XPRIMM News
Insurance Newsletter, No. 514, 3 September, 2020

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES


TOP NEWS
XPRIMM TIME FOR BUSINESS How did the Polish market cope with Covid crisis' challenges and what are the expectations for the future?
by Daniela GHETU, 2020-09-03
"At this point we do not see a strong effect yet on the financial figures of the insurance companies, but this is mainly due to the long-term nature of the business", Iwona SZCZESNA, the Head of the PIU (Polish Chamber of Insurance) Brussels Office stated at the microphone of the XTB show aired on 2 September. She added that "usually people buy insurance for the whole year, so we will see the impact on the financial figures in three to six months from now."
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Shareholders approve the Aon - WTW merger
by Andrei Victor, 2020-08-31
Aon and Willis Towers Watson - WTW announced that their respective shareholders voted "FOR" all proposals at their respective extraordinary general meetings and at the special meeting of Willis Towers Watson shareholders ordered by the High Court of Ireland. These approvals are an important step in the process of combining the two companies.
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Insurance Europe has published its 2019-2020 annual report
by press.release, 2020-09-03
Recent months have been dominated by the COVID-19 pandemic, and Insurance Europe has been heavily involved both in the response to the crisis and in discussing solutions for insuring the risks of possible future pandemics. Work has nevertheless continued on the many other issues that affect European insurers.
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Insurance Europe responds to EC consultation on Solvency II review impact assessment
by press.release, 2020-09-01
Insurance Europe has published its response to a consultation conducted by the European Commission on its inception impact assessment regarding the review of Solvency II, the regulatory framework that governs EU insurers.
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ECB strategy review should include plan to exit loose monetary policy measures
by press.release, 2020-09-02
Insurance Europe has published its response to a consultation by the European Central Bank (ECB) on its ongoing strategy review. Interest rates are very significant for the insurance industry: they impact product offering, as well as the measurement of insurers' balance sheet positions and, more broadly, their solvency ratios.
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CCN, 1H2020: Group's performance remained stable in spite of ongoing COVID-19 crisis
by press.release, 2020-09-03
As for most companies, Covid-19 has left a mark on Claims Corporation Network's (CCN's) results as well. The COVID-19 crisis caused one of the most severe economic and financial market turmoil's and while financial markets have rallied in the second quarter of 2020, the economic recovery remains fragile. However, the fact that CCN's performance remained stable in a challenging first half year reinforces our resilience.
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MONTENEGRO: Rumors confirmed: GRAWE to buy majority stake in non-life insurer SWISS
by Andrei Victor, 2020-09-01
ANO - The Montenegrin Insurance Supervision Agency announced that on August 26, 2020, the Council has issued the Decision on appropval to the Austrian group GRAZER Wechselseitige Versicherung Aktiengesellschaft to buy the majority stake in SWISS Insurance Company.
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POLAND: Gefion's MTPL contracts remain valid, KNF announces
by press.release, 2020-09-03
Financial Supervision Authority of Poland announced that motor third party liability insurance contracts concluded or renewed until March 24, 2020 remain valid, and Gefion is obliged to consider reported claims and pay due compensation.
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ROMANIA: The insurance market exceeded RON 6 billion at the end of June
by Andrei Victor, 2020-09-01
The Romanian insurance market had an evolution above expectations in the first half of 2020, exceeding the threshold of RON 6 billion, said Cristian ROSU, Vice President on Insurance - Reinsurance, FSA (Financial Supervisory Authority), wrote www.1asig.ro here.
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ROMANIA: The MTPL policy to be valid also in digital format
by Andrei Victor, 2020-09-01
After a series of debades on the way a driver can prove the alidity of MTPL policy, on August 26th, the Council of the Romanian Financial Supervision Authority approved the changes and amended the Norm no 20/2017 on MTPL insurance in Romania.
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SAVA Re to pay dividend despite ISA's recommendations
by Andrei Victor, 2020-08-31
Slovene re/insurance group SAVA announced it intends to send a notification to the Insurance Supervision Agency declaring its intention to pay out dividends in respect of 2019.
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AM Best Affirms credit ratings of Gulf Insurance Group
