XPRIMM News No. 559, 19 August 2021

Insurance Newsletter No. 559, 19 August 2021

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

VIG, 1H2021: Profit before taxes rises 25% to EUR 251 million
by Daniela GHETU, 2021-08-19
Austrian Vienna Insurance Group ended 1H2021 with a 3.5% increase in the premium volume, to EUR 5.77 billion and 25% increase in the profit before taxes, to EUR 251 million. All key figures show significant improvements y-o-y, indicating that performance continues to be highly stable during the ongoing Covid-19 pandemic.

RENOMIA expands its footprint in the Southeast Europe, increasing its business to over EUR 0.5 billion
by Daniela GHETU, 2021-08-19
RENOMIA, the leading Czech insurance broker, will gain a 30% business share in the Croatian market leader FORTIUS INTER PARTES (Fortius), thus significantly strengthening its current position in Croatia and at the same time entering two new countries - Slovenia and Bosnia and Herzegovina, where Fortius has branches.

UNIQA Group, 1H2021: Profit quadrupled in first half of year - outlook raised for 2021 as a whole
by Daniela GHETU, 2021-08-19
In 1H2021, UNIQA Insurance Group generated earnings before taxes of nearly EUR 216 million, while premiums written rose by 17%. This is predominantly due to the successful integration of the former AXA companies in CEE, but also to the almost 2% increase in GWP in Austria.

Sava Group, 1H2021: good results support group's expectation for a year-end net profit exceeding by 13% the original target
by Daniela GHETU, 2021-08-19
In 1H2021, the Sava Insurance Group generated EUR 363.7 million in operating revenue and a net profit of EUR 43.5 million. Operating revenue and net profit represented 53.1% and 82.1%, respectively, of the full-year targets.

Aegon CEE's business acquisition by VIG greenlighted by the European Commission
by Daniela GHETU, 2021-08-13
On 12 August 2021, the European Commission decided to grant competition clearance to the acquisition of the Aegon business in Central and Eastern Europe (Hungary, Poland and Romania) by Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG), the Austrian group announced.

BiH: Net profit of the Grawe Osiguranje Sarajevo up in 1H2021
by Marina MAGNAVAL, 2021-08-13
Bosnia's Grawe Osiguranje Sarajevo, a member of Austrian insurance group Grawe, said its net profit rose to BAM 3.3 million (EUR 1.7 million euro) in the first half of 2021 (vs BAM 2.8 million in 1H2020, almost 18% up), SeeNews wrote.

BiH: Net profit of Euroherc Osiguranje 7.5% up in 1H2021
by Marina MAGNAVAL, 2021-08-16
Net profit of the Bosnian insurance company Euroherc Osiguranje increased 7.5% y-o-y in the first half of 2021, reaching BAM 5.3 million (EUR 2.7 million), SeeNews reports.

BULGARIA: Eurohold Bulgaria aims to acquire the remaining 33% shareholding interest in Sofia-based CEZ Distribution and CEZ Electro
by Marina MAGNAVAL, 2021-08-13
Financial and insurance group Eurohold Bulgaria aims to acquire the remaining 33% shareholding interest in Sofia-based CEZ Distribution and CEZ Electro for a total of BGN 219.2 million (EUR 112 million), SeeNews informed.

CROATIA: for the first seven months, GWP of Croatia-based insurers more than 12% up y-o-y
by Marina MAGNAVAL, 2021-08-16
GWP of Croatia-based insurers rose 12.37% y-o-y for the period from January to July in 2021, reaching HRK 7.393 billion (EUR 986 million), the Croatian Insurance Bureau informed.

Estonia: The number of traffic accidents increased by a quarter in H1
by Andrei Victor, 2021-08-16
According to the statistics of the Estonian Traffic Insurance Fund (LKF), during the first six months of the year 17,080 traffic accidents have occurred, with cars insured by Estonian insurers, which is 25% more than last year. Of this total, 15,790 traffic insurance cases were registered in Estonia and 1,290 abroad.

NORTH MACEDONIA: Triglav Osiguruvanje recorded a net loss in 1H
by Marina MAGNAVAL, 2021-08-13
North Macedonia-based insurer Triglav Osiguruvanje, which is part of Slovenian insurance group Triglav, said that it recorded a net loss of MKD 17.6 million (EUR 0.38 million) in the first half of 2021 (vs a net profit of MKD 30.5 million for the same period last year), SeeNews reports.

