XPRIMM News No. 567, 14 October 2021

Insurance Newsletter No. 567, 14 October 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Aon Catastrophe Report: Canary Islands volcanic eruption economic losses in the range of EUR hundreds of million
by Daniela GHETU, 2021-10-14
The Cumbre Vieja volcano (La Palma Island in the Canary Islands archipelago of Spain) prompted evacuation of thousands of residents and will likely result in hundreds of millions of euros in economic losses, the monthly Global Catastrophe Recap report launched today by Aon said.

ESTONIA: The employer's health insurance has doubled in a year
by Marina MAGNAVAL, 2021-10-11
According to the Association of Estonian Insurance Companies, the employer's health insurance has more than doubled in a year. This year, 510 employers have purchased voluntary health insurance, insuring a total of 20,400 employees. In the middle of last year, only 230 employers insured a total of 7,600 employees.

POLAND: PZU: The pandemic has increased interest in insurance
by Marina MAGNAVAL, 2021-10-11
The Covid-19 pandemic has increased interest in life and health insurance, noted Malgorzata SADURSKA, a PZU board member during the discussion at Congress 590 on how the financial market responds to the new fears and needs of Poles, Gazeta Ubezpieczeniowa reports.

Lithuanian Central Bank: Local insurers posted H1 profits of EUR 27.7 million: 6 insurers were profitable, 2 suffered losses
by Andrei Victor, 2021-10-14
At the end of June 2021, Lithuanian domestic insurers posted aggregate profits of EUR 27.7 million (vs. EUR 27.5 million in June 2020), while the assets managed by domestic insurers remained stable at ~ EUR 1.7 billion. Life insurers reported net profits of EUR 9.3 million (vs. EUR 8.5 million a year before), the remaining EUR 18.4 million being accounted by non-life insurance companies (vs. EUR 19 million).

Romania: One in 20 cars causes each year an accident covered by MTPL insurance; the highest frequency of claims is in the cargo transport sector
by Andreea RADU, 2021-10-13
Annually, out of every 20 cars registered in Romania, at least one produces a road accident resulting in material damage or personal injury and death*. This frequency can vary significantly, reaching values of over 22% in the area of cargo transport, UNSAR - the Romanian insurers' professional association has stated.

AM Best affirmed credit ratings of Pozavarovalnica Sava d.d.
by press.release, 2021-10-14
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a" (Excellent) of Pozavarovalnica Sava d.d. (Sava Re) (Slovenia), the operating holding company of the Sava Re group. The outlook of these Credit Ratings (ratings) is stable.

UNSAR-IRES study: 9 out of 10 Romanians believe in the reality of climate change
by Cristian SUCA, 2021-10-11
Nearly 9 out of 10 Romanians (89%) believe that climate change is real, according to a new sociological survey conducted by UNSAR, together with IRES. The result is similar to those of the last two years, a sign that Romanians are aware and continue to be concerned about climate change and its effects.

Lloyd's Insurance Company announces UK Branch leadership
by Andrei Victor, 2021-10-11
Lloyd's Insurance Company S.A. (LIC) has announced leadership appointments for its UK branch. Mark COOPER has been appointed as Head of LIC UK branch effective 1 November, subject to regulatory approvals.

NN Insurance Belgium to sale a closed book portfolio to Athora Belgium
by Andrei Victor, 2021-10-11
NN Group announced that its subsidiary NN Insurance Belgium has the intention to sell a closed book life portfolio to Athora Belgium.

Top-10 P&C insurer groups accounted for 25.3% of total P&C direct GWP worldwide in 2020
by Daniela GHETU, 2021-10-12
Top-10 P&C (non-life) insurer groups accounted for 25.3% of total P&C direct GWP worldwide in 2020 (down marginally from 25.5% in 2019), according to Insuramore's global rankings, their combined direct GWP reaching to ~USD 480.8 billion, while global P&C is worth ~USD 1.9 trillion in 2020.

Hannover Re commits to net zero targets in reinsurance, investments and business operations
by press.release, 2021-10-14
Hannover Re is committing to achieve net zero emissions in business operations by 2030 and in its reinsurance portfolio and investments by 2050. In setting these targets Hannover Re supports the Paris Agreement on climate change aimed at limiting global warming to 1.5 degrees Celsius, the German reinsurer announced.

BELARUS: StrahExpertGroup won the Best Broker nomination in the insurance sector
by Marina MAGNAVAL, 2021-10-13
The winners of the republican business competition "Noble Taler. Finance - 2021", the award ceremony took place on October 8 in Minsk. Business unions have awarded "Noble Taler" - the highest award of the business community of Belarus - to 12 financial organizations, according to the website of the

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GEORGIA: 40% of GWP in 1H collected by companies affiliated with banks
by Marina MAGNAVAL, 2021-10-13
For the first half of 2021, Georgian insurers collected premiums in the amount of GEL 446 million (~EUR 119 million*), 40% of which were generated by the companies affiliated with commercial banks, Business Georgia reports.

