Insurance appointed new CEO by Marina MAGNAVAL, 2020-04-09 Mikhail VOLKOV has been appointed CEO of SBERBANK Insurance, a subsidiary of Sberbank and the second insurance market leader of 2019, the press service of SBERBANK Insurance said. More STATISTIC UPDATES STATISTICS: SLOVAKIA, FY2019: Insurers'profits increased almost 2% y-o-y by Andrei Victor, 2020-04-09 Last year, the Slovak insurance market totaled EUR 2.28 billion, 1.65% more y-o-y, according to the end-year statistics published by the National Bank of Slovakia (NBS). More STATISTICS: ROMANIA, FY2019: Motor insurance lines determined market hierarchy and trends by Daniela GHETU, 2020-04-09 Romanian insurance market saw a 5.6% y-o-y growth in 2019, to EUR 2.29 billion. Life insurance sector's growth pace stayed at 4.7% y-o-y, while on the non-life side, GWP went up by 5.87% y-o-y. Yet, despite the different dynamics, the shares in the market portfolio of the two segments remained almost unchanged y-o-y. More EVENTS Global Insurance Forum 8 - 12 June 2020 New York, USA Organizer: IIS - International Insurance Society Media Partner: XPRIMM Publications For details: events.internationalinsurance.org Les Rendez-Vous de Septembre 12 -17 September 2020 Monte-Carlo, Monaco For details: rvs-monte-carlo.com 9th AIDA Europe Conference Zurich, Switzerland 17-18 September 2020 Organizer:?AIDA Media Partner:?XPRIMM Publications For details:?aidainsurance.org WorldPensionSummit 2020 20-22 October 2020 Louwman Museum, The Hague, The Netherlands Organizer:?P&I Events Media Partner:?XPRIMM Publications For details:?pionline.com/wps2020 Baden Baden Meetings 2020 18 - 22 October 2020 Baden Baden, Germany For details: www.baden-baden-reinsurance.de DIA AMSTERDAM 2020 28-29 october, 2020 Amsterdam, The Netherlands Organizer:?DIA Media Partner:?XPRIMM Publications For details:?next.digitalinsuranceagenda.com IIF2020 - Motor Insurance Conference 9 November 2020 Bristol Hotel, Vienna, Austria Organizer: XPRIMM For details: internationalinsuranceforum.com IIF2020 - Property Insurance Conference 10 November 2020 Bristol Hotel, Vienna, Austria Organizer: XPRIMM For details: internationalinsuranceforum.com CURRENT XPRIMM REPORTS XPRIMM Ins. Report 1H2019 RUSSIA FY2018 KAZAKHSTAN 1H2019 TURKEY 1H2019 ROMANIA 1H2019 Motor Ins. Report FY2018 Property Ins. Report FY2018