 INSURANCE & TECHNOLOGY |
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NEWS |
Swiss Re estimates 1H2020 global insured catastrophe losses at USD 31 billion
by press.release, 2020-08-12
Global economic losses from natural catastrophes and man-made disasters in the first half of 2020 were USD 75 billion, according to Swiss Re Institute's preliminary sigma estimates. That was up from the USD 57 billion for the same period a year earlier, but well below the average of first-half economic losses of the previous 10 years (USD 112 billion).
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July 2020 Nat Cat stats from Aon: Most economic losses occurred in Asia
by Andrei Victor, 2020-08-10
Seasonal monsoon floods inflict USD 20 billion economic toll across parts of Asia in July, according to Impact Forecasting July 2020 Global Catastrophe Recap report prepared by Aon's catastrophe model development team.
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VIG adjusts goodwill for Bulgaria, Croatia and Georgia by a total of EUR 120 million
by press.release, 2020-08-13
Based on the ESMA recommendation of May 2020 and the macroeconomic developments influenced by COVID-19, VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe executed an event-related impairment test at Group level.
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Natural events, exchange rate differences and moral damages affected the H1 2020 CO Group profit by more than EUR 13 million
by Andrei Victor, 2020-08-10
For the first six months of 2020, CROATIA osiguranje Group reported GWP of HRK 1,867 million (~EUR 247 million), about 6% lower than last year. The combined ratio from the Group's regular operations is 91.8% and is almost one percentage point better than last year.
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POLAND: VIG and C-Quadrat establish joint venture to offer asset management services
by Andrei Victor, 2020-08-13
C-Quadrat Investment and the Polish insurance companies of Vienna Insurance Group have founded "VIG C-Quadrat", a joint venture located in Warsaw.
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ROMANIA: In Q1, gross claims paid by local insurers reached EUR 371 million, up 14.2% y-o-y
by Andreea RADU, 2020-08-13
In 1Q2020, Romanian insurers reported gross paid indemnities (excluding maturities and partial and total redemptions), cumulated for life and non-life insurance, to the amount of EUR 371 million, up 14.17% y-o-y. Excluding maturities and partial and total redemptions, the amount was of EUR 327.4 million.
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Zurich Insurance Group, 1H2020: Net income stood at USD 1.2 billion
by press.release, 2020-08-13
For the first six months of 2020, Zurich Insurance Group (Zurich) reported a net income of USD 1,181 million, 42% lower year-on-year.
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Aegon, 1H2020: Underlying earnings before tax, sustained by UK, International and Asset Management segments
by press.release, 2020-08-13
Aegon Group ended the first half of 2020 with a net income of EUR 202 million, 67% smaller when compared to the same period of 2019.
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Aviva, 1H2020: Operating profit fell 12% to GBP 1.2 billion
by press.release, 2020-08-10
Between January-June 2020, Aviva secured a consolidated operating profit of GBP 1,225 million, 12% lower year-on-year (after converting to pound sterling). Basic earnings per share fell to 20.0 pence (1H2019: 28.2 pence).
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AXA, 1H2020: Gross revenues decreased 2% to EUR 52 billion
by press.release, 2020-08-10
At the end of the first half of 2020, AXA Group registered total gross revenues in amount of EUR 52.4 billion, down 2% (at constant Forex) compared to 1H2019, reflecting a 4% growth during the first quarter of 2020 and a 10% decline in the second quarter in the context of Covid-19 pandemic.
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Everest Re, 2Q2020: Total premiums earned rose 12.4%
by press.release, 2020-08-11
For the second quarter of 2020, for three months ended June 30, Everest Re Group ("Everest") reported a net income of USD 190.9 million, 42.7% lower when compared to the same period of prior year. For six months ended, from January to June 2020, the group's net income was USD 207.5 million (-69.8%).
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MetLife, 2Q2020: Consolidated revenues decreased 13% to USD 10.4 billion
by press.release, 2020-08-11
For the second quarter of 2020, from April to June, MetLife announced a net income of USD 68 million, down 96% year-on-year (2Q2019: USD 1.7 billion). On a per share basis, net income was USD 0.07, compared to net income of USD 1.77 in the prior-year period.
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NN Group, 1H2020: Net profit decreased in spite of rising operating result
by press.release, 2020-08-10
NN Group ended the first six months of 2020 with an operating result of EUR 926 million, 1.3% higher y-o-y. First half of 2019 benefited from EUR 67 million of private equity dividends, while the current half-year included EUR 16 million of private equity dividends and non-recurring benefits.
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Sampo, 1H2020: Profit before tax stood at EUR 569 million, impacted by COVID-19 effects on financial markets
by press.release, 2020-08-11
For the first six months of 2020, Sampo Group recorded a profit before taxes of EUR 569 million, 42% lower than the same period of 2019. For the second quarter alone, Sampo Group's profit before taxes was EUR 407 million (-20%).