POLAND: Poland in the top five most dangerous roads in Europe
by Marina MAGNAVAL, 2021-08-16
The PIU (Polish Chamber of Insurance) survey shows that 91% of drivers are confident in their driving skills. However, this exact behavior brought Poland to one of the last places in the ranking of the safest roads in Europe, Gazeta Ubezpieczeniowa reports.

Triglav Group is in target to achieve the planned annual profit of EUR 85-95 million
by Andrei Victor, 2021-08-18
Slovene Triglav Group reported H1 2021 aggregate gross profit of EUR 56.2 million, which is 39% more than in the same period last year and 35% higher than in the first six months of 2019, according to the "Unaudited Report of Triglav Group and Zavarovalnica Triglav for H1 2021" posted on the Ljublijanksa Borza (Ljublijana Stock Exchange) website.

Hannover Re expects YE profit of EUR 1.25 billion following HY results
by Andrei Victor, 2021-08-16
Global reinsurer Hannover Re has reported Group net income of EUR 670.6 million for the first half of 2021 (vs. EUR 402.4 million), while the operating profit (EBIT) on the Group level improved substantially to EUR 956.1 million (EUR 503.5 million). At the same time, group GWP increased by 10.0% to EUR 14.5 billion (EUR 13.1 billion). For the full year 2021, the reinsurer continues to expect net income in the range of EUR 1.15 billion to EUR 1.25 billion.

Zurich half-year profit increased 60% y-o-y to USD 2.7 billion
by Andrei Victor, 2021-08-17
Global insurance and reinsurance group Zurich has reported half-year 2021 business operating profit (BOP) of USD 2.7 billion, an increase of 60% compared with USD 1.7 billion in the first six months of 2020, while the net income after tax attributable to shareholders was USD 2.2 billion, an increase of 86% compared with the prior-year period

Zurich places CHF 200 million of 10-year senior debt with a yield of 0.0%
by Andrei Victor, 2021-08-18
Zurich Insurance Group announced the successful placement of CHF 200 million of senior unsecured notes. The Notes will mature in August 2031.

ARMENIA: the number of beneficiaries of the state agroinsurance program exceeded the result of 2020
by Marina MAGNAVAL, 2021-08-16
According to the latest data from the Ministry of Economy, the number of beneficiaries of the state agroinsurance program in Armenia reached 4,300, while in 2020 for the entire year only 1,500 contracts were concluded between farmers and insurance companies, as reported by Ira PANOSYAN, Head of the department for the development of agricultural programs of the Armenian Ministry of Economy, ArmInfo writes.

???????????

ARMENIA: total loss of insurers in the first half of the year exceeded AMD 130 million
by Marina MAGNAVAL, 2021-08-16
The insurance sector of Armenia in the second quarter of 2021 returned from loss to profit, having received AMD 94 million, however, according to the 1H results, the companies ended the first half of the year with a loss.

???????????

AZERBAIJAN: A-Qroup included in the register of members of the Union of Legal Entities of the Compulsory Insurance Bureau
by Marina MAGNAVAL, 2021-08-13
Azerbaijan's A-Qroup insurance company has been included in the register of members of the Union of Legal Entities of the Compulsory Insurance Bureau (CIB) of the country, Trend reported referring to the CIB. And the number of CIB participants has reached 19.

AZERBAIJAN: voluntary cargo insurance in 1H decreased by more than 24% and voluntary insurance of air transport - by more than 26%
by Marina MAGNAVAL, 2021-08-13
In the first six months of the year, GWP on voluntary cargo insurance in Azerbaijan decreased by 24.5% y-o-y and amounted to about AZN 2.6 million/~EUR 1.3 million* (vs AZN 3.5 million by the end of June 2020), Trend reports with reference to the statistics of the Central Bank of Azerbaijan (CBA).

AZERBAIJAN: credit insurance and insurance against business interruption increased in 1H
by Marina MAGNAVAL, 2021-08-16
GWP on credit insurance in Azerbaijan increased by more than seven times y-o-y as of beginning July 2021, Trend reports with reference to the reporting data of the Central Bank of Azerbaijan (CBA), which is the regulator of the insurance market.

