XPRIMM News No. 535, 11 February 2021

Insurance Newsletter No. 535, 11 February 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Vienna Insurance Group invests a single-digit million euro amount in tech start-ups
by Alexandra GUZUN, 2021-02-11
Vienna Insurance Group (Wiener Versicherung Gruppe) has acquired an indirect stake in venture capital fund IST cube (EuVECA) GmbH & Co KG (IST CUBE) for start-ups which develop scientific, engineering and technological innovations on the basis of academic research.

TOP EVENT: Open for registration: Insurance in the DIGITAL World Conference on February 25, 2020
by Alexandra GUZUN, 2021-02-10
There is still time to register on INSURANCE IN THE DIGITAL WORLD CONFERENCE event which will take place on the 25 February, in order to discuss about the ups and the possible traps of the digitalization journey in the insurance industry.

Продолжение

Aon Catastrophe Report shows Multi-Billion Economic Losses for January 2021
by Alexandra GUZUN, 2021-02-11
EUR1.8 billion (USD 2.2 billion) is the estimated amount lost due to the low-pressure system 'Filomena,' which caused severe snowfall in Spain, leading to business interruption and property losses. according to the latest edition of Global Catastrophe Recap report launched by Aon plc (NYSE: AON) which evaluates the impact of the natural disaster events that occurred worldwide during January 2021.

Turkey increased the maximum coverage of TCIP policies to EUR 31.5 k, while the tarrifs were reduced by 10%
by Andrei Victor, 2021-02-09
The Insurance and Private Pensions Regulation and Supervision Agency (SEDDK) has increased the the maximum coverage amount for compulsory earthquake insurance policies administrated by DASK (TCIP - the Natural Disaster Insurance Institution) from TRY 240 k to TRY 268 k (~EUR 31.5 k). At the same time, the tariffs of the compulsory earthquake insurance scheme premiums were reduced by 10% for the policies issued in 2021.

AON Q4 2020 revenue increased to almost USD 3 billion
by Andrei Victor, 2021-02-08
Global re/insurance broker AON announced its Q42020 aggregate revenue increased by 3% y-o-y, to USD 2.96 billion, "reflecting growth in the core business driven by ongoing strong retention and net new business generation, partially offset by a decline in the more discretionary portions of the business".

Insurance Europe support the efforts of EC for a sustainable economy
by Alexandra GUZUN, 2021-02-10
Insurance Europe has published its response to a consultation by the European Commission (EC) on sustainable corporate governance, including matters regarding social and human rights, climate change and the environment.

Regulation on data governance is welcomed by insurers in order to create a single market for data
by Alexandra GUZUN, 2021-02-09
Insurance Europe has published its response to a consultation by the European Commission on its proposals for a Data Governance Act for creating a single market for data, where data from public bodies, business and citizens can be used safely and fairly for the common good.

Montenegro: SWISS Osiguranje officialy renamed into GRAWE nezivotno osiguranje
by Andrei Victor, 2021-02-09
Montenegrin smallest non-life insurer SWISS Osiguranje officially renamed into GRAWE nezivotno osiguranje, according to a notice published on 27 January 2020 on the Montenegro Stock Exchange website.

SCOR: 15.9% premium growth for January renewals and further price increases are expected
by press.release, 2021-02-09
SCOR has announced excellent results for the January 2021 renewals, in line with the forecasts shared during its September 2020 Investor day. The reinsurer expects the market to show further price increases and improved terms and conditions for the mid-year renewals season.

ZURICH: 20% decrease of BOP, but a high record on customer and employee satisfaction
by Alexandra GUZUN, 2021-02-11
Business operating profit (BOP) decreased by 20% at USD 4.2 billion due to the COVID-19-related impact and higher catastrophe losses, but customer and employee satisfaction rise to record high, reflecting quick adaptation to new ways of providing services and protecting employees, as a press release shows.

BELARUS: the rules of insurance of export risks amended
by Marina MAGNAVAL, 2021-02-10
In Belarus, to support and stimulate exports, amendments have been made to the rules for insurance of export risks, BELTA informed with reference to the department for interaction with the media and editorial activities of the General Prosecutor's Office.

Продолжение

GFIA and IAIS working together on the topic of resolution powers and planning
by Alexandra GUZUN, 2021-02-11
The Global Federation of Insurance Association (GFIA) has today published its response to a consultation conducted by the International Association of Insurance Supervisors (IAIS) on resolution powers and planning.

ALLIANZ China Life to become wholly-owned by ALLIANZ Group
by Andrei Victor, 2021-02-08
German insurance group ALLIANZ will become the sole owner of ALLIANZ China Life Insurance, after ALLIANZ China Insurance Holding and CITIC Trust signed an equity transfer agreement.

RUSSIA: Conference "InsurSelling-2021" held in online format
by Daniela GHETU, 2021-02-08
On January 27, 2021, "Insurance segodnya" Media Information Group, with the support of BusinessDrom and Sberbank Insurance, held an online conference "InsurSelling-2021. Insurance sales - strategy and tactics, transformation and evolution, myths and reality".

