Insurance Newsletter No. 533, 28 January 2021

www.xprimm.com

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

IIF2021: First registrations to the Insurance in the DIGITAL World Conference have started
by team, 2021-01-26
Professionals from insurance industry will gather on 25 February in a virtual format at the Insurance in the DIGITAL World Conference in order to discuss about the ups and the possible traps of the digitalization journey.

GENERALI Group: new organizational structure; de COURTOIS and RYAN leave top management; senior executives form a management team reporting directly to the CEO
by Daniela GHETU, 2021-01-27
The Assicurazioni GENERALI Board approved, on 27 January, the Group new Group organizational structure, as proposed by CEO Philippe DONNET. A number of business operational units were created, their leadership being entrusted to senior Generali executives who will report directly to the Group CEO.

The future leadership team for Aon and Willis Towers Watson has been established
by Alexandra GUZUN, 2021-01-28
Greg Case will be the Chief Executive Officer (CEO) of the firm that represents the combination of Aon and Willis Towers Watson, after the agreement will be completed. The new leadership team will "deliver new sources of value to clients and create new opportunities for colleagues", according to Aon press release.

European insurers support endorsement of IFRS 17 with some remarks
by Alexandra GUZUN, 2021-01-28
Insurance Europe and the CFO Forum have published a joint response to a consultation conducted by the European Financial Reporting Advisory Group (EFRAG) on its draft endorsement advice on International Financial Reporting Standard (IFRS) 17 - insurance contracts.

Green light for EUROHOLD to acquire the subsidiaries of CEZ Group in Bulgaria
by Andrei Victor, 2021-01-25
The Bulgarian Energy and Water Regulatory Commission (EWRC) granted approval to EUROHOLD Bulgaria for the acquisition of the Czech energy company CEZ Group's subsidiaries in the country, as the financial holding announed in a statement.

Changes to the PRIIPs RTS will be detrimental to consumers who buy insurance products
by Alexandra GUZUN, 2021-01-28
Insurance Europe has today issued a paper outlining the reasons why changes proposed by the European Supervisory Authorities (ESAs) to the regulatory technical standards (RTS) of the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation will not work or deliver benefits for consumers.

Croatia osiguranje is the first insurance company obtaining the Employer Partner certificate
by Alexandra GUZUN, 2021-01-28
After the certification process has been completed, Croatia osiguranje implemented the Employer Partner certificate, being the first insurance company to have obtained this prestigious certificate at the end of December.

"After corona turbulence we are very satisfied with the growth", declared the President of GVD at the annual conference
by Alexandra GUZUN, 2021-01-28
The past financial year ended the insurance companies across all three lines with a premium increase of 1.2 percent to 220.1 billion EUR. For 2021, German insurers are quite optimistic for the new year and are expecting an increase in premiums of over 2%, according to GDV.

Romania: introduction of the mandatory direct reimbursement procedure in motor insurance is the hot spot for 2021
by Daniela GHETU, 2021-01-26
Despite the challenging pandemic context, Romanian insurers managed to end 3Q2020 with an overall GWP growth of 4.8%, Cristian ROSU, Vice President for the Insurance - Reinsurance Sector within the market supervising authority (ASF) said on the occasion of the traditional forecast meeting organized by XPRIMM each year.

Продолжение

ASF fined the management of the largest Romanian insurer EUR 780 k
by Andrei Victor, 2021-01-28
The ASF Board decided to fine the Management Board and the Supervisory Board of the Romanian largest insurer - CITY Insurance with a total RON 3.78 million lei (almost EUR 780 k), because fallowing a control, the insurer failed to submit the requested documents in due time, as the Romanian insurance news portal www.1asig.ro informed.

Aviva's businesses in France and Poland for sale for a total consideration of about EUR 5.5 billion
by Daniela GHETU, 2021-01-28
British insurer Aviva has set deadlines in late February to receive final offers for its operations in France and Poland that are worth an overall EUR 5.5 billion, Reuters reported quoting three sources familiar with the matter that spoke to it on condition of anonymity.

Romania: health insurance expected to further grow in 2021, especially on the corporate segment
by Daniela GHETU, 2021-01-26
Except for the eventuality of the Covid-19 health crisis worsening, Romanian insurers display a moderate optimism with regard to the market evolution this year, hoping for a 5% to 10% growth throughout the year, top market professionals have revealed yesterday at the market gathering organized by XPRIMM.

Продолжение

AM Best withdraws, on request, the Credit Ratings of Rosgosstrakh Insurance Company, after affirming them
by team, 2021-01-26
AM Best has affirmed, on 22 January, the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-" of ROSGOSSTRAKH Insurance Company, OJSC (RGS) (Russia). The outlook of these Credit Ratings (ratings) is stable.

