XPRIMM News No. 575, 09 December 2021

Insurance Newsletter No. 575, 09 December 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Allianz announced its 2022-24 targets
by Andrei Victor, 2021-12-06
The German insurer Allianz announced it set its financial bar higher for the between 2022 and 2024, targeting 5-7% annual growth in earnings per share (EPS) and minimum 13% return-on-equity (RoE). "Three levers will drive this ambition: steady topline growth, improvement in profitability, and efficient management of capital", as the insurer' representatives mentioned in a statement.

Hungary: Insurers' Q3 net profits compressed to EUR 171 million
by Andrei Victor, 2021-12-09
At the end of September 2021, the aggregate market gross profit of Hungarian insurers decreased by 5.8% y-o-y to HUF 66.3 billion the equivalent of EUR 184 million (vs. HUF 70.5 billion), according to the quarterly statistics published by the Central Bank of Hungary. At the same time, the value of net profit decreased by 6.3% y-o-y to HUF 61.8 billion (~EUR 171.4 million).

NORTH MACEDONIA: The government makes insurance mandatory and farmers will have to insure
by Marina MAGNAVAL, 2021-12-06
The government plans to introduce compulsory insurance in agriculture, and a new law is being prepared. For years, only a small number of farmers insured their crops and livestock, thus in the event of disasters and damage, the Government compensated affected farmers from the budget. The new law has a new solution - to establish Agricultural Insurance Fund.

POLAND: Inteliace Research: The Polish insurance market will grow
by Marina MAGNAVAL, 2021-12-07
The insurance market in Poland (GWP) will increase in 2023 to PLN 76.5 billion (~EUR 16.6 billion*). This year the market will grow by 7%, to PLN 67.7 billion (vs PLN 63.4 billion in 2020). The prospects for insurers operating in Poland remain "mostly positive", said the experts from Inteliace Research, Gazeta Ubezpieczeniowa reports.

Romania: The insurance market grew by 15% in the first 9 months of 2021, to RON 9.8 billion
by Andreea RADU, 2021-12-09
The Romanian insurance market grew by 15% y-o-y, in 9M 2021, reaching a GWP volume of RON 9.8 billion, Cristian ROSU, Vice President Insurance - Reinsurance, ASF - Financial Supervisory Authority stated for XPRIMM in an interview.

SERBIA: "Serbian Insurance Days": in the first three quarters the insurers achieved the best results in the last 10 years in some segments
by Marina MAGNAVAL, 2021-12-06
The key event with largest gathering in insurance business with participation of more than 250 representatives of insurance companies, banks, the regulatory authority, the ministries of the Government of the Republic of Serbia and state institutions - the 5th edition of "Serbian Insurance Days" was held in Arandjelovac in the end of November.

Eurohold reports strong 9 months results after partial consolidation of the newly acquired energy units
by Andrei Victor, 2021-12-06
Bulgarian financial and energy group Eurohold Bulgaria, has reported a solid growth in its financial results and significantly improved its profitability for the first nine months of 2021, showed the company's consolidated interim statement, including partially (2 months) the performance of CEZ Group's subsidiaries in Bulgaria acquired by the holding at the end of July.

GREECE: Risk of reduced profitability remains high
by Marina MAGNAVAL, 2021-12-07
The risk of reduced profitability, mainly in the long run, remains high, due to reduced demand for non-compulsory insurance, as stated by the Bank of Greece in its latest Financial Stability Report.

AZERBAIJAN: GWP in 10 months grew by more than 12% y-o-y
by Marina MAGNAVAL, 2021-12-07
In January-October 2021, Azerbaijani insurance companies collected GWP in the amount of AZN 705.70 million (EUR 359.46 million*), which is 12.3% more y-o-y, writes ABC.AZ with reference to the Central Bank of Azerbaijan.

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BELARUS: the leader of the insurance market - BELGOSSTRAKH celebrates its 100th anniversary
by Marina MAGNAVAL, 2021-12-07
In December 2021, the leader of the Belarusian insurance market, BELGOSSTRAKH, celebrates its 100th anniversary.

