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Insurance Europe: EC digital finance strategy must address barriers to innovation in insurance, while ensuring a level regulatory playing field
by press.release, 2020-07-02
EU rules for insurance should enable innovation and allow consumers, established companies and new market entrants to benefit from the opportunities that digitalisation can offer, Insurance Europe says.However, this is currently not the case; for example, regulatory barriers exist to providing insurance to consumers online, such as requirements for documents to be provided on paper.
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German insurers provide homeowners a tool to detect the risk of storms with a click of the mouse
by Daniela GHETU, 2020-07-02
Real estate owners and tenants can now easily determine their individual risk of being affected by natural hazards by using the "natural hazard check", a digital tool provided by the Association of the German Insurance Industry (GDV), the association's website informs.
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Allianz Global Insurance Report: 2020 will be "A Lost Year" for the global insurance industry, but 2021 may be the rebound year
by press.release, 2020-07-02
Global premium income is expected to shrink by -3.8% in 2020 (life: -4.4%, P&C: -2.9%), three times the pace witnessed during the Global Financial Crisis, the Allianz Global Insurance Report latest edition shows. Compared to the pre-Covid-19 growth trend, the pandemic will shave around EUR 358 billion from the global premium pool (life: EUR 249 billion, P&C: EUR 109 billion)
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STATISTICS: BULGARIA, 1Q2020: Life insurers turned on loss while non-life insurers' net profit expanded by one third
by Andrei Victor, 2020-07-02
Bulgarian insurance market totaled about BGN 760 million (EUR 389 million*) at the end of March 2020, up by 1.58% y-o-y, according to data from the Financial Supervision Commission - FSC.
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Croatia osiguranje lost the battle to increase its stake in its Slovenian rival SAVA
by Andrei Victor, 2020-06-30
The Croatian holding ADRIS Grupa and the shareholder of the largest Croatian insurer - CROATIA osiguranje, have lost the legal battle in Supreme Court due to an increase in their stake in Slovenian SAVA Re, informed local media.
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STATISTICS: HUNGARY, 1Q2020: Insurers' net profit expanded to almost EUR 71 million
by Andrei Victor, 2020-07-02
The Hungarian insurance market amounted to HUF 336.4 billion (~EUR 936 million*) in 2020 Q1, rising by 6.3% relative to the same period of the previous year, according to the quarterly statistics published by the National Bank of Hungary - MNB.
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LITHUANIA: Bonum Publicum life insurer changes its name to SB Draudimas
by press.release, 2020-07-02
From 1 July 2020, life insurance company Bonum Publicum changes its name to SB Draudimas. The change was driven by the closer integration with Siauliu Bankas and based on a group-wide image strategy of being closer to the customer.
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The Polish Financial Supervision Authority joins #Fakehunter project, to prevent public disinformation
by Daniela GHETU, 2020-07-02
The Polish Financial Supervision Authority has partnered with #Fakehunter, the project created by the Polish Press Agency and GovTech Polska to fight disinformation. Whilst the project started as a tool to prevent the spread of fake news in relation to the Covid-19 issues, its creators have decided to expand it to include financial issues.
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ROMANIA: The small-sized corporate non-life insurer CertAsig went bankrupt
by Andrei Victor, 2020-06-30
The Bucharest Tribunal admitted, on Monday - June 29th 2020, the bankruptcy request of the Financial Supervisory Authority (ASF) in the case of small-sized corporate non-life insurer CertAsig - Societate de Asigurare si Reasigurare SA, informed www.1asig.ro.
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STATISTICS: SLOVAKIA, 1Q2020: Local insurers reported positive changes in y-o-y life & non-life technical results
by Andrei Victor, 2020-07-02
In the first three months of 2020, the Slovak insurance market totaled EUR 629 million, 3.0% more y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).
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Generali Group announces buyback of three series of subordinated notes and launches its second green bond
by press.release, 2020-07-01
Generali announced a buyback offer for three Series of Notes with first call dates in 2022, targeting the purchase of up to an aggregate principal amount of notes expected to correspond to the aggregate principal amount of new Tier 2 subordinated notes to be issued by Generali.
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Lloyd's: Better protecting society against systemic catastrophic events requires joint efforts from the re/insurance industry and governments
by Daniela GHETU, 2020-07-02
As businesses across the world begin to recover and reopen, Lloyd's published a report proposing three re/insurance solutions that would allow tackling future COVID-19 and other catastrophic events in a sustainable manner, thus better protecting customers, with a special attention paid to SMEs.
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White Paper: Waking up in a different world
by Adina TUDOR, 2020-06-29
Over the past few months, hundreds of millions of people from all over the globe have been forced to stay home, overnight. The economy, supply and demand came to a halt. We have taken necessary short-term measures to make sure we and our loved ones are safe and healthy.
