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XPRIMM News No. 568, 21 October 2021
Insurance Newsletter No. 568, 21 October 2021
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TOP NEWS

XIR 1H2021: CEE insurance markets have exceeded the pre-crisis business volume
by Daniela GHETU, 2021-10-21
GWP in the 17 CEE markets under the scope of the latest XPRIMM Insurance Report reached EUR 20.75 billion at the end of June 2021, 8.30% more y-o-y and exceeding by about EUR 900 the volume in 1H 2019, the year before the Covid crisis. Except for Estonia and Slovakia, insurance business in all CEE markets reached volume superior to 1H2019.

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HUNGARY: The vast majority of Hungarians do not have accident insurance protection
by Marina MAGNAVAL, 2021-10-20
Today, only 15-20% of Hungarians have some form of accident insurance coverage, which is far below the rates in Western European countries, reaching as high as 60-80%. In the second quarter of 2021, 625 thousand accident insurance policies were issued, according to the Hungarian Association of Independent Insurance Brokers (FBAMSZ), portfolio.hu said.

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LITHUANIA: Lietuvos DRAUDIMAS: Scammers are illegally trying to profit from traffic accidents, the amount of illegally attempted payments exceeded EUR 1.7 million
by Marina MAGNAVAL, 2021-10-19
Insurers are seeing an increase in fraudsters trying to illegally benefit from road accidents. According to Lietuvos DRAUDIMAS, the insurance market leader in Lithuania and the largest insurance company in the Baltic States, this year is already breaking records - from the beginning of the year to the mid-October, almost 900 fraud events have already been recorded, and the amount of illegally attempted payments exceeds EUR 1.7 million, delfi.lv said.

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NORTH MACEDONIA: ISA: a family house insured for EUR 3.2 million is the highest insured amount for individual property
by Marina MAGNAVAL, 2021-10-19
The largest corporate policy issued in North Macedonia covers a maximum damage of up to EUR 1.26 billion. In motor vehicle insurance, the maximum sum insured is EUR 41 million and the insurance contract is with a public passenger transport company.

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POLAND: Ubea: September MTPL price reaches the highest level since November 2020
by Marina MAGNAVAL, 2021-10-19
Car owners have been complaining about many increases recently. Besides high fuel prices, they have also started to feel an increase in the cost of compulsory third party liability insurance, Gazeta Ubezpieczeniowa reports.

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SLOVENIA: AM Best affirms Triglav's rating at 'A', outlook stable
by Marina MAGNAVAL, 2021-10-19
The rating agency AM Best affirmed the financial strength rating of the Slovenian insurer Zavarovalnica Triglav and its subsidiary, Pozavarovalnica Triglav Re, at 'A' (excellent) and their long-term issuer ratings at 'a', SeeNews informed with reference to the insurer's statement.

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UNSAR: 1 out of 2 Romanians is worried about fire risk
by Cristian SUCA, 2021-10-21
Fire remains the danger most often mentioned by Romanians when referring to the risks that can affect their homes (56%), according to a new opinion poll conducted by UNSAR together with IRES.

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"Game-changing Pay Per Mile program" webinar, 8 November: what it takes to build a Full Comprehensive Motor Insurance product considered as the "future of safe driving"
by Daniela GHETU, 2021-10-21
At the beginning of summer 2021, Amodo and UNIQA presented the first Full Comprehensive insurance in Croatia that can be activated or deactivated as needed, enabling users to contract and use it via a smartphone application. To know more about it, join the webinar where representatives of the two companies will talk about game-changing insurtech solutions!

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NN Group completes acquisition of majority stake in Dutch insurance broker Heinenoord
by Andrei Victor, 2021-10-19
NN Group announced the completion of its acquisition of a 70% stake in Dutch insurance broker and service provider Heinenoord.

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Zaffino, AIG: Insurers face "new world" of catastrophe losses
by Daniela GHETU, 2021-10-21
The COVID-19 pandemic had presented new opportunities for innovative re/insurance solutions but added that the sector wasn't addressing emerging risks and climate change quickly enough, Peter ZAFFINO, President & CEO of AIG stated for Aon's fireside chat this week.

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FSC approved the EEEC tender offers for CEZ Distribution and CEZ Electro
by Andrei Victor, 2021-10-18
Last week, Bulgaria's FSC (Financial Supervision Commission) has approved the EEEC revised public tender offers for the acquisition of the remaining 33% interests it does not own in power distributor CEZ Distribution Bulgaria and power supplier CEZ Electro Bulgaria.

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Munich Re maintains its YE profit target despite Bernd & Ida losses of ~EUR 1.8 bn in Q3
by Andrei Victor, 2021-10-20
Global reinsurer Munich Re announced losses of about EUR 0.6 billion from the impacts of windstorm Bernd in Europe in July, and losses of around EUR 1.2 billion from Hurricane Ida in the U.S.

