XPRIMM News
Insurance Newsletter, No. 519, 8 October, 2020

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES


STATISTICS
STATISTICS: BULGARIA, 1H2020: Despite decreasing GWP, insurers' profits expanded by almost 50%
by Andrei Victor, 2020-10-08
Half-year market figures from the Bulgarian Financial Supervision Commission (FSC) show that local insurers ended the first semester with a 2% y-o-y decrease in GWP to BGN 1.44 billion (EUR 740 million), while aggregate value of net profit increased by 47.79% y-o-y, to BGN 150.84 million (~ EUR 77.12 million).
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STATISTICS: ROMANIA, 1H2020: The market grew 3.5%; Motor insurance increased by 2.2% despite pandemic restrictions on movement
by Cosmin CONCEATU, 2020-10-08
Between January-June 2020, the insurance market of Romania totaled RON 5.6 billion (~EUR 1.2 billion) in gross written premiums (GWP), 3.5% more in local currency (+1.2% in EUR) when compared to the same period of prior year. The overall claims paid went up to RON 3.3 billion (down to EUR 691 million), 1.5% more in local currency (-0.8% in EUR).
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STATISTICS: UKRAINE, 1H2020: Despite the general market decline by 23%, insurers' assets and insurance reserves increased
by Marina MAGNAVAL, 2020-10-08
According to the data for 1H2020, published by the National Bank of Ukraine, the market decreased by 23% y-o-y, to UAH 21 billion (EUR 701.43 million). At the same time, the downtrend was observed only in the non-life sector, while life insurance recorded an increase of almost 10%.
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TOP NEWS
The future of the work, on the agenda at the XIIth International Istanbul Insurance Conference
by Daniela GHETU, 2020-10-08
The Covid-19 crisis has rushed the changes in the workforce market, so that we have become all gig-economy workers, stated Nikhil da Victoria Lobo, Head Western & Southern Europe, Swiss Re at the International Istanbul Insurance Conference.
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TURK Re bets on technology and its own teams of talents to fulfill its development strategy
by Daniela GHETU, 2020-10-08
For TURK Re, a newly created company, the main challenge was to put together a great and experienced team; we managed to develop our core reinsurance application in house instead of just buying a ready-made solution, commented today Selva EREN, CEO, Turk Re on the occasion of the International Istanbul Insurance Conference.
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Bosnia & Herzegovina joined the "License Plate Subsystem", effective starting 19 October
by Daniela GHETU, 2020-10-08
Starting 19 October, an international MTPL insurance policy "Green Card" policy will be not needed for vehicles registered in one of the countries of the European Economic Area to enter on the territory of Bosnia & Herzegovina (BiH), or for BiH vehicles to circulate on the roads of the EEA countries.
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The insurance portfolio transfer from Generali zavarovalnica, Zagreb Insurance Branch to Generali Croatia finalized
by Daniela GHETU, 2020-10-05
On 1 October, the Management Boards of Generali osiguranje, company registered in Croatia, and Generali zavarovalnica dd, Zagreb Insurance Branch (formerly Adriatic Slovenica Zavarovalna druzba dd, Zagreb Branch) signed the Minutes on the conclusion of the transaction that will reunite under one roof all the Croatian business of the Italian group.
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LATVIA: Real estate intermediaries required to purchase civil liability insurance
by Cosmin CONCEATU, 2020-10-08
Real estate intermediaries in Latvia will be required to purchase professional indemnity insurance, according to the regulations of the Cabinet of Ministers (CM), which entered into force on 2 October. The professional liability of real estate agents must be insured to cover damage caused to a third party as a result of the agent's acts or omissions.
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Swiss Re Corporate Solutions announced partnership with Hitachi for a solution to 'digital risk'
by Cosmin CONCEATU, 2020-10-08
Swiss Re Corporate Solutions announced a partnership with Hitachi Europe Ltd., collaborating in an integrated insurance-based offerings for the digital era. The companies will launch a new industry solution that helps organisations accelerate their digital transformation while minimising the risks, as organisations increasingly depend on Artificial Intelligence (AI) powered automation for critical business processes and operations.
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Brexit has cut a GBP 4.5 billion slice from the London commercial insurance, the latest IUA report shows
by Daniela GHETU, 2020-10-08
Premium income for the London company market, including premiums written outside of London but overseen and managed by London operations have totaled GBP 27.63 billion in 2019, almost 3% less y-o-y. In addition, a volume of about GBP 4.508 billion, previously written in European offices but controlled by London was lost because of company restructuring necessitated by Brexit.
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Insurance Europe: EU Green Bond Standard can help boost investment in transition to a more sustainable economy
by Cosmin CONCEATU, 2020-10-08
Insurance Europe has published its response to a consultation by the European Commission on its EU Green Bond Standard (GBS). In order to maximise investment in the transition towards sustainability, investors must be able to invest in the green bond market with confidence.
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Insurance Europe: Financial sector concerns about ability of EU companies to transfer personal data to US following EU Court of Justice ruling
by Cosmin CONCEATU, 2020-10-08
Insurance Europe, together with a group of other financial sector associations, has written to the European Commission and the European Data Protection Board (EDPB) to raise concerns about the impact of a 16 July 2020 ruling by the Court of Justice of the European Union (CJEU).
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AZERBAIJAN: the rules for control over calculation and payment of insurance premiums on compulsory health insurance to come into force on January 1, 2024
by Marina MAGNAVAL, 2020-10-08
On October 5, the Cabinet of Ministers adopted a resolution to approve the rules for control over calculation and payments of insurance premiums under compulsory health insurance (CHI). The process of paying insurance premiums by the insured under CHI has been postponed until January 1, 2024.
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GEORGIA: MAI Georgia was positioned as the insurance brokerage market leader in 2019, both in premiums and commissions terms
by Marina MAGNAVAL, 2020-10-08
MAI Georgia is the leading insurance broker on the Georgian insurance intermediation market, holding 39% of the intermediation commissions cashed at the market level in accordance with the data published by the Insurance Supervision service. In premiums terms, MAI Georgia accounts for 32% of the direct premiums and 61% of the reinsurance premiums intermediated in Georgia.
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MOLDOVA: The National Bureau of Motor Insurers (BNAA) is a full member of the Green Card system
by Marina MAGNAVAL, 2020-10-08
National Bureau of Motor Insurers (BNAA) of the Republic of Moldova received the status of a full member in the Green Card system. Also, based on this decision, Alina OSOIANU, CEO of BNAA, was appointed as co-Chair of the Committee on internal settlement of the Bureau Council in Brussels.
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RUSSIA: ratings of ROSGOSSTRAKH upgraded to BB with stable outlook
by Marina MAGNAVAL, 2020-10-08
S&P Global Ratings has upgraded the financial strength rating and the issuer's credit rating of ROSGOSSTRAKH to BB with stable outlook. Earlier the rating was BB-, as the oldest insurer in Russia informed.
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UKRAINE: for January-September, the number of payments for uninsured drivers increased by 22% y-o-y
by Marina MAGNAVAL, 2020-10-08
According to the results for 9 months of 2020 in Ukraine, the number of payments by the MTIBU Fund of protection of victims for uninsured drivers, responsible for road accidents, increased by 22% y-o-y while the amount of payments - by 23.5% y-o-y, MTIBU reported.
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INTERVIEW