???????????

RUSSIA: rating agency Expert RA improved insurance financial strength rating of ROSGOSSTRAKH Life to ruAA
by Marina MAGNAVAL, 2021-08-13
The Expert RA rating agency has improved insurance financial strength rating of ROSGOSSTRAKH Life to ruAA with a stable outlook. Previously, the company had a rating at the ruAA- level with a stable outlook, the insurer said.

RUSSIA: the number of MTPL appeals to the Financial Ombudsman in 1H decreased by more than 15% y-o-y
by Marina MAGNAVAL, 2021-08-13
In the first half of 2021, the number of appeals to the Financial Ombudsman for Disputes of Clients of MTPL insurers decreased by 15.5% y-o-y and amounted to 65,579, as reported by the Chief Financial ombudsman Yuri VORONIN, as ASN reports.

RUSSIA: in January-June, GWP of SBERBANK life insurance grew by more than 38% y-o-y
by Marina MAGNAVAL, 2021-08-16
In January-June 2021, GWP of SBERBANK life insurance amounted to RUB 64 billion (~EUR 0.74 billion*), which is 38.3% more y-o-y. The largest share in the GWP portfolio still belongs to accumulative life insurance (ALI), however, the highest GWP growth was demonstrated by investment life insurance (ILI), the insurer said.

???????????

RUSSIA: GWP of ROSGOSSTRAKH Life in 1H up by 24% y-o-y
by Marina MAGNAVAL, 2021-08-16
GWP of ROSGOSSTRAKH Life in the first half of 2021 increased by 24% to RUB 11.8 billion (~EUR 0.14 billion*), the insurer said.

???????????

UKRAINE: at the beginning of August, total number of insurers decreased by 4 to 177
by Marina MAGNAVAL, 2021-08-13
As of July 31, 2021, 160 non-life insurers (vs 162 as of June 30) and 17 life insurers (vs 19) operate in the Ukrainian market, i.e. in a month, the number of insurance companies decreased by 4, Forinsurer reports.

UKRAINE: in 1H MTPL grew by 14% y-o-y, while Green Card increased by 38%
by Marina MAGNAVAL, 2021-08-16
In January-June 2021, the Ukrainian MTPL market grew by 14% to UAH 3.3 billion/~EUR 0.1 billion*, Forinsurer reports with reference to the MTIBU (Motor (Transport) Insurance Bureau of Ukraine). GWP under electronic MTPL contracts increased by 56% to UAH 1.7 billion.

???????????

UKRAINE: Agroinsurance with state support may start working in November-December 2021
by Marina MAGNAVAL, 2021-08-13
Financing of the program of state support for agroinsurance, which means providing funds from the state budget to agricultural producers in the form of reimbursement of up to 60% of the cost of insurance policies, has been allocated at the level of UAH 240 million (~EUR 7.58 million), Forinshurer said.

UKRAINE: in 1H GWP of ARX and ARX Life increased 26% y-o-y
by Marina MAGNAVAL, 2021-08-16
According to the results of the first half of 2021, the non-life insurance company ARX is the leader in the Ukrainian market, with GWP over UAH 1.6 billion/~EUR 49.5 million* (26% more y-o-y in UAH).

???????????

STATISTICS

STATISTICS: Albanian insurers posted double digit increase in H1 business
by Andrei Victor, 2021-08-16
According to the H12021 market statistics published by Albanian Financial Supervisory Authority (AFSA), the gross written premiums of Albanian insurers amounted to over ALL 8.86 billion (~EUR 72.28 million), or 17.53% more compared to January-June 2020.At the same time, the number of concluded insurance contracts reached 467,511 registering an increase of 7.48% compared to January-June 2020.The insurance market continued to be oriented towards non-life insurance, which brought 92.34% share of the total premium volume, leaving life insurance with 7.65% share of the total premium volume., as AFSA representatives pointed out in a statement published on its website.

STATISTICS: Croatian insurers' H1 GWPs up by more than 13% y-o-y
by Andrei Victor, 2021-08-16
The gross written premiums (GWP) of the 15 Croatia-based insurers rose 13.13% y-o-y at the end of June 2021, reaching HRK 6.40 billion (EUR 855 million), according to the half-year figures published on the Croatian Insurance Bureau (CIB) website.