RUSSIA: NAAI: in some large agricultural regions insurance coverage of crops increased to 46%
by Marina MAGNAVAL, 2021-02-10
According to the President of the National Association of Agriculture Insurers (NAAI) Korney BIJDOV, at the moment, in a number of large agricultural regions insurance coverage of crops has grown from 22% to 46%, NAAI said on its website.

Продолжение

RUSSIA: in 2021, an increase in voluntary health insurance loss ratio is expected
by Marina MAGNAVAL, 2021-02-10
The leaders of the Russian voluntary health insurance market expect an increase in the voluntary health insurance loss ratio due to deferred demand, an increase in the cost of treatment per insured person and an increase in the level of medical inflation, writes ASN quoting the insurance broker GrECo International.

Продолжение

UKRAINE: MTIBU: MTPL GWP last year became a record - almost UAH 6.1 billion
by Marina MAGNAVAL, 2021-02-11
According to the MTIBU (Motor Transport Insurance Bureau of Ukraine), in 2020, insurers concluded over 8.3 million MTPL contracts, and total GWP amount became a record - almost UAH 6.1 billion (~EUR 0.17 billion*), the bureau's press release says.

Продолжение

Despite ongoing COVID-19 pandemic TALANX maintained its FY 2021 net income target
by Andrei Victor, 2021-02-08
Based on preliminary unaudited consolidated figures, the German insurance group TALANX announced year-end 2020 net income of EUR 673 million (vs. EUR 923 million a year before), operating profit of EUR 1.7 billion (vs. EUR 2.4 billion) and increasing GWP from EUR 39.5 billion to EUR 41.1 billion.

STATISTICS

STATISTICS: Albanian insurers' GWP declined by 5.7% last year
by Daniela GHETU, 2021-02-11
The aggregate GWP by Albanian insurers decreased by 5.73% y-o-y in 2020, to ALL 16.60 billion (EUR 134.26), official figures published by Albanian Financial Supervisory Authority showed.

STATISTICS: ARMENIA, FY2020: the market decreased by more than 9% y-o-y (in local currency)
by Marina MAGNAVAL, 2021-02-11
At the end of 2020, GWP of Armenian insurers decreased by 9.33% y-o-y to AMD 44.54 billion (~EUR 69.49 million), according to the data on the insurance companies, provided to ArmInfo.

STATISTICS: KAZAKHSTAN, FY2020: the growth of the life sector is twice that of the non-life (in local currency)
by Marina MAGNAVAL, 2021-02-11
As the 2020 market results, published by the National Bank, show, total GWP last year amounted to KZT 568.1 billion (EUR 1.1 billion), which is almost 12% more y-o-y in local currency.

ON THE MOVE

Martin DIVIS, CEO of KOOPERATIVA pojistovna VIG, reelected President of the Czech Insurance Association
by Andrei Victor, 2021-02-09
CAP - The Czech Insurance Association announced in a statement the renewed structure of its highest body. As it does every two years, the assembly of association elected the nine members of its Presidium.

UKRAINE: Irina SIRENKO became the head of the insurance market supervision department
by Marina MAGNAVAL, 2021-02-11
Since February 10, 2021, Iryna SIRENKO has taken the post of Head of the Insurance Market Supervision Department at the Non-Bank Financial Services Market Supervision Division of the National Bank of Ukraine, Forinshurer reports.

EVENTS

INSURETEK MIDDLE EAST 2021 INTERNATIONAL CONFERENCE & GOLDEN SHIELD EXCELLENCE AWARD
April 7, 2021
Dusit Thani Hotel, Dubai, United Arab Emirates
Organizer:?BIZ Events Management
Media Partner:?XPRIMM Publications
For details:?http://insuretek.org/

9th AIDA Europe Conference
Zurich, Switzerland
23-24 September 2021
Organizer:?AIDA
Media Partner:?XPRIMM Publications
For details:?aidainsurance.org

MARKETS & TRENDS

Insurance was an essential service and has contributed to business continuity, shows the Consumer Trends Report 2020 for Q1&Q2 2020
by Daniela GHETU, 2021-02-09
Even if the insurance sector dealt rather well with the pandemic situation for 1H2020, there are still some warnings about the insurance and pension sector in regards to the impact of COVID-19: possible illiquidity in the unit-linked market, concerns about travel insurance products and lack of clarity in contractual information.

MARSH has announced the largest increase in the Global Insurance Market Index since 2012
by Andrei Victor, 2021-02-08
Global re/insurance broker MARSH said that Q4 2020 Global Commercial Insurance prices increased by 22%. The increase, the largest since the Global Insurance Market Index was launched in 2012, follows year-on-year average increases of 20% in Q3 and 19% in Q2.

CURRENT XPRIMM REPORTS