Insurance Newsletter No. 552, 10 June 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Insurance Profile Russia Report is now live online
by Marina MAGNAVAL, 2021-06-10
The Russian insurance market grew by 4.1% (in ruble) in 2020, despite the high economic volatility induced by the pandemic crisis. After the largest GWP reduction in the first half of the year, in 3Q2020 the insurance market almost returned to the "pre-Covid" level.

Eurohold starts capital increase process
by Daniela GHETU, 2021-06-08
Bulgarian financial holding Eurohold, the owner of Euroins Insurance Group, announced it stars the process of its capital increase by up to EUR 100 million through a public offering of new shares.

RECREX further expands its European foorprint and prepares for IPO
by Daniela GHETU, 2021-06-09
RECREX, an Insurance Services Company with a strong focus on TPA servicers, has announced it is moving its headquarters in Spain and, after successully entering this year Turkey and Croatia, further expands by entering new markets and preparing its listing on the stock exchange.

Insurance Europe: Financial Market Participants should use latest available data for their reporting
by Alexandra GUZUN, 2021-06-09
Insurance Europe has published its opinion to a consultation by the European Commission (EC) on the draft delegated regulation on Article 8 of the Taxonomy Regulation on entity level disclosures for undertakings under the scope of the Corporate Sustainability Reporting Directive (CSRD). Insurance Europe appreciates the opportunity to provide their comments on the draft and they support the proposal, especially:

Insurance sector plays a key role in achieving the priorities of G20 to a resilient economy
by Alexandra GUZUN, 2021-06-10
Members of GFIA and ANIA, together with the Italian Minister of Economy and Finance, met in a virtual meeting to discuss about the disruption caused by the COVID-19 pandemic and the high degree of resilience shown by the global insurance industry during the crisis.

SONAR 2021: For insurers, the zombification of companies introduces new challenges in deciding which firms are insurable risks
by Alexandra GUZUN, 2021-06-10
Swiss Re has issued the SONAR 2021 Report: New Emerging Risks Insights which presents emerging technological risks around biased product testing. As the COVID-19 crisis continues to play a defining role in our lives, Swiss Re's Report identified the threats that will shape the future post-COVID-19 risk landscape.

SCOR's Optical Character Recognition modules provide new technologies for life insurer's
by Alexandra GUZUN, 2021-06-10
SCOR has developed Optical Character Recognition (OCR) modules which will help life insurers maximize the value of the information they have at their fingertips. SCOR's Data Analytics team is focused on providing technologies for life insurers, delivering speed and a better risk experience.

SCOR expert views: The insurance sector is not immune to climate change
by Alexandra GUZUN, 2021-06-10
Experts from SCOR have issued an article regarding the "green" insurance industry and they showed that the "green and responsible finance is gaining real traction as many people consider the role it could play in the post-pandemic recovery." According to them, also the insurance industry is affected by the climate change.

"A-" IFS RATING for the cash EUR 1.2 billion acquisition of Cattolica by Generali; the outlooks remain stable
by Alexandra GUZUN, 2021-06-10
Fitch Ratings affirmed Generali's 'A-' Insurance Financial Strength (IFS) rating. The agency also affirmed the 'BBB+' Issuer Default Rating (IDR), and the outlooks remain stable. The rating actions follow Generali's announcement of the cash voluntary public tender offer for all shares of Cattolica not owned by Generali for approximately EUR 1.2 billion.

Revenues of USD 117,7 billion from globally insurance broking activity in 2020 and significant further consolidation for 2021
by Alexandra GUZUN, 2021-06-10
Insuramore has made an analysis for the worldwide market insurance broking companies for 2020 and their results showed that in terms of fees and commissions, the earned was around USD 117.7 billion. However, significant further consolidation is taking place during 2021.

PZU announced two Board resignations
by Andrei Victor, 2021-06-10
Polish insurance group PZU SA announced the resignation of one Supervisory Board Member and one Management Board Member.

Aegon AGM approves all resolutions
by Andrei Victor, 2021-06-08
Dutch insurer AEGON announced on the Annual General Meeting (AGM) the of Shareholders approved all resolutions on the agenda. These include adoption of the Annual Accounts for the financial year 2020 and a final dividend for 2020 of EUR 0.06 per common share, bringing Aegon's total dividend for 2020 to EUR 0.12 per common share.

North Macedonia: Croatia Osiguruvanje - Nezivot capital increase green lighted
by Daniela GHETU, 2021-06-10
The Securities and Exchange Commission of North Macedonia announced it gave the green light to Croatia Osiguruvanje - Nezivot (non-life), the local unit of Croatian market leader, to increase its capital by EUR 0.58 million through a new share issue, SeeNews said.

