XPRIMM News No. 565, 30 September 2021

Insurance Newsletter No. 565, 30 September 2021

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Germany: already EUR 1.5 billion paid out to insured persons after flood disaster in July
by Daniela GHETU, 2021-09-30
Around two months after the flood disaster in the Ahr, Erft and other regions of Germany, the insurance industry has already paid about EUR 1.5 billion to insured persons, General Association of the German Insurance Industry (GDV) said.

European insurers call for refinements to facilitate more securitization investment to underpin EU economic growth
by Daniela GHETU, 2021-09-28
The insurance sector supports the promotion of sound securitization and an appropriate prudential treatment, in line with the objectives of the Capital Markets Union project, Insurance Europe's response to a consultation conducted by the European Commission on the functioning of the securitization framework in the EU says.

Insurers welcome EFRAG's development of sustainability reporting standards and offer support through expert groups
by Daniela GHETU, 2021-09-28
Sustainability data plays a particularly important role for insurers who, as well as being preparers of ESG data, are the largest institutional investor group states Insurance Europe's response to a consultation by the European Financial Reporting Advisory Group (EFRAG) on due process procedures for EU sustainability reporting standard setting.

European insurers welcome EC proposal for EU Green Bond Standard, but suggest refinements
by Daniela GHETU, 2021-09-29
The insurance industry strongly welcomes the EC's proposal for an EU Green Bond Standard (EUGBS) as a framework to facilitate capital flows to green investments, in line with the objectives of the European Green Deal, Insurance Europe said in its response to the EC consultation.

BiH: Intermediation commissions for MTPL officially raised in Republika Srpska
by Daniela GHETU, 2021-09-29
Insurance Agency of Republika Srpska, one of the two administrative entities of Bosnia & Herzegovina, has increased commissions for MTPL insurance agents from 15 to 27% in an attempt to prevent companies from illegally increasing those commissions themselves, local financial press reported.

LATVIA: Baltic Insurance and Reinsurance Conference - current issues of cyber insurance, sustainability, and transport insurance discussed
by Marina MAGNAVAL, 2021-09-27
Cyber insurance, sustainability, and current initiatives in the field of transport insurance were the main topics of the 18th International Conference "Insurance and Reinsurance in the Baltics 2021", which was organized by the Latvian Insurers' Association (LAA) on September 23.

Romania: Measures to protect the CITY Insurance victims
by Daniela GHETU, 2021-09-30
The bankruptcy of CITY Insurance - the largest player on the Romanian market, with a 20% share of the total industry and 45% in the MTPL segment, continues to be the hot topic of the week.

UNIQA finalized the merger of ex-AXA subsidiaries in CEE
by Andrei Victor, 2021-09-28
Austrian insurer UNIQA announced it successfully concluded the merger of its units with the former AXA subsidiaries in Poland, Czech Republic and Slovakia acquired a year ago for a total cash consideration of EUR 1.0 billion.

S&P reaffirms Triglav Group's "A" credit ratings with a stable medium-term outlook
by Andrei Victor, 2021-09-28
Standard & Poor's reaffirmed the "A" Long-Term Credit Rating and Financial Strength Rating with a stable medium-term outlook of Triglav Group and thereby of its parent company and its subsidiary Pozavarovalnica Triglav Re, the Slovene re/insurance group announed in a statement.

Aon's Reinsurance Aggregate: The ARA posted strong results for the first half of 2021 - GWP grew by 17% to USD 177 billion
by Marina MAGNAVAL, 2021-09-27
Aon's Reinsurance Aggregate (ARA) underwrites over 50% of the world's life and non-life reinsurance premiums and is therefore a reasonable proxy for the sector as a whole, the latest edition of ARA's report series tracking the financial performance of leading reinsurance carriers in the global market said.

ARMENIA: number of vehicles with MTPL coverage stagnant; GWP increased by 7% in January-August
by Marina MAGNAVAL, 2021-09-29
According to the Bureau of Motor Insurers of Armenia, the number of vehicles with MTPL policy increased by 1% y-o-y in January-August 2021 (vs a decline of 2.9% a year earlier), however, this growth is still very far from the pre-covid rate of 13% (same period in 2019), ArmInfo reports reports.

