EIOPA: insurers are vital to help individuals and businesses facing the challenging times

Insurance Newsletter No. 601, 30 June 2022

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

EIG reports record results for 2021
by Andrei Victor, 2022-06-27
Euroins Insurance Group AD (EIG), part of urohold Bulgaria AD and a leading holding in Central, East and Southeast Europe (CESEE), reported record-breaking premium income and profit in 2021, shows the company's annual consolidated and audited financial statement for the period.

BULGARIA: Despite the crises, the insurance market is performing steadily
by Marina MAGNAVAL, 2022-06-30
"Despite the crises, the insurance market is performing steadily. During the pandemic, the sector managed to adapt very quickly to new conditions of doing business in a digital environment, transform processes, maintain and further develop communication with customers", said Nina KOLCHAKOVA, Secretary General of the Association of Bulgarian Insurers (ABZ).

Fitch Raised Eurohold raiting outlook to STABLE
by Andrei Victor, 2022-06-27
Eurohold Bulgaria, the majority owner of Electrohold and Euroins Insurance Group, received a Stable Outlook on its Long Term Issuer Default Rating, by Fitch Ratings, one of the three leading rating agencies worldwide.

ESTONIA: LKF: 14,800 insurance cases with a total loss of EUR 30 million in five months
by Marina MAGNAVAL, 2022-06-30
According to the statistics of the Estonian Traffic Insurance Fund (LKF), there have been 14,800 traffic insurance cases with a total loss of EUR 30 million in Estonia in five months this year. This is the highest number of accidents ever during this period.

KOSOVO: in the first five months, the market expanded by 15% y-o-y
by Marina MAGNAVAL, 2022-06-30
From January to May this year, GWP of insurance companies operating in Kosovo increased by 15.1% y-o-y to EUR 48.7 million, SeeNews wrote with reference to the central bank data.

MONTENEGRO: Memorandum signed between the insurance supervision agencies of Montenegro and Austria
by Marina MAGNAVAL, 2022-06-30
Insurance Supervision Agency of Montenegro and the Austrian Financial Markets Regulatory Authority (FMA) signed a memorandum, the agency said on its website.

NORTH MACEDONIA: ISA: farmers and agricultural companies invested MKD 118.6 million (EUR 1.93 million) in insurance during the first three months
by Marina MAGNAVAL, 2022-06-30
In the first quarter 600 individual farmers and 50 agricultural companies insured their crops, fruits, and livestock. Soon agroinsurance will become mandatory by law and therefore its share in the insurance market will increase significantly, the ISA (Insurance Supervision Agency) said.

Two thirds of Poles choose home insurance considering the scope and price of the policy
by Daniela GHETU, 2022-06-30
The scope of insurance policy (68% of respondents), price (67%) and the sum insured (47%), are the first three criteria used by Poles when acquiring home insurance, a study carried out by SW Research on behalf of Wiener shows. The insurance company's reputation is only important for 30% of respondents.

Romania: Competition Council's 2018 sanctions against UNSAR permanently removed by justice
by Daniela GHETU, 2022-06-30
The Romanian High Court of Cassation and Justice decided this week to upheld the reasoning of the Bucharest Court of Appeal on the annulment of the Competition Council's sanctioning decision against UNSAR - the National Union of Insurance and Reinsurance Companies of Romania.

Romania: EBRD supports insurance market's development
by Daniela GHETU, 2022-06-30
The EBRD is optimistic about the development of the Romanian and regional insurance market, after record-breaking results for 2021 from Bulgaria's Euroins Insurance Group (EIG), led by the strong performance of its largest entity, Euroins Romania Asigurare Reasigurare, the bank said in a press release.

Balkan Insurance Brokers' annual meeting gathered over 100 professionals in Nis, Serbia
by Daniela GHETU, 2022-06-27
The annual meeting of Balkan Insurance Brokers took place in the city of Nis, Serbia on 3-5 June. Over 100 attendees from Balkan Insurance Brokers network in Bulgaria and Romania attended the reunion, as well as representatives of insurers Euroins and Uniqa from Bulgaria, and Euroins and Grawe from Romania.

Sava Re to pay dividends worth EUR 23.2 million of the group's 2021 profit
by Andrei Victor, 2022-06-29
The shareholders of Slovene re/insurance group Sava Re adopted at the Company's AGM the proposal of the management and supervisory boards to distribute a dividend of EUR 1.50 gross per share for 2021.

