 TOP
NEWS |
XPRIMM.com, named among top 10 news sources in the field of insurtech and innovation by DIA
by Adina TUDOR, 2020-06-19
The news portal XPRIMM.com was chosen by the DIA Community among the top 10 information and news sources each insurance professional should access in order to keep up to date with the latest developments in the field of insurtech and innovation in insurance.
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Insurance Europe calls to improving the Floods Directive as flood risks are increasing
by Daniela GHETU, 2020-06-23
A third of all European Nat Cat losses in the two decades to 2018 were the result of hydrological events and they caused EUR 157 billion of damage. Global warming is additionally increasing flood risks, requiring the improvement of the EU Floods Directive, European insurers believe.
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Losses of tens of millions euros caused by floods in several regions of the CEE
by Daniela GHETU, 2020-06-23
Daily rounds of heavy rain and thunderstorms crossed Central and Southeastern Europe in the last couple of week, causing flash flooding episodes. Hungary, the Czech Rep., regions of Poland, Romania, but also Turkey were hit and recorded losses, including lost lives.
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AM Best affirms Credit Ratings of Bosna Reosiguranje d.d. Sarajevo
by press.release, 2020-06-22
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Bosna Reosiguranje d.d. Sarajevo (Bosna Re) (Bosnia and Herzegovina [BH]). The outlook of these Credit Ratings (ratings) remains stable.
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GENERALI to consolidates its position on Macedonian asset management market
by Andrei Victor, 2020-06-23
The Italian group GENERALI informed its Slovenian asset management arm - GENERALI Investments Slovenia - is in the process of acquiring ILIRIKA FM AD SKOPJE by merger with GENERALI Investments AD Skopje, a subsidiary of the oldest asset management company in Slovenia, GENERALI Investments. GENERALI mentioned the transaction is subject to relevant regulatory and competition approval.
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SERBIA: severe flooding cause high losses, but insurers' exposure remains low
by Daniela GHETU, 2020-06-25
"Only two or three percent of households in Serbia are insured against floods, and property insurance has less than 10 percent of households", said the general secretary of the Insurers Association of Serbia, Dusko JOVANOVIC, quoted by osiguranje.hr.
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AXA and Western Union to collaborate to provide inclusive insurance
by press.release, 2020-06-19
AXA announced the launch of a collaboration with The Western Union Company to provide inclusive insurance products to Western Union's customers using its westernunion.com service. By linking insurance to money transfer services, the two groups will help to better cover migrant workers and their families at home.
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Generali honoured at the EFMA-Accenture Innovation in Insurance Awards 2020
by press.release, 2020-06-19
Generali was honoured at the EFMA-Accenture Innovation in Insurance Awards 2020, the competition that showcases the most outstanding technology innovations in the insurance industry, with two out of the total of seven awards given.
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AM Best has affirmed Hannover Re groups' ratings
by press.release, 2020-06-23
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" of the property/casualty subsidiaries of the Hanover Insurance Group, Inc. (THG). The outlook is stable.
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Italian GENERALI and CATTOLICA announce the launch of a strategic partnership
by Daniela GHETU, 2020-06-25
Italian Group Generali announced it has committed to becoming a major shareholder, acquiring 24.4% of Cattolica, through a reserved share capital increase for EUR 300 million, subject to the transformation of Cattolica into a joint-stock company.
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GREECE: tackling the uninsured cars issue needs more drastic measures
by Daniela GHETU, 2020-06-25
The number of uninsured vehicles in Greece is of about 586 thousand, Dimitris Zorbas, president of the cars division of the Association of Greek Insurance Companies stated recently referring to statistical data for 2018-2020, The National Herald reported.
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AM Best downgrades credit ratings of Milli Re to reflect Turkey's increased levels of political and financial system risk
by press.release, 2020-06-23
AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb+" from "bbb-" of Milli Reasurans Turk Anonim Sirketi (Milli Re) (Turkey). The outlook of these Credit Ratings (ratings) has been revised to stable from negative.
