 TOP
NEWS |
WEF & Zurich: We are in the midst of an historic event that will change many aspects of the world we live in
by press.release, 2020-06-03
"Increasing inequality, dramatically shifting consumer behaviors and a lockdown that is having a significant toll on young people's prospects, mental health and wellbeing are highly interdependent issues which impact the global economy, geopolitics and our societies in equal measure," commented John Scott, Head of Sustainability Risk and Zurich Insurance in the WEF & Zurich Insurance Covid-19 Risk report.
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Insurers respond to EC proposals for a European data strategy
by press.release, 2020-06-04
Insurance Europe has responded to a consultation by the European Commission on its proposals for a European data strategy.
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LATVIA: FCMC might be morphed into a Central Bank division
by Cosmin CONCEATU, 2020-06-02
At the end of May 2020, the Ministry of Finance (MoF) from Latvia has submitted to the Cabinet of Ministers an assessment prepared in co-operation with the Central Bank of Latvia and the Financial and Capital Market Commission (FCMC) regarding a possible merge between the Central Bank and FCMC, planned to start in 2022 - 2023.
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PZU Group, 1Q2020: Consolidated net result reached PLN 116 million
by press.release, 2020-05-29
PZU Group ended the first quarter of 2020 with a consolidated net result of PLN 116 million, 84.5% lower year-on-year. The net profit registered by the group excluding Alior Bank and Pekao reached PLN 577 million (-13.3%).
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ROMANIA: COVID-19 pandemic changes populantion's perception of risks, reduces revenues, and changes consumer behavior
by press.release, 2020-06-04
Following the reduced incomes and the changes on the employment segment, the COVID-19 pandemic also produced changes in Romanians' perception of risks and consumption behavior, according to the latest UNSAR-IRES Barometer.
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KBC closed sale of NLB Vita to SAVA Re
by Andrei Victor, 2020-06-02
Slovenian Life insurer NLB Vita becomes part of the SAVA Insurance Group — one of the top three insurance groups in the Adria region, after on May 29 — the two involved parties — KBC Insurance and Nova Ljubljanska banka — closed the transaction announced on 27 December 2019.
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S&P affirms ratings of Munich Re, Fairfax and NN
by press.release, 2020-06-02
During May 2020, S&P Global Ratings affirmed the ratings of multiple (re/)insurance groups and companies, including Munich Re, Fairfax and NN.
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GUY CARPENTER enters exclusive strategic agreement with SYNTHETIK to enhance terrorism modeling capabilities
by Andrei Victor, 2020-06-02
GUY CARPENTER - the risk and reinsurance specialist and a business of MARSH & McLennan Companies, announced that it has entered into an exclusive multi-year agreement with SYNTHETIK to further enhance its proprietary terrorism modeling product, SUNSTONE.
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Meet online the Israeli insurtech startups and technologies!
On June 15, those interested to harness the capabilities of the digital solutions will have the opportunity to meet some of the most interesting Israeli insurtech startups and technologies, in a virtual meeting hosted by Kobi BENDELAK, the founder of Insurtech Israel and Prof. Klime POPOSKI, Insurance department of University St. Kliment Ohridski, Macedonia. XPRIMM support the event as Media Partner.
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Nominate the most innovative pension fund for the 2020 INNOVATION AWARDS!
by press.release, 2020-06-04
Pensions & Investments WorldPensionSummit 2020 has launched a call for nominations for the most innovative pension funds in technology, communication, plan design and investment, seeking for the future winners of the 2020 INNOVATION AWARDS.
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AZERBAIJAN: MTPL rates, insured amounts and bonus-malus system require revision
by Marina MAGNAVAL, 2020-06-02
MTPL rates in Azerbaijan were established in 2011 and since then remained unchanged. A special group was created to work in the direction of changing the rates and insurance amounts, according to the Executive director of the Compulsory Insurance Bureau of the country, Rashad AHMADOV, as reported by Trend.
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AZERBAIJAN: the Agricultural Insurance Fund needs a joint decision from local insurers to form a management body
by Marina MAGNAVAL, 2020-06-04
The Agricultural Insurance Fund needs to obtain a license from the Central Bank of Azerbaijan. It will be possible only after the number of companies, participating in the charter capital of its management company, is defined, Trend reports citing Fuad SAGIDOV, Chairman of the Fund's Board.
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KAZAKHSTAN: investment activity brought 39% of insurers' total income in 1Q2020
by Marina MAGNAVAL, 2020-06-04
Total income of insurers for the first three months of the year reached KZT 166.81 billion (~EUR 0.34 billion), and net profit tripled y-o-y (KZT 55.34 billion). About 39% of the total income of insurance companies was provided by their investment activities, Allinsurance.kz reports.
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RUSSIA: in 1Q2020 over 82% of ROSGOSSTRAKH Life's GWP came from investment life insurance
by Marina MAGNAVAL, 2020-06-02
From January to March 2020, the GWP of ROSGOSSTRAKH Life amounted to RUB 5.2 billion (~EUR 60.65 million), which is 354% more y-o-y, according to the insurer's press service.
