XPRIMM News
Insurance Newsletter, No. 493, 9 April, 2020

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES


TOP NEWS
Swiss Re, sigma: Socio-economic developments and climate-change effects to drive rising losses from severe weather events
by Daniela GHETU, 2020-04-08
Insured losses from disaster events totaled USD 60 billion, while global economic losses reached USD 146 billion, the latest sigma report shows. Population growth, urbanization and economic development have triggered a rise in losses from weather events, masking the impact of climate change in a dynamic risk landscape.
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POLAND: Despite being the largest CEE market, Polish insurance market potential remains huge
by Andrei Victor, 2020-04-06
Despite that the Polish insurance market is the largest in CEE Region, it is still a market with huge potential, according to Roger HODGKISS, member of the top management team of GENERALI Poland being responsible for the P&C sales network and marketing of GENERALI and PROAMA.
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ROMANIA: FGA ended its term as temporary administrator at EUROINS
by Andrei Victor, 2020-04-06
The Board of the Financial Supervisory Authority (A.S.F.) approved, at the meeting on April 1st, the termination of the mandate of the Insurance Guarantee Fund - FGA as temporary administrator at the insurer EUROINS Romania Asigurare Reasigurare, the Romanian www. 1asig.ro informed.
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ROMANIA: ASF fines CITY Insurance for violating the methodology for reserves
by Andrei Victor, 2020-04-06
As a result of the periodic control performed at the largest Romanian insurer as GWP - CITY Insurance, the ASF Board decided to sanction the company with a fine of RON 100 k (about EUR 20 k), after finding a series of violations of the law regarding the methodology of calculating the technical reserves, as the market authority annouced in a statement published on its website.
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ZURICH shareholders re-elect all members of the Board and approve dividend
by Andrei Victor, 2020-04-06
Shareholders of ZURICH Insurance Group approved all items on the Annual General Meeting (AGM) agenda, including the re-election of all members of the Board of Directors. Thus, Michel M. LIES was confirmed as Chairman of the Board.
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AZERBAIJAN: in February GWP dropped amid rising paid claims
by Marina MAGNAVAL, 2020-04-08
In January and February this year, Azerbaijani insurers generated GWP in the amount of AZN 190.74 million (~EUR 101.78 million), which is almost 44% more y-o-y, according to the Central Bank of the country.
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MOLDOVA: in 2019, almost 94% of total GWP generated by the non-life sector
by Marina MAGNAVAL, 2020-04-07
According to the data of the National Commission on the Financial Markets of the Republic of Moldova (CNPF), in 2019 local insurance companies collected 7% more GWP y-o-y, informed the Chairman of the Administrative Board of CNPF, Valeriu CHITAN.
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RUSSIA: S&P affirms SOGAZ at BBB, outlook stable
by Marina MAGNAVAL, 2020-04-09
The long-term credit rating and financial stability rating of the market leader, SOGAZ insurance group, affirmed by S&P Global Ratings at BBB with a stable outlook, ASN reports with reference to the agency's press release.
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UKRAINE: 24 MTPL insurers received the highest rating from MTIBU in 4Q2019
by Marina MAGNAVAL, 2020-04-08
In 4Q2019 the speed of claim settlement and the quality of MTPL insurers' work improved, according to the Motor (Transport) Insurance Bureau of Ukraine (MTIBU).
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UKRAINE: INGO Ukraine rebrands as part of its digitalization strategy
by Marina MAGNAVAL, 2020-04-09
From April this year, INGO Ukraine insurance company, one of the TOP-10 local market leaders, will operate under the name INGO. The company will also change its logo and corporate identity, as the insurer informed in its press release.
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UKRAINE: ARX: despite growing paid claims in March, the average daily payments remain unchanged y-o-y
by Marina MAGNAVAL, 2020-04-09
In March 2020, paid claims of ARX Insurance Company (formerly AXA Insurance) increased by 15% y-o-y, to almost UAH 89 million (~EUR 2.87 million), while the amount of average daily payments remained unchanged (about UAH 4 million), Forinsurer informed.
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INSURERS ON THE COVID-19 FRONT
COVID-19: ASF and EIOPA delayed the BSR of Romanian insurance sector
by Andrei Victor, 2020-04-06
In the context of Coronavirus crisis, the exercise to evaluate asets and liabilities (BSR - Balance Sheet Review) in the insurance sector in Romania will be postponed, the Romanian Financial Supervisory Authority announced in a statement.
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MUNICH Re withdraws profit guidance for 2020 and discontinues share buy-back until further notice
by Andrei Victor, 2020-04-06
World largest reinsurer MUNICH RE informed to the great uncertainty concerning the macroeconomic and financial impacts of COVID-19, "from today's perspective -and assuming a burden from major man-made and natural-catastrophe losses that is otherwise in line with expectations - MUNICH Re will not attain its profit guidance of EUR 2.8 billion for 2020 as a whole".
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COVID-19: Slovene TRIGLAV and SAVA Re to suspend the dividend payments for 2019
by Andrei Victor, 2020-04-08
Slovene re/insurance groups TRIGLAV and SAVA Re informed that following the recommendation received on March 31st, 2020 from the Slovenian Insurance Supervision Agency, they will temporarily suspend the dividend payments for 2019.
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Global Federation of Insurance Associations' statement on COVID-19
by Daniela GHETU, 2020-04-07
While insurers have and always will do everything in their power to support businesses and individuals during major catastrophes of any kind, governments should not push the industry beyond the limits of the financial stability framework, the Global Federation of Insurance Associations - GFIA said in its statement on COVID-19.
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PZU extends cyber insurance for SMEs during work from home period
by Daniela GHETU, 2020-04-08
PZU adapts to its SME clients' needs in the current COVID-19 crisis by extending the coverage of the protection package for small and medium companies with Cyber insurance, considering the higher exposure to hacker attacks while working remotely.
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S&P changed the rating outlook of PZU from "Positive" to "Stable" due to the outbreak of the pandemic
by Andrei Victor, 2020-04-08
Polish insurance group PZU (Powszechny Zaklad Ubezpieczen Spolka Akcyjna informed that on 6 April 2020 S&P Global Ratings changed the insurer' rating outlook from "Positive" to "Stable". At the same time, the agency affirmed PZU SA's financial strength rating at an unchanged level of "A-".
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AZERBAIJAN: corporate and retail segments are decreasing during the quarantine
by Marina MAGNAVAL, 2020-04-08
The measures under the special quarantine regime in Azerbaijan, aimed to limit the spread of the infection, are negatively affecting the domestic economic activity, and thus, work and results of the insurers, according to Trend.
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Dutch groups AEGON and NN suspended the dividend distributions as a consequence of the COVID-19 pandemic
by Andrei Victor, 2020-04-06
The two Dutch financial groups AEGON and NN informed that they will act in accordance with the recommendations of EIOPA and the Dutch Central Bank (DNB) published on 2 April 2020, which urge insurers to temporarily suspend their dividend distributions and share buyback programmes as a consequence of the COVID-19 pandemic.
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VIG

