Insurance Newsletter No. 540, 18 March 2021

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www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Swiss Re has committed to transition its investment portfolio to net-zero greenhouse gas emissions by 2050
by Alexandra GUZUN, 2021-03-17
As a founding member of the UN-convened Net-Zero Asset Owner Alliance, Swiss Re announced new measures to support the transition to a net-zero economy, encompassing both asset management and underwriting as well as its own operations.

Swiss Re's capital position remained very strong throughout 2020 and a regular dividend of CHF 5.90 per share was proposed by the Board of Directors
by Alexandra GUZUN, 2021-03-18
Swiss Re reported a total contribution to economic net worth (ENW) of USD 434 million in 2020. The result was largely driven by COVID-19-related claims and reserves of USD 4.6 billion, which include both the 2020 impact and forward-looking estimates for 2021.

Eurohold posted YE 2020 stable revenues despite Coronavirus pandemic
by Andrei Victor, 2021-03-16
Bulgarian financial holding Eurohold, the owner of Euroins Insurance Group, announced stable revenues in 2020 compared to the financial results in 2019 when the economy was growing, according to the holding's preliminary consolidated unaudited financial report for the last year.

The insurance industry considers that the ESG data should be improved
by Alexandra GUZUN, 2021-03-18
Insurance Europe has responsed to the European Commission consultation on the establishment of a European Single Access Point (ESAP) for environmental, social and governance (ESG) data, as there is an increasing importance for investors to access the non-financial information.

Insurance industry: there is no need for a separate statement of ORSA in the context of COVID-19
by Alexandra GUZUN, 2021-03-15
Insurance Europe considers that issuing a supervisory statement regarding the own risk and solvency assessment (ORSA) in the context of COVID-19 is unnecessary, as a response of a consultation by the European Insurance and Occupational Pensions Authority (EIOPA).

AI could help to improve employee working conditions and increase customer satisfaction
by Alexandra GUZUN, 2021-03-18
The European insurance social partners - of which Insurance Europe is a member - have made a joint declaration on artificial intelligence (AI) which offers opportunities for both insurers and their employees.

EIOPA proposals on Solvency II review could decrease the risk-taking capacity of EU insurers by around EUR 60 billion
by Alexandra GUZUN, 2021-03-17
Solvency II is strongly supported by the insurance industry which outlined its views on the advice provided by the European Insurance and Occupational Pensions Authority (EIOPA) to the European Commission on the review of the Solvency II regulatory framework.

During 2020, Zurich proved a solid balance sheet and focused on innovation in digital technology
by Alexandra GUZUN, 2021-03-17
Zurich reported business operating profit (BOP) of USD 4.2 billion compared with USD 5.3 billion in 2019. The decline was largely due to the impact of COVID-19 and higher catastrophe losses. Net income attributable to shareholders amounted to USD 3.8 billion and a dividend of CHF 20 has been proposed.

GEM to invest EUR 26 billion in Eurohold to support the acquisition of CEZ Group's business in Bulgaria
by Andrei Victor, 2021-03-16
Bulgarian financial holding Eurohold has secured a EUR 26 million (USD 31 million) funding commitment from Gem Global Yield (GEM), a USD 3.4 billion Luxembourg-based alternative investment group focused on emerging markets. The two parties have already signed an agreement.

Groupama, 2020: under the Covid crisis' pressure, the group's P&C business remained quasi at the 2019 level; 3.1% increase in L&H
by Daniela GHETU, 2021-03-15
French group Groupama ended 2020 with a combined premium income stood of EUR 14.4 billion, up by 1.7% y-o-y. The life and health business lines made the growth driver, with a 3.1% increase in premiums, to EUR 0.7 billion, while the P&C lines remained quasi at the 2019 level, of EUR 7.2 billion in premiums.

TigerRisk adopts the full RMS global models suite and continue a multiyear partnership
by Alexandra GUZUN, 2021-03-18
RMA and TigerRisk Partners announced that their partnership will continue, and the new multiyear agreement will include additional models and data in order to provide to their clients solutions for managing global risk profitability.

Italian Generali in search for acquiring a Russian insurer, rumors say; see who are the targets
by Daniela GHETU, 2021-03-18
Italian group Generali is considering an about EUR 2 billion worth acquisition in Russia, that will add to its already existing 38.5% stake in one of Russia's largest insurers Ingosstrakh, Reuters reported quoting a non-disclosed source and the Italian press.

Slovak Rep.: Despite the lockdown-induced low number of traffic accidents, MTPL tariffs will continue to increase
by Andrei Victor, 2021-03-15
In recent years, Slovak drivers have faced a slight increase in motor insurance prices. The current lockdown, which dramatically reduces the number of traffic accidents on Slovak roads, will not change this trend either, wrote TREND (trend.sk) here.

