Insurance Newsletter No. 538, 04 March 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Bulgaria: Eurohold is issuing new shares on the stock exchange
by Alexandra GUZUN, 2021-03-03
Eurohold Bulgaria, owner of Euroins, intends to increase its working capital up to EUR 100 million by issuing new shares on the Bulgarian Stock Exchange (BVB). The main shareholders of Eurohold, including Starcom Holding AD, confirm their participation in the future capital increase.

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Croatia: CO Group posted FY2020 net profit of ca. EUR 43.5 million
by Andrei Victor, 2021-03-04
CROATIA osiguranje Group, one of the largest insurer in the Adriatic Region reported FY2020 consolidated net profit of HRK 327.9 million (ca. EUR 43.5 million), which represents a decrease of 3.4% compared to previous year, as the insurer announced in a statement published on ZSE (Zagreb Stock Exchange) web-site.

The Slovak competition council approved the acquisition of POSTOVA Poistovna by ACHMEA's local unit
by Andrei Victor, 2021-03-01
The Anti-Monopoly Office of Slovak Republik approved the acquisition of POSTOVA Poistovna by UNION poistovna - the local bussines unit of Dutch insurance group ACHMEA.

Austrian insurance market increased by 1.6% in 2020 to EUR 18 billion
by Andrei Victor, 2021-03-01
According to the year-end 2020 preliminary figures published by VVO (the Austrian Insurance Association) - the Austrian insurance market totaled about EUR 18 billion, 1.6% more y-o-y.

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ALLIANZ, NN and GENERALI are interested to buy the Polish AVIVA unit
by Andrei Victor, 2021-03-01
Interational media wrote that the UK group insurer AVIVA intends to exit the Polish insurance market. German insurer ALLIANZ, the Dutch financial group NN and the Italians from GENERALI are the potential buyers, Reuters reported .

After France, Aviva sell its joint venture also in Turkey for GBP 122 million
by Alexandra GUZUN, 2021-02-26
After the announcement of approving the sale of its French business, Aviva plc ("Aviva") will sell its entire 40% shareholding in its joint venture in Turkey to Ageas Insurance International N.V. for an amount of GBP 122 million.

Turkey: TCIP paid throughout 20 years a total cost of TRY 783.2 million for earthquake losses
by Daniela GHETU, 2021-03-04
The Turkish Natural Catastrophe Insurance Pool - TCIP has paid a total of TRY 783.2 million (~ EUR 200 million considering the exchange rate variation) throughout its 20 years of activity. Claims paid in 2020, amounted to TRY 548.7 million, impacted by two major earthquakes that hit Turkey.

Insurance Europe give advises on the EDPB guidelines for data breach notifications
by Alexandra GUZUN, 2021-03-04
Insurance Europe has published its response to a consultation by the European Data Protection Board (EDPB) on draft guidelines which provide the necessary clarity on how to handle practical cases of data breach notifications and the obligations that must be adhered to.

EIOPA discussion paper on potential inclusion climate change in the natural catastrophe standard formula
by press.release, 2021-03-03
Insurance Europe has published its response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on its discussion paper on a potential methodology for the inclusion of climate change in the Solvency II natural catastrophe standard formula.

Swiss Re announces strategic partnership with radar satellite-based flood monitoring provider ICEYE
by Alexandra GUZUN, 2021-03-04
Swiss Re has entered into a strategic partnership with ICEYE, the largest commercial synthetic-aperture radar (SAR) satellite operator and flood monitoring provider. Swiss Re's clients will benefit from enhanced insights and bespoke solutions.

Munich Re: a profit of EUR 1.2 billion for 2020 and premium growth of 10.9% as per January renewals
by Alexandra GUZUN, 2021-03-03
Munich Re maintains stable dividend of EUR 9.80 and continues to grow. Despite the high Covid-19 losses, a profit of EUR 1.2 billion has been announced by the company for 2020.

Aon and Praedicat, new partnership for Insurers Emerging Risks in Casualty Sector
by Alexandra GUZUN, 2021-03-04
Aon plc (NYSE: AON), announces a new collaboration with Praedicat, a liability emerging risk analytics company, to develop "named peril" products for insurers, helping them to transfer emerging liability risks to reinsurers and the capital markets.