ARMENIA: in 2020, 5 out of 6 insurance companies included in the list of the largest taxpayers
by Marina MAGNAVAL, 2021-01-27
By the end of 2020, 5 insurance companies out of 6, operating in the local market, were included in the list of 1000 largest taxpayers in Armenia, while a year ago there were only 3 insurers in this list, ArmInfo reports.

Продолжение

BELARUS: validity of MTPL policies may be extended to the entire territory of the Union State of Russia and Belarus
by Marina MAGNAVAL, 2021-01-27
On January 20, at a meeting of the Commission of the Parliamentary Assembly of the Union of Belarus and Russia on legislation and regulations, it was proposed to extend validity of MTPL policies issued in Belarus and Russia to the entire territory of the Union State, BELTA informs.

Продолжение

RUSSIA: INGOSSTRAKH: the capacity of the renewed program of outward reinsurance of technical risks for 2021 amounted to RUB 8.7 billion
by Marina MAGNAVAL, 2021-01-28
INGOSSTRAKH has renewed its outward technical risk reinsurance program for 2021. The capacity of the program is RUB 8.7 billion (~ EUR 100 million), according to the insurer's press release.

Продолжение

UKRAINE: the largest part of compensations from the MTIBU guarantee funds in 2020 was paid for uninsured vehicles
by Marina MAGNAVAL, 2021-01-27
In 2020, MTIBU (Motor (Transport) Insurance Bureau of Ukraine) paid to victims of road accidents from the Victim Protection Fund over UAH 215.7 million (~EUR 6.2 million*). At the same time, the number of payments decreased by 10.6% y-o-y, while the amount remained almost unchanged (+1.8%), according to the Bureau's press release.

Продолжение

UKRAINE: the number of e-MTPL policies in 2020 increased by 2.5 times
by Marina MAGNAVAL, 2021-01-28
At the end of 2020, the number of electronic MTPL policies exceeded 3 million units, which is 2.5 times more y-o-y. The amount of premiums under electronic contracts reached UAH 2.6 billion/~EUR 74.84 million* (+176% y-o-y in UAH), MTIBU reports.

Продолжение

Motor insurance predictions for 2021 made by Digital Insurance
by Alexandra GUZUN, 2021-01-25
According to Digital Insurance, there are several trends established in the motor insurance industry by the game-changing experience of Covid-19. They have described 6 of them as being likely to take place during this year.

INTERVIEW

Lukas HERRMANNS, Chief Executive Officer of Marsh Germany and CEE, Marsh
by Daniela GHETU, 2021-01-28
We don't have the duty to sell predefined products or to deliver a certain combined ratio as an expectation from the shareholders. That is why we can specifically tailor THE risk concept which fits the most to our clients' needs. We frequently see our clients' value and require our advice which does not necessarily lead into placing a cover for them but can be an advice on how to minimize the risks of a company.

STATISTICS

STATISTICS: Croatia, FY2020: AGRAM becomes the country's largest insurance group
by Andrei Victor, 2021-01-28
The gross written premiums of the 18 active Croatian insurers fell by 0.66% year-on-year to HRK 10.47 billion (EUR 1.38 billion) in 2020, according to the year-end figures published by the Croatian Insurance Bureau - CIB.

MONTENEGRO: preliminary 2020 market results show just a 1% decrease as compared with 2019, the top record year
by Daniela GHETU, 2021-01-28
According the preliminary results published by the Insurance Supervision Agency of Montenegro, the local insurance market closed 2020 with GWP worth EUR 93.67 million, 1% down y-o-y, a result that the Council's President Uros ANDRIJASEVIA appreciated as very good, considering the challenges of the Covid crisis.

ON THE MOVE

AM Best appointed Martin P. Sheffield as Non-Executive Director
by Alexandra GUZUN, 2021-01-25
Martin P. Sheffield was named the new member to AM Best Rating Services subsidiary's board as an Independent Director. The appointment took effect Jan. 1, 2021.

AVIVA's Patrick TIERNAN to join LLOYD's as Chief of Markets
by Andrei Victor, 2021-01-25
LLOYD's of London re/insurance marketplace has appointed AVIVA's Patrick TIERNAN to the newly created role of Chief of Markets, which will oversee market performance and distribution.

Branko BARJAKTAROVIC appointed Director of the Montenegrin insurance supervising body
by Daniela GHETU, 2021-01-28
Branko BARJAKTAROVI