Insurance Newsletter, No. 489, 12 March, 2020

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Aon and Willis Towers Watson to merge together
by press.release, 2020-03-10
Aon and Willis Towers Watson officially announced the decision to merge, combining together in an all-stock transaction with an implied combined equity value of approximately USD 80 billion.

Swiss Re and Microsoft join forces to create new products and services for the insurance industry
by press.release, 2020-03-12
Swiss Re and Microsoft announced a strategic alliance aiming to launch Swiss Re's Digital Market Center, a platform which will help develop next-generation, large-scale tools to transform the way the insurance industry predicts and manages risks.

STATISTICS: BULGARIA, FY2019: insurers reported impressive growth-rates in GWP and profitability
by Andrei Victor, 2020-03-12
Bulgarian insurers reported FY2019 GWP of BGN 2.9 billion (~EUR 1.5 billion), about 15% more y-o-y, according to year-end market statistics published by FSC. During the period, Bulgarian insurers paid claims worth of EUR 620.2 million, 8.4% more y-o-y, of which about EUR 530 million being related to non-life LoBs.

STATISTICS: HUNGARY, FY2019: insurers posted EUR 3.5 billion in 2019 GWP, while the market profit expanded to EUR 230 million
by Andrei Victor, 2020-03-12
According to the year-end market figures published by the Central Bank of Hungary - MNB, the insurance sector's FY2019 premium income amounted to HUF 1,150.48 billion (~EUR 3.48 billion), rising by 12.33% y-o-y.

NORTH MACEDONIA: GRAWE received nod from regulator to acquire EUROLINK
by Cosmin CONCEATU, 2020-03-10
On February 27, 2020, during Macedonian Insurance Supervision Agency (ISA) meeting, the Board of Experts decided to approve GRAWE's request to take over EUROLINK Skopje.

ROMANIA: Only one in five homes are insured
by Andrei Victor, 2020-03-11
Only one in five Romanian homes is insured, 43 years after the largest earthquake that hitted the country in 1977, although the earthquake is the second risk that Romanians are worried about when it comes to their homes (57%), after the fire (65% ), according to the study prepared by IRES for UNSAR - The National Association of Insurance and Reinsurance Companies in Romania, informed 1asig.ro.

Romanian insurers to recover from FGA all the payments made after ASTRA and CARPATICA bankruptcies
by Andrei Victor, 2020-03-11
The High Court of Cassation and Justice of Romania (ICCJ) decided in favour of insurers regarding the application of RON 450,000 ceiling (~EUR 100,000) per insurer when recovering claims from ASTRA Asigurari and CARPATICA Asig following their bankruptcies informed the insurance news portal 1asig.ro.

PZU Group, FY2019: best results since the its listing to the stock exchange
by Daniela GHETU, 2020-03-12
PZU Group achieved in 2019 the best results in its history on the stock exchange, the Polish group reported citing as main coordinates of its success the highest net profit, the highest sales and the largest employee involvement.

Hannover Re, FY2019: net income went up 21.2% to EUR 1.3 billion
by press.release, 2020-03-11
For year 2019, Hannover Re recorded a net income of EUR 1,284 million, 21.2% higher when compared to the year before (FY2018: EUR 1,060 million).

PartnerRe, FY2019: net income reached USD 890 million picking up after 2018 net loss
by press.release, 2020-03-11
PartnerRe ended year 2019 with a net income of USD 890 million, improving its result when compared to 2018, when the company faced a net loss of USD 132 million.

Sampo, FY2019: net profit reached EUR 1.2 billion, sustained by If and Topdanmark activities
by Cosmin CONCEATU, 2020-03-12
Sampo Group ended year 2019 with a profit before taxes of EUR 1,541 million, down 26% year-on year. The net profit of the group also shrunk by 30% to EUR 1,237 million.

AVIVA announced its exit from Indonesia
by Andrei Victor, 2020-03-11
AVIVA announced it has decided to leave Indonesia by selling its entire shareholding in its joint venture -- PT Astra AVIVA Life, to AVIVA's joint venture partner, PT ASTRA International Tbk.

AZERBAIJAN: loss ratio of the compulsory liability insurance of vehicle owners grew by more than 4% y-o-y in January
by Marina MAGNAVAL, 2020-03-11
In January 2020, collected GWP for compulsory liability insurance of vehicle owners amounted to AZN 6.9 million (~USD 4 million), while the paid claims exceeded AZN 6 million (~USD 3.5 million), resulting in a loss of 87.5%, Trend reports based on the Azerbaijani Central Bank's data.

AZERBAIJAN: PASHA Insurance saw record growth in January
by Marina MAGNAVAL, 2020-03-12
In January 2020, the GWP of the leading non-life insurer of Azerbaijan, PASHA Insurance, amounted to almost half of the total market's GWP, reaching AZN 56.6 million (~USD 33.3 million), which is at the same time AZN 10.1 million (USD 5.9 million) more than the insurer's GWP a year ago, Trend reports based on the data of the Central Bank.

KAZAKHSTAN: S&P: the insurance market is under pressure of the challenging operating environment, but growth prospects remain positive
by Marina MAGNAVAL, 2020-03-11
The insurance industry in Kazakhstan has sound profitability, supported by underwriting and investment results as well as the established regulatory framework, according to the report of S&P.

