XPRIMM News No. 574, 02 December 2021

Insurance Newsletter No. 574, 02 December 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

ALBANIA: at the end of October the market expanded by 16.5%
by Marina MAGNAVAL, 2021-12-01
From January to October the Albanian market expanded by 16.5% y-o-y, reaching ALL 15.7 billion (EUR 129.4 million), SeeNews reports with reference to the official figures.

Hungary: Jan-Oct outstanding claims on agricultural insurance totaled HUF 10 bn
by Andrei Victor, 2021-12-01
By the end of October 2021, Hungarian insurers reported outstanding claims (payments and reserves, summed-up) on agricultural insurance segment worth HUF 10 billion (~EUR 28 million), MABISZ (Hungarian Insurers Association) informed in a statement.

NORTH MACEDONIA: in 9M2021, the number of complaints from insureds doubled y-o-y
by Marina MAGNAVAL, 2021-12-01
The number of complaints filed by insured persons in the first nine months has doubled y-o-y. According to the Insurance Supervision Agency (ASO) complaints resolved in favor of dissatisfied policyholders in 9M2021 increased by 83% compared to the same period last year.

Romania: ALLIANZ-TIRIAC to finalize the integration of GOTHAER operations by the end of 2022
by Andrei Victor, 2021-12-01
Romanian insurer ALLIANZ-TIRIAC Asigurari announced that it has received the necessary approvals from the Financial Supervisory Authority (ASF) and the Competition Council for the acquisition of the majority stake in GOTHAER Asigurari Reasigurari, 1asig.ro informed here. Until the merger is completed, the two insurers will operate as two independent entities, according to the rules of such an acquisition.

Romania: Only 7 insurers remained active on MTPL market after the voluntary exit of the smallest one and the opening of the bankruptcy procedures against the biggest
by Andrei Victor, 2021-12-01
The Council of the Romanian Financial Supervision Authority (ASF) decided las week to approve the upon request, the exit of UNIQA Asigurari from Romanian MTPL insurance market, wrote www.1asig.ro here.

After France, Turkey and Poland, Aviva's exit from Italy completed
by Daniela GHETU, 2021-12-02
Aviva plc announced the completion of the sale of its Italian Life Insurance businesses to CNP Assurances for a total cash consideration of EUR 543 million. This concludes Aviva's exit from the Italian market.

Arthur J. Gallagher & Co. completed the acquisition of Willis Towers Watson plc treaty reinsurance brokerage operations
by Daniela GHETU, 2021-12-02
Arthur J. Gallagher & Co. announced on 1 December that it has completed the acquisition of substantially all of the treaty reinsurance brokerage operations from Willis Towers Watson plc.

Guy Carpenter and Marsh to combine South Africa facultative reinsurance operations
by Andrei Victor, 2021-12-01
Reinsurance broker Guy Carpenter and global insurance broker Marsh, both businesses of Marsh McLennan (MMC), announced that they will combine their South Africa facultative reinsurance operations into a single business, effective January 1, 2022. The new unit will operate under the Guy Carpenter brand.

Talanx places its first Green Bond with a volume of EUR 500 m
by Andrei Victor, 2021-12-01
Talanx has issued its first Green Bond as a subordinated bond with a volume of EUR 500 million, primarily to institutional investors from Germany and abroad. Overall, the book was significantly oversubscribed. The bond denominated in euros has a fixed coupon of 1.75 percent and the first date for repayment is 1 June 2032.

AZERBAIJAN: Azerbaijan and Turkey discuss further steps of forming relations in insurance
by Marina MAGNAVAL, 2021-12-01
During a recent visit of representatives of the AIA (Azerbaijan Insurers Association) that took place within the framework of a memorandum signed between the AIA and the Insurance Association of Turkey, Azerbaijan and Turkey discussed further formation of relations in insurance, Trend reports with reference to AIA.

