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Insurance Newsletter, No. 530, 07 January 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES


TOP NEWS
Guy Carpenter: the main hallmarks of the January 1, 2021 reinsurance renewals
by Alexandra GUZUN, 2021-01-07
According to Guy Carpenter & Company, LLC. press release, price increases at the January 1, 2021 reinsurance renewals were moderated compared to initial expectations by abundant capital levels and an increased willingness on the part of reinsurers to deploy capacity in several sectors,
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Standard & Poor's confirms UNIQA with "A-" rating, stable outlook
by Cosmin CONCEATU, 2020-12-21
On 18 December 2020, Standard & Poor's (S&P) confirmed its "A-" rating of UNIQA Insurance Group with a stable outlook. Positive factors in S&P's decision particularly included the company's strong market position in Austria, CEE and Russia, its leading role in health insurance in Austria and its "excellent" capital adequacy.
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Aon-Willis deal further investigated by the EC to address concerns over reducing competition
by Daniela GHETU, 2021-01-07
The European Commission has opened an in-depth investigation to assess the proposed acquisition of Willis Towers Watson by Aon, under the EU Merger Regulation. Aon and Willis Tower Watson are both insurance and re-insurance brokers, as well as providers of other professional services to corporate customers.
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Insurance Europe: Work to improve PRIIPs KID must prioritise insurance consumers
by Alexandra GUZUN, 2021-01-07
Following press reports that the European Commission has put pressure on the European Supervisory Authorities (ESAs) to propose, by the end of January, technical solutions to make the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs) suitable for undertakings for collective investment in transferable securities (UCITS), in view of the end of the exemption for these funds from PRIIPs rules in December 2021, William Vidonja, head of conduct and business at Insurance Europe, said:
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Insurance Europe: European Data Protection Board should take risk-based approach to international data transfers
by Cosmin CONCEATU, 2020-12-21
A broad coalition of industry federations - including Insurance Europe - has published a joint statement raising concerns about a set of draft recommendations published by the European Data Protection Board (EDPB) in the wake of the European Court of Justice Schrems II decision.
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BULGARIA: FSC postpones European Single Electronic Format (ESEF) reporting by one year
by Cosmin CONCEATU, 2020-12-21
In 2013, the European Directive 2013/50/EC pushed all annual financial statements of issuers whose securities are admitted to trading on regulated markets in the EU to be drawn up in a single electronic reporting format (ESEF), starting from 1 January 2020. Because of the COVID-19 pandemic, the Financial Supervision Commission of Bulgaria (FSC) decided to postpone for one more year the implementation, allowing the companies to focus on the management of the pandemic crisis.
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GROUPAMA to extend its geographical footprint on Croatian insurance market
by Andrei Victor, 2020-12-21
French insurance group GROUPAMA announced its Hungarian subsidiary - GROUPAMA Biztosito and OTP Banka d.d., Croatian subsidiary of OTP Bank, signed an agreement on the sale and purchase of 100% of the shares of the insurance company OTP Osiguranje.
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Insurers warn EIOPA against prescriptiveness in ORSA climate risk requirements
by Alexandra GUZUN, 2021-01-07
Insurance Europe has published its response to a consultation conducted by the European Insurance and Occupational Pensions Authority (EIOPA) on its draft opinion on the use of climate change scenarios in an insurer's own risk & solvency assessment (ORSA).
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Generali admitted to the Cooperative Compliance regime
by Alexandra GUZUN, 2021-01-07
Assicurazioni Generali was admitted to the Cooperative Compliance regime, established by Legislative Decree n. 128/2015, according to a Generali press release. This will enable an innovative way to maintain constant and preemptive dialogue with the Italian Revenue Agency (Agenzia delle Entrate).
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EIOPA: Any dividend distributions should not exceed thresholds of prudency
by Cosmin CONCEATU, 2020-12-21
The European Insurance and Occupational Pensions Authority (EIOPA) published its December Financial Stability Report, shedding light on the financial stability risks in the European insurance and pension sector.
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AM Best confirms Generali`s FSR of "A" (excellent). Outlook stable
by Alexandra GUZUN, 2020-12-22
Generali's Financial Strength Rating (FSR) was confirmed of "A" (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a+", as AM best have announced.
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GENERALI consolidates its presence in Greece with the acquisition of AXA's units
by Andrei Victor, 2021-01-07
