XPRIMM News No. 542, 01 April 2021

Insurance Newsletter No. 542, 01 April 2021

www.xprimm.com

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Vienna Insurance Group focuses on Insurtechs and invests in VENPACE
by Alexandra GUZUN, 2021-04-01
Vienna Insurance Group (VIG) continues to invest in the Insurtech scene and has formed the Insurtech fonds VENPACE together with three other investors. The goal is to search for financially support and make use of young international technology companies.

RMS Webinar: Innovations/Challenges for the CEE insurers against NatCat
by team, 2021-04-01
The existing NatCat protection gap in the CEE and the consistent solutions that are now available to bring more CAT modelling at the point of underwriting made the main topics at the "Innovations and Challenges in managing Natural Catastrophe risks" organized by RMS in association with XPRIMM on 30 March.

Zurich supports the global efforts to avert the threat of climate change
by Alexandra GUZUN, 2021-04-01
Zurich Insurance Group (Zurich) is intensifying action regarding the climate change and wants to become one of the most responsible and impactful businesses in the world. It will use every channel like investments, operations and products and services to accelerate the transition to a net-zero emission economy.

EVENT: WorldPensionSummit 2021 will take place on the 12-14 October 2021
by Irina GHETU, 2021-03-30
The P&I WorldPensionSummit has, in 12 years, grown into a leading global event that is truly for and by pension professionals. This year`s theme is 'Powering the Change', and the summit will take place in a hybrid mode! XPRIMM is supporting the event as a Media Partner!

Insurance Europe: an insurer's corporate governance structures should be risk-based
by Alexandra GUZUN, 2021-04-01
Insurance Europe recognises that the governing body, management and internal audit have their distinct responsibilities, but it highlights that all activities need to be aligned with the objectives of the organisation. And to this end, regular and effective coordination, collaboration and communication are essential.

Insurance Europe considers the pilot insurance protection gap dashboard might be an useful tool
by Alexandra GUZUN, 2021-04-01
Insurance Europe welcomes the European Insurance and Occupational Pensions Authority's (EIOPA) initiative of providing transparent natural catastrophe (NatCat) information in a dashboard, but some adjustments are needed for it to meet this goal.

Global reinsurance capital returned to its pre-pandemic level; (ILS) and traditional reinsurance markets experienced an extraordinary year in 2020
by Alexandra GUZUN, 2021-03-31
Despite extraordinary losses in 2020, the insurance-linked securities (ILS) and traditional reinsurance markets demonstrated their resilience at the January 2021 renewals, raising capital back to pre-pandemic levels, according to the new Best's Market Segment Report: "Insurance-Linked Securities Market Weathers Elevated Catastrophe Activity and Global Pandemic in 2020".

AM Best is assigning a Stable outlook to the London market (re)insurance segment
by Alexandra GUZUN, 2021-04-01
A new Best's Market Segment Report, "Market Segment Outlook: London Market Insurance", suggests that London market (re)insurers will continue to respond appropriately to market headwinds such as the impact of social inflation on casualty claims, elevated levels of uncertainty in respect to the impact of the COVID-19 pandemic, and changing climate trends.

ALLIANZ wins the race for acquiring Aviva's Polish business in a EUR 2.5 billion deal
by Daniela GHETU, 2021-03-26
Aviva's announcement of today has put an end to the wave of speculations on its Polish unit sale: the winner of this race was Allianz, who acquired Aviva's entire shareholding in Aviva Poland for a cash consideration of EUR 2.5 billion, valuing the acquired business at EUR 2.7 billion.

"Ethniki saga" comes to an end: CVC Capital to buy Greece's largest insurer
by Andrei Victor, 2021-03-31
The private equity and investment advisory firm CVC Capital Partners' Fund VII has entered into a definitive agreement to acquire 90.01% of Ethniki Insurance from National Bank of Greece (NBG), in a deal that values the Greek insurer at about EUR 505 million.

