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XPRIMM News No. 569, 28 October 2021

Insurance Newsletter No. 569, 28 October 2021
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TOP NEWS

Insurance Europe: EC should develop an EU-wide withholding tax system that is simple, fast and digital friendly
by Daniela GHETU, 2021-10-28
It its response to the EC consultation concerning the proposed roadmap for the introduction of a common EU-wide system for withholding tax on dividend or interest payments, Insurance Europe has listed the main measures that should be adopted to improve efficiency without creating an excessive administrative burden.

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Marsh: Global commercial insurance pricing up 15% Q3 2021
by Andrei Victor, 2021-10-27
Global commercial insurance prices increased 15% in the third quarter of 2021, according to the Global Insurance Market Index released by the insurance broker Marsh, the same rate of increase recorded in the previous quarter.

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The Croatian Insurance Days 2021 conference close to the start
by Daniela GHETU, 2021-10-28
The traditional annual event that reunites Croatian insurers, as well as their foreign business partners, the Croatian Insurance Days 2021 conference will be held on November 4, 2021 in Zagreb at the Hilton Garden Inn, abandoning for this edition its usual venue, Opatija.

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LATVIA: insurance indemnities often do not cover renewal of the existing property
by Marina MAGNAVAL, 2021-10-26
The study conducted by the Ministry of Economics on the changes in labor and construction material costs in 2021-2025 indicates that construction costs will increase by a record 6.6% in 2021 compared to 2020, reaching the highest increase in 9 years.

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NORTH MACEDONIA: In 1H insurance companies paid EUR 10.2 million of remuneration to their intermediaries
by Marina MAGNAVAL, 2021-10-28
Insurance companies paid EUR 10.2 million of remuneration to their intermediaries. Through insurance intermediaries (insurance brokerage companies, insurance companies and insurance agents), insureds paid EUR 42 million for non-life insurance in the first six months of 2021, the Insurance Supervision Agency (ISA) said.

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NORTH MACEDONIA: Halk Osiguruvanje raises EUR 3 million in a capital increase
by Marina MAGNAVAL, 2021-10-28
North Macedonian non-life insurer Halk Osiguruvanje, owned by Halk Banka, the local arm of Turkish state-owned lender Halk Bankasi, raised EUR 3 million in a capital increase via a new share issue, SeeNews informed.

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MMC posted Q3 revenue of USD 4.6 billion
by Andrei Victor, 2021-10-26
Global re/insurance broker MMC posted Q3 2021 aggregate revenue of USD 4.6 billion, an increase of 16% compared with the third quarter of 2020. Q3 operating income was USD 740 million, an increase of 37% from the prior year while net income attributable to the Company was USD 537 million, or USD 1.05 per diluted share, compared with USD 0.62 in the third quarter of 2020.

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SCOR, 3Q21: net income of EUR 339 million, despite strong NatCat impact; EUR 200 million share buy-back program launched
by Daniela GHETU, 2021-10-28
French SCOR recorded an overall net income of EUR 339 million in 3Q 2021. Natural catastrophes had a strong impact on the group's results, of EUR 708 million (net of retrocession and before tax). Only Hurricane Ida and the European floods had a total impact of EUR 343 million.

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Flooding is the costliest natural hazard in the ASEAN markets; lower income sections of society largely uninsured
by Daniela GHETU, 2021-10-28
Floods have been responsible for more than 45% of the accumulated total natural disaster losses of USD 137 billion since 1990 in the ASEAN* region - well ahead of other hazards such as storms or earthquakes, the ASEAN Insurance Pulse 2021, published today by Malaysian Re, shows.

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SUVs are the most popular cars among car thieves in Germany
by Daniela GHETU, 2021-10-28
In 2020 car thieves stole 10,697 fully insured cars in Germany, causing an economic damage of EUR 214 million. For the first time, insurers had to pay an average of more than EUR 20,000 for a theft, data published by the German Insurers' Association (GDV) shows.

