XPRIMM News No. 496, 30 April, 2020

		Insurance Newsletter, No. 496, 30 April, 2020 Click here to subscribe! Click here to unsubscribe!

TOP NEWS VIG Re end-year premium exceeds half billion euro for the first time by Andrei Victor, 2020-04-27 Reinsurer VIG Re, part of Austrian insurance group VIG reported FY2019 total premium volume of EUR 527 million, up by 15.4% y-o-y - exceeding for the first time the EUR 500 million benchmark. At the same time, the company FY2019 profit before tax increased by 0.3% y-o-y to EUR 22.6 million while the reported combined ratio of 96% is 3.5 percentage points above 2018 level. More Swiss Re, 1Q2020: Net earned premiums rose 7.3% by press.release, 2020-04-30 For the first quarter of 2020, Swiss Re Group reported consolidated net premiums earned of USD 9,586 million, 7.3% more year-on-year. At the same time, the group registered a net loss of USD 225 million, reflecting the impact of the COVID-19 crisis on the underwriting and mark-to-market unfavourable valuation of Phoenix Group Holdings plc shares. More SCOR, 1Q2020: First quarter remained immune to pandemic, net income going up 23.7% y-o-y by press.release, 2020-04-29 For the first quarter of 2020, SCOR, one of the largest global reinsurers, reported a consolidated net income of EUR 162 million, 23.7% higher that the same period of prior year. More EU insurers respond to consultation on review of GDPR, call for EC to scrutinise impact on innovation by press.release, 2020-04-29 Insurance Europe has published its response to a roadmap consultation by the European Commission on its upcoming report on the review of the General Data Protection Regulation (GDPR). More CROATIA: March 22 Zagreb earthquake caused damages estimated at EUR 5.6 billion by Ana PREDA, 2020-04-28 According to recent updates from the Croatian government, the 5.5 magnitude earthquake that hit Zagreb on March 22, 2020 caused damages estimated at HRK 42 billion (~EUR 5.56 billion*). More ROMANIA: UNSAR: The insurance industry pays daily compensations of about EUR 3.5 million by Andrei Victor, 2020-04-29 The National Association of Insurance and Reinsurance Companies in Romania - UNSAR announced that last year, the local insurance market paid daily insurance compensations and benefits of over EUR 3.46 million, informed 1asig.ro. More Fitch Ratings affirms SCOR's Financial Strength Rating of 'AA-' outlook stable by press.release, 2020-04-27 SCOR has been informed of Fitch's decision to affirm the Group's Financial Strength Rating of 'AA-' (Very Strong) and Long-Term Issuer Default Rating (IDR) at 'A+'. Fitch has also affirmed the ratings of SCOR's core operating subsidiaries. The Outlooks are Stable. More ARMENIA: ROSGOSSTRAKH Armenia is leading among insurers in terms of tax payments for 1Q2020 by Marina MAGNAVAL, 2020-04-28 Tax payments of Armenian insurers to the state budget for 1Q2020 decreased by 15.6% y-o-y, to AMD 534.7 million (~EUR 0.97 million). More KAZAKHSTAN: total assets of life insurers in February grew by more that 45% y-o-y by Marina MAGNAVAL, 2020-04-28 In February 2020, life insurers of Kazakhstan generated GWP worth KZT 14.8 billion (~EUR 35.2 million), which is 49.2% more y-o-y, as lifeinsurance.kz reports. More RUSSIA: in 1Q2020 paid claims exceeded 81% in MTPL GWP by Marina MAGNAVAL, 2020-04-28 In the first quarter of 2020, Russian MTPL GWP increased by 2.3% year-on-year, reaching RUB 47 billion (~EUR 0.55 billion*). MTPL paid claims increased as well by 3.9% y-o-y, to RUB 38.2 billion, ASN reports citing the data of Russian Association of Motor Insurers (RAMI) press service. More RUSSIA: S&P: despite the impact of the pandemic, Russian insurers should remain resilient to the shocks by Marina MAGNAVAL, 2020-04-29 S&P Global Ratings believes that despite the economic and financial fallout from the pandemic and decreased oil prices, Russian insurers will remain resilient to the consequences, the agency said in its press-release. More TAJIKISTAN: insurance market is gradually developing, but popularity of insurance remains low by Marina MAGNAVAL, 2020-04-28 The insurance industry in Tajikistan is developing with new participants entering the market. However, public awareness of insurance and principles of the insurance activities remains low, although, according to SPITAMEN Insurance, the basic insurance principles are almost no different from the global ones, ASIA-Plus writes. More UKRAINE: TAS 1Q2020 paid claims exceeded 43% of its GWP, the largest part coming from motor insurance lines by Marina MAGNAVAL, 2020-04-28 For the first quarter of 2020, the GWP of Ukrainian TAS insurance group increased by 20.2% y-o-y. The total amount of GWP reached UAH 478.21 million (~EUR 15.8 million*), Forinsurer reports. More INSURERS ON THE COVID-19 FRONT Rendez-Vous de Septembre 2020 canceled due to global pandemic uncertainties by press.release, 2020-04-28 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. More Despite Q1 positive GWP and stable results, FY2020 figures of VIG Group expected to be burdened due to COVID-19 pandemic by Andrei Victor, 2020-04-27 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". More CO: We cannot estimate the COVID-19 impact by Andrei Victor, 2020-04-27 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. More PZU: The FY2019 profit distribution complies with the KNF recomandation by Andrei Victor, 2020-04-27 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. More TRIGLAV published the Coronavirus impact on FY2020 planned figures by Andrei Victor, 2020-04-27 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%. More AVIVA Italy donates EUR 200 k to Milan Municipality by Andrei Victor, 2020-04-27 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. More MAPFRE launches a mutual fund to finance the purchase of healthcare equipment by press.release, 2020-04-27 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. More AZERBAIJAN: measures to support the insurance market during the pandemic by Marina MAGNAVAL, 2020-04-29 According to the Central Bank of Azerbaijan, the declining economic activity during the pandemic negatively affects GWP collection of the insurance market, Trend reports. More RUSSIA: ROSGOSSTRAKH Life: most Russians are more or less concerned about the impact of the pandemic by Marina MAGNAVAL, 2020-04-30 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. More

CONTRIBUTORS   Protecting businesses for the pandemic risk needs a government-backed cooperative solution by Daniela GHETU, 2020-04-30 With hundreds of thousands of small and middle-sized businesses closed because of the anti-pandemic measures imposed by governments all over the world, business losses are spiraling, threatening to kneel a huge number of entrepreneurs. In search of survival solutions, many of these SMEs have turned to their business interruption insurance for relief. Yet, the typical policy excludes losses stemming from pandemics. More IN MEMORIAM   Stefan LIPPE, ex Swiss Re's CEO, passed away of Coronavirus complications by press.release, 2020-04-28 Swiss Re and AXA have announced that Stefan LIPPE, Swiss Re's Group CEO from 2009 to 2012 and AXA'S Director and head of the Audit Committee after that, passed away earlier this week, at 65, of complications from Covid-19. More ON THE MOVE   TURKER Re Appoints New Regional Director by press.release, 2020-04-30 TURKER Re announced the appointment of Daniel STANKO as Regional Director for its European operations. More STATISTIC UPDATES   STATISTICS: SLOVENIA, FY2019: Life and health segments generates two thirds of total insurance paid claims and benefits by Andrei Victor, 2020-04-30 Slovenian insurance industry totaled EUR 2.52 billion at the end of 2019, 7.53% more y-o-y according to the Slovenian Insurance Association's year-end report. Non-life insurance made up 70% of total GWP, while the share of life insurance premiums was 30%. 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