RUSSIA: in Jan-March, RESO-Garantia's GWP grew by 17.6% y-o-y, and pad claims - by 17.5%
by Marina MAGNAVAL, 2021-06-09
In the first quarter of 2021, GWP of RESO-Garantia, one of the top-5 market leaders, reached RUB 29.48 billion (EUR 0.33 billion*), which is 17.6% more y-o-y. At the same time, the insurer's paid claims amounted to RUB 14.42 billion (+17.5%), ASN reports with reference to the company's press release.

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RUSSIA: in January-March, the average remuneration of insurance brokers was 11% and is the lowest in the market
by Marina MAGNAVAL, 2021-06-09
In the first quarter of 2021, total GWP volume through insurance brokers amounted to RUB 19.4 billion rubles (~EUR 0.22 billion*), which is 83% more than in the same period in 2020, ASN reported.

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RUSSIA: ROSGOSSTRAKH Life received the highest mark for the quality of services
by Marina MAGNAVAL, 2021-06-09
ROSGOSSTRAKH Life received the "Quality Mark" rating at the A1 level - the highest level of service quality. The company was rated by the BusinessDrom analytical center. This rating was assigned for the first time, according to the insurer's press release.

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UKRAINE: the number of complaints against insurers received by MTIBU in the first quarter increased by 57% compared to the previous quarter
by Marina MAGNAVAL, 2021-06-09
According to the MTIBU (Motor (Transport) Insurance Bureau of Ukraine), in the first quarter of 2021, the number of complaints against actions of insurance companies received by the Bureau was 570, which is 57% more than in the previous quarter.

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ON THE MOVE

Quentin McMillan joins AIG from MMC as Head of Investor Relations
by Andrei Victor, 2021-06-10
American International Group (AIG) announced that Quentin McMillan will join the company as Vice President, Managing Director and Head of Investor Relations, effective June 7, 2021. Based in New York City, McMillan will report to Mark Lyons, Chief Financial Officer, AIG.

Chubb appoints Mark Hammond Deputy CFO
by Andrei Victor, 2021-06-10
Chubb Limited announced that Mark Hammond, who currently serves as Treasurer of Chubb Group, has been appointed to the additional role of Deputy Chief Financial Officer, a new position.

INTERVIEW

Irina MERZLIAKOVA, General Director, Belarusian Association of Insurers
by Marina MAGNAVAL, 2021-06-10
Insurance, as a financial instrument, has more closely came into daily life of Belarusians and has become a definite necessity. This is probably why, despite all the difficulties, our insureds were in no hurry to give up insurance. We consider electronic sales as one of the most significant triggers for market development in a pandemic.

MARKET & TRENDS

The Geneva Association: From 'Big Government' to remote working, pandemic shifts bring fundamental changes for insurance,
by Daniela GHETU, 2021-06-10
A new report released by The Geneva Association offers a comprehensive projection of the risk landscape in the post-pandemic world, or 'New Normal', expounding the four most consequential shifts for insurers: accelerated digitalization, 'Big Government', pivot to resilience and sustainability, and more remote working.

STATISTICS

STATISTICS: Macedonian Q1 insurers' business expanded by 4% y-o-y
by Andrei Victor, 2021-06-10
At the end of March 2021, the Macedonian insurance market totaled MKD 2.68 billion (EUR 43.6 million), up by 4% y-o-y, according to preliminary data provided by the local Insurance Supervision Agency.

STATISTICS: Turkey, Q1 figures: New-created State insurers' aggregate share in total market expanded to 16.5%
by Andrei Victor, 2021-06-10
Total GWP generated by the insurance market in Turkey totaled TRY 25.3 billion (EUR 2.6 billion) at the end of March 2021, 15.8% more y-o-y, according to figures from the Insurance Association of Turkey -TSB.

STATISTICS: BELARUS, 1Q2021: the market grew by more than 18% in BYN, and by more than 10% in EUR
by Marina MAGNAVAL, 2021-06-10
In 1Q2021 the Belarusian insurance market grew by 18.15% to BYN 448.86 million (EUR 145.69 million), according to data published by the Ministry of Finance of the Republic. It should be noted that the market also recorded growth in EUR - by 10.42%.

STATISTICS: GEORGIA, 1Q2021: the market share of the TOP-3 exceeded 50%
by Marina MAGNAVAL, 2021-06-10
At the end of the first quarter of 2021, the Georgian market increased by 10.47% to GEL 233.20 million (EUR 58.24 million), according to the data published by the Georgian Insurance Supervision Service.