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XPRIMM News No. 600, 23 June 2022

Insurance Newsletter No. 601, 23 June 2022
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TOP NEWS

Global insurance industry reveals huge work required before IFRS 17 goes live
by Andrei Victor, 2022-06-20
Insurers have reported that there is still a huge amount of work to complete in order to successfully deliver IFRS 17 ahead of the 2023 deadline, according to a global survey by WTW.

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Underpricing MTPL policies for three years in a row - the main cause for the City Insurance bankruptcy
by Daniela GHETU, 2022-06-23
One of the main causes of the Romanian MTPL market's leader CITY Insurance bankruptcy was the RON 1.2 billion deficit resulting from the sale of insurance policies below the notified tariff between 2018-2021, in order to increase market share, CITR, the judicial liquidator of City Insurance said today.

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CROATIA: over 350 representatives of insurance regulators from 70 countries visited Dubrovnik
by Marina MAGNAVAL, 2022-06-22
On June 16-17, 2022, in Dubrovnik, the Global Seminar of the International Association of Insurance Supervisors took place. It is one of the most important meetings of insurance supervisors, representatives of the insurance market and other stakeholders, which gathers about 350 participants from 70 countries and was held for the first time in Croatia.

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ESTONIA: One-fifth of drivers already report their traffic accidents in digital form
by Marina MAGNAVAL, 2022-06-20
During the first month, the new digital traffic accident report of the Estonian Traffic Insurance Fund (LKF) was used by almost 1,000 drivers involved in accidents and 600 traffic insurance events were processed through it. The application works on the website avarii.lkf.ee in Estonian, Russian and English, the Fund said in its statement.

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HUNGARY: the insurance sector's capital adequacy has fallen below 200% in 1Q
by Marina MAGNAVAL, 2022-06-22
Insurers, funds and the capital market had to face volatility risks and asset depreciation as early as last year and in the first quarter of 2022, but were able to maintain their stability, portfolio.hu wrote based on the MNB's press release.

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Latvia insurers' quarterly profits decreased to EUR 2.82 million in Q1 2022
by Andrei Victor, 2022-06-22
Latvian insurers' aggregate end March 2022 net profits totaled EUR 2.82 million vs. EUR 10.40 million in Q1 2021, according to data presented by the Finance and Capital Market Commission (FKTK).

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NORTH MACEDONIA: property insurance remains the largest voluntary insurance class
by Marina MAGNAVAL, 2022-06-22
Property insurance remains the largest voluntary insurance class of all non-life classes in the North Macedonian market, followed, for the first time so far, by private health. The largest growth (180%) is in credit insurance, while travel insurance rose by 80% after lifting of anti-Covid restrictions, the ISA (Insurance Supervision Agency) said in its statement.

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POLAND: Social costs of road traffic accidents fell by a third
by Marina MAGNAVAL, 2022-06-20
According to the latest data compiled by the National Road Safety Council operating at the Ministry of Infrastructure, costs of all traffic accidents in Poland in 2021 amounted to PLN 39.3 billion (~EUR 8.56 billion*). The social costs of accidents in the country decreased by 31%, to PLN 17.3 billion compared to 2018, when it reached PLN 56.6 billion, Gazeta Ubezpieczeniowa reports.

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UZBEKISTAN: S&P assigns ASIA Insurance a long-term financial strength rating of B- with positive outlook
by Marina MAGNAVAL, 2022-06-22
On May 19, 2022, S&P Global Ratings assigned ASIA Insurance a long-term local currency financial strength rating of B-, with a positive outlook. The rating action was performed after ASIA Insurance's transformation into Joint Stock Company "ASIA INSURANCE SUG'URTA KOMPANIYASI", on February 24, 2022.

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ON THE MOVE

In memoriam: Simon FOREMAN
by XPRIMM, 2022-06-23
Simon FOREMAN (1957-2022) trained as a reinsurance broker in Lloyd's of London and worked for the most reputable reinsurance brokerage firms (Jardines, Bain Clarckson, Bain Hogg, Aon, RFIB).

Jaime Anchustegui appointed to head the Italian group's Generali business in the Eastern Europe
by Daniela GHETU, 2022-06-23
Jaime Anchustegui is confirmed Generali's CEO International, effective as of September 1st, 2022, while the Business Unit International extends its perimeter to the Eastern European countries and its overall organization will be articulated at a later time, the Italian insurer's Board of Directors decided today, along with several other changes in the Group's organizational structure.

Bruce Carnegie-Brown re-appointed as Lloyd's Chairman
by Andrei Victor, 2022-06-20
Lloyd's, the world's leading marketplace for commercial, corporate, and specialty risk solutions, has announced the re-appointment of Bruce Carnegie-Brown for a third term as Lloyd's Chairman, effective June 2022 and running to June 2025.


STATISTICS

STATISTICS: ESTONIA Q1 2022: insurers' business increased by almost 10% y-o-y
by Andrei Victor, 2022-06-23
Estonian insurers posted aggregate business worth EUR 130.61 million in Q1 2022, or 9.97% more y-o-y, according to quarterly figures, published by the Estonian National Statistics Board.

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STATISTICS: LATVIA Q1 2022: insurers' business increased to over a quarter of billion euro
by Andrei Victor, 2022-06-23
At the end of March 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 252.67 million, up by 17.37% y-o-y, while the amount paid in claims and indemnities increased by 36.29% y-o-y to EUR 174.57 million, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).

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STATISTICS: LITHUANIA Q1 2022: insurers' GWP expanded to almost EUR 300 m
by Andrei Victor, 2022-06-23
During Q1 2022, the Lithuanian insurance market grew by 17.13% y-o-y to EUR 292.02 million, while the value of payments expanded by more than 38% y-o-y to EUR 164.22 million, according to the market figures published by the Bank of Lithuania.

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VIG

Omniasig

ERGO


EVENTS

DIA Amsterdam 2022
Taets Art & Event Park.
29-30 June, 2022
Organizers: Reggy de Feniks and Roger Peverelli
Media Partner: XPRIMM Publications
For details: https://www.digitalinsuranceagenda.com


1st Annual Conference of EERIA
16-17 September 2022
Ohrid, North Macedonia
Organizer: Eastern European Risk Insurance Association (EERIA)
Media Partner: XPRIMM Publications
For details : eeria.org


9th AIDA Europe Conference
The Marriott, Zurich, Switzerland
6-7 October 2022
Organizer:?AIDA Europe
Media Partner:?XPRIMM Publications
For details:? aidainsurance.org

WorldPensionSummit 2022
Location: Louwman Museum, The Hague, The Netherlands & Virtual
2-4 November 2022
Media Partner: XPRIMM Publications