XPRIMM News No. 553, 17 June 2021

Insurance Newsletter No. 553, 17 June 2021

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

VIG targets top positions in the CEE markets and reorganizes its regional responsibilities structure
by Daniela GHETU, 2021-06-16
Holding a Top 3 position in each CEE market where it operates, except for Slovenia, is the goal set by the Vienna Insurance Group (VIG) for 2025. "We want to achieve this through organic growth, but we will also consider possible acquisitions," CEO Elisabeth Stadler told SeeNews in a recent interview.

Aon Catastrophe Report: Preliminary combined economic toll tops USD 4 billion
by Alexandra GUZUN, 2021-06-16
AON has launched of its monthly Global Catastrophe Recap report, which evaluates the impact of natural disaster events worldwide during May 2021.According to the report, U.S. insurers face a multi-billion-dollar payout, as convective storms resulted in extensive hail, tornado, wind and flood damage.

AON: The cyber insurance premiums show a 21% increase after one year and double over a five-year period
by Alexandra GUZUN, 2021-06-17
The annual U.S. Cyber Market Update issued by AON analyses the profits and performance of U.S. cyber insurers during 2020. The sixth edition of the report shows an increase of 21% in 2020 compared to 2019 of the U.S. cyber insurance direct written premiums.

Swiss Re Institute: COVID-19 cut macroeconomic resilience by 18% in 2020, while global insurance protection gap reaches new high
by Daniela GHETU, 2021-06-16
Global macroeconomic resilience fell by 18% in 2020 and it is not expected to return to the pre-crisis levels in 2021, despite the recovering economic growth. The global insurance protection gap reached a new high, of USD 1.4 trillion, yet global insurance resilience is expected to grow in 2021 due to increased risk awareness, the latest Swiss Re Institute Resilience Index shows.

Aon and Willis Towers Watson disagree with the action taken by the U.S. Department of Justice
by Alexandra GUZUN, 2021-06-17
AON and Willis Towers Watson shared the following statement in response to the legal action taken by the U.S. Department of Justice: "We disagree with the U.S. Department of Justice's action, which reflects a lack of understanding of our business, the clients we serve and the marketplaces in which we operate."

Solvency II: Improvements needed to unleash capacity for equity investment
by Alexandra GUZUN, 2021-06-17
The Solvency II in general works well, but it has also created unnecessary costs and barriers, in particular in relation to insurers' ability to offer long-term products and to invest in long-term assets that can help drive the EU's goals in terms of economic recovery, sustainable growth and the climate transition.

Insurance Europe: The strategy should provide reporting relief and operational benefits for insurers
by Alexandra GUZUN, 2021-06-17
Insurance Europe has published its response to a roadmap consultation by the European Commission on its supervisory data strategy for the EU financial system. The industry fully supports the aim of the supervisory data strategy to initiate a shift to a modern, efficient and effective approach to data collection for supervisory purposes.

Fitch Affirms Turk P&I at IFS 'BB-'; Outlook Stable
by press.release, 2021-06-16
Fitch Ratings has affirmed Turk P ve I Sigorta A.S.'s (Turk P&I) Insurer Financial Strength (IFS) Rating at 'BB-'. The Rating Outlook is Stable. A full list of rating actions is below.

The saga between SCOR and Covea came to an end
by Alexandra GUZUN, 2021-06-16
The French insurers have agreed the signing of a settlement in order to restore peaceful relations. Covea and SCOR have decided to renew the relationship based on professionalism and mutual support that they enjoyed for many years and in keeping with their respective independence.

UNIQA Group, 1Q2021: consolidation of the AXA companies in Poland, the Czech Republic and Slovakia already yielded positive results
by Daniela GHETU, 2021-06-16
Austrian Insurance Group UNIQA started 2021 with a strong performance: an underwriting result of EUR 62.5 million, while the investment result reached EUR 150.1 million. The consolidation of the AXA companies in Poland, the Czech Republic and Slovakia has already resulted in positive effects.

After Covea, SCOR settle dispute with Barclays
by Alexandra GUZUN, 2021-06-17
The global re/insurer SCOR and British multinational universal bank, Barclays have succeeded to put an end to their before the High Court in London on mutually beneficial terms.

S&P Global affirmed "A-" financial rating and a Stable outlook for IGI company
by Alexandra GUZUN, 2021-06-17
S&P Global Ratings has affirmed the financial strength ratings at "A-" for International General Insurance Holdings Ltd. (IGI), an international specialty risks commercial insurer and reinsurer. The rating company also affirmed that the outlook of IGI is stable.

Hungarian insurers' Q1 net profits compressed by 10% to EUR 62.5 million
by Andrei Victor, 2021-06-14
According to the Q1 statistics published by the Central Bank of Hungary, at the end of March 2021 the aggregate market gross profit of Hungarian insurers decreased by 10% y-o-y to HUF 24.59 billion the equivalent of EUR 67.6 million (vs. HUF 27.12 billion).

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Latvia insurance market returned on profit in Q1 2021
by Andrei Victor, 2021-06-14
Latvian insurers' aggregate net profits totaled EUR 10.40 million vs. a net loss of EUR -3.52 million in Q1 2020, according to data presented by the Finance and Capital Market Commission (FKTK).