Zurich to sell its legacy traditional life insurance back book in Germany to Viridium
by Andrei Victor, 2022-06-27
Zurich Insurance Group has agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG (Viridium), a leading specialist in the management of life insurance portfolios in Germany.

AZERBAIJAN: 82% of GWP for January-May collected by 5 insurers
by Marina MAGNAVAL, 2022-06-29
For the period from January to May 2022, GWP of insurers amounted to AZN 426.63 million (EUR 234.41 million). At the same time, AZN 349.98 million or 82% were collected by 5 insurance companies, abc.az wrote.

KAZAKHSTAN: the events of the first quarter led to an increase in insurance claims
by Marina MAGNAVAL, 2022-06-27
In the first quarter of 2022, insurers received losses due to volatility in the foreign exchange market of Kazakhstan, Allinsurance.kz wrote with reference to Azamat KERIMBAYEV, Advisor to the Chairman of the Board of Freedom Insurance.

Insurers welcome proposals for new EU system to avoid double taxation; call for refinements and clarifications
by Daniela GHETU, 2022-06-29
Insurance Europe welcomes the initiative by the European Commission to introduce a common, more efficient, EU-wide system for withholding tax relief, the insurers' federation mentions in its response to a consultation conducted by the EC on withholding taxes and a new EU system to avoid double taxation.

EC efforts to improve consumer rights compliance welcome; more must be done to promote awareness of dispute resolution mechanisms
by Daniela GHETU, 2022-06-29
To achieve good consumer satisfaction and outcomes, consumers should have access to effective and efficient dispute settlement mechanisms at little or no cost, Insurance Europe has responded to a consultation conducted by the EC on improving compliance with consumer rights across the EU.

TOP EVENT

EIOPA Conference 2022: insurers are vital to help individuals and businesses facing the challenging times
by Daniela GHETU, 2022-06-30
EIOPA's annual conference in 2022 took place on 21 June at a time marked by high levels of uncertainty for the European economy and for consumers. Few periods over the past decades have presented so many challenges at once and manifested so clearly that far reaching transformations are afoot.

STATISTICS

STATISTICS: Cypriot insurers' business increased to EUR 274 million at the end of March
by Andrei Victor, 2022-06-30
The insurance market of Cyprus totaled EUR 273.6 million at the end of Q1 2022, up by 12.8% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 10.9% y-o-y to EUR 115.1 million, of which EUR 58.8 million - life indemnities (+14.3% y-o-y), EUR 56.3 million - non-life (up by 7.5%).

STATISTICS: RUSSIA, 1Q2022: the market shrank by 1.64% due to worsening of foreign trade and financial conditions
by Marina MAGNAVAL, 2022-06-30
The Russian insurance market in 1Q2022 decreased by 1.64% y-o-y due to deterioration in foreign trade and financial conditions. GWP amounted to RUB 452.28 billion (EUR 4.83 billion). At the same time, the fall was only in life insurance (almost 11%), while non-life insurance recorded a slight increase, as shown by data published by the Central Bank.

ON THE MOVE

Van Ameyde Marine set for global expansion with Chesters' appointment
by press.release, 2022-06-29
Van Ameyde Marine, the Netherlands-headquartered marine surveying, consultancy, and loss prevention group, has appointed Rob Chesters as its new Global Business Development Manager.

MMC announced Marketing and Staff appointments
by Andrei Victor, 2022-06-29
Marsh McLennan announced the appointment of John Jones as Chief Marketing and Communications Officer and Pat Hagemann as Office of the COO Chief of Staff. The appointments are effective July 1.

TECHNOLOGY

ICEYE launches geospatial analysis platform to provide insurers with instant flood impact analysis
by Daniela GHETU, 2022-06-29
ICEYE, a world-leading provider of SAR data and natural catastrophe analysis solutions, announced the launch of ICEYE Insights, a powerful geospatial platform which allows insurance companies to combine ICEYE's unique flood observation data and analysis with their property insurance information to understand the impact of a flood event and take action.

Marsh launches Cyber Incident Management service to assist UK and European clients in responding to cyber events
by Daniela GHETU, 2022-06-29
Marsh, the leading insurance broker and risk advisor, announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents, as well as increase their cyber resilience.

EVENTS

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 For details: www.pionline.com/wps2022

CURRENT XPRIMM REPORTS

XPRIMM News No. 601, 30 June 2022

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