by press.release, 2020-09-03
AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of "a" of Gulf Insurance Group K.S.C.P. (GIG) and its subsidiary, Gulf Insurance and Reinsurance Company K.S.C. (Closed) (gig-Kuwait) (both domiciled in Kuwait). The outlook of these Credit Ratings (ratings) is negative.
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ARMENIA: in January-July 2020 the share of e-MTPL reached 13% of the total number of contracts in the segment
by Marina MAGNAVAL, 2020-09-02
By the beginning of August 2020, the share of e-MTPL policies in the total number of MTPL contracts in Armenia has tripled and reached 13% (vs 4% a year ago), ArmInfo reports.
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AZERBAIJAN: the United Agricultural Insurance company registered
by Marina MAGNAVAL, 2020-09-02
The United Agricultural Insurance company has been registered by the State Tax Service under the Azerbaijani Ministry of Economy, as Trend reports citing the Ministry.
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AZERBAIJAN: TOP-5 insurers paid 85% of all the market claims in first seven months of 2020
by Marina MAGNAVAL, 2020-09-03
From January to July 2020, the volume of claims paid by the TOP-5 insurers of Azerbaijan reached AZN 190 million (~EUR 95 million*), which represent 85% of all market paid claims, Trend reports referring to a report from the Central Bank of Azerbaijan.
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RUSSIA: The 7th Annual Insurance Business Forum "Challenges of the year 2020" to be held on October 19-22, 2020
by press.release, 2020-08-31
The 7th Annual Insurance Business Forum "Challenges of the year 2020" will be held on October 19-22, 2020. The main objective of the event is to provide an opportunity for specialized specialists to get up-to-date information, jointly discuss the most important issues of the industry, exchange ideas and practical experience.
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RUSSIA: SBERBANK Insurance took the first place in the category "Technological implementation/solution of an insurance company"
by Marina MAGNAVAL, 2020-09-01
SBERBANK Insurance took the first place in the category "Technological implementation/solution of an insurance company" of the annual award in the field of innovations and achievements of the financial industry FINAWARD'19.
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UKRAINE: GWP of UNIQA group exceeded UAH 1.5 billion in the first half of 2020
by Marina MAGNAVAL, 2020-09-03
UNIQA Ukraine insurance group, which includes UNIQA and UNIQA Life, received net profit before tax in the amount of UAH 324.5 million (~EUR 29.86 million*) in the first half of 2020, more y-o-y, as Forinsurer reports.
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ON THE MOVE
Olivier GAY appointed as Senior VP - CUO of SCOR Canada
by Andrei Victor, 2020-08-31
SCOR announces that Olivier GAY has been appointed Senior Vice President - Chief Underwriting Officer for SCOR Canada Reinsurance Company. He will also serve as Deputy CEO of the Company.
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Zurich Insurance Group launches new unit, announcing several appointments
by press.release, 2020-09-02
Zurich Insurance Group (Zurich) is ramping up the transformation of its global business to meet the rapidly changing needs of consumers, launching a new unit to expand digital services worldwide and create a more intimate connection with its customers and partners.
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Zurich Insurance Group announces regional leadership changes
by press.release, 2020-09-02
Zurich Insurance Group (Zurich) announced changes in its regional leadership. New CEOs have been appointed in Latin America (LatAm) effective Oct. 1, 2020, and in the North America and APAC regions, effective Jan. 1, 2021.
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Istvan FEDAK to be the new CEO of CIG Pannonia
by Andrei Victor, 2020-09-01
At the end of July 2020, the Hungarian insurer CIG Pannonia annoucned that that employment of the CEO - Gabriella KADAR and Deputy CEO - Miklos BARTA of the company - will end on September 30, 2020.
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VIG




STATISTICS
STATISTICS: TURKEY, 1H2020: Local insurance market expanded by 21%
by Andrei Victor, 2020-09-03
The Turkish insurance market generated total premium of TRY 40.2 billion (~EUR 5.2 bilion*) in the first half of this year, an increase of 21.0% compared to the corresponding period in 2019, according to data released by the Insurance Association of Turkey (TSB).
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STATISTICS:
GEORGIA, 1H2020: Market grew 9.14%, supported by health insurance, which accounted for over 45% of total GWP

by Marina MAGNAVAL, 2020-09-03
For the first half of 2020, the insurance sector of Georgia grew by 9.14%, to GEL 376.9 million (~EUR 109.4 million*). At the same time, the paid claims during the period dropped sharply - by more than 24% y-o-y, according to the data published by the insurance supervision authority.
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