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AZERBAIJAN: 5 insurers account for over 77% of GWP and 88% of paid claims in January-August
by Marina MAGNAVAL, 2021-09-28
In January-August 2021, total GWP of the insurance sector in Azerbaijan amounted to AZN 580.59 million (~EUR 289.37 million*), while AZN 448.67 million or 77.3% were generated by 5 insurance companies, ABC.AZ writes.

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BELARUS: voluntary pension insurance to be launched from October 1, 2022
by Marina MAGNAVAL, 2021-09-28
In Belarus, voluntary pension insurance will be launched from October 1, 2022. On September 27, President of Belarus Alexander Lukashenko signed a decree "On voluntary insurance of additional funded pension", BELTA reports citing the press service of the head of state.

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UKRAINE: XXI International Financial Forum: Ukrainian insurance market returned to normal business activity and adapted to work under quarantine conditions
by Marina MAGNAVAL, 2021-09-29
In September, Odessa hosted the XXI International Financial Forum to discuss the problems and prospects of business in the field of insurance and financial services, strategies for the development of the financial sector of Ukraine until 2025, changes in the legislative framework for financial and insurance business under the regulatory control of the NBU, new organizational and technological solutions and more, Forinsurer reports.

ON THE MOVE

Daphne de Kluis appointed to Achmea's Executive Board
by Andrei Victor, 2021-09-28
Dutch insurance group Achmea announced that Daphne de Kluis will be appointed to company's Executive Board with effect from 12 October 2021. Thus, the Executive Board of Achmea will comprise Bianca Tetteroo (chair), Michel Lamie (vice-chair and CFO), Daphne de Kluis, Robert Otto, Lidwien Suur and Henk Timmer (CRO).

MMC promotes Denise Sanchez to Chief Compliance Officer
by Andrei Victor, 2021-09-28
Global re/insurance brokerage firm Marsh McLennan has appointed Denise Sanchez as the Company's Chief Compliance Officer.

SCOR Chairman Denis Kessler wins Insurance Insider's 2021 Lifetime Achievement Award
by Daniela GHETU, 2021-09-30
Denis Kessler, Chairman of the French group SCOR, was presented with the Lifetime Achievement Award at the annual Insurance Insider Honours awards ceremony in London on 28 September. This award recognizes the outstanding contribution he has made to the industry for more than thirty years.

MARKETS&TREND

AXA Future Risks Report 2021: Climate change and cyber risk top the list of concerns
by Daniela GHETU, 2021-09-30
Despite the health crisis capturing everyone's eye for longer than a year, climate change tops now the risk ranking, shows the Future Risks Report released by AXA. In the USA, cyber risk is on the rise and becoming the number one concern, while preparedness for dealing with both risks is till inadequate.

STATISTICS

STATISTICS: BiH, 1H2021: betting on digitalization, UNIQA osiguranje is the new market leader
by Daniela GHETU, 2021-09-30
Insurance market of Bosnia & Herzegovina ended the first half of 2021 by showing a positive dynamic, especially on the life insurance side. Yet, although recording a 12.3% y-o-y GWP growth, the life insurance segment remains very small, reaching a total GWP amount of EUR 42.8 million, still far from the market's potential. At the same time, indemnities paid for life insurance went up by 27% y-o-y, to EUR 21.7 million.

STATISTICS: Slovak insurers' half-year profits expanded by almost a quarter to EUR 115 million
by Andrei Victor, 2021-09-29
At the end of June 2021, the Slovak insurance market totaled EUR 1.15 billion, 0.3% more y-o-y, according to the half-year statistics published by the National Bank of Slovakia (NBS).

STATISTICS: CIS, 1H2021: Kyrgyzstan ended the first half of the year with the largest GWP increase, while Azerbaijan - with the largest increase in paid claims (in EUR)
by Marina MAGNAVAL, 2021-09-30
The regional CIS* insurance market in 1H grew by almost 12% (in euros), total GWP exceeded EUR 12.84 billion. Paid claims also recorded a significant increase y-o-y (+15.45%) and amounted to EUR 5.26 billion, according to xprimm statistics.

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STATISTICS: CIS, 1H2021: Kyrgyzstan ended the first half of the year with the largest GWP increase, while Azerbaijan - with the largest increase in paid claims (in EUR)
by Marina MAGNAVAL, 2021-09-28
The regional CIS* insurance market in 1H grew by almost 12% (in euros), total GWP exceeded EUR 12.84 billion. Paid claims also recorded a significant increase y-o-y (+15.45%) and amounted to EUR 5.26 billion, according to xprimm statistics.

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

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

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