Global insurers AXA and GENERALI announced that they entered into an agreement on the Greek market. Under the terms of the agreement, AXA will sell its Life & Savings and Property & Casualty businesses in the country to GENERALI for a consideration of EUR 165 million, representing a multiple of 12.2 times 2019 earnings, subject to closing adjustments.
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Accenture report: consumers want insures to handle personal cyber threats
by Alexandra GUZUN, 2020-12-22
Three out of four consumers (76%) would like to have assistance from their insurer in dealing with cybersecurity threats as the pandemic drives more consumers online, according to a press release of Accenture (NYSE: ACN).
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ARMENIA: for January-November the share of e-MTPL policies in the total number of MTPL contracts increased to 14%
by Marina MAGNAVAL, 2021-01-05
According to the Bureau of Motor Insurers of Armenia, for 11 months of 2020, the number of online MTPL contracts exceeded by 2.3 times the same indicator for 11 months of 2019, and the share of e-MTPL policies in the total number of MTPL contracts increased to 14% from 5% a year ago, ArmInfo reports.
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AZERBAIJAN: in January-October 2020, non-life sector generated 59% of the total market GWP
by Marina MAGNAVAL, 2021-01-05
The results for the first 10 months of 2020 indicate that non-life GWP accounts for 59% of the total market volume. This sector demonstrates dynamic development, despite the difficulties of 2020, said Elmar MIRSALAYEV, executive director of the Azerbaijan Insurers Association (AIA) for Trend.
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AZERBAIJAN: despite all payments, PASHA Life Insurance received a profit of AZN 2 million more than planned
by Marina MAGNAVAL, 2021-01-07
In 2020, the leader of the insurance market, PASHA Life, which began operations on November 24, 2010, celebrated its 10th anniversary - the number of employees increased from 8 to 250, charter capital exceeded AZN 40 million, and assets amounted to AZN 400 million (~EUR 191.48 million*), said the chairman of the Board of PASHA Life Insurance Niyaz ISMAILOV for Trend.
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AZERBAIJAN: mandatory health insurance to be introduced throughout Azerbaijan in 2021
by Marina MAGNAVAL, 2021-01-05
From January 1, 2021 in accordance with the law on "Health insurance" citizens, working in the state and oil sectors, non-state and non-oil sectors, individuals performing work on the basis of civil contracts of a legal nature, as well as those engaged in entrepreneurial activity will pay for mandatory health insurance, Trend reported.
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AM Best Affirms Credit Ratings of Halyk Insurance Company of Halyk Bank of Kazakhstan, JSC
by Daniela GHETU, 2021-01-07
AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Halyk Insurance Company of Halyk Bank of Kazakhstan, JSC (Halyk Insurance) (Kazakhstan). The outlook of these Credit Ratings (ratings) is negative.
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KAZAKHSTAN: Basel Insurance assigned 'B' ratings by S&P, outlook stable
by Marina MAGNAVAL, 2020-12-22
S&P Global Ratings assigned on December 21 its 'B' long-term insurer financial strength and issuer credit ratings and 'kzBB+' national scale rating to Kazakhstan-based Basel Insurance company. The outlook is stable, the agency's press-release said.
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RUSSIA: from January to September 2020, travel insurance decreased by more than 58% y-o-y
by Marina MAGNAVAL, 2021-01-05
GWP of travel insurance from January to September 2020 amounted to RUB 6.04 billion (~EUR 64.93 million*), which is 58.2% less y-o-y, ASN reports according to the Central Bank statistics. This decrease was caused by restrictive measures during the pandemic.
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RUSSIA: ARIA: market growth is expected to reach 10% in 2021
by Marina MAGNAVAL, 2021-01-05
In 2021, the market development will be even, based on the structure of the insurance portfolio over the past three years, and GWP increase can range from 5% to 10%.
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RUSSIA: ROSGOSSTRAKH Life is "Time for Innovation 2020" award holder
by Marina MAGNAVAL, 2020-12-22
The company won the "Innovatively Active Company of the Year" nomination. The ceremony of awarding the winners of the Time for Innovation 2020 award was held on December 11 in Sochi, the insurer said in its press release.
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RUSSIA: ROSGOSSTRAKH affirmed by S&P at BB, outlook stable
by Marina MAGNAVAL, 2020-12-22
The long-term issuer credit rating of ROSGOSSTRAKH affirmed at BB, outlook stable, despite the extremely high dividends of RUB 12.2 billion (~EUR 0.13 billion*), that the company will pay to its parent financial corporation in 2021, the press-release of S&P Global ratings said.
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UKRAINE: paid claims of MTPL insurers for the last 10 months increased by 11% y-o-y
by Marina MAGNAVAL, 2021-01-07
MTPL insurers in Ukraine from January to October 2020 paid UAH 2.3 billion (~EUR 69 million*) to victims of road accidents, which is 11% more y-o-y, Forinshurer reports according to MTIBU.
More Продолжение

