Due to strongly increasing MTPL tariffs, the Romanian market saw a 46% y-o-y increase in GWP

Insurance Newsletter No. 602, 07 July 2022

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

GAEF: Inflationary recession is the key concern, say re/insurance chief economists and chief strategy officers
by Daniela GHETU, 2022-07-04
As the instability and distortions that come with protracted high inflation could have a negative impact on the growth of insurance markets and insurance penetration, the annual meeting of the Geneva Association Economic Forum (GAEF) addressed the issues, looking at the emerging economic trends and solutions to support the industry's development.

Insurers call for supervisory and regulatory approaches to climate-related risk that reflect realties of insurance business
by Daniela GHETU, 2022-07-06
There is no evidence to say that insurers are particularly vulnerable to system-wide impacts from climate change. Systemic risk emanating from climate change is rather faced by society as a whole than insurers, Insurance Europe has responded to a consultation by the FSB on its consultative report on supervisory and regulatory approaches to climate-related risk.

Bosnia and Herzegovina: ASA and Central Insurance to become a leader in the insurance market after merging
by Marina MAGNAVAL, 2022-07-04
The merger of ASA and Central Insurance, both domestic and fast-growing insurance companies, will result in a leading position on the Bosnian insurance market for ASA Central Osiguranje, the insurer said.

Hungary: Ex-Aegon units continues their activity under a new name
by Andrei Victor, 2022-07-04
Ex Hungarian Aegon unit announced on its website that starting September 2022, the company will be present on the market under the names Alfa Vienna Insurance Group Biztosito Zrt. and Alfa VIG Penztarszolgaltato Zrt.

HUNGARY: high confidence in insurance companies and satisfaction with insurance services
by Marina MAGNAVAL, 2022-07-05
The majority of the population is satisfied with the services provided by insurers and continues to trust them, according to this year's Insurance Trust Index (BIBIX) survey, explained the Association of Hungarian Insurers (MABISZ), portfolio.hu wrote.

LATVIA: LAA: INVL Life becomes a member of the Latvian Insurers' Association
by Marina MAGNAVAL, 2022-07-06
The Latvian branch of Mandatum Life Insurance Company Ltd. left LAA on July 1, 2022, because commercial activity of the Latvian branch of Mandatum Life was transferred to the Lithuanian insurance company INVL Life UADB, and its insurance contracts will be continued by the Latvian branch of INVL Life, according to the Latvian Insurers' Association (LAA).

POLAND: MTPL prices saw the largest reduction since 2018
by Marina MAGNAVAL, 2022-07-05
In the first half of 2022 the Polish market saw the largest reduction in MTPL prices since 2018. The average premium decreased by as much as 14.8% y-o-y to PLN 524 (EUR 111.72*). The average MTPL price is now 3% lower than the rate in the first half of 2016, Gazeta Ubezpieczeniowa reports.

GERMANY: 75% of claims settled in the first year after Bernd; lack of resources in reconstruction delays the rest of payments
by Daniela GHETU, 2022-07-06
One year after the flash flood Bernd that affected Germany between 13 and 17 July 2021, German insurers have already paid out EUR 5 billion of the EUR 8.5 billion in total damage (~ 75% of all insurance claims), despite many delays in reconstruction, the German Insurers' Association said in a post on its blog.

Aegon to repurchase shares to neutralize 2021 final dividend paid in shares
by Andrei Victor, 2022-07-04
The Dutch insurer Aegon announced it will repurchase common shares for an amount of EUR 106 million to neutralize the dilutive effect of the 2021 final dividend paid in shares: "These shares will be held as treasury shares and will be used to pay future stock dividends in shares".

AXA finalized the transformation of holding company into group's internal reinsurer
by Andrei Victor, 2022-07-04
AXA announced that AXA S.A., the holding company of AXA Group, has completed its previously announced transformation into AXA Group's internal reinsurer following its merger on June 30, 2022 with its captive reinsurer, AXA Global Re.

Chubb completes acquisition of Cigna's PA, Health and Life business in Asia-Pacific
by Andrei Victor, 2022-07-04
Chubb Limited announced that it has completed its acquisition of the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in six Asia-Pacific markets.

