XPRIMM News No. 562, 09 September 2021

Insurance Newsletter No. 562, 09 September 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Swiss Re Institute: Global property & casualty insurance premiums expected to more than double to USD 4.3 trillion by 2040
by Andrei Victor, 2021-09-09
Global P&C premiums are expected to more than double to USD 4.3 trillion in 2040 from USD 1.8 trillion in 2020, as the P&C portfolio composition is expected to shift from lower-risk motor insurance towards higher-risk property and liability lines, according to Swiss Re Institute's sigma study.

Insurance Europe: implementation period for changed PRIIPs Regulation should be longer to provide for a proper transition
by Daniela GHETU, 2021-09-09
Insurance Europe - alongside several other financial sector associations - raised serious concerns in response to a consultation conducted by the European Commission on planned changes to the Packaged Retail and Insurance-based Investment Products (PRIIPs) framework.

Insurance Europe: to fully benefit from the digital platforms, a true level playing field and fair competition must be ensured in the insurance markets
by Daniela GHETU, 2021-09-09
Insurance Europe has published its response to a consultation by the European Securities and Markets Authority (ESMA) on its call for advice on digital finance, which focused on the fragmentation and non-integration of value chains, digital platforms and the risks of mixed activity groups.

SCOR is prepared to seize the long-term growth opportunities emerging from the fast-changing risk environment
by Daniela GHETU, 2021-09-09
At the annual Investor Day taking place on September 8th, SCOR's Executive Committee, led by Laurent Rousseau, Chief Executive Officer, have presented an overview of the extension of the Group's "Quantum Leap" strategic plan, which will run until the end of 2022.

Vienna Insurance Group and AfB celebrate ten years of collaboration
by Andrei Victor, 2021-09-06
The Vienna Insurance Group (VIG) formed a partnership with AfB (Arbeit fur Menschen mit Behinderung / work for people with disabilities), Europe's largest non-profit IT company, in 2011. In 2020 alone, the Austrian VIG companies helped to conserve 213,040kg of raw materials and avoid 630,936kg of greenhouse gas emissions by passing on used IT devices to AfB; five new inclusive jobs were also created.

POLAND: Insurers decide to pay dividends
by Marina MAGNAVAL, 2021-09-08
The position of the Polish Financial Supervision Authority on the dividend policy of insurance and reinsurance companies, adopted in December last year, allowed them to share profit from the last two years with shareholders. Companies eagerly took advantage of this opportunity, Gazeta Ubezpieczeniowa reports with reference to Dziennik Gazeta Prawna.

LATVIA: problems with water supply, sewerage, and heating pipes caused about 45% of all insurance events last year
by Marina MAGNAVAL, 2021-09-08
Consequences of water accidents caused almost half of all property accidents reported to insurers - last year about 45% of all insurance events were caused by problems with water supply, sewerage, and heating pipes, according to the Latvian Insurers Association (LAA). In turn, water accidents accounted for only about 25% of paid claim amount.

ARMENIA: in 1H travel insurance grew by 70% y-o-y
by Marina MAGNAVAL, 2021-09-08
In the first half of 2021, GWP in the travel insurance segment in Armenia increased by 70% (vs a decline of 46.4% a year earlier), reaching AMD 235.9 million (EUR 0.4 million*), ArmInfo reports.

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RUSSIA: in 2Q paid claims and loss ratio of motor insurance increased
by Marina MAGNAVAL, 2021-09-08
In 2Q, paid claims in Motor Hull and MTPL saw growth faster than premiums, which led to an increase in the combined loss ratio of motor insurance. At the same time, both segments remain profitable, ASN reports based on a survey of key performance indicators of insurers, prepared by the Bank of Russia.

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RUSSIA: total assets, equity capital and total insurance reserves of insurers increased in 1H
by Marina MAGNAVAL, 2021-09-08
For the period from June 30, 2020 to June 30, 2021, total assets of Russian insurers increased by 13.7% and amounted to RUB 4.1 trillion (EUR 47.39 billion*), ASN reports with reference to the data of the Bank of Russia. At the same time, return on insurers' assets decreased to 5.6% from 8.1% a year earlier.

