XPRIMM News No. 536, 18 February 2021

Insurance Newsletter No. 536, 18 February 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Beesafe, VIG's digital start-up, achieves rapid four-month Guidewire deployment in midst of global pandemic
by Daniela GHETU, 2021-02-17
Beesafe, the digital brand of the Vienna Insurance Group's (VIG) Polish subsidiary, has deployed Guidewire Software, a platform general insurers trust to engage, innovate, and grow efficiently, to underpin its business processes and drive its digital insurance model, the companies have announced.

UNIQA Group, 2020: results above expectations; 3.6% growth in GWP after consolidation of AXA-CEE in Q4
by Daniela GHETU, 2021-02-18
Austrian UNIQA's 2020 results exceeded the Group's expectations as formulated in April. GWP went up 3.6% after consolidation of AXA-CEE in Q4, while preliminary earnings before taxes reached EUR 57 million, including the EUR 243 million one-time charges for restructuring, adjustment of goodwill in CEE and AXA integration.

AM Best's Special Report: EIOPA's Solvency II Review Advice - Very Particular Regime
by Daniela GHETU, 2021-02-18
AM Best has issued a Report named "A Very Particular Regime - EIOPA's Solvency II Review Advice" which examines some of the Solvency II reform proposals, concluding that the proposals will make a start in moving Solvency II closer to providing an economic picture of insurers.

Insurance Europe highlights that any additional taxation will increase costs for end-consumers
by Alexandra GUZUN, 2021-02-18
Insurance Europe has published its response to a consultation by the European Commission on its proposals for a digital levy.

UNSAR: insurers support the introduction of an efficient direct settlement system; digitalization reduced the management costs
by team, 2021-02-18
Motor insurance lines are still struggleling high combined ratios, despite the lower acquisition and administration costs achieved through digitalization; on the other hand, the industry will join the effort of setting up an efficient direct settlement system, top representatives of UNSAR explained recently.

Insurance Europe is supportive of the Holistic Framework for Systemic Risk
by Alexandra GUZUN, 2021-02-18
Holistic Framework for Systemic Risk represents a significant improvement on the previous entity-based approach. The International Association of Insurance Supervisors (IAIS) is currently developing liquidity metrics to assess insurers' liquidity exposures which aims to assess and mitigate the potential build-up of systemic risk in the global insurance sector.

Romanian ASF: The insurance market grew by 5% in 2020, to RON 11.5 billion
by Andrei Victor, 2021-02-15
In 2020, the gross premiums written by the Romanian insurance companies reached RON 11.5 billion (~EUR 2.3 billion), increasing by approximately 5% compared to the previous year, declared Nicu MARCU, President of ASF - Financial Supervisory Authority cited by Romanian insurance news portal www.1asig.ro.

Продолжение

Insurance Europe: Key messages on civil liability and AI
by Alexandra GUZUN, 2021-02-18
Insurance Europe has published a new paper which outlines its support for the European Commission's aim of promoting safe AI, as well as the federation's positions on liability and artificial intelligence (AI).

Generali Romania introduces new services to improve customers' claims experience
by Irina GHETU, 2021-02-16
Generali Romania further simplifies the compensation processes with the help of new digital tools and dedicated partnerships, in order to shorten the time necessary to solve the claims and thus improve customers' claims experience.

SSL Endeavour rebranded to OneGlobal Insurance Broking, in Greece & Cyprus
by Daniela GHETU, 2021-02-15
SSL Endeavour in Greece & Cyprus has now officially rebranded to OneGlobal Insurance Broking Ltd in full alignment with the Group's businesses globally. The group's rebranding operation started in June 2020, announcing ambitious plans for organic growth and the acquisition of like-minded broking businesses and talented individuals.

KBC to expand its presence on Bulgarian market by acquiring NN operations
by Andrei Victor, 2021-02-15
Belgian fiancial group KBC and the Netherlands-based NN Group announced they reached an agreement for KBC's Bulgarian subsidiary, DZI - Life Insurance, to acquire NN Bulgarian operations for a total consideration of EUR 77.7 million.

Czech insurers: The phenomenon of insurance fraud is growing every year
by Andrei Victor, 2021-02-18
The members of Czech Insurance Association (CAP) announced that during last year they inspected a total of 9,362 suspicious insurance caim files, 14% more y-o-y, detecting insurance fraud in total amount of CZK 1.23 billion (~EUR 48 million) , 8.7% more y-o-y.

Продолжение

Estonia: LHV Group's insurance unit started operations in January
by Daniela GHETU, 2021-02-17
Estonian LHV Group's recently established non-life insurance unit, LHV Kindlustus started operations in January. The company will service in the near future the LHV Bank customers, thus accessing a base of 264,000 potentially clients.