UKRAINE: in January-November 2020, MTPL increased by more than 21%, while Green Card dropped by 29% y-o-y
by Marina MAGNAVAL, 2021-01-07
MTPL GWP in January-November 2020 in Ukraine increased by 21.13% to UAH 5.58 billion (~EUR 0.16 billion*), while the number of contracts grew by 3.64% y-o-y.
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UZBEKISTAN: a new insurer SHARQ-SUG'URTA on the market
by Marina MAGNAVAL, 2021-01-07
New insurer, SHARQ-SUG'URTA, entered the insurance market of Uzbekistan, UzReport informed on 28 December.
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Agritask Platform was selected by Mapfre Colombia to empower its crop-insurance business
by Alexandra GUZUN, 2021-01-07
Mapfre Colombia, a subsidiary of Mapfre Re, a Spanish (re)insurer with offices in 19 countries has announced that it selected the Agritask analytics and operations platform to enhance its risk monitoring and claim management processes of its agriculture business.
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BBVA ALLIANZ Seguros begins operations in Spain
by Andrei Victor, 2020-12-21
BBVA Allianz Seguros, the new bancassurance joint venture between ALLIANZ Seguros and BANCO BILBAO VIZCAYA ARGENTARIA (BBVA) announced in April of this year, will begin to operate in Spain.
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INTERVIEWS
Elisabeth STADLER, CEO, VIG - Vienna Insurance Group
by Daniela GHETU, 2021-01-07
It is thanks to the broad diversity of the VIG Group and the strong start to 2020 that we were able to record an increase in premiums of 2.4% in the first half of 2020 and a profit before taxes of 200 million euro. Operationally, we currently see ourselves in a position to manage the effects of COVID-19 for the insurance group. [...] We are cautiously optimistic as the forecasts expect a strong recovery of economic activity between Austria and the CEE region in 2021.
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MARKET & TRENDS
Worldwide natural disasters toll stood at USD 210 billion in 2020, with less than 40% covered by insurance
by Alexandra GUZUN, 2021-01-07
Worldwide losses from natural disasters in 2020 came to USD 210 billion, of which some USD 82 billion was insured. Both overall losses and insured losses were significantly higher than in the previous year (2019: USD 166 billion and USD 57 billion respectively).
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VIG