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Czech CSOB Group chooses Earnix to implement personalized consumer products and rates
by Daniela GHETU, 2021-06-16
CSOB Group, one of the largest banking and insurance institutions in the Czech Republic, has selected Earnix, a global provider of advanced rating, pricing, and product personalization solutions for insurers and banks, to integrate its analytical personalization system into the Czech insurer personal lines insurance offering.

Estonia: MTPL tariff decreased by a quarter in two years
by Andrei Victor, 2021-06-14
According to LKF (Estonian Traffic Insurance Fund) statistics, the MTPL annual average premium fell to EUR 108 in the first quarter of 2021. As comparison, two years ago the same indicator was EUR 145, about 26% less.

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ARMENIA: in January-May, the number of terminated MTPL contracts increased almost 4 times y-o-y
by Marina MAGNAVAL, 2021-06-16
The number of terminated MTPL contracts in Armenia continues to grow rapidly - in January-May by 3.9 times compared to the same period in 2020, amounting to 19,500.

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AZERBAIJAN: in Jan-April MTPL GWP increased by 9.5% y-o-y
by Marina MAGNAVAL, 2021-06-16
From January to April GWP in MTPL grew by 9.5% y-o-y to AZN 28.7 million (~EUR 13.93 million*), Trend reports citing the statistical report of the Central Bank of Azerbaijan (CBA). According to the CBA, in 2020 for the same period MTPL GWP the country amounted to AZN 26.2 million.

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RUSSIA: a law signed on insurance of farmers with state support in case of state of emergency
by Marina MAGNAVAL, 2021-06-17
President Vladimir Putin signed a law according to which farmers will be able to conclude agroinsurance contracts with state support if an emergency is declared in the region, ASN reports.

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RUSSIA: SBERBANK Insurance received a license for MTPL
by Marina MAGNAVAL, 2021-06-17
On June 10, the Bank of Russia issued a license to Sberbank Insurance for compulsory motor third party liability insurance (MTPL), the insurer said in its press release.

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MOLDOVA: a well-thought-out strategy allowed GENERAL ASIGURARI to become one of the TOP-3 in the market
by Marina MAGNAVAL, 2021-06-17
For four years of work since creation in 2016, GENERAL ASIGURARI entered the TOP-3 companies in Moldova. According to the results of 1Q2021 (GWP volume), the company ranks 3rd in the insurance market and 2nd in the non-life insurance market, said Vitalie BANARU, CEO of GENERAL ASIGURARI SA, in an interview with Capital Market.

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TOP EVENTS

Amodo and Croatia Osiguranje presenting the first telematics program in Croatia
by Daniela GHETU, 2021-06-17
Amodo, the well-known Croatian digital solutions provider and Croatia Osiguranje, the Croatian market's leading insurer will present, on July 7, 2021 at 15.00 hours CET, the first telematics program in Croatia LaqoPrevent, a unique prevention program that use advanced technologies to promote and reward safe driving.

The future of pensions debate during the European Retirement Week
by Alexandra GUZUN, 2021-06-17
Nine European associations have gathered to launch the European Retirement Week that will take place during the week of 29 November 2021 in order to debate the future of pensions in Europe and to raise citizens' awareness of the need to save for retirement.

MARKET & TRENDS

ALLIANZ Research: Boom or bust? The covid-19 crisis emphasizes wider fertility challenge
by Daniela GHETU, 2021-06-17
The Covid-19 pandemic not only caused millions of premature deaths, but it had also an impact on the number of births. This trend, especially if lasting for several years, will increase the demographic imbalance, exacerbating the challenges of an ageing population.

STATISTICS

STATISTICS: CAP: Czech market reported significant slowdown of its growth-rate during Q1
by Andrei Victor, 2021-06-17
According to Q1 2021 preliminary data reported by Czech Insurance Association - CAP, the local insurance market totaled CZK 37.68 billion (~EUR 1.44 billion).

STATISTICS: Hungarian insurers' Q1 GWP up by more than 7% y-o-y
by Andrei Victor, 2021-06-17
Hungarian insurers' GWP rose 7% year-on-year to HUF 360.30 billion (EUR 990 million) in the first quarter of 2021, according to the quarterly statistics published by by the National Bank of Hungary (MNB).

STATISTICS: Latvia: Insurers' first quarter business decreased to EUR 215 million
by Andrei Victor, 2021-06-17
Q1 201 Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 215.29 million, almost EUR 10 million less than in Q1 2020, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).

STATISTICS: RUSSIA, 1Q2021: market GWP increased by almost 8%, while profits fell by a third
by Marina MAGNAVAL, 2021-06-17
Total market GWP in the first quarter of 2021 increased by about 7.9% y-o-y, to RUB 460 billion (EUR 5.17 billion). Paid claims for the period increased to RUB 185.3 billion (+16.2%), according to the statistical data, published by the Central Bank.

ON THE MOVE

Madalin Rosu re-elected as President of BAAR; Tania Blatnik from Euroins is the new member of the Board of Directors
by Alexandra GUZUN, 2021-06-17
The Romanian Motor Insurers Bureau (BAAR) has annaounced the new leading team where Madalin Rosu, a representative of OMNIASIG, has been re-elected as President. EUROINS Romania returns to the management of the association and Tanja Blatnik, General Manager of the company, became the newest member of the Board of Directors.

EVENTS

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

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