Lithuania: market regulator expects a moderate GWP growth in 2021
by Daniela GHETU, 2021-02-18
The Bank of Lithuania expects a moderate growth of the insurance market this year, by 3% to 5%, up to a total EUR 997 million in GWP. While the non-life business is expected to recover from the 2020 fall, life insurance will grow at a slower pace than last year.

Продолжение

Hungary: MTPL average prices for passenger cars went up by 9% y-o-y in Q4 2020
by Daniela GHETU, 2021-02-17
The National Bank of Hungary (MNB) recently launched a new index, showing the evolution of the annualized compulsory MTPL average premiums. Last year, the average MTPL price for passenger cars increased by 9% to HUF 44,523. MNB will update the index quarterly.

Продолжение

French insurer AXA is active on Romanian health insurance market after a partnership with MEDIHELP
by Andrei Victor, 2021-02-18
MEDIHELP International and AXA Partners, with the support of AXA Global Healthcare - announced an strategic partnership offering to Romanian insureds new private health insurance with international coverage, with a limit of up to EUR 3 million - depending on the chosen plan among five plans - informed www.1asig.ro here.

Armenia: steps made in developing the country's agriculture may also growth on several insurance business lines
by Daniela GHETU, 2021-02-16
A rural insurance program was implemented in Armenia, in 6 regions, covering 2 crops. In 2021, the program shall be implemented nationwide, covering a total of 11 crops. The program is part of a series of measures aiming at developing the country's agriculture.

Продолжение

ARMENIA: over 82% of the GWP collected in 2020 under the agroinsurance program is directed to risk reinsurance
by Marina MAGNAVAL, 2021-02-16
In 2020, Armenian insurance companies, participating in the agroinsurance program, collected GWP worth AMD 130.94 million (~EUR 0.2 million*), according to the quarterly Financial Rating of Armenian Insurance Companies, prepared by ArmInfo. At the same time, 82.2% (or AMD 107.6 million) was directed to risk reinsurance.

Продолжение

KAZAKHSTAN: assets of life insurers in 2020 grew by 38% vs growth of 15% for non-life insurers
by Marina MAGNAVAL, 2021-02-17
Total assets of the Kazakh insurance sector in 2020 grew by 23% y-o-y to KZT 1.5 trillion (~EUR 2.9 billion*), writes Allinsurance.kz with reference to the data published on the website of the National Bank of the country.

Продолжение

AM Best Affirms Credit Ratings of Halyk-Life, JSC
by Daniela GHETU, 2021-02-15
AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Halyk-Life, Life Insurance Subsidiary Company of the Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan).

Продолжение

KAZAKHSTAN: in 2021 KZT 3.3 billion to be allocated to subsidize agroinsurance
by Marina MAGNAVAL, 2021-02-18
In 2021 Kazakhstan is planning to allocate KZT 3.3 billion (~EUR 6.5 million*) to subsidize agroinsurance. The Kazakh plant growers can insure their farms on the soil moisture index, and that half of the cost of insurance is paid by the state, Kazinform news agency reports with reference to the press service of the Ministry of Agriculture.

Продолжение

RUSSIA: Fitch Ratings improves Financial Strength Rating Outlook of AlfaStrakhovanie from Negative to Stable
by Marina MAGNAVAL, 2021-02-18
The international rating agency Fitch Ratings has improved the Financial Strength Rating Outlook of AlfaStrakhovanie from negative to stable. The rating is confirmed at BB +, writes ASN with reference to the agency's release.

Продолжение

RUSSIA: ARIA: the life insurance sector ended the year of the pandemic and a large-scale crisis with an increase of 4.1% y-o-y
by Marina MAGNAVAL, 2021-02-18
In 2020, GWP of the life insurance sector exceeded RUB 450 billion (~EUR 4.95 billion*), which is 4.1% more y-o-y, while the sector's paid claims increased 1.5 times to RUB 211 billion, according to the data, the All-Russian Insurance Association (ARIA) received from 23 life insurers, as the press service of the association reports.

Продолжение

TURKMENISTAN: the insurance fund in 2020 increased by 6.1% y-o-y
by Marina MAGNAVAL, 2021-02-16
In 2020, the number of contracts concluded with individuals and legal entities increased by 25.4% y-o-y, including the contracts for compulsory types of insurance, which increased by 37.3%, and for voluntary insurance - by 23.5%.

Продолжение

UKRAINE: in 2020 the insurers paid profit tax over 51% more than in 2018
by Marina MAGNAVAL, 2021-02-17
In 2020 the total amount of the profit tax, paid by the Ukrainian insurers to the state and local budgets, increased by 24.5% to UAH 1.6 billion (EUR 46 million*), which at the same time is 51.5% more than in 2018, according to Oleksandr ZALETOV, the vice president of the League of Insurance Organizations of Ukraine (LIOU), Interfax-Ukraine writes.