STATISTICS
STATISTICS: AZERBAIJAN, 3Q2020: market growth is supported by life insurance, which increased by more than 17% y-o-y
by Marina MAGNAVAL, 2021-01-05
At the end of 3Q2020, the insurance market in Azerbaijan in local currency increased by 11.30% y-o-y, to AZN 581.51 million (EUR 291.53 million*), according to the data published by the Central Bank.
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STATISTICS: Macedonian insurance sector responses to COVID-19 with 5.2% contraction after Q3
by Andrei Victor, 2021-01-07
Macedonian insurers posted nine-months 2020 aggregate GWP worth MKD 7.52 billion (~EUR 122 million), 5.22% less y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.
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STATISTICS: Romania, Q3: Two insurers control almost three quarters of MTPL market
by Andrei Victor, 2021-01-07
In the first 9 months of 2020, the insurance market in Romania posted GWP of RON 8.52 billion (~EUR 1.74 billion), increasing by approximately 4.77% y-o-y, shows in the report published at the end of December by Romanian ASF - Financial Supervisory Authority, according to the Romanian insurance portal www.1asig.ro here.
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ON THE MOVE
AVIVA appoints Doug BROWN as CEO of UK & Ireland Life Insurance
by Andrei Victor, 2020-12-21
AVIVA announced the appointment of Doug BROWN as CEO of UK & Ireland Life Insurance. He is currently CEO of Canada Life in the UK and will join AVIVA's Group Executive Committee, reporting to AVIVA Group CEO, Amanda BLANC.
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Mark Versey was named as Chief Executive of Aviva Investors
by Alexandra GUZUN, 2021-01-05
Aviva appointed Mark Versey as Chief Executive of Aviva Investors. He will join Aviva's Group Executive Committee, reporting to Aviva Group CEO, Amanda Blanc, and will assume his new role with immediate effect, after the regulatory approval.
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CFO Forum named Delfin Rueda of NN Group as Chair
by Alexandra GUZUN, 2021-01-05
According to The European Insurance CFO Forum, Delfin Rueda, Chief Financial Officer of NN Group, has been appointed as Chair of the CFO Forum and will succeed Matt Rider of Aegon, starting with 1st of January 2021.
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Ante VLAHOVIC was elected as President of the ADRIS grupa Supervisory Board
by Andrei Victor, 2021-01-05
At the end of 2020, the CROATIA's osiguranje shareholder - the Rovinj based consortium ADRIS grupa - announced that Ante VLAHOVIC (member of the Supervisory Board and former President of the Management Board from 2004 to 2019) was elected as President of the Supervisory Board.
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CHUBB names Alexandra WALDMAN Climate Sustainability Manager
by Andrei Victor, 2021-01-06
At the end of 2020, CHUBB announced that Alexandra WALDMAN has been appointed with immediate effect as Climate Sustainability Manager. She will report to Paul KRUMP, Vice Chairman, CHUBB Group, Global Underwriting and Claims.
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CRO Forum names AEGON's CRO as new head
by Andrei Victor, 2020-12-21
AEGON's Chief Risk Officer Allegra van HOVELL-PATRIZI has been elected as the new Chairlady for industry association CRO Forum. She will hold the position for the next 12 months.
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ERGO


EVENTS
7th Catastrophe Insurance & Risk Management Summit 2021
25-28 January 2021
Organizer: Equip Global
Media Partner: XPRIMM Publications
For details:?equip-global.com


Digital Bancassurance Masterclass
26 - 28 January 2021
ZOOM
Organiser: Equip Global
Media Partner: XPRIMM Publications
For details: equip-global.com


INSURETEK MIDDLE EAST 2021 INTERNATIONAL CONFERENCE & GOLDEN SHIELD EXCELLENCE AWARD
February 17, 2021
Dusit Thani Hotel, Dubai, United Arab Emirates
Organizer:?BIZ Events Management
Media Partner:?XPRIMM Publications
For details:?http://insuretek.org/


9th AIDA Europe Conference
Zurich, Switzerland
23-24 September 2021
Organizer:?AIDA
Media Partner:?XPRIMM Publications
For details:?aidainsurance.org

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