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KYRGYZSTAN: for 9M2021, 73% of all contracts concluded in voluntary insurance
by Marina MAGNAVAL, 2021-12-01
In January-September 2021, the income of 14 insurance companies, working in the financial sector of the republic's economy, increased 1.3 times y-o-y to KGS 1.3 billion (EUR 13.14 million*). At the same time, the greatest part (81%) was received from insurance premiums, according to a review, published by the National Statistical Committee of the Kyrgyz Republic.

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RUSSIA: the 20th Anniversary November Business Meetings (NBM) of Reinsurers held in Moscow on November 24th-25th
by Daniela GHETU, 2021-12-02
The 20th Anniversary November Business Meetings (NBM) of Reinsurers were held in Moscow on November 24th-25th and were attended by the heads and leading specialists of insurance, reinsurance, brokerage companies in Russia and abroad.

RUSSIA: The 7th annual Forum of the insurance market leaders held on November 24, 2021
by Daniela GHETU, 2021-12-02
The organizers of the largest event in the insurance market, the 7th Annual Forum of Leaders, were the Insurance News Agency and the Analytical Center BusinessDrom. The forum was held both in offline and online formats, with over 300 people participating: managers, owners of insurance companies, their partners and clients.

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RUSSIA: ARIA: credit insurance is making the main contribution to the market dynamics in 2021
by Marina MAGNAVAL, 2021-12-01
According to the ARIA Insurance Institute (All-Russian Insurance Association), the main contribution to the market dynamics in 1H2021 was made by credit insurance of individuals, which exceeded 22% in the total GWP, having increased by 47% y-o-y, the President of ARIA Igor YURGENS said at the Forum of Insurance Market Leaders on November 24, ASN reports.

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RUSSIA: Expert RA: life insurance will grow by 21% in 2021, and by 13% in 2022
by Marina MAGNAVAL, 2021-12-01
By the end of 2021, the life insurance market will grow by 21% y-o-y, and will reach RUB 521 billion (~EUR 6.18 billion), as the Expert RA agency said in its forecast, ASN reports with reference to the agency's review.

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UZBEKISTAN: APEX INSURANCE wins Best Insurance Company of the Year Award
by Marina MAGNAVAL, 2021-12-01
Within the framework of the II International Financial and Banking Forum, that took place on November 26 in Tashkent, the "XIII Tashkent International Conference on Insurance and Reinsurance" was held.

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MARKETS&TRENDS

The View to 2022 according to AM Best: insurers face new year with cautious optimism
by Daniela GHETU, 2021-12-02
As always, entering the last months of the year we are trying to foresee what is expecting us once the frontier between the years will be crossed. According to the latest AM Best research, "in the year ahead, insurers see plenty of challenges, including cyberrisk, growing catastrophe losses and lingering impacts of COVID-19. But, surprisingly, not all is gloomy."

STATISTICS

STATISTICS: Cypriot insurers' H1 GWP expanded by almost EUR 20 m to EUR 477 m
by Andrei Victor, 2021-12-02
Cypriot insurers posted H1 2021 aggregate GWP of EUR 476.5 million, up by EUR 19.2 million (or by 4.2% y-o-y), according to the half-year market figures report published by the Insurance Association of Cyprus - IAC.

ON THE MOVE

Aon appoints Jillian SLYFIELD as Chief Innovation Officer
by Andrei Victor, 2021-12-01
Aon announced the appointment of Jillian SLYFIELD as the firm's Chief Innovation Officer, effective Dec. 1, 2021.

MMC appoints John DOYLE Group President and Chief Operating Officer
by Andrei Victor, 2021-12-01
Marsh MCLENNAN announced changes to its Executive Committee effective January 1, 2022.

Aegon appoints Astrid Jaekel as Chief Risk Officer
by Daniela GHETU, 2021-12-02
Astrid Jaekel (44, German) will be appointed as Chief Risk Officer (CRO) and member of the Management Board of Aegon N.V. effective March 1, 2022, the Dutch insurer announced. She will manage the Group's risk and actuarial functions, maintaining the Group's Risk Management framework.

EVENTS

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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