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KAZAKHSTAN: assets of the insurance market from January to October grew by more than 17% y-o-y
by Marina MAGNAVAL, 2021-12-08
Total assets of insurance (reinsurance) companies in Kazakhstan for 10 months increased by 17.5% and as of November 1, 2021, amounted to KZT 1.75 trillion (~EUR 3.54 billion*). This is mainly due to the growth of insurance premiums and their investment in securities, Allinsurance.kz reports based on the data of the National Bank.

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RUSSIA: Fitch Ratings affirms the financial strength rating of the Russian National Reinsurance Company (RNRC) at BBB
by Marina MAGNAVAL, 2021-12-08
Fitch Ratings has affirmed the financial strength rating of the Russian National Reinsurance Company (RNRC) at BBB with a stable outlook, ASN reports.

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RUSSIA: for 9M2021, the profit of the insurance sector decreased by almost 18% y-o-y
by Marina MAGNAVAL, 2021-12-08
The profit of Russian insurers in 9M2021 decreased by 17.7% to RUB 189.7 billion (~EUR 2.25 billion*) due to the negative currency revaluation of assets.

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UKRAINE: MTIBU: The new law "On MTPL" will change the principles of compensation payment to owners of used vehicles
by Marina MAGNAVAL, 2021-12-06
General Director of MTIBU (Motor Transport Bureau of Ukraine) Volodymyr SHEVCHENKO speaking about a new edition of the law of Ukraine "On compulsory insurance of civil liability of owners of land vehicles", noted that the new law will change the principles of compensation for owners of used cars.

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UKRAINE: for 9 months of 2021, net profit of the UNIQA group exceeded UAH 246 million
by Marina MAGNAVAL, 2021-12-08
According to the results of 9M2021, the non-banking financial group UNIQA Ukraine, which includes the insurance companies UNIQA and UNIQA Life, ranking among the top-5 market leaders, continued to grow - the group's net profit before tax amounted to UAH 246.2 million/EUR 7.98 million* (UNIQA - UAH 200.5 million, UNIQA Life - UAH 45.7 million), Forinsurer wrote.

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INTERVIEW

VIDEO: Interview with Marijan MUMDZIEV, CEO, AMODO
by Daniela GHETU, 2021-12-09
Insurance consumers' preferences are now shaped by the other industries, insurance providers being compared not only to their peers but to whoever sets the benchmark for a great experience in their lives, believed Marijan MUMDZIEV, CEO, AMODO. In the interview given to XPRIMM he talked about the role digital technologies play in enabling insurers to provide their customers the best possible experience.

STATISTICS

STATISTICS: Hungarian insurers posted 11.6% y-o-y increase in 9 months business
by Andrei Victor, 2021-12-08
Hungarian insurers posted aggregate Q3 2021 GWP worth HUF 1001.2 billion (~EUR 2.8 billion), rising by nearly 11.6% y-o-y.

STATISTICS: Kosovo insurers posted 9 months double-digit increases in premiums and claims
by Andrei Victor, 2021-12-07
Kosovo insurers posted double digit increase in 9 months 2021 GWP, as official monthly figures published on the website of the Central Bank showed.

STATISTICS: GEORGIA, 3Q2021: among the key market LoBs the most impressive growth observed in Motor Hull - more than 24% y-o-y
by Marina MAGNAVAL, 2021-12-06
At the end of the third quarter of 2021, the Georgian insurance market recorded an increase of more than 18% y-o-y (in local currency), increasing to GEL 606.74 million (EUR 166.65 million), according to the data published by the Georgian Insurance Supervision Service.

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ON THE MOVE

AGCS strengthens its market-facing leadership team
by Andrei Victor, 2021-12-06
Allianz Global Corporate & Specialty (AGCS) - the corporate insurance carrier of ALLIANZ Group announced is strengthening its leadership team "to support the company's 'pivot to growth', following its successful remediation program. It is attracting both internal talent as well as high-profile external hires to executive positions in its regional management, underwriting and risk consulting functions, all in market-facing roles".

Edita RITUPER appointed as employee representative in Sava Re's supervisory board
by Andrei Victor, 2021-12-06
Slovene re/insurance group Sava Re announced the appointment of Edita RITUPER as a new employee representative to the supervisory board, following the resignation of Mateja ZIVEC. Her term of office runs from 1 January 2022 to 12 June 2023.

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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