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InsurtechBalkans' Sarajevo, an opportunity to find out more about Insurtech's future in the region
by Daniela GHETU, 2021-10-28
InsurtechBalkans' Sarajevo chapter is approaching, with less than a month until the first Insurtech event in Bosnia & Herzegovina, to be held online, on 24 November 2021. XPRIMM Publications are supporting the event as Media Partners.

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ARMENIA: taxes paid by insurers from January to September increased by more than 31% y-o-y
by Marina MAGNAVAL, 2021-10-26
From January to September 2021, the volume of taxes paid by Armenian insurers amounted to AMD 2.1 billion (~EUR 3.73 million*), which is 31.3% more y-o-y, ArmInfo reports. Of this amount, AMD 1.8 billion fell on direct taxes (+28.6%).

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AZERBAIJAN: A-Qroup's GWP grew by 30% y-o-y in three quarters
by Marina MAGNAVAL, 2021-10-26
From January to September 2021, GWP of A-Qroup, one of the top ten market leaders in Azerbaijan, amounted to AZN 10.41 million (~EUR 5.29 million*), which is almost 30% more than in the same period in 2020, Trend reports.

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RUSSIA: S&P improves the long-term ratings of ROSGOSSTRAKH
by Marina MAGNAVAL, 2021-10-22
S&P Global Ratings has improved the financial strength rating and the credit rating of ROSGOSSTRAKH to BB +, with a stable outlook on the ratings. Since October 2020, the oldest insurer in Russia (the company celebrates its 100th anniversary in 2021) has had BB ratings. In April 2021, the agency improved its rating outlook to positive, the insurer said in a press release.

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RUSSIA: Net profit of Renaissance insurance group for 9 months exceeded RUB 7 billion
by Marina MAGNAVAL, 2021-10-22
Net profit of the Renaissance insurance group for 9 months of 2021 increased by 3.4 times y-o-y, exceeding RUB 7 billion (~EUR 83 million*), ASN reports referring the insurer's statement (under the OSBU).

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A first for Russia: Renaissance Insurance teams up with Mains Lab to incorporate AI technologies motor insurance claims calculations
by Daniela GHETU, 2021-10-28
After conducting large-scale and detailed testing, carried out on hundreds of cases, Renaissance Insurance decided to begin using an AI service provided by Mains Lab to calculate damages in its commercial operations, the company announced.

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STATISTICS

STATISTICS: Montenegrin insurers posted 4% increase 9 months GWP
by Andrei Victor, 2021-10-28
Montenegrin insurance market totaled EUR 74.43 million at the end of September 2021, 3.91% more y-o-y, accoring to the quarterly market data released by Insurance Supervision Agency.

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STATISTICS: Croatian insurers posted double-digit increase in Q3 GWP
by Andrei Victor, 2021-10-28
The Q3 2021 gross written premiums of Croatian insurers increased by 12.15% y-o-y to HRK 9.02 billion (EUR 1.20 billion), while gross paid claims by insurers totaled HRK 5.19 billion, up by 9% y-o-y according to the quarterly figures published by the Croatian Insurance Bureau - CIB.

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ON THE MOVE

Aviva announced directorate change
by Andrei Victor, 2021-10-26
Aviva announced the appointment of Martin STROBEL as Independent Non-Executive Director of the Company with effect from 22 October 2021.

Leadership changes at Allianz Africa
by Andrei Victor, 2021-10-26
German insurer Allianz announced starting with November 1, 2021, Delphine TRAORE (COO and Board Member of Allianz Africa) will succeed Coenraad VROLIJK as Allianz Africa Regional CEO.

Denis KESSLER appointed Europe's Reinsurance Advisory Board chair
by Daniela GHETU, 2021-10-28
Denis KESSLER, Chairman and CEO of French reinsurer SCOR was appointed by Insurance Europe's Reinsurance Advisory Board (RAB) as its chairman.


VIG



ERGO


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