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KAZAKHSTAN: net profit of insurers in the first half of 2020 increased by 80% y-o-y
by Marina MAGNAVAL, 2020-08-11
In 1H2020, insurance companies of Kazakhstan generated a total profit (before corporate income tax) worth KZT 70.7 billion (~EUR 0.16 billion*), which is 67.9% more y-o-y, Allinsurance.kz reports according to ranking.kz portal.
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RUSSIA: AM Best affirms ratings of INGOSSTRAKH
by Marina MAGNAVAL, 2020-08-11
AM Best has affirmed the financial strength rating of B++ (Good) and the long-term issuer credit rating of 'bbb' of INGOSSTRAKH company, outlook stable, according the information published by the rating agency.
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RUSSIA: the number of complaints against insurance companies decreased by 35% y-o-y in the first half of 2020
by Marina MAGNAVAL, 2020-08-11
In 1H2020, the Bank of Russia received only 15 thousand complaints against insurance companies, which is 34.7% less y-o-y. At the same time, the number of MTPL complaints amounted to 12 thousand of the total (-35.2%), the Bank said on its website.
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| ON
THE MOVE |
HANNOVER Re CFO VOGEL to retire. HDI's JUNGSTHOFEL appointed new
CFO
by Andrei Victor, 2020-08-10
Roland VOGEL, the CFO of German reinsurer Hannover Re, is retiring
from the company on September 30th, 2020 after more than 30 years
at the company. He will be succeeded by Clemens JUNGSTHOFEL, the
current CFO of HDI Global SE.
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CHUBB names Gina REBOLLAR Deputy General Counsel for Global Corporate
Affairs
by Andrei Victor, 2020-08-10
CHUBB announced that Gina REBOLLAR has been named Deputy General
Counsel, Global Corporate Affairs, with immediate effect. She succeeds
Chris KEARNS, who is relocating to the West Coast to pursue other
interests. Chris KEARNS will serve as a consultant to CHUBB through
the end of 2020.
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CHUBB appoints Paul KRUMP Vice Chairman, Global Underwriting and
Claims
by Andrei Victor, 2020-08-13
CHUBB Limited announced the appointment of Paul KRUMP, currently
Executive Vice President, CHUBB Group and President, North America
Commercial and Personal Insurance, to Vice Chairman, Global Underwriting
and Claims.
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| ON
THE CORONAVIRUS FRONT |
LLOYD's:
COVID-19 brings intangible assets into full focus
by Andrei Victor, 2020-08-10
Intangible assets are an increasing proportion of companies' balance
sheets, already accounting for as much as 85% of the total business
value across industries according to estimates, show a report published
by LLOYD's in collaboration with KPMG, urging businesses to pay
attention to the new risk landscape that has evolved under COVID-19.
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LLOYD's
Lab selects ten new InsurTechs for fifth cohort focused on COVID-19
risks
by Andrei Victor, 2020-08-13
LLOYD's announced its new cohort of InsurTech disruptors that will
join the LLOYD's Lab innovation accelerator programme, and includes
start-ups who are focused on providing solutions to support the
Market to respond to the COVID-19 pandemic.
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| STATISICS |
STATISTICS: CEE
Region, 1Q2020: the GWP volume remained, overall, at the 1Q2019
level
by Daniela GHETU, 2020-08-13
The CEE insurance market saw a rather stable Q1. Despite the beginning
of the Coronavirus crisis, that impacted most markets starting the
second half of March, GWP in the region remained at a stable level
y-o-y, of EUR 9.95 billion (0.26% up y-o-y).
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STATISTICS: ALBANIA,
1H2020: Insurers' January-June GWP compressed by 6.7% y-o-y
by Andrei Victor, 2020-08-13
According to the six months 2020 market statistics published by Albanian
Financial Supervisory Authority (AFSA), the gross written premiums
of Albanian insurers amounted to over ALL 7.54 billion (~EUR 60.67
million*), or 6.66% less compared to January-June 2019.
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STATISTICS: ARMENIA,
1H2020: The economic crisis caused by pandemic squeezed market GWP
by almost 8% y-o-y
by Marina MAGNAVAL, 2020-08-13
Armenian insurers ended 1H2020 with a 7.89% decline in GWP year-on-year.
Total GWP amount was around AMD 24.28 billion (~EUR 44. 92 million*).
Paid claims saw a decrease as well, going down by 4.74% y-o-y to AMD
11.3 billion, according to the results of insurance companies provided
by ArmInfo.
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STATISTICS: AZERBAIJAN,
1H2020: Life insurance GWP increased by 19%, while its paid claims
expanded by 164%
by Marina MAGNAVAL, 2020-08-13
Azerbaijani insurance sector ended the first half of 2020 with GWP
worth of AZN 400.96 million (~EUR 209.87 million*), which is almost
11% more y-o-y, according to the latest data published by the Financial
Markets Supervision Chamber of Azerbaijan (FIMSA).
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