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ON THE MOVE

Guy Carpenter announced appointment at GC Securities
by Andrei Victor, 2021-09-09
Reinsurance broker Guy Carpenter (GC) part of Marsh McLennan (MMC) announced the appointment of Quentin Perrot as Managing Director, GC Securities, with immediate effect.

John Coletti joins Swiss Re as Head of Global Cyber
by Andrei Victor, 2021-09-06
Global reinsurer Swiss Re announced plans to create a central cyber underwriting team. John COLETTI will join Swiss Re as Head of Global Cyber. Maya BUNDT, the current Head of Cyber Solutions, has decided to take on a newly created role at the Swiss Re Institute's Cyber Centre of Competence.

SCOR announces changes to its Group Executive Committee
by Andrei Victor, 2021-09-06
SCOR announces changes to its Group Executive Committee that reflect "the importance of transformation and sustainability in the next phase of its strategic development". The new composition, proposed by Laurent ROUSSEAU, Chief Executive Office of SCOR, was supported by the Nominations Committee of the Board of Directors and approved by the entirety of the Board.

Vincent Foucart will become CEO of SCOR P&C Partners in early 2022, following Sylvie Van Viet's retirement
by Andrei Victor, 2021-09-09
After 25 years with SCOR, Sylvie Van Viet will retire in the first quarter of 2022, as the French reinsurer announced in a press release.

IGI appoints Manpreet Kaur Gill as Asia Pacific Financial and Professional Lines Underwriter
by Daniela GHETU, 2021-09-09
International General Insurance Holdings Ltd. ("IGI" or the "Company") (NASDAQ: IGIC) today announced the appointment of Manpreet Kaur Gill to the role of Asia Pacific Financial and Professional Lines Underwriter of IGI Labuan. Manpreet will be based in the Company's Kuala Lumpur office.

Oneglobal appoints Matthew Warren as CEO of new Middle East operation
by Daniela GHETU, 2021-09-09
Oneglobal Broking continues its expansion with the appointment of Matthew Warren as CEO of Oneglobal Middle East and will operate from Dubai International Financial Centre, Dubai, UAE and and will report directly to Oneglobal's Group CEO, Mike Reynolds.

Zaffino to assume additional role of Chairman of the AIG BoD effective January 1, 2022
by Andrei Victor, 2021-09-09
American International Group announced that Peter Zaffino, President & Chief Executive Officer, will assume the additional role of Chairman of the Board of Directors, effective January 1, 2022. As previously announced, Brian Duperreault, currently Executive Chairman, will retire from the Board of Directors at year end 2021.

STATISTICS

STATISTICS: Greece H1 2021 figures: Life segment pushed-up the market over EUR 2 billion
by Andrei Victor, 2021-09-08
Half year premiums underwritten by Greek insurers members of Hellenic Association of Insurance Companies (HAIC) totaled EUR 2.13 billion, 9.4% more y-o-y according to end-June 2021 preliminary figures.

STATISTICS: BELARUS, 1H2021: the market expands by more than 18% y-o-y
by Marina MAGNAVAL, 2021-09-07
In 1H2021 GWP of insurance organizations of the republic amounted to BYN 874.7 million (EUR 290.11 million), which is about 18.6% more y-o-y, according to the data published by the Ministry of Finance.

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STATISTICS: UKRAINE, 1H2021: insurers' business grew by almost 18% y-o-y
by Marina MAGNAVAL, 2021-09-07
The insurance market in Ukraine in 1H2021 grew by 17.9% to UAH 24.8 billion (EUR 767.13 million). At the same time, net premiums increased by 25.6% to UAH 23.5 billion, according to the data published by the National Bank of Ukraine (NBU).

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EVENTS

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: 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

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