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TURKMENISTAN: A new draft on individual mandatory state insurance is underway
by Marina MAGNAVAL, 2020-06-03
Turkmenistan is about to introduce a mandatory insurance for the passengers of all transport types, Turkmenportal informs. The corresponding draft of the latest edition of "Rules for mandatory state insurance of passengers of all types of transport and transport complex employees" was presented by Deputy Chairman of the Cabinet of Ministers, Gadyrgeldi MUSHSHIKOV, at a recent session of the government.
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UKRAINE: Foreign reinsurers' premiums increased by more than 12.6% y-o-y in 1Q2020
by Marina MAGNAVAL, 2020-06-03
In the first quarter 2020, Ukrainian insurers paid UAH 2.78 billion (~EUR 91.89 million) insurance premiums under risk reinsurance contracts, which is 37.4% less y-o-y, said Oleksandr ZALETOV, the member of the National Commission for the State Regulation of Financial Services Markets, Forinsurer reports.
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UZBEKISTAN: state share of KAFOLAT will be sold online
by Marina MAGNAVAL, 2020-06-04
The state share (25%) of KAFOLAT insurance company, which is one of the TOP-5 insurers of Uzbekistan, will be sold at an online auction. The price of the share package is USD 2.2 million, as Trend informed with a reference to the State Asset Management Agency.
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| INSURERS
ON THE COVID-19 FRONT |
Zurich UK welcomes FCA's announcement regarding business interruption caused by COVID-19
by press.release, 2020-06-02
Zurich Insurance Group (Zurich) welcomes the announcement of the UK's Financial Conduct Authority (FCA) to test policy wordings from across the UK insurance industry in the UK High Court, with the aim of bringing clarity to policyholders and insurers over coverage issues relating to business interruption stemming from the unprecedented outbreak of the COVID-19 virus.
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COVID-19: GENERALI donates 100,000 euros to the Fire Eye laboratory and the Government of the Republic of Serbia
by Andrei Victor, 2020-06-02
GENERALI announced it donated EUR 100,000 to the Government of the Republic of Serbia to support the healthcare system in the fight against COVID-19 pandemic and to the Fire Eye laboratory for the purchase of lab supplies and equipment, hygiene and disinfection supplies, office supplies and furniture, for the workers' compensation and for the development of research and training potential.
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AXA Group reduces its dividend proposal as a result of EIOPA and ACPR recommendations on COVID-19 pandemic
by press.release, 2020-06-03
Following recent communications from EIOPA and the Autorite de Controle Prudentiel et de Resolution ("ACPR"), relating to the adoption of a prudent approach towards dividend distributions during the Covid-19 pandemic, AXA's Board of Directors, at its meeting on June 2nd, decided to reduce its dividend proposal from Euro 1.43 per share to Euro 0.73 per share.
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| INTERVIEW |
| MARKET & TRANDS |
| ON
THE MOVE |
LLOYD's appoints new President in Canada
by Andrei Victor, 2020-06-04
LLOYD's announced the appointment of Marc LIPMAN as President, LLOYD's Canada, and Attorney-in-Fact (AIF) for LLOYD's Underwriters. Marc LIPMAN assumes the role of AIF from Lisa DUVAL, who stepped in last year on an interim basis and now returns to LLOYD's International Regulatory Affairs in London.
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| STATISTIC
UPDATES |
STATISTICS: KOSOVO, 1Q2020: The insurance market increased by 2.22% despite the lower number of issued policies
by Andrei Victor, 2020-06-04
At the end of March 2020, the Kosovo insurance market totaled EUR 21.91 million, 2.22% more y-o-y, the market statistics published by the Central Bank of Kosovo - CBK indicates. During the reported period, claims paid by insurers totaled EUR 12.69 million, up by 17.57% y-o-y.
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STATISTICS: MONTENEGRO, 1Q2020: All market players ended the first quarter "in black"
by Andrei Victor, 2020-06-04
The Montenegrin insurance market increased by 12.32% y-o-y during Q1 2020 to EUR 24.80 million, as data from the Insurance Supervisions Agency shows. The non-life insurance segment accounted for EUR 20.44 million of the total GWP, up by 9.54% on the year, while the life-insurance companies expanded by 27.44% y-o-y to EUR 4.36 million.
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STATISTICS: AZERBAIJAN, 1Q2020: Voluntary insurance generated GWP twice as muсh than in mandatory
by Marina MAGNAVAL, 2020-06-04
Insurers of Azerbaijan ended the first quarter of 2020 with GWP worth of AZN 241 million (~EUR 128.5 million), which in local currency reflects an increase of 19.7% y-o-y, as the data published by the regulator show.
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STATISTICS: TAJIKISTAN, 1Q2020: Voluntary insurance lines grew by more than 180% y-o-y
by Marina MAGNAVAL, 2020-06-04
According to the results of the 2020 first quarter, the Tajik insurance market saw a rapid growth, expanding by more than 11% y-o-y. Market GWP exceeded TJS 92 million (~EUR 8.22 million), as the data published by The National Bank of Tajikistan show.
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