AZERBAIJAN: Mega Life Insurance included in the register of the Azerbaijani Compulsory Insurance Bureau
by Marina MAGNAVAL, 2021-03-16
Mega Life Insurance was included in the register of the Azerbaijani Compulsory Insurance Bureau, Trend reports with reference to the Compulsory Insurance Bureau.

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AZERBAIJAN: the license of Ravan Sigorta revoked by the Central Bank
by Marina MAGNAVAL, 2021-03-16
The license of the Azerbaijani insurance company Ravan Sigorta has been revoked, Trend reported according to the Central Bank of Azerbaijan.

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KAZAKHSTAN: motor insurance and life insurance increased last year despite the difficult pandemic situation
by Marina MAGNAVAL, 2021-03-17
The pandemic had a positive impact on the results of the Kazakhstani motor insurance market - Motor Hull increased by 7% to KZT 28 billion (~EUR 54.18 million*), and MTPL - by 6% to KZT 81.1 billion (~EUR 156.93 million*), said Marina SHIPOVALOVA, General Director, INTERCONSULT Info, insurance consultant, for Allinsurance.kz.

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RUSSIA: insurers' expense ratio in 2020 hits a record of 43%
by Marina MAGNAVAL, 2021-03-16
In 2020, the loss ratio of Russian insurers remained stable, and the combined loss ratio during the year remained almost unchanged, amounting to 90%, according to the Central Bank's review.

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RUSSIA: in 2020 agroinsurance increased by 43% y-o-y
by Marina MAGNAVAL, 2021-03-16
Among all segments of property insurance in Russia in 2020, agroinsurance was one of the fastest growing - its volume increased by 43% to RUB 8.1 billion (~EUR 89.32 million*), the National Association of Agriculture Insurers (NAAI) reported.

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UKRAINE: GWP and paid claims of UNIVERSALNA in 2020 increased y-o-y
by Marina MAGNAVAL, 2021-03-17
GWP volume of UNIVERSALNA, which is part of FAIRFAX FINANCIAL HOLDINGS LIMITED, last year exceeded the level of 2019 and amounted to UAH 953,829 million (~EUR 27.45 million*), Forinsurer writes.

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RUSSIA: On April 14-15, 2021 the 25th Annual Reinsurance Conference will be held in Moscow
by Marina MAGNAVAL, 2021-03-18
The 25th Annual Reinsurance Conference will be held in Moscow on April 14-15. The insurance market today is going through active changes. The state of the insurance and reinsurance industry, its further development in the face of "post-COVID" realities, pricing policy, risk appetites of international companies, new opportunities will be discussed by the Conference participants.

RUSSIA: ROSGOSSTRAKH Life enters TOP-5 leaders in investment and accumulative life insurance
by Marina MAGNAVAL, 2021-03-18
ROSGOSSTRAKH Life entered the TOP-5 in investment and accumulative life insurance in 2020. The company's GWP in investment-cumulative life insurance, which is the core business of ROSGOSSTRAKH Life, increased by 1.5 times, and the insurer's net profit almost tripled, according to the company's website.

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UKRAINE: MTIBU reduced cost of Green Card policies by 4.6%
by Marina MAGNAVAL, 2021-03-18
On March 16, 2021 Motor (Transport) Insurance Bureau of Ukraine (MTIBU) introduced new tariffs for Green Card policies for those traveling abroad by road, as OPEN4BUSINESS informed with a reference to the MTIBU's statement.

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INTERVIEW

Alexandru CIUNCAN, General Director of UNSAR - National Union of Insurance and Reinsurance Companies in Romania.
by Andreea RADU, 2021-03-18
Financial education can help us all better understand how financial market mechanisms work and be better prepared for the challenges of the present. It is very important that any consumer understands as well as possible how insurance works, and the expectations to be closer to the promise made by the policy.

STATISTICS

STATISTICS: RUSSIA, FY2020: Despite a decrease in GWP and paid claims in the second quarter, by the end of the year GWP increased by about 4%, and paid claims - by 8% (in local currency)
by Marina MAGNAVAL, 2021-03-18
By the end of 2020, Russian insurance market grew by about 4% to RUB 1.53 trillion (~EUR 16.97 billion*), which, despite the pandemic, is a good result, given that there was absolutely no growth in 2019. Total amount of collected GWP reached 1.45% of GDP, according to the data published by the Bank of Russia.

Slovak Rep., SLASPO: Less GWP but more profits during 2020
by Andrei Victor, 2021-03-15
The YE2020 preliminary figures on insurance activity published by SLASPO (the proffesional association of Slovak insurers) show that the insurers active on local market (domestic and EU branches) generated during last year less premiums, but they were more profitable.