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Fitch Assigns Turk P&I 'BB-' IFS Rating; Outlook Stable
by press.release, 2020-06-25
Fitch Ratings has assigned Turk P ve I Sigorta A.S. (Turk P&I) a 'BB-' Insurer Financial Strength (IFS) Rating. The Rating Outlook is Stable. A full list of rating actions is below.
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ARMENIA: the share of e-MTPL more than tripled y-o-y
by Marina MAGNAVAL, 2020-06-24
The share of electronic MTPL policies in total number of MTPL insurance contracts in Armenia, as of June 2020, increased to 13% from 4% a year ago, the latest data from the Bureau of Motor Insurers of Armenia shows, ArmInfo reports.
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AZERBAIJAN: industry and country risk of Azerbaijan's P/C insurance sector assessed by S&P as high
by Marina MAGNAVAL, 2020-06-22
S&P Global Ratings assessed the industry and country risk of Azerbaijan's property and casualty insurance sector as high, the agency said in its report.
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AZERBAIJAN: Motor insurance premiums collection drastically decreased in April 2020
by Marina MAGNAVAL, 2020-06-23
Motor insurance GWP of Azerbaijan drastically dropped in April 2020, as Trend reported, referring to the published report of the country's Central Bank. Motor Hull premiums reached only AZN 1.7 million (~USD 1 million), 81% less compared to April 2019, while MTPL premiums decreased by 24%, to AZN 6.8 million (~USD 4 million).
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Kazakhstan's Oil Insurance Co. 'B+','kzBBB' ratings affirmed, despite challenging operating environment; outlook stable
by press.release, 2020-06-25
S&P Global Ratings today affirmed its 'B+' long-term insurer financial strength and issuer credit ratings on Kazakhstan-based insurer Oil Insurance Co. (NKS). The outlook is stable. At the same time, we affirmed our 'kzBBB' Kazakhstan national scale rating on NSK.
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RUSSIA: INNOINS-2020 Insurance Innovations Forum to be held on June 30
by press.release, 2020-06-19
The 4th Insurance Innovations Forum InnoIns-2020, organized by MIG "Insurance Today" and the Analytical Agency "BusinessDrom" with the support and participation of the All-Russian Insurance Association (ARIA) and "FinTech Lab" will be held online on June 30, 2020.
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RUSSIA: pretax profit of insurers increased by 19.2% y-o-y in the first quarter of 2020
by Marina MAGNAVAL, 2020-06-24
For the first three months of 2020, insurers' ROE was 33.2% (vs 31.4% a year ago), quite high according to the Central Bank of Russia, as mentioned in the report on the key performance indicators of the insurers' activity.
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| INSURERS
ON THE COVID-19 FRONT |
Munich
Re: the Group's financial position remains strong, but assessing
the final impact of the Coronavirus crisis is impossible
by Daniela GHETU, 2020-06-24
While announcing many of the Munich Re's offices are gradually
and carefully reopening worldwide, the German group has also shared
its assessment on the impact of the Corovirus pandemic on business,
confirming a high probability of not reaching the EUR 2.8 billion
profit guidance for 2020.
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Turkey
offers medical insurance to encourage tourism while pandemic still
persists
by Daniela GHETU, 2020-06-24
Given that travel insurance policies' coverage for Covid-19 health
incidents is still questionable, Turkey announced it will cover
the cost of medical treatment for holidaymakers, as a measure included
in its Safe Tourism Certification Program aiming to encourage international
travelers to visit the country.
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COVID-19:
GENERALI Slovakia donated state-of-the-art UVD germicidal robots
to five Slovak hospitals
by Andrei Victor, 2020-06-25
GENERALI Slovakia donated innovative UVD robots for highly-efficient
disinfection of the premises to five Slovak hospitals. The germicidal
robots are very helpful for the hospitals not only during the coronavirus
pandemic but also in daily safeguarding the high hygienic standards
needed in the health facilities.
