XPRIMM News No. 546, 29 April 2021

Insurance Newsletter No. 546, 29 April 2021

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Partnership between Eurohold and J.P. Morgan AG for taking over the assets of the CEZ group in Bulgaria
by press.release, 2021-04-26
Eurohold, the Bulgarian public holding and an independent financial and insurance group operating in the CEE/SEE/CIS region, has mandated J.P. Morgan AG to act as its lead and exclusive arranger for structuring the debt financing related to the deal with CEZ Group.

New partnership between Chubb and Marsh to secure vaccine injury compensation
by Alexandra GUZUN, 2021-04-29
Chubb and Marsh announced a collaboration with the World Health Organization (WHO) and Gavi, the Vaccine Alliance (Gavi), to secure insurance coverage for the COVAX No-Fault Compensation Program for 92 low- and middle-income countries. The Program is the first and only vaccine injury compensation mechanism operating on an international scale.

Insurance Europe: Multi-pillar pension systems and PAYG can produce positive outcomes
by Alexandra GUZUN, 2021-04-26
The European Union can play a role in supporting and promoting the efforts of member states to boost the financial (and digital) literacy of vulnerable persons. This includes raising awareness of the need to prepare for retirement and of the benefits of long-term saving, according to a paper issued by Insurance Europe.

Munich Re will pay a stable dividend of EUR 9.80 per share for 2020 and positive business prospects are foreseen
by Alexandra GUZUN, 2021-04-29
At the Annual General Meeting was established that for 2020 financial year, Munich Re will a dividend of EUR9.80 per share, the same as in 2019. The overall dividend payout amounts to about EUR 1.37 billion.

Willis Towers Watson revenues up by 5% y-o-y in the first quarter of 2021
by Daniela GHETU, 2021-04-29
Willis Towers Watson, a global advisory, broking and solutions company, announced financial results for Q1 2021, with total revenue up by 5%, to USD 2.6 billion, constant currency growth of 1% and organic growth of 4%. Income from Operations was USD 452 million, while Adjusted Operating Income was USD 579 million.

For 1Q2021, CCN showed good underlying business activities and a stable income
by Alexandra GUZUN, 2021-04-29
CCN Group has achieved solid performance during first quarter 2021 with an increase of 8%, mostly driven by the Workers Compensation/Accident business segment, which saw an eminent double digit growth compared with first quarter 2020. CCN intensified its digital transformation process to deliver value to all stakeholders.

SCOR: EUR 45 million income and 5.6% increase on GWP for first quarter 2021
by Alexandra GUZUN, 2021-04-29
In first quarter 2021, SCOR has demonstrated its shock-absorbing capacity and continued the growth. It has recorded a net income of EUR 45 million and delivered a very high solvency of 232%, which reflects all expected future Covid-19 impacts, above the optimal solvency range of 185% to 220% defined in "Quantum Leap".

By 2050 SCOR targets are to become Net-Zero on investments and reduce the carbon intensity
by Alexandra GUZUN, 2021-04-29
SCOR will reduce the carbon intensity of its corporate bonds and listed equities portfolio by 27% till 2025 in order to become Net-Zero on investments by 2050 as its public pledge. The target was set in accordance with the Inaugural 2025 Target Setting Protocol developed by the Net-Zero Asset Owner Alliance.

Reinsurers pre-tax profit in 2020 strongly affected by the combined impact of the pandemic and NatCat
by Daniela GHETU, 2021-04-29
The 23 global reinsurers included in the Aon's Reinsurance Aggregate (ARA) reported a pre-tax profit of USD 6.9 billion in 2020, around a third of the level seen in 2019, driven by a P&C underwriting loss of USD 5.9 billion and a 23% reduction in the overall investment result to USD 27.6 billion.

Lloyd's appoints new rating agency and receives AA- financial strength rating
by Andrei Victor, 2021-04-26
Lloyd's announced that it has appointed Kroll Bond Rating Agency (KBRA) to provide an additional independent opinion of Lloyd's financial strength "and further demonstrate the market's exceptionally strong financial position to investors and customers".

British motor insurers have settled by 19% less claim files in 2020, but paid claims decreased by only 6%
by Daniela GHETU, 2021-04-28
Following the Covid lockdowns during the year, the number of motor insurance claims settled by the British insurers in 2020 fell by 19%, according to the ABI (Association of British Insurers) data. Total claims paid also fell, but at a much lower rate, of 6%.

CIG Pannonia is the potential buyer of Hungarian Aegon unit
by Andrei Victor, 2021-04-26
After the decision of the Hungarian authorities to block the sale of Aegon NV's local unit to Vienna Insurance Group in a regional deal of EUR 830 million sale of Dutch insurer's CEE operations to Austrian insurer, Hungarian CIG Pannonia could be the potential buyer, Bloomberg informed here.

Czech Rep.: Three quarters of insurers' employees work from home
by Andrei Victor, 2021-04-28
According to a regular report conducted by CAP (the Czech Insurance Association) on COVID-19 impact on member insurance companies, about three quarters of employees in insurance companies work remotely.

Estonia: Pipe leaks generate one third of home insurance claims
by Andrei Victor, 2021-04-29
According to the EKsL statistics (Association of Estonian Insurance Companies), last year, local insurers settled about 30 thousand home insurance claims, about one third of them being caused by pipe leaks.