EU branches' business on Romanian market has crossed the threshold of RON 1 billion
by Andrei Victor, 2021-03-31
The GWP related to the branches of EU insurers active on Romanian insurance market, has crossed last year the threshold of RON 1 billion for the first time, according to the YE2020 figures released last week by Romanian FSA.

Romanian insurance brokerage market expanded by more than half billion RON
by Andrei Victor, 2021-03-31
Romanian brokerage market totaled RON 7.9 billion (EUR 1.6 billion) last year, more than half billion RON as compared with 2019, according to the most recent statistics published by Romanian FSA.

ARMENIA: in February 2021, more agreements were concluded under the agroinsurance program than in the entire 2020
by Marina MAGNAVAL, 2021-03-29
In February 2021, 1,800 agreements were concluded between farmers and insurers within the framework of the agroinsurance program, while in the entire 2020 their number reached only 1,500, writes ArmInfo, according to Ira PANOSYAN, head of the department for the development of agricultural programs at the Ministry of Economy of Armenia.

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KAZAKHSTAN: growth of the life insurance sector in 2020 was a record
by Marina MAGNAVAL, 2021-03-31
Life insurers' GWP in Kazakhstan in 2020 amounted to KZT 228.9 billion (~EUR 0.44 billion*), which is 16% more y-o-y. This figure is a record for the life insurance sector, Allinsurance.kz reports with reference to Ranking.kz.

MOLDOVA: turnover of new shares issued by MOLDASIG suspended
by Marina MAGNAVAL, 2021-03-30
The turnover of 480 thousand ordinary shares issued by MOLDASIG SA was suspended by the National Commission for the Financial Market (CNPF), due to the pending verification of the circumstances related to the notifications of the bailiff Maksim Romaliyskiy dated 12.03.2021, sent by the Unified Central Securities Depository (UCSD), CapitalMarket reports.

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RUSSIA: SBERBANK Insurance increased its charter capital to RUB 5 billion
by Marina MAGNAVAL, 2021-03-29
Sberbank's subsidiary - SBERBANK Insurance increased its charter capital from RUB 2.7 to RUB 5.0 billion (~EUR 55.57 million*), the insurer said in a press release on March 26.

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RUSSIA: in 2020, the insurance market supported the economy by increasing investments in government bonds and government debt by 24%
by Marina MAGNAVAL, 2021-03-30
In 2020, total investments of insurers in government bonds and government debt amounted to RUB 1.838 trillion (~EUR 20.27 billion*), which is 24% more y-o-y, according to the president of the All-Russian Insurance Association (ARIA) Igor YURGENS, ASN reports.

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UKRAINE: MTIBU: in 4Q2020 the number of MTPL contracts, GWP, settled claims and paid claims increased
by Marina MAGNAVAL, 2021-03-29
In 4Q2020, MTPL insurers of Ukraine paid out over UAH 812 million (~EUR 23.37 million*) to victims of road accidents, MTIBU (Motor Transport Insurance Bureau of Ukraine) reported in its press release.

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UKRAINE: over the last 5 years the number of MTPL contracts increased by 22%, and GWP doubled
by Marina MAGNAVAL, 2021-03-30
Over the last 5 years, the annual number of MTPL contracts in Ukraine, concluded by MTIBU members, has grown by 22% - from 6.8 million units to 8.3 million units (in 2020). At the same time, MTPL GWP doubled and amounted to UAH 6.2 billion (~EUR 0.17 billion*) in 2020, Forinshurer reports.

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UZBEKISTAN: in 2020 UZBEKINVEST retained its leading position, Gross Insurance became one of the largest insurers with 58% increase in paid claims
by Marina MAGNAVAL, 2021-03-30
At the end of 2020, UZBEKINVEST retained its leading position in the insurance market of Uzbekistan. According to the Ministry of Finance, the insurer's GWP for 2020 amounted to UZS 262 billion (~EUR 20.49 million*), the client base grew by 38%, Gazeta.uz writes.