TRIGLAV Group, 2020: gross profit down by 10% y-o-y due to low interest rates and increasing technical provisions; technical indicators improved on all lines
by Daniela GHETU, 2021-03-04
Slovene Triglav Group achieved in 2020 profit before tax of EUR 90.9 million, down 10% y-o-y and GWP worth EUR 1,233.8 million, up by 4% y-o-y. The technical result improved on all lines, but the persisting extremely low interest rate environment affected the bottom result.

AXA FY2020 revenues fell below EUR 100 billion
by Andrei Victor, 2021-03-01
The French insurer AXA reported total FY 2020 revenues of EUR 97 billion, down just 1% compared to the previous year, while the net income decreased by 18% to EUR 3.16 billion, according to the activity indicators published by the group.

ARMENIA: in 2020, the shares of corporate and retail insurance in the portfolios of insurers were almost equal
by Marina MAGNAVAL, 2021-03-01
According to the results of 2020, retail and corporate insurance in the portfolios of companies recorded almost equal shares - 50.3% and 49.7%, respectively (vs 52.8% and 47.2% a year ago), ArmInfo reports.

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AZERBAIJAN: life insurance market got a new player
by Marina MAGNAVAL, 2021-03-01
Mega Life Insurance company received a license for life insurance activities. The Central Bank of Azerbaijan issued the license for the insurer for a period of five years, Trend informed according to the Central Bank.

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AZERBAIJAN: Azersigorta is planning to close some of its branches in Baku and other districts
by Marina MAGNAVAL, 2021-03-04
The state insurance commercial company of Azerbaijan, Azersigorta, has decided to close some of its branches in Baku and other districts, as Trend reported on March 1.

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AZERBAIJAN: Turkey and Azerbaijan discussed an action plan of cooperation in insurance
by Marina MAGNAVAL, 2021-03-02
In February the Azerbaijan Insurers Association (AIA) and the leadership of the Turkish Insurance Union had an online conference, during which the parties discussed an action plan for the first stage within the framework of mutual cooperation in insurance between the two counties, Trend reported.

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MOLDOVA: online tools to check calculation of premiums for MTPL and Green Card policies launched
by Marina MAGNAVAL, 2021-03-02
At the end of February, the National Commission for the Financial Market (CNPF) announced the launch of online tools for checking calculation of insurance premiums for MTPL and Green Card policies using the bonus-malus system, CapitalMarket reported with reference to the press service of the CNPF.

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RUSSIA: Sovkombank acquired the local MetLife insurance company
by Marina MAGNAVAL, 2021-03-02
In January 2021, Sovkombank acquired 100% of shares of the Russian insurance company MetLife for RUB 3.9 billion (~EUR 43.65 million*) - according to the information in the consolidated annual report of the Sovkombank Group under IFRS for 2020.

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UKRAINE: ARX and ARX Life end 2020 with 17% total GWP growth
by Marina MAGNAVAL, 2021-03-02
ARX and ARX Life have summed up the difficult year 2020, which has become quite successful for them - their total GWP amounted to UAH 2.94 billion (~EUR 84.63 million*) , which is 17% more y-o-y, Forinshurer said.

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UKRAINE: the decision to sell "U.S.I." to be made by the end of March
by Marina MAGNAVAL, 2021-03-02
Insurance company "U.S.I." is selecting an investor for sale. Negotiations with potential investors began in October 2020, the deadline for the decision to sell the company is scheduled for the end of March 2021, Forinshurer informed.

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?MARKET & TRENDS

Bain: insurers' investments in InsurTech will continue in 2021, in a market rich in ideas and capabilities
by Daniela GHETU, 2021-03-04
"The year 2020 continued a multiyear trend in which global insurers are streamlining their businesses by simplifying operations and redefining themselves with a narrower scope and stronger core." Reads the latest Bain's M&A Report for 2021.

TOP EVENT

Isabelle FLUCKIGER and Matteo CARBONE are the guests of the forthcoming edition of XPRIMM TIME FOR BUSINESS International Show
by team, 2021-03-04
XPRIMM TIME FOR BUSINESS will be LIVE on Wednesday, March 10 at 16.00 EEST for a new online show which will point out the transforming traditional insurance risk transfer to technology-driven risk reduction and prevention services.

STATISTICS

STATISTICS: Slovenian market totaled almost EUR 2 billion at the