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NEWS |
Aon study: Reinsurers' capital position remains robust after strong capital market recovery in 2Q2020
by press.release, 2020-09-23
Aon published its first six months of 2020 Reinsurance Aggregate report ('the ARA'), series tracking the financial performance of leading reinsurance carriers in the global market. The report found that reinsurers' capital position remained robust at the end of 1H2020, after a strong capital market recovery in the second quarter.
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Willis Re report: COVID-19 crisis fuels cyber losses
by press.release, 2020-09-24
Willis Re launched a new report about cyber attacks according to which surveyed risk professionals believed the overall level of cyber attacks will increase as a result of COVID-19. Of nearly 1,000 respondents to Willis Re's 2020 Cyber Risk Outlook survey, 86% believe frequency will increase, and 54% believe severity will rise, according to the annual, global survey by the reinsurance division of Willis Towers Watson.
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CROATIA: Zagreb earthquake's insured losses expected to reach up to EUR 63 million
by Daniela GHETU, 2020-09-21
The 5.5 magnitude earthquake that hit Zagreb on March 22, 2020 has materialized for the Croatian insurers, in 6,255 claims settled so far, worth EUR 25.73 million. Expectations are that the final bill for insurers will amount to EUR 55 - EUR 63 million.
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CROATIA: The insurance market GWP might drop by 4.4% y-o-y by the end of 2020
by Cosmin CONCEATU, 2020-09-22
Ilijana Jelec, Member of the Management Board of the Croatian Financial Services Supervisory Agency (HANFA), said that Croatian insurance market GWP is expected to drop by 4.4% year-on-year, at the end of 2020.
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HUNGARY: MNB asks insurers to review the MTPL tariffs
by Andrei Victor, 2020-09-23
The Central Bank of Hungary (MNB) intend to change the premiums paid by customers on MTPL insurance (kgfb in Hungarian) by January 1, 2021. About a week ago, it calls local insurers to review the tarrifs taking into account the "kgfb database" which has been accessible to insurers now for three quarters.
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KOSOVO: Insurance Association of Kosovo proposes legislative solutions for the uninsured vehicles problem
by Cosmin CONCEATU, 2020-09-23
It is estimated that about 140 thousand unregistered / uninsured vehicles circulate on the roads of Kosovo, which cause damage to millions of insurance companies, but also the Kosovo budget, the Insurance Association of Kosovo reports.
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LATVIA: Compensa VIG will pay more than EUR 1 million indemnities for Lido fire incident
by Cosmin CONCEATU, 2020-09-24
On the evening of June 11, a high-risk fire broke out in the meat processing and production workshop of the company "Lido", located in Riga. The flames had affected a two-story production building - a hangar-type warehouse, an administrative room and a smoking workshop. During the fire, a total of 600 square meters of premises were damaged.
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POLAND: PZU launches civil liability insurance product for cyclists and scooter users
by press.release, 2020-09-24
PZU announced a new product that will cover the damages caused by the holders of motor third party liability insurance also while driving a personal transport device - in short the UTO. This includes bicycles, segways and scooters which are becoming more and more popular in Poland.
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POLAND: PZU Auto Ochrony Prawna, a new service for fleet and leasing customers
by press.release, 2020-09-24
PZU Group announced that from mid-September, PZU Auto has an additional variant of Legal Protection insurance. Thanks to it, drivers get quick and easy access to legal services in Poland and Europe.
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SLOVAKIA: NBS bans NOVIS from new business
by Cosmin CONCEATU, 2020-09-21
Narodna banka Slovenska (NBS), the Slovakian national supervisory authority, has issued an interim measure banning new business from NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, NOVIS Poistovna a.s. (NOVIS), until specified conditions are fulfilled by NOVIS.
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Join
over 1,000 insurance professionals at "The Future of Insurance Europe" virtual event
by Adina TUDOR, 2020-09-23
Between 24 and 25 November, The Future of Insurance Europe online event, organized
by Reuters Events and supported by XPRIMM Publications, is set to take the industry
by storm.
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Toyota Insurance Services to join Swiss Re ADAS risk platform
by press.release, 2020-09-21
Toyota Insurance Services* (TIS)/Toyota Insurance Management Europe and Swiss Re are partnering up to further develop the Swiss Re ADAS risk score. TIS is the next partner after BMW Group to join the ADAS risk score platform and will, as part of the partnership, make Toyota and Lexus vehicle data available for the purpose of insurance scoring.