Продолжение

TOP EVENT

Insurance in the DIGITAL World Conference - Last call for registration; Check the event's agenda
by Alexandra GUZUN, 2021-02-18
Organized under the title "DIGITALIZATION between ups and .... Traps", the 2021 edition of the Insurance in the DIGITAL World Conference has launched the agenda of the event. Several top-notch speakers, will deliver presentations and will participate in two panels of discussions.

Продолжение

MARKET & TRENDS

Rejoining Paris Agreement - US (re)insurers will have to adopt the ESG factors
by Alexandra GUZUN, 2021-02-18
Insurers and reinsurers are likely to sharpen climate-risk focus as the US rejoins Paris Agreement. Am Best expects US (re)insurers' engagement with environmental, social and governance (ESG) factors to accelerate amid an increasing green focus from the US government.

Prices for compulsory MTPL for electric cars should align with those for regular cars
by Daniela GHETU, 2021-02-15
Compulsory MTPL insurance for electric cars should not be pricier than the one for regular cars similar in equivalent power and use characteristics, yet a differentiating may appear considering the existence in the country of registration of an official representative of its manufacturer.

STATISTICS

STATISTICS: BiH insurers posted FY2020 subunit GWP decrease
by Andrei Victor, 2021-02-18
At the end of 2020 the BiH insurance market totaled EUR 386.76 million (BAM 756.45 million), 0.83% less y-o-y, according to the YE 2020 market figures published by the local insurance agency - AZOBIH.The value of GWP of the insurers operating in the Federation of Bosnia and Herzegovina decreased by 0.55% to EUR 270.52 million, while the Republika Srpska based insurers generated EUR 116.24 million, down by 1.48% y-o-y.In terms of GWP, the top three largest insurers in the country were FBiH based insurers ADRIATIC osiguranje (9.13% market share), SARAJEVO osiguranje (8.60%) and EUROHERC osiguranje (8.27%).

STATISTICS: Kosovo insurers reported YE 2020 net profit of EUR 4.1 million
by Andrei Victor, 2021-02-18
Kosovo active 13 insurers reported aggregate net profit of EUR 4.1 millon at the end of 2020, as compared with a market net loss of EUR -2.8 million at December 31st, 2019, according to data provided by the Central Bank (CBK).

ON THE MOVE

Andela Sutija elected President of the Croatian insurance brokers professional association
by Daniela GHETU, 2021-02-18
Andela SUTIJA, CEO of ANO Insurance and Reinsurance Broker was elected the new President of the Association of Insurance and Reinsurance Brokerage Companies at the HGK (Croatian Chamber of Commerce) session held on February 17. Mate MARKOTA, a member of ZABA Partner, was elected her Deputy.

Sabine Keller-Busse is proposed for election to the Zurich Board of Directors
by Alexandra GUZUN, 2021-02-18
The election of the Board of Directors of Zurich Insurance Group (Zurich) will take place on April 7, 2021 during the Annual General Meeting which will take place without the physical attendance of shareholders. Sabine Keller-Busse was proposed for election to the Group's Board.

NN Group proposed two SB members
by Andrei Victor, 2021-02-15
Dutch insurance group NN informed its Supervisory Board nominated Cecilia REYES and Rob LELIEVELD for appointment as members of NN Group's Supervisory Board for a term of four years.

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

CURRENT XPRIMM REPORTS

INSURANCE &TECHNOLOGY

European provider of IT solutions Cegeka opens its office in Moldova
by Daniela GHETU, 2021-02-15
The European IT solution provider Cegeka opens a new office in Moldova, intending to increase the number of employees located in Chisinau from the currently five, to 200 in the coming years, thus being able to service, among others, the banking and insurance industries in the country.

Продолжение

Polish Asseco CE is expanding on the international digital insurance market
by Alexandra GUZUN, 2021-02-18
After the successful partnership in Slovakia and Czechia focusing on provision of IT solutions on the Platform as a Service (PaaS), Asseco Central Europe and Youplus Insurance International AG have agreed on another cooperation, aiming to gradually expand in German speaking countries.

Продолжение

EUR 500.000 invested in Boleron for mobile-first digital insurance
by Alexandra GUZUN, 2021-02-18
New Vision 3 (NV3) and venture capital fund Eleven are investing in Boleron, a software platform for digital insurance, used by the Bulgarian insurance broker Boleron Consulting, around EUR 500 million, to accelerate its expansion in new client verticals across the SEE region, as well as enable team expansion and product development.