XPRIMM News No. 557, 15 July 202

Insurance Newsletter No. 557, 15 July 2021

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

BULGARIA: ABZ: agroinsurance is not standardized, which can lead to frustration among farmers
by Marina MAGNAVAL, 2021-07-15
"Agroinsurance is not standardized and there are various offers on the Bulgarian market", said Nina Kolchakova, Secretary General of ABZ (Association of Bulgarian Insurers). Therefore, farmers should be aware of all the terms of the offer in advance to determine if it suits their needs, according to the ABZ.

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HUNGARY: after the weekend hail - more than five thousand claims and damage for over HUF 1.5 billion
by Marina MAGNAVAL, 2021-07-15
After the weekend storms the expected damage amount has already exceeded one and half billion on Monday morning, although insurance companies believe that the number of related claims may even increase in the coming days, the Association of Hungarian Insurers (MABISZ) announced.

Montenegrin and UK drivers will no longer need to show a Green Card policy at the EU borders
by Daniela GHETU, 2021-07-15
Starting 2 August 2021, vehicles registered in Montenegro and the UK, except for the military ones, will no longer be checked for the existence of a valid MTPL insurance when crossing the borders of EU states, the recently adopted Implementing Decision of the European Commission no. 2021/1145 of 30.6.2021 provides.

North Macedonia: Croatia Osiguruvanje - Nezivot raised its capital to EUR 7.03 million
by Marina MAGNAVAL, 2021-07-15
Croatia Osiguruvanje - Nezivot, subsidiary of Croatia Osiguranje - Croatia's market leader, increased its capital by EUR 580,000 through a new share issue, thus the non-life insurer raised its capital to EUR 7.03 million, SeeNews said.

Catastrophe Modeling Firm RMS announced for sale by its owner
by Daniela GHETU, 2021-07-12
Daily Mail and General Trust plc (DMGT) and Rothermere Continuation Limited (RCL) announced today a possible major reorganization of DMGT that may include the sale of its s Insurance Risk division ("RMS"). DMGT has emphasized that discussions are ongoing, but there is no certainty that a transaction will result.

Eight global re/insures launch net-zero climate alliance
by Andrei Victor, 2021-07-13
Eight of the world's leading re/insurers have established the UN-convened Net-Zero Insurance Alliance (NZIA) as founding members, committing to transition their re/insurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050.

Leading global cyber insurers form together CyberAcuView, to support cyber risk mitigation efforts across the insurance industry
by Daniela GHETU, 2021-07-13
Leading cyber insurers AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers announced in June the formation of CyberAcuView, a company dedicated to enhancing cyber risk mitigation efforts across the insurance industry. All CyberAcuView activities are conducted under strict antitrust review and guidance.

Acquisition of Willis Towers Watson by Aon receives the European Commission approval
by Daniela GHETU, 2021-07-13
The European Commission has approved, under the EU Merger Regulation, the acquisition of Willis Towers Watson ('WTW') by Aon. The decision follows an in-depth investigation into the effects of the proposed transaction, combining the activities of Aon and WTW.

KYRGYZSTAN: insurance company KYRGYZSTAN celebrated its 30th anniversary
by Marina MAGNAVAL, 2021-07-15
On July 5, the insurance company KYRGYZSTAN celebrated its 30th anniversary, the insurer said on its website.

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RUSSIA: profitability on accumulative insurance contracts of SBERBANK Life insurance in 2020 amounted to 8%
by Marina MAGNAVAL, 2021-07-15
SBERBANK life insurance, subsidiary of Sberbank, reported that following the results of its investment activities in 2020, the yield on accumulative life insurance contracts (ALI) for ruble-denominated policies was 8% per annum, and for policies denominated in dollars - 3%.

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TURKMENISTAN: the President of Turkmenistan expressed dissatisfaction with the activities of the State Insurance Organization
by Marina MAGNAVAL, 2021-07-15
At a meeting of the Cabinet of Ministers on July 9, President of Turkmenistan Gurbanguly Berdimuhamedov expressed dissatisfaction with the activities of several authorities, including the State Insurance Organization, informed Business Turkmenistan.

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UKRAINE: in Jan-May, MTPL market went up by 14.6%, and the number of contracts increased by 9%
by Marina MAGNAVAL, 2021-07-15
From January to May 2021, the MTPL market in Ukraine grew by 14.6% to UAH 2.7 billion (~EUR 80.57 million*), Forinshurer reports according to the Motor (Transport) Insurance Bureau of Ukraine. At that MTPL GWP under e-policies increased by 59% to UAH 1.4 billion.

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UZBEKISTAN: a pilot project of state health insurance has been launched
by Marina MAGNAVAL, 2021-07-15
Uzbekistan, with the support of the WHO European Regional Office, has launched a pilot project in the Syrdarya region to provide the population with health services. The provision of public health insurance is part of nationwide health sector reforms announced in 2020, the WHO Regional Office for Europe announced on July 9.

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ON THE MOVE

Swiss financial markets authority names Zurich's Group CIO as new CEO
by Andrei Victor, 2021-07-15
FINMA - the Swiss Financial Market Supervisory - announced its Board of Directors appointed Urban Angehrn (currently Group Chief Investment Officer of Zurich Insurance Group) as the authority's new CEO.

Eleanor Bucks appointed Lloyd's Chief Investment Officer
by Andrei Victor, 2021-07-15
Lloyd's announced that Eleanor Bucks will be joining the Corporation in the newly created role of Chief Investment Officer, which will build and lead Lloyd's new investment platform for the market.

Lloyd's Europe leadership bolstered with new Board appointments confirmed
by Andrei Victor, 2021-07-15
Lloyd's Insurance Company has confirmed its new Board appointees with Bruno van Lierde, Nicole Verheyen and Amelie Breitburd. Angela Crawford-Ingle will also join the LIC Board of Directors, effective immediately.

MARKET & TRENDS

Swiss Re Institute: record global insurance premium at USD 7 trillion expected by the end of 2022
by Daniela GHETU, 2021-07-15
Year 2021 will see an above-trend global premium growth of 3.3%, while for 2022 a 3.9% growth rate may be expected, the latest annual world insurance premium sigma released by the Swiss Re Institute. As such, global premiums may reach USD 6.9 trillion.

Risk Radar report: the follow-on impact of the 'powering up' of digital marketing, sales and claims processing is one of much importance to all in the industry
by Marina MAGNAVAL, 2021-07-15
The third edition of the Global Insurance Law Connect RADAR report gives an opportunity to know the approaches, regulatory challenges, and stories of innovations that different markets share during such a challenging period that the industry is going through.

STATISTICS

STATISTICS: Slovak Rep: Insurers Q1 profits expanded by 55% y-o-y to EUR 51.59 m
by Andrei Victor, 2021-07-15
In the first three months of 2021, the Slovak insurance market totaled EUR 601 million, 4.4% less y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).The profits of local insurers amounted to EUR 51.59 million, which was a 55% increase as compared to end-March 2020 (EUR 31.3 million), as official statistics show.

STATISTICS: UL products and life traditional policies pushed the Slovene life insurance market in negative area
by Andrei Victor, 2021-07-15
Slovenian insurance market totaled EUR 724 million at the end of Q1 2021, 1.3% more y-o-y, according to the Slovenian Insurance Association's Q1 report.

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:

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

2.12.2021: AIDA Europe Webinar: Insurance and Human Rights

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