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Munich Re issues a EUR 1.25 billion green bond
by press.release, 2020-09-24
Munich Re announced the issue of a subordinated green bond, with the volume issued amounting to EUR 1.25 billion. This bond highlights Munich Re's commitment to using the capital markets to help achieve a climate-friendly transformation of the economy.
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WorldPensionSummit 2020 becomes a virtual event
by Adina TUDOR, 2020-09-22
As a result of the Covid-19 pandemic, the P&I WorldPensionSummit 2020, supported by XPRIMM Publications as Media Partner, becomes a fully virtual experience, offering a series of benefits for its delegates.
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TURKEY: Newly created state insurer expected to quadruple insurance sector's share in the financial market
by Daniela GHETU, 2020-09-21
State-owned Turkey Insurance and Turkey Life Pension (Turkiye Sigorta ve Turkiye Hayat Emeklilik) is expected to boost insurance coverage in Turkey, increasing the sector's share in the national financial market from the current 4.5%, to as much as 20%.
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AZERBAIJAN: The Compulsory Insurance Bureau of Azerbaijan already paid compensations to about 1,000 creditors of Standard Insurance
by Marina MAGNAVAL, 2020-09-21
Standard Insurance company's license was revoked this year in May and the Compulsory Insurance Bureau of Azerbaijan, based on the Azerbaijani legislation, is fulfilling its obligations under the company's compulsory insurance contracts. The Bureau paid already compensations to about 1,000 creditors, as Trend reported referring to the Bureau.
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BELARUS: the procedure for transferring insurance portfolios has been amended
by Marina MAGNAVAL, 2020-09-22
On September 11, 20202, a resolution of the Council of Ministers of the Republic of Belarus was adopted, which amended the procedure for transferring obligations by insurance companies under voluntary insurance contracts, insurance reserves and fund balances of preventive measures to other insurance companies, according to the website of the Ministry of Finance.
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KYRGYZSTAN: Investments into financial intermediation and insurance increased by 29.6% y-o-y
by Marina MAGNAVAL, 2020-09-24
In the first half of 2020, the inflow of foreign direct investment decreased 2.4 times y-o-y, to USD 164.4 million, according to the National Statistical Committee of the Kyrgyz Republic.
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RUSSIA: RSHB-Life insurance has been assigned the national credit rating at ruAA
by Marina MAGNAVAL, 2020-09-21
The national rating agency Expert RA, based on the assessment of the financial condition of RSHB-Life insurance, assigned the company a credit rating at ruAA level with stable outlook, the insurer informed in its press-release.
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| XPRIMM TV |
 Wednesday,
30 September, the Georgian insurance market LIVE on YouTube
by XPRIMM, 2020-09-24
Wednesday, 30 September at 14.00 EEST, XPRIMM TIME FOR BUSINESS will
be again on air, on the XPRIMM TV YouTube channel, with an edition
dedicated to the Georgian insurance market. How did insurers cope
with the difficulties raised by the Coronavirus outbreak and what
are the market perspectives for the next period, are the two questions
that our guests will answer.
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| ON
THE MOVE |
| STATISTICS |
STATISTICS: BiH,
1H2020: tight competition for the market leadership; business volume
only slightly affected by the Covid crisis
by Daniela GHETU, 2020-09-24
The first half of 2020 ended for the Bosnian insurers with total
GWP of EUR 191.7 million, 2% less y-o-y, a result mainly driven by
the non-life segment's decrease in premiums volume, especially on
the credit insurance and Motor Hull insurance lines.
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STATISTICS: KOSOVO,
1H2020: Insurers turned on profit at the end of June
by Andrei Victor, 2020-09-24
The insurance market of Kosovo totaled EUR 46.36 million at the end
of June 2020, 4.29% less y-o-y, data provided by the Central Bank (CBK)
showed.
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STATISTICS: NORTH
MACEDONIA, 1H2020: Property insurance grew by 20.5%
by Cosmin CONCEATU, 2020-09-24
During the first six months of 2020, the insurance market of North
Macedonia amounted to MKD 5.2 billion (~EUR 83 million*) in gross premiums
written (GWP) and MKD 1.8 billion (~EUR 29 million*) in claims paid.
The overall GWP of the market decreased by 1.7%, while consolidated
claims decreased by 6.8%, in local currency.
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