VIG Krste SHAJNOSKI, President of the Council of Experts, Insurance Supervisory Agency of North Macedonia
by Irina GHETU, 2020-10-08
" I think the lesson learned will be that there shouldn`t exist a delay in following and adapting to new trends and changes, which means that market participants will have to change and adapt their business models, adopt new technologies, apply digital tools and encourage a culture of change in its operations (...)"
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ON THE MOVE
RUSSIA: Igor KOBZAR appointed CEO of SBERBANK Life insurance
by Marina MAGNAVAL, 2020-10-08
Igor KOBZAR was appointed CEO of SBERBANK Life insurance, subjected to receiving an appropriate approval from the Central Bank of Russia, the insurer's press service said.
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Robert VRCA heads the Croatian unit of Merkur Versicherung starting 1 October
by Daniela GHETU, 2020-10-05
As of October 1, Robert VRCA has taken over the position of Chairman of the Board and CEO of the Croatian subsidiary of the Austrian Merkur Versicherung AG. He is a member of the Board since July 2017.
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Mirjana BOGICEVIC - new President of the Executive Board of Sava Non-Life Insurance Belgrade
by Daniela GHETU, 2020-10-05
On September 28, the Supervisory Board of Sava Non-Life Insurance Belgrade appointed Mirjana BOGICEVIC as President of the Executive Board, the company announced.
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KNF confirms Beata KOZLOWSKA-CHYLA for the position of President of the Management Board of PZU SA
by Daniela GHETU, 2020-10-05
The Polish Financial Supervision Authority (KNF) decided on October 2, 2020 to appoint Beata KOZLOWSKA-CHYLA for the position of President of the Management Board of PZU SA, a position that she held on interim basis since the resignation of Pawel SUROWKA.
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VIG



ON THE CORONAVIRUS FRONT
Since October, DUNAV Insurance has been offering Covid insurance for the whole world
by Daniela GHETU, 2020-10-08
The company DUNAV osiguranje is the first on the Serbian market to offer, since October 1, a travel insurance policy for all destinations in the world, which includes the Covid 19 risk. The policy will be without a time limit for return.
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ERGO
EUROINS

EVENTS


WorldPensionSummit 2020

19 - 23 October 2020
Online event
Organizer:?P&I Events
Media Partner:?XPRIMM Publications
For details:?pionline.com/wps2020

Croatian Insurance Days 2020
12 November 2020?
ONLINE Event
Organizer: Croatian Insurance Bureau
Media Partner: XPRIMM Publications
More details:?dani-osiguranja.huo.hr

The Future of Insurance Europe
24 - 25 November, 2020
Online event
Organizer: Reuters Events
Media Partner: XPRIMM Publications
For details: reutersevents.com


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