RUSSIA: agroinsurance became one of the fastest growing market segments in 2019
by Marina MAGNAVAL, 2020-03-12
Last year, agroinsurance premiums reached RUB 5.6 billion (~EUR 80.72 million). According to Korney BIJDOV, President, National Association of Agricultural Insurers (NAAI), "agroinsurance turned out to be one of the fastest growing segments of the insurance market in Russia, showing a 51% y-o-y increase", ASN reports.

UKRAINE: MTIBU Innovative hub started selection of insurance start-ups
by Marina MAGNAVAL, 2020-03-11
In November 2019, MTIBU announced the creation of an innovative hub to support the development and promote technological startups for road safety. The MTIBU team of experts will analyze the proposed innovative solutions.

UZBEKISTAN: ASIA INSURANCE - 15 years on the non-life insurance market
by Marina MAGNAVAL, 2020-03-12
Development and strengthening of the insurance market's position in Uzbekistan is supported by factors such as adoption of the state program for the insurance market development for the next 5 years, entering of new market participants as well as creation of the Agency on the insurance development. Besides, high market potential benefits from the fact that Uzbekistan has the fastest growing economy in Central Asia.

On the move
FEMA Deputy Administrator Daniel KANIEWSKI joins MMC
by Andrei Victor, 2020-03-11
Daniel KANIEWSKI, most recently Deputy Administrator for Resilience at the Federal Emergency Management Agency (FEMA), has been appointed Managing Director, Public Sector, Marsh & McLennan Advantage. The Marsh & McLennan Advantage group brings together expertise from across the Company's four businesses to deliver innovative solutions to clients.

Brian Hanuschak appointed as CEO of Victor Insurance Holdings
by press.release, 2020-03-12
Marsh announced that Brian Hanuschak has been appointed CEO of Victor Insurance Holdings, the world's largest managing general underwriter (MGU), effective immediately.
IIF2020 conferences in Vienna postponed for November
by team, 2020-03-12
The two conferences scheduled for April 6/7 in Vienna by the 2020 edition of IIF-International Insurance Forum were postponed for November 9/10. Registered attendees are kindly required to confirm their participation for the new dates.






A New Era of Risks: Impact on business and property
1 April 2020
Belgrade, Serbia
Organizer: Sveoosiguranju.rs, Sveonovcu.rs
For details: konferencije-rizici.rs

International Insurance-Reinsurance Congress
21-22 April 2020
Metropol Hotel, Moscow, Russia
Organizer: The Reinsurance Committee of All-Russian Insurance Association and DELOVOY Format Group as Co-organizer
Media Partner: XPRIMM Publications
For details: http://icir.ru/en/2020

XIV International Conference "Insurance in Central Asia"
27-28 April 2020
DoubleTree by Hilton, Almaty, Kazakhstan
For details: allinsurance.kz

Georgian International Insurance Conference
30 April 2020
Radison Blu Iveria Hotel, Tbilisi, Georgia
Organizer: XPRIMM
Official Publication: XPRIMM Publications
For details: xprimmevents.com

FIAR 2020 - International Insurance Reinsurance Forum
24-26 May 2020
Bucharest, Romania
Organizer: FIAR Consult & XPRIMM Publications

Global Insurance Forum
8 - 12 June 2020
New York, USA
Organizer: IIS - International Insurance Society
Media Partner: XPRIMM Publications
For details: events.internationalinsurance.org

Conference "Insurance in Azerbaijan: Trends & Opportunities"
June 2020
Baku, Azerbaijan
Organizer: XPRIMM Publications

23 - 25 June, 2020
Amsterdam, The Netherlands
Media Partner:?XPRIMM Publications
For details:?next.digitalinsuranceagenda.com

Les Rendez-Vous de Septembre
12 -17 September 2020
Monte-Carlo, Monaco
For details: rvs-monte-carlo.com

9th AIDA Europe Conference
Zurich, Switzerland
17-18 September 2020
Media Partner:?XPRIMM Publications
For details:?aidainsurance.org

WorldPensionSummit 2020
20-22 October 2020
Louwman Museum, The Hague, The Netherlands
Organizer:?P&I Events
Media Partner:?XPRIMM Publications
For details:?pionline.com/wps2020

Baden Baden Meetings 2020
18 - 22 October 2020
Baden Baden, Germany
For details: www.baden-baden-reinsurance.de

IIF2020 - Motor Insurance Conference
9 November 2020
Bristol Hotel, Vienna, Austria
Organizer: XPRIMM
For details: internationalinsuranceforum.com

IIF2020 - Property Insurance Conference
10 November 2020
Bristol Hotel, Vienna, Austria
Organizer: XPRIMM
For details: internationalinsuranceforum.com


In memoriam

ACHMEA supervisory board member Roelof JOOSTEN passed away
by Andrei Victor, 2020-03-11
Dutch insurer ACHMEA informed supervisory board member Roelof JOOSTEN passed away. May he rest in peace.

XPRIMM Ins. Report 1H2019
Motor Ins. Report FY2018
Property Ins. Report FY2018