Turkey: There is a need of a single law for the Turkish insurance industry
by Alexandra GUZUN, 2021-04-28
The Turkish insurance industry is covered by different pieces of legislation which need to be unified in a single law, Fahri ALTINGOZ, Chairman of the Turkish Insurance Practitioners Association stated. Insurance companies are now waiting for the government to draw up the unified insurance act.

KYRGYZSTAN: Arzybek KOZHOSHEV appointed Chairman of the State Service of regulation and supervision of the financial market
by Marina MAGNAVAL, 2021-04-27
Arzybek KOZHOSHEV was appointed Chairman of the State Service of regulation and supervision of the financial market under the Ministry of Economics and Finance of the Kyrgyz Republic, as announced on the website of the market regulator.

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RUSSIA: NAAI: from 2018 to 2020 subsidized agroinsurance more than tripled
by Marina MAGNAVAL, 2021-04-26
According to the National Association of Agriculture Insurers (NAAI), in 2019-2020 all NAAI insurers increased their activity in the agroinsurance with state support.

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RUSSIA: The 5th forum of insurance innovations InnoIns-2021 to be held on April 27
by Marina MAGNAVAL, 2021-04-23
On April 27, 2021, the 5th InnoIns-2021 Insurance Innovation Forum will take place. The event will be held in a mixed, online + offline format. Forum speakers and moderators will gather in a studio, while the rest of the participants will work online. The forum of insurance innovations InnoIns-2021 is held by MIG Insurance Today and the analytical agency BusinessDrom with the support and participation of the All-Russian Insurance Association.

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RUSSIA: Obligatory program of SBERBANK insurance has become the largest on the market
by Marina MAGNAVAL, 2021-04-29
SBERBANK Insurance renewed its obligatory reinsurance treaty for liability risks, the capacity of which almost doubled to RUB 1.8 billion (~EUR 19.89 million*), thereby becoming the largest in this type on the insurance market, the insurer said.

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UKRAINE: EUROINS Ukraine for January-March generated GWP 88% more y-o-y
by Marina MAGNAVAL, 2021-04-29
The Kyiv-based EUROINS Ukraine insurance company for the first three months of 2021 generated UAH 165 million (EUR 5.05 million*) of GWP, which is 88% more y-o-y, as Open4Business informs.

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UKRAINE: non-compliance with standards in 2021 could lead to exit from the market of 30% of companies
by Marina MAGNAVAL, 2021-04-27
The National Bank of Ukraine (NBU), as a regulator of the insurance market, began to apply measures to the market participants due to their failure to meet the capital adequacy and solvency standards.

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MARKET & TRENDS

How the driving habits have changed in 2020 and what impact that has on the insurers business
by Daniela GHETU, 2021-04-29
Throughout 2020, a significant change in how people are using their cars has developed, driven by the lockdown and the subsequent travel restrictions, as well as by the new remote working stile or the avoidance of using public transportation means.

STORY LAB

STATISTICS

STATISTICS: BELARUS, FY2020: the level of paid claims in total GWP increased to almost 54%, while the share of business expenses decreased to 22%
by Marina MAGNAVAL, 2021-04-29
In 2020, total GWP of the Belarusian insurance market amounted to BYN 1,510.2 million (EUR 476.70 million), which is 7.61% more y-o-y in BYN. At the same time, total number of insurance contracts decreased by 16.5%, according to the data published by the Ministry of Finance of the Republic.

TOP EVENTS

MOTOR INSURANCE CONFERENCE
20 April 2021

PROPERTY INSURANCE CONFERENCE 22 April 2021

ON THE MOVE

Carinne Knoche-Brouillon was elected to Munich Re Supervisory Board during the AGM
by Alexandra GUZUN, 2021-04-29
At the Annual General Meeting (AGM) of Munich Re, Carinne Knoche-Brouillon has been newly elected to the Supervisory Board of Munich Re. She is a member of management at C. H. Boehringer Sohn AG & Co. KG.

Anja Kaefer-Rohrbach appointed Deputy General Manager of the GDV
by Daniela GHETU, 2021-04-29
Anja Kaefer-Rohrbach becomes the new Deputy General Manager at the German Insurance Association (GDV). In the future, she will be responsible for the competence center for risk protection for society and the economy.

EVENTS

Balkan Insurtech Virtual Summit

11 May 2021, 9:00 AM - 5:00 PM EEST

Organizers: InsurtechBalkans Hub and Fintechguardian NGO

Media Partner: XPRIMM

For details: insurtechbalkans.tech

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

Georgian International Insurance Conference
20 May 2021
Organizer: XPRIMM & LEPL
For details: xprimmevents.com

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

WorldPensionSummit 2021
12-14 October 2021
Location: Louwman Museum, The Hague, The Netherlands & Virtual
Organizer: Pension & Investments
For details: pionline.com

Insurance and Human Rights
2 December 2021

For details: aidainsurance.org

AIDA Europe webinar 2021 Series

Media Partner: XPRIMM Publications

For details:

19.05.2021: AIDA Europe Webinar: Transparency in Insurance Contract Law

14.10.2021: AIDA Europe Webinar: Transparency in Insurance Regulation and Supervisory Law

2.12.2021: AIDA Europe Webinar: Insurance and Human Rights

9th AIDA Europe Conference
Zurich, Switzerland
18-20 May 2022
Organizer: AIDA Europe
Media Partner: XPRIMM Publications
For details: aidainsurance.org

CURRENT XPRIMM REPORTS