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CHUBB to acquire CIGNA business in Asia & Turkey for USD 5.75 bn
by Andrei Victor, 2021-10-19
Chubb Limited - the world's largest publicly traded P&C insurer with operations in 54 countries and territories - announced a definitive agreement to acquire personal accident, supplemental health and life insurance business of Cigna in seven Asia-Pacific markets for USD 5.75 billion in cash.

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RUSSIA: From November 24 to 25, 2021, the 20th Anniversary November Business Meetings (NBM) of Reinsurers will be held in Moscow
by Daniela GHETU, 2021-10-18
From November 24 to 25, 2021, the 20th Anniversary November Business Meetings (NBM) of Reinsurers will be held in Moscow. Venue: Hotel National, Moscow, 15/1 Mokhovaya str., bld.1.

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RUSSIA: Deputy Chairman of the Central Bank of the Russian Federation Vladimir CHISTYUKHIN told insurers what to prepare for
by Daniela GHETU, 2021-10-20
On the eve of the Forum of Insurance Market Leaders, Deputy Chairman of the Bank of Russia Vladimir CHISTYUKHIN spoke about the situation with insurers' compliance with new requirements for financial stability, miss-selling and the regulator's plans.

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RUSSIA: the share of electronic insurance contracts decreased from 40% to 10%
by Marina MAGNAVAL, 2021-10-20
During the lockdown in the first half of 2020, about 40% of insurance contracts were concluded online. However, the fear of fraud and losses again led to a decrease in the share of electronic contracts below 10%, said Vladimir CHISTYUKHIN, Deputy Chairman of the Bank of Russia, in an interview with ASN.

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?MARKETS & TRENDS

Munich Re anticipates higher reinsurance rates on European markets
by Andrei Victor, 2021-10-20
Global reinsurer Munich Re anticipates to see continued market hardening in Europe to accompany January 2022 renewals, while the major losses and inflation indicate more pricing discipline.

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E+S Ruck expects rising reinsurance prices after catastrophic weather events in Germany
by Andrei Victor, 2021-10-20
E+S Ruckversicherung, the Hannover Re subsidiary responsible for the Group's German business, expects higher prices - in some areas markedly so - and improved conditions in property and casualty reinsurance on the German market following the devastating flood damage in the summer.

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STATISTICS

STATISTICS: CEE, 1H2021: property insurance main driver of both the increasing GWP and paid claims
by Daniela GHETU, 2021-10-21
GWP by insurers in the 17 CEE insurance markets wrote gross premiums worth EUR 20.75 billion, 8.3% up y-o-y, property and motor insurance lines being the main growth drivers. Paid claims decreased by almost 5% y-o-y at regional level, to EUR 11.34 billion, with property insurance lines being again the trend setter.

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ON THE MOVE

SCOR Chairman has been appointed Chairman of the Reinsurance Advisory Board
by Andrei Victor, 2021-10-20
Denis KESSLER, Chairman of French Reinsurer SCOR has been appointed Chairman of the Reinsurance Advisory Board (RAB) - a specialist representative body for the European reinsurance industry.

HANFA authorized Zoran Barac as CO SB member
by Andrei Victor, 2021-10-18
Croatian largest insurer CO (Croatia osiguranje) announced in a statement that Croatian Financial Services Supervisory Agency (HANFA) authorised Zoran BARAC as a member of the CO Supervisory Board.

PZU SB member Tomasz KUCZUR has resigned
by Andrei Victor, 2021-10-18
Polish insurance group PZU announced that Tomasz KUCZUR resigned from the company's SB member position as of 11 October 2021.

Generali Poland has a new CFO
by Andrei Victor, 2021-10-20
Beata SIWCZYNSKA-ANTOSIEWICZ is the new Generali Poland CFO, Generali CEE Holding announced in a statement on its website. She takes up the position of Member of the Management Board of Generali Poland as well.

Ileana DAMIAN to become the new COO in Generali Romania
by Andrei Victor, 2021-10-20
Ileana DAMIAN has received the Romanian insurance regulator's approval to take over the position of Chief Operations Officer within Generali Romania, as Generali CEE Holding announced in a statement.?

Armen MKHITARYAN appointed Director of Partnership Sales Development at SberStrakhovanie Life
by Daniela GHETU, 2021-10-21
Armen MKHITARYAN has been appointed Director for Partnership Sales Development at SberStrakhovanie Life. Armen's main tasks are building and developing partner sales and coordinating marketing activities.

Achmea's shareholders approved the appointment of Tjahny BERCX as new SB member
by Andrei Victor, 2021-10-18
Dutch insurer Achmea announce its Shareholders approved the appointment of Tjahny BERCX as a member of Achmea's Supervisory Board for a period of four years. The appointment has been approved by the Dutch Central Bank (DNB).?

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