Contributors
Risk Management during the Pandemic
by team, 2020-04-09
Under the extraordinary effects of COVID - 19, all players in the economic structure are preparing for their most efficient detective actions. As an initial reaction from the banking sector, ECB asked from the European banks about checking their business continuity plans and making quick amendments according to their gaps. A similar reaction to the insurance sector could be performed soon by EIOPA as well.
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VIG

On the move
Guy Carpenter appoints Vijaya Singh as Global Head of Marketing and Communications
by press.release, 2020-04-08
Guy Carpenter & Company announced today that Vijaya Singh has been appointed as Global Head of Marketing and Communications, effective immediately.
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SCOR appoints Emmanuel Joffre as Chief Human Resources Officer
by press.release, 2020-04-08
SCOR announced the appointment of Emmanuel Joffre as Chief Human Resources Officer, with immediate effect. Previously he has held the role of Head of Human Resources for the Americas Hub.
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RUSSIA: SBERBANK Insurance appointed new CEO
by Marina MAGNAVAL, 2020-04-09
Mikhail VOLKOV has been appointed CEO of SBERBANK Insurance, a subsidiary of Sberbank and the second insurance market leader of 2019, the press service of SBERBANK Insurance said.
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STATISTIC UPDATES
STATISTICS: SLOVAKIA, FY2019: Insurers'profits increased almost 2% y-o-y
by Andrei Victor, 2020-04-09
Last year, the Slovak insurance market totaled EUR 2.28 billion, 1.65% more y-o-y, according to the end-year statistics published by the National Bank of Slovakia (NBS).
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STATISTICS: ROMANIA, FY2019: Motor insurance lines determined market hierarchy and trends
by Daniela GHETU, 2020-04-09
Romanian insurance market saw a 5.6% y-o-y growth in 2019, to EUR 2.29 billion. Life insurance sector's growth pace stayed at 4.7% y-o-y, while on the non-life side, GWP went up by 5.87% y-o-y. Yet, despite the different dynamics, the shares in the market portfolio of the two segments remained almost unchanged y-o-y.
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