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MARKET & TREND

Swiss Re: global insured losses in 2020 were USD 89 billion, sigma reveals
by Alexandra GUZUN, 2021-04-01
Natural catastrophes in 2020 caused global economic losses of USD 190 billion. In GDP normalised terms, losses rose 1.6% between 1970-2020 on a 10-year moving average basis. For insurance, the losses in 2020 were USD 89 billion, making it the fifth-costliest year on sigma records since 1970.

STATISTICS

STATISTICS: Romanian largest 10 insurers accounted for 90% of total market
by Andrei Victor, 2021-04-01
GWP of Romanian insurers reached RON 11.50 billion (EUR 2.36 billion), up by 4.64% y-o-y, according to the YE2020 market figures published on the Romanian FSA website. Overall paid claims totaled RON 6.92 billion (EUR 1.42 billion), up by 1.5% y-o-y.

STATISTICS: Polish insurers' aggregate business has stagnated during 2020
by Andrei Victor, 2021-04-01
The largest CEE insurance market ended 2020 with aggregate GWP worth PLN 63.42 billion (~EUR 13.74 billion), down by 0.6% y-o-y, according to the year-end figures from the Polish Financial Supervision Authority (KNF).

ON THE MOVE

AXA announced top management changes: ex-Generali's GM named co-deputy CEO
by Andrei Victor, 2021-03-29
AXA announced changes in its senior leadership team to implement its new strategic plan, Driving Progress 2023, presented in December last year.

Aegon's Chief Human Resources Officer Carla Mahieu to step down
by Andrei Victor, 2021-03-29
The Dutch insurer Aegon announced that Carla Mahieu, Aegon's Chief HR Officer, has decided to step down, effective June 1, 2021: "After more than a decade in the role, Carla has decided to enter a new phase in her career and has recently been nominated as member of the Supervisory Boards of Arcadis and DSM, next to her role as Supervisory Board member for VodafoneZiggo".

Sebastian COOK is the new Managing Director and Head of London Europe at GUY CARPENTER
by Alexandra GUZUN, 2021-04-01
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, announced the appointment of Sebastian COOK as Managing Director and Head of London Europe, with immediate effect. Mr. COOK will also play a key role in directing Guy Carpenter's international RFP initiative.

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
Details: http://insuretek.org/

25th ANNUAL REINSURANCE CONFERENCE
April 14-15, 2021

National Hotel, Moscow, Russia and online

Organizer: LLC "CC" Business Format "

Media Partner: XPRIMM

Details: reinsurevent.com

Motor Insurance Conference - "A glimpse in the future"
20 April 2021, Online event
Organizer: XPRIMM
Details: internationalinsuranceforum.com

Property Insurance - in a connected world Conference
22 April 2021, Online event
Organizer: XPRIMM
Details: internationalinsuranceforum.com

Balkan Insurtech Virtual Summit
11 May 2021, 9:00 AM - 5:00 PM EEST
Organizers: InsurtechBalkans Hub and Fintechguardian NGO
Media Partner: XPRIMM
Details: insurtechbalkans.tech

Transparency in Insurance Contract Law
19 May 2021
Details: aidainsurance.org

Transparency in Insurance Regulation and Supervisory Law
14 October 2021
Details: aidainsurance.org

WorldPensionSummit 2021
12-14 October 2021
Location: Louwman Museum, The Hague, The Netherlands & Virtual
Details: pionline.com

Insurance and Human Rights
2 December 2021
Details: aidainsurance.org

AIDA Europe webinar 2021 Series
Media Partner: XPRIMM Publications
Details:
19.05.2021: Transparency in Insurance Contract Law
14.10.2021: Transparency in Insurance Regulation and Supervisory Law
2.12.2021: Insurance and Human Rights

CURRENT XPRIMM REPORTS