 TOP
NEWS |
XPRIMM TIME for BUSINESS: Perspectives for the Bulgarian re/insurance market in the context of Covid-19
by Alexandra GUZUN, 2020-12-17
Rapid modernization, stability and consumer protection were the top priorities for the Bulgarian insurance market, as revealed during the latest international show of XPRIMM TIME for BUSINESS, aired on Wednesday, 17 December.
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Swiss Re Institute estimates USD 83 billion global insured catastrophe losses in 2020, the fifth-costliest on record
by Alexandra GUZUN, 2020-12-16
According to Swiss Re Institute's preliminary sigma estimates, in 2020 the insurance industry has lost from natural catastrophes and man-made disasters globally an amount of USD 83 billion. This makes it the fifth-costliest year for the industry since 1970.
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Insurance Europe: BEPS rules must reflect low risk posed by insurance
by press.release, 2020-12-16
Insurance Europe has published its response to a consultation conducted by the Organisation for Economic Cooperation and Development (OECD) on the reports on its pillar two blueprint, which aim to create a single set of international tax rules to address base erosion and profit shifting (BEPS).
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Insurance Europe: More time needed to discuss proposals for Ecolabel criteria for retail financial products
by Cosmin CONCEATU, 2020-12-17
Insurance Europe has published its response to a joint consultation conducted by the European Commission and the Joint Research Centre (JRC) on the third technical report on Ecolabel criteria for retail financial products.
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POLAND: rules for divident payouts in 2021 issued by the KNF
by Daniela GHETU, 2020-12-17
KNF, the Polish authority for the financial markets' supervision has issued on 16 December a document concerning the dividend policy in 2021 for financial companies, including insurance companies, reinsurance companies and insurance and reinsurance companies.
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SLOVAKIA: ACHMEA to acquire POSTOVA Poistovna
by Andrei Victor, 2020-12-14
The Dutch financial group ACHMEA announced is expanding its presence on Slovak insurance market by the acquisition of POSTOVA Poistovna after its local subsidiary - UNION and the shareholders of POSTOVA Poistovna - POSTOVA Banka and SLOVENSKA POSTA - had reached agreement on the transaction.
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Generali Group and Accenture created GOSP - a new digital group
by Alexandra GUZUN, 2020-12-17
In order to accelerate the insurer's digital transformation strategy, Generali Group and Accenture formed a joint venture named Group Operations Service Platform (GOSP) - that will leverage cloud technologies and shared technology platforms, according to a press release.
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PERILS: initial loss estimate for the Izmir earthquake of 30 October 2020 at EUR 55 million
by Daniela GHETU, 2020-12-17
PERILS' initial estimate of the insured property market loss for the Izmir Earthquake, based on claims data collected from Turkish insurers, is TRY 532 million (EUR 55 million at exchange rate of 30 October 2020), the independent Zurich-based organization providing industry-wide catastrophe insurance data announced.
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AZERBAIJAN: Insurers' Association launches training program for actuaries
by Ana PREDA, 2020-12-17
The Azerbaijan Insurers Association (AIA), together with the organizational support of the Central Bank of Azerbaijan, is carrying out a large-scale training program with the help of experienced insurance employees of Turkey, Trend reports citing the AIA.
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KAZAKHSTAN: Daniyar ZHANBEKOV to become the new owner of Basel insurance company
by Marina MAGNAVAL, 2020-12-15
The Agency for Financial Supervision of Kazakhstan issued a consent to businessman Daniyar ZHANBEKOV to acquire the status of a major participant in the Basel insurance company (ex. Kaspi Insurance). The sale should end no later than March 31, 2021, Allinsurance.kz reports according to Zakon.kz.
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MOLDOVA: the draft law on insurance and reinsurance activities passed its first reading in parliament
by Marina MAGNAVAL, 2020-12-15
The draft law on insurance and reinsurance activities, which was approved by the Government in October this year and was developed by specialists of the National Commission for the Financial Market (CNPF) alongside experts from the World Bank, was adopted in the first reading in December during a regular parliamentary meeting, CapitalMarket reports.
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RUSSIA: for 9 months of 2020, the average commission of insurance brokers was the lowest among the five main sales channels through intermediaries
by Marina MAGNAVAL, 2020-12-16
The average commission of insurance brokers from January to September 2020 amounted to 14.6% - the lowest among the five main sales channels through insurance intermediaries, ASN reports according to the head of the Council of the Association of Professional Insurance Brokers Katerina YAKUNINA.