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UNIQA's
employees gradually return to their job offices in Austria
by Daniela GHETU, 2020-06-23
Starting June 22, up to 25% of UNIQA employees return to their
jobs in Austria. This is second phase in the process of the gradual
return of employees to their office locations, after carefully
ramping up the locations across the country for a few weeks.
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| INTERVIEW |
 Andrei
UNTON
General Director
Belarus Re
by Marina MAGNAVAL, 2020-06-25
Belarus Re is constantly working on portfolio diversification. In 2019, the portfolio
geography was significantly expanded thanks to participation in risks from Latin
America. Belarus Re has also strengthened its position on the markets of the
Middle East and India.
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| ON
THE MOVE |
Thierry Leger appointed as Swiss Re's Group Chief Underwriting Officer
by press.release, 2020-06-22
Swiss Re announced today the appointment of Thierry Leger as the Group Chief Underwriting Officer, effective 1 September 2020. He succeeds Edi Schmid, who has decided to step down from the Group Executive Committee for personal reasons and take on an advisory role.
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Geneva Association Board of Directors welcomes CEOs of MetLife, RGA and Lloyd's of London
by press.release, 2020-06-25
The Geneva Association is pleased to announce the elections of three new Board members: Michel Khalaf, President and CEO, MetLife; Anna Manning, President and CEO, Reinsurance Group of America (RGA); John Neal, CEO, Lloyd's of London.
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Peter Skvarca joins Sava Re's management board
by press.release, 2020-06-19
On 18 June 2020, Peter Skvarca was granted the Insurance Supervision Agency's licence to become a member of the management board of Sava Re.
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A Supervisory Board member of Zavarovalnica TRIGLAV resigned
by Andrei Victor, 2020-06-25
Slovene insurange group TRIGLAV announced Natasa DAMJANOVIC, a Supervisory Board member of Zavarovalnica TRIGLAV, resigned as a Supervisory Board member of Zavarovalnica TRIGLAV on 18 June 2020 due to commitments related to her new employment.
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Nikhil Rathi appointed as Chief Executive of FCA UK
by press.release, 2020-06-23
Nikhil is currently the Chief Executive of London Stock Exchange plc. From September 2009 to April 2014, he was Director, Financial Services Group at HM Treasury. In this role, he led the Treasury's work on the UK's EU and international financial services interests. Nikhil is expected to take up the role in the Autumn.
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AEGON appoints Duncan RUSSELL as CTO
by Andrei Victor, 2020-06-23
Dutch financial group AEGON has appointed Duncan RUSSELL in the newly established role of Chief Transformation Officer (CTO), effective September 1, 2020. He will report to CEO Lard FRIESE and will become a member of AEGON's Management Board. The appointment has been approved by the relevant regulatory authorities.
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| STATISTIC
UPDATES |
STATISTICS: GREECE
1Q2020: Greek market decreased by 1.6% y-o-y, HAIC figures
show
by Andrei Victor, 2020-06-25
HAIC - the Hellenic Association of Insurance Companies has published
the preliminary figures of the local insurance market. According
to the data of the member insurance companies, the value of Q1
2020 aggregate GWP - life and non-life insurance, added-up, decreased
by 1.6% y-o-y to EUR 988 million.
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STATISTICS: GEORGIA, 1Q2020: the market grew by more than 17% in local currency
by Marina MAGNAVAL, 2020-06-25
In 1Q2020, the Georgian insurance sector in expanded by 17.34% y-o-y in local currency, to GEL 211.10 million (EUR 58.05 million*). At the same time, the market dynamics in euro turned to be negative (-2.54%) due to the lari depreciation against euro.
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STATISTICS: KAZAKHSTAN, 1Q2020: life insurance GWP grew by almost 55% y-o-y
by Marina MAGNAVAL, 2020-06-25
In 1Q2020, the Kazakhstani insurance market showed an impressive growth in local currency both in total GWP (+36.1%), and separately in the life sector (+55.0%) and non-life (+31.3%), according to the data, published by the National Bank. The positive trend was seen in EUR currency too, the overall market GWP increasing by 16.2%.
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| CURRENT
XPRIMM REPORTS |
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