STATISTICS: Estonian insurance market closed H1 2021 with 2.4% increase in GWP
by Andrei Victor, 2021-08-16
Estonian insurers reported H1 GWP of EUR 241.5 million, 2.4% more compared with January-June 2020, according to the market figures published by the Estonian National Statistics Board.In GWP terms, the life segment was down by 2.7% to EUR 40.7 million (16.9% of total GWP), while the GWP by Estonian non-life insurers totaled EUR 200.7 million, 3.5% more y-o-y.Among the five life insurers, the largest insurer remained SWEDBANK Life Insurance SE (46.1% market share), while If P&C Insurance AS (19.4%) lead the general insurance segment.

STATISTICS: Lithuania insurers' business exceed EUR 500 m in First Half of 2021
by Andrei Victor, 2021-08-16
Lithuanian insurers posted GWP of EUR 501 million in 1H 2021, 6.5% more y-o-y, according to the half-year figures published on the Central Bank's website.

STATISTICS: CEE insurance market exceeds EUR 10 bn at the end of March 2021
by Andrei Victor, 2021-08-05
The 17 CEE insurance markets have closed the Q1 2021 with aggregate GWP of EUR 10.34 billion, up by 4.66% y-o-y. Only four insurance markets posted negative dynamics, the others closing the quarter "in black", according to the data collected and centralized by xprimm.com from local insurance markets authorities and associations

ON THE MOVE

Guy Carpenter appoints ex Willis Re executive as President in Asia Pacific
by Andrei Victor, 2021-08-18
Reinsurance broker Guy Carpenter part of Marsh McLennan announced today the appointment of Michael Harden as President of Asia Pacific, with immediate effect.

Swiss Re announced changes in the leadership of its Reinsurance Business Unit
by Andrei Victor, 2021-08-18
Global reinsurer Swiss Re announced changes in the leadership of its Reinsurance Business Unit. Thus, effective 1 January 2022, Jason Richards has been appointed Country President and CEO UK & Ireland. He will be succeeded by Julie Stephenson as Global Head of Casualty.

Willis Towers Watson names Carl Hess as President and next CEO
by Andrei Victor, 2021-08-18
Global re/insurance broker Willis Towers Watson announced that its BoD has unanimously selected Carl Hess as the company's new president and next chief executive officer (CEO).

MARKETS & TRENDS

Aon: German and Chinese insurers confronted with the costliest natural disasters on record
by Daniela GHETU, 2021-08-12
Extreme precipitation in mid-July resulted in the costliest European flooding event on record, and the deadliest in nearly 30 years, reads the Global Catastrophe Recap report released by Aon. Only in Germany, the official death toll listed at 197, while direct damage was anticipated at about USD 20 billion, of which up to USD 6.5 billion insured losses.

Swiss Re Institute: global insured catastrophe losses from severe weather events reached USD 42 billion in 1H 2021
by Daniela GHETU, 2021-08-12
Estimated insured losses from natural catastrophes at USD 40 billion are the second highest on record for a first half year since 2011, the Swiss Re Institute said, stressing out that winter storms, intense heatwaves and severe flooding around the globe continue to signal the growing risks from secondary perils, fueled by rapid urban development and climate change.

EVENTS

Inclusive Insurance in the CEET Region - Challenges and Potential Opportunities

1-2 September 2021 starting 9.00 a.m. CEST

Online

More details and registration: munichre-foundation.org

Dive In 2021
21-23 September, virtual format
More details: www.diveinfestival.com

FIAR - International Insurance-Reinsurance Forum, 23rd Edition

10-12 October 2021

Sheraton Hotel, Bucharest, Romania

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

4th Customer Experience Management for Insurance Summit 2021

26-29 October 2021

Organizer: Equip Global

Location: Live Online

For details: equip-global.com

Croatian Insurance Days 2021

4 November
Hilton Garden Inn, Zagreb, Croatia
More details: https://dani-osiguranja.huo.hr/#

Reuters Events: The Future of Insurance Europe 2021
4-5 November, virtual format
More details: reutersevents.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

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

CURRENT XPRIMM REPORTS