ERGO Versicherung Austria buys D.A.S. Rechtsschutz
by Andrei Victor, 2022-07-04
The specialist on the Austrian legal protection market - D.A.S. Rechtsschutz AG changes ownership within ERGO Group AG, after Austrian subsidiary ERGO Versicherung AG buys the national legal protection specialist from the previous owner, ERGO Versicherung AG in Germany.

GENERALI completes the acquisition of La Medicale from Credit Agricole Assurances
by Daniela GHETU, 2022-07-07
Generali has completed the acquisition of La Medicale from Credit Agricole Assurances, as well as the purchase from Predica of the death coverage portfolio marketed and managed by La Me dicale following all necessary approvals from the relevant regulatory and competition authorities.

KAZAKHSTAN: over the past five years, insurance sector's assets have doubled
by Marina MAGNAVAL, 2022-07-07
The assets of insurance companies have doubled over the past 5 years to KZT 1.8 trillion and reached 2.3% of GDP, which is associated with an increase in GWP, according to the Concept for the Development of the Financial Sector of Kazakhstan until 2030.

UZBEKISTAN: expanding the classifier of insurance activities to contribute to the creation of new insurance types and improve the living standards of the population
by Marina MAGNAVAL, 2022-07-04
On June 9, 2022, a Decree of the Cabinet of Ministers of the Republic of Uzbekistan "On amendments to some decrees of the Government of the Republic of Uzbekistan, as well as on recognizing some of them as invalid" was adopted, yuz.uz wrote.

TOP EVENT

7th Annual International Conference of Slovenia announced for September 6th, 2022, in Ljubljana
by Daniela GHETU, 2022-07-06
The Insurance Supervision Agency of Slovenia (AZN) has announced the 7th Annual International Conference entitled "Insurance between Scylla and Charybdis: Searching for the Right Direction". The event will be held on September 6th, 2022, in Ljubljana, Slovenia.

STATISTICS

STATISTICS: CNB: Czech insurers' GWP exceeds EUR 2 billion at the end of March
by Andrei Victor, 2022-07-07
The Q1 2022 figures published by the Czech National Bank (CNB) show that the local insurance industry totaled about EUR 2.1 billion - CZK 51.4 billion, up by 15% y-o-y.

STATISTICS: ROMANIA, 1Q 2022: Due to strongly increasing MTPL tariffs, the market saw a 46% y-o-y increase in GWP
by Daniela GHETU, 2022-07-07
The gross premiums written by the insurance companies in Romania, in Q1 2022, reached almost RON 4.66 billion lei (EUR 941.5 million), the highest quarterly value recorded in the history of the insurance market in Romania, increasing by 46% compared to similar period last year.

STATISTICS: NBS: Slovak insurance market contracted to EUR 508 million in Q1 2022
by Andrei Victor, 2022-07-07
At the end of March 2022, the Slovak insurance market totaled EUR 508 million, 15.5% less y-o-y, according to the Q1 2022 figures published by the National Bank of Slovakia (NBS).

ON THE MOVE

WTW appoints Frank Schepers as Global Head of its Insurance Consulting and Technology (ICT) business
by Daniela GHETU, 2022-07-07
WTW has appointed Frank Schepers to lead its Insurance Consulting & Technology (ICT) business. Based in Germany, Schepers will replace Alice Underwood who is retiring this year, and will join WTW's Risk & Broking segment leadership team. Schepers will take up his new role in the coming weeks, following a handover period with Underwood.

Gallagher Re establishes a Public Sector & Climate Resilience Solutions global practice and appoints Antoine BAVANDI to lead it
by Daniela GHETU, 2022-07-06
Gallagher Re, the global reinsurance broker, announced the appointment of Antoine BAVANDI in the newly created role of Global Head of Public Sector, Parametric & Climate Resilience Solutions, effective immediately.

EVENTS

7th Annual International Conference of Slovenia

Grand Hotel Union, Ljubljana, Slovenia 6 September 2022 Organizer: Slovenian AZN Media Partner: XPRIMM Publications For details: a-zn.si

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. 602, 07 July 2022

Google +1