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Two of the most prestigious insurance knowledge entities will soon merge
by Daniela GHETU, 2020-06-29
The Institutes, a leading risk management and insurance knowledge provider, announced plans for affiliating with the Insurance Information Institute (Triple-I). The Triple-I is a nonprofit communications organization serving as the trusted source of unique, data-driven insights on insurance.
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AZERBAIJAN: Fitch Ratings — insurance regulatory regime is improving
by Marina MAGNAVAL, 2020-06-30
Fitch Ratings international credit rating agency has published a report evaluating the insurance segment of Azerbaijan, Trend informed referring to Fitch Ratings.
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BELARUS: Insurers will be obliged to invest at least 35% of their reserves in government securities
by Marina MAGNAVAL, 2020-07-02
Recent amendments to the rules for investing insurance reserves have been made in the Republic of Belarus. The corresponding decree of the Council of Ministers d/d June 23, 2020 was published on the National legal internet portal, BELTA news agency reported.
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KAZAKHSTAN: January-April life insurance GWP increased by almost 16% y-o-y
by Marina MAGNAVAL, 2020-06-29
From January to April 2020, life GWP amounted to KZT 23.6 billion (~EUR 51.2 million*), which is 15.7% more y-o-y, Allinsurance.kz informed according to ranking.kz. portal.
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KAZAKHSTAN: in January-May 2020 over a quarter of total insurers' income came from investment activity
by Marina MAGNAVAL, 2020-06-30
Income of local insurers from Kazakhstan increased by 20.1% y-o-y and reached KZT 212.1 billion (~EUR 0.46 billion*) between January - May 2020. At the same time, expenses increased by only 5.8% (to KZT 149.4 billion), Allinsurance.kz reports based on the data of ranking.kz portal.
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MOLDOVA: first online conference "Insurance - between pandemic challenges and market strengthening"
by Marina MAGNAVAL, 2020-07-02
On June 25, 2020, the first online conference "Insurance - between pandemic challenges and market strengthening", dedicated to the Moldovan insurance market, took place in Chisinau. The conference was organized by XPRIMM with the support of the National commission on the financial markets of the Republic of Moldova (CNPF) and the National Bureau of Motor insurers.
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TAJIKISTAN: More insurers are now allowed to offer compulsory MTPL insurance
by Marina MAGNAVAL, 2020-07-02
At the end of June 2020, the lower house of the Tajik Parliament approved the law "On compulsory insurance of liability of vehicle owners", aimed at increasing competition in the segment, the Tajik news agency reported.
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UZBEKISTAN: Fitch Ratings — local market growth forecasts appear ambitious considering the insurance sector's small size
by Marina MAGNAVAL, 2020-06-30
Fitch Ratings international credit rating agency has published a report evaluating the insurance segment of Uzbekistan. The agency "believes that regulatory oversight in Uzbekistan is developing and has limited transparency and effectiveness of enforcement", the report said.
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ON THE COVID-19 FRONT |
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| ON
THE MOVE |
Franz Fuchs leaves the VIG Managing Board
by press.release, 2020-06-30
Franz Fuchs (66) will resign from his position as member of the Managing Board of Vienna Insurance Group (Wiener Versicherung Gruppe) at the end of June 2020. In recognition of his achievements, he was appointed Deputy General Manager in October 2019.
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Romania's Parliament has voted Nicu MARCU as ASF President
by Andrei Victor, 2020-06-29
Romania's parliament has voted Nicu MARCU as President of the Financial Supervisory Authority (ASF), www.1asig.ro informed here. Previously, Nicu MARCU served as Vice-President of Romania's Court of Accounts.
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IGI appoints Ian Noble as Head of Casualty and Professional Lines
by press.release, 2020-07-02
International General Insurance Holdings Ltd. (IGI) announced the appointment of Ian Noble as Head of Casualty and Professional Lines. Noble has 34 years' broking and underwriting experience in Professional Lines in the Lloyd's of London and company markets, and most recently serving as Senior Class Underwriter - Professional Indemnity at Chaucer in London.
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Maciej FEDYNA to become new President of the Management Board and CEO of GENERALI in Poland
by Andrei Victor, 2020-06-29
GENERALI announced that Maciej FEDYNA was nominated new President of the Management Board and CEO of GENERALI Poland companies as of 1 July 2020. Maciej FEDYNA, former Chief Financial Officer of GENERALI Poland, will succeed Andrea SIMONCELLI who was appointed as new Chairman of the Supervisory Boards of GENERALI T.U. S.A., GENERALI Zycie T.U. S.A and GENERALI Finance Sp. z o.o.
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RUSSIA: Aleksander GOGLENKOV appointed Deputy General director, Executive director of SBERBANK Insurance
by Marina MAGNAVAL, 2020-06-29
Aleksander GOGLENKOV was appointed Deputy General Director - Executive director of SBERBANK Insurance, the insurer announced on June 25 in its press release.
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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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