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RUSSIA: from January to September, the number of MTPL reported insured events decreased by almost 22% y-o-y
by Marina MAGNAVAL, 2020-12-16
For the period from January to September 2020, GWP of the TOP-10 MTPL insurers increased by 7.4%, to RUB 135 billion (EUR 1.46 billion*), and their share in the segment reached 82.3% (vs 81.7% a year ago), ASN reports according to the Bank Russia.
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UKRAINE: the renewed National Association of Insurers of Ukraine to be headed by Denis YASTREB
by Marina MAGNAVAL, 2020-12-17
On December 16, 2020, 21 non-life insurers (GWP market share 55%, paid claims share 65%) and 10 life insurers (GWP share over 93%, paid claims share 98%) began the legal merger procedure, according to the website of the National Association of Insurers Ukraine.
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UZBEKISTAN: the sale of electronic MTPL policies to begin on March 1, 2021
by Marina MAGNAVAL, 2020-12-17
From March 1, 2021, the sale of electronic MTPL policies will begin in accordance with the adopted Government decree "On additional measures to improve the procedure for providing electronic insurance services," UzReport informed.
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AVIVA completed the fourth transaction in 2020: the sale of Hong Kong joint venture
by Andrei Victor, 2020-12-14
AVIVA announces that it has completed the sale of its entire shareholding in its Hong Kong joint venture, AVIVA Life Insurance Company Limited (BLUE), to its joint venture partner, HILLHOUSE Capital.
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AM Best Affirms Credit Ratings of Colonnade Insurance S.A.
by press.release, 2020-12-17
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Colonnade Insurance S.A. (Colonnade) (Luxembourg), a member of Fairfax Financial Holdings Limited (Fairfax) [TSX: FFH] group of companies. The outlook of these Credit Ratings (ratings) is stable.
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ZURICH and FARMERS Exchanges to buy MetLife P&C business in U.S.
by Andrei Victor, 2020-12-14
ZURICH subsidiary FARMERS Group, Inc. (FGI) and FARMERS Exchanges agree to acquire MetLife's U.S. property and casualty business for USD 3.94 billion. ZURICH will contribute USD 2.43 billion through FGI and the FARMERS Exchanges USD 1.51 billion.
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TALANX share to be delisted from Warsaw Stock Exchange
by Andrei Victor, 2020-12-14
German insurer TALANX informed it aims to delist the TALANX share from the Warsaw Stock Exchange.
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UNIQA to increase Green investments to at least EUR 1 billion over the next 5 years
by Andrei Victor, 2020-12-14
Austrian insurer UNIQA announced the ESG (environmental, social and corporate governance) becomes a core element of its new strategy. Thus, as part of its new corporate strategy "UNIQA 3.0 - Seeding the Future", UNIQA informed is doubling down on its efforts to reach new goals in climate protection and sustainability.
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WTW: 4 in 5 companies plan to change ESG measures in executive pay plans over next 3 years
by Cosmin CONCEATU, 2020-12-14
The global pandemic crisis sparked companies around the world to maintain or accelerate changes to their environmental, social and governance (ESG) priorities, one of the latest Willis Towers Watson (WTW) survey shows.
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| ON
THE MOVE |
| STATISTICS |
STATISTICS: UKRAINE,
3Q2020: Assets of insurers decreased by 4.6% since the beginning
of the year
by Marina MAGNAVAL, 2020-12-17
At the end of 3Q2020, the Ukrainian insurance market amounted to
almost UAH 33 billion (EUR 0.99 billion*), which means a decrease
of 18.72% y-o-y (in UAH). At the same time, paid claims increased
by 13%, according to data from the National Bank of Ukraine.
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STATISTICS: LATVIA,
3Q2020: 9 months insurers' profits expanded by 29% y-o-y
by Andrei Victor, 2020-12-17
The Latvian insurance market totaled EUR 597 million at the end
of September 2020, about 1.4% more y-o-y, according to data published
by the Financial and Capital Market Commission (FKTK).
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STATISTICS: RUSSIA,
3Q2020: Return on equity of insurers at its maximum on record -
almost 35%
by Marina MAGNAVAL, 2020-12-17
For the last 9 months of 2020 the market reached RUB 1.1 trillion/EUR
12.21 billion* (+3.1% in local currency), according to the data
published by the Bank of Russia. The results were significantly
impacted by the drop during the second quarter due to restrictive
measures related to the pandemic.
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