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RUSSIA: SberInsurance received a rating from S&P
by Marina MAGNAVAL, 2021-10-11
The international rating agency S&P has assigned SberInsurance, one of the leaders of the Russian market, a financial strength rating at BBB- with a stable outlook. The agency expects that in the future the company's capital will reach a level corresponding to the rating of BBB, the insurer said in its press-release.

RUSSIA: Conference "Barrier-2021. Countering insurance fraud. New types of insurance, advanced technologies, and effective methods of struggle"
by Daniela GHETU, 2021-10-13
On October 19, 2021, in Moscow, at the Holiday Inn Moscow Lesnaya hotel (Lesnaya st., 15), the conference "Barrier-2021. Countering insurance fraud. New types of insurance, advanced technologies, and effective methods of struggle", organized by the MIG "Strakhovanie segodnya" with the support and participation of the All-Russian Insurance Association will take place.

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UKRAINE: from January to September, MTIBU payments to victims exceeded UAH 202 million
by Marina MAGNAVAL, 2021-10-14
For 9 months of 2021, MTIBU (Motor (Transport) Insurance Bureau of Ukraine) paid the victims of traffic accidents UAH 202.3 million (~EUR 6.56 million*) from the Victim Protection Fund, and the total number of payments reached 5.4 thousand. The number of payments increased by 18.5% y-o-y, while the amount - by 32%, the press release of the Bureau said.

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UKRAINE: in 1H2021 insurers' advertising and marketing expenses amounted to UAH 47 million
by Marina MAGNAVAL, 2021-10-11
In the first half of 2021, the expenses of Ukrainian insurance companies on advertising and marketing remained at the level of previous years in the amount of UAH 47 million (~EUR 1.45 million*), of which UAH 39.8 million insurers spent on non-life insurance, and UAH 8.2 million - on life insurance, Forinsurer reports.

UZBEKISTAN: UZBEKINVEST receives the "Best Insurance Company of the Year" award
by Marina MAGNAVAL, 2021-10-13
The insurance company UZBEKINVEST received a special award as "The Best Insurance Company" and took first places in other two nominations at the Tashkent Advertising Festival TAF!21, gazeta.uz.

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#XPRIMMReports are ready to be launched
by Daniela GHETU, 2021-10-14
The Covid-19 Pandemic might have altered the way our world functions, but that did not put a hold to XPRIMM being close to its readers and constantly providing the needed insurance information. We are proud to announce #XPRIMMReports are ready to be launched:

STATISTICS

STATISTICS: Double-digit H1 GWP growth rate for Bulgarian insurers
by Andrei Victor, 2021-10-12
Bulgarian insurance market ended the first half of the year with a total GWP of BGN 1.63 billion (EUR 836 million), up by 12.9% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC).

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STATISTICS: ROMANIA, 1H2021: double digit GWP market growth, but on the verge of significant changes in the market structure
by Daniela GHETU, 2021-10-14
Romanian insurers reported GWP worth EUR 1.29 billion at the end of 1H2021, which is by 11,66% more y-o-y. As the Romanian Leu lost some weight against Euro in the last 12 months, the growth rate in local currency looks even better, reaching 13.6% y-o-y.

STATISTICS: SERBIA 1H2021: claims paid for property insurance decreased by two thirds improving market profitability
by Daniela GHETU, 2021-10-14
Serbian insurers ended the first half of 2021 with GWP worth EUR 514 million, up by 8.2% y-o-y, while paid claims went down by about 2.3%, to EUR 203.3 million, totally owed to the decreasing claims expenses for the property insurance lines which saw paid claims diminishing to about a third of the 1H2020 sum.

ON THE MOVE

Ecaterina Caraman might take over soon the heading position of Moldovan National Financial Market Commission
by Daniela GHETU, 2021-10-14
Ecaterina Caraman, head of the Corporate Investment Department within Moldova Agroindbank (MAIB) could be appointed to lead the National Financial Market Commission (NCFM), the autonomous public authority that authorizes, regulates and supervises the activity of participants in the non-banking financial market in the Republic of Moldova.

New corporate director at Uniqa Insurance, Hungary
by Marina MAGNAVAL, 2021-10-11
Tibor ZUBOR from Allianz will be the director of Uniqa Insurance's corporate business, portfolio.hu said referring the company's statement.

EVENTS

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

FIAR - International Insurance-Reinsurance Forum, 23rd Edition

5-7 December2021

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

CURRENT XPRIMM REPORTS