Insurance Newsletter No. 556, 08 July 2021

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

UPDATE: MetLife's business acquisition by NN Group, in Poland and Greece, agreed upon for a consideration of EUR 584 million
by Daniela GHETU, 2021-07-08
The potential acquisition reported by XPRIMM last week has become a certainty, with Dutch Group NN agreeing with American MetLife to acquire the latter's business activities in Poland and Greece for a consideration of EUR 584 million.

ALBANIA: in January-May the insurance market expanded by over 15% y-o-y
by Marina MAGNAVAL, 2021-07-05
For the period January-May 2021 the Albanian insurance market generated GWP worth over ALL 7,009 million (~EUR 56.98 million*), or 15.51% more y-o-y. The number of concluded insurance contracts for the period increased by 1.86% y-o-y, according to figures published on the website of ASFA (Albanian Financial Supervisory Authority).

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CO posted five-months increasing net profit after the positive impact of the first Croatian 100% digital insurance product
by Andrei Victor, 2021-07-06
Croatia osiguranje, the largest Croatian insurer and one of the largest insurance group in Adriatic region, posted consolidated net profit for the first five months of 2021 of HRK 208 million (~ EUR 28 million), which is an increase of one percent compared to the same period previous year.

Total assets managed by Romanian private pension funds increased by 33% at the end of March
by Andrei Victor, 2021-07-06
At the end of March 2021, the Romanian private pension funds (Pillar II and Pillar III) accumulated RON 83.34 billion in total assets, 33% more compared to the previous year, according to the quarterly figures published by ASF. The total assets of the private pension system were 7.9% of the GDP.

UNSAR-IRES Barometer: Pandemic has increased Romanians' interest in health, housing and life insurance
by Cristian SUCA, 2021-07-08
The COVID-19 pandemic changed Romanians' perception of risks, increasing their interest in insurance protection. The most significant change was observed in health insurance, 4 out of 10 Romanians stating that the pandemic has increased their interest in the matter, according to a UNSAR-IRES Barometer on Risk Perception and Insurance Culture in Romania.

EUROHOLD Raises EUR 80.5 million via Public Offering of New Shares
by Daniela GHETU, 2021-07-08
EUROHOLD Bulgaria AD, one of the leading independent financial and insurance groups in the SEE, raised EUR 80.5 million via a Public Offering of New Shares on the Bulgarian Stock Exchange (BSE).

Allianz completes transaction to purchase Westpac's general insurance business
by Andrei Victor, 2021-07-05
Allianz Australia announced the completion of the transaction to acquire Westpac's general insurance business and commenced a 20-year exclusive agreement to distribute general insurance products to Westpac customers.

AM Best Affirms Credit Ratings of Milli Reasurans Turk Anonim Sirketi
by Daniela GHETU, 2021-07-05
AM Best has affirmed on 2 July the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Rating of "bb+" (Fair) of Milli Reasurans Turk Anonim Sirketi (Milli Re) (Turkey). The outlook of these Credit Ratings (ratings) is stable.

June series of storms caused insured losses of EUR 1.7 billion in Germany
by Daniela GHETU, 2021-07-08
The series of thunderstorms from June 18 to 30, 2021 with heavy rain and hail caused insured losses of EUR 1.7 billion according to preliminary estimates by the Association of the German Insurance Industry (GDV), thus becoming one of the most devastating weather events in the history.

RMS: tornadoes are more common in Europe than we usually think
by Daniela GHETU, 2021-07-08
Tornadoes are more common in Europe than is perhaps thought, with over 100 occurring on average each year across the continent, Laurent MARESCOT, Senior Director, Market and Product Expert for EMEA and CIS with RMS said in a post on LinkedIn.

HRH The Prince of Wales launches new partnership with the global insurance industry to drive action to tackle climate change
by Andrei Victor, 2021-07-05
At the end of June, His Royal Highness, The Prince of Wales launched his Sustainable Markets Initiative (SMI) Insurance Task Force during a visit to Lloyd's, the world's leading insurance and reinsurance marketplace.

Guy Carpenter launches suite of climate advisory and modeling services
by Daniela GHETU, 2021-07-08
Partnering with global Marsh McLennan businesses to help clients address physical, transition and liability risk as companies look to develop and integrate robust climate change strategies into their overarching Environmental, Social and Governance programs, Guy Carpenter launched a suite of climate advisory and modeling services.

Insurance Europe welcomes objectives of the EC Renewed Sustainable Finance Strategy and Green Bond Standard
by press.release, 2021-07-08
The Renewed Sustainable Finance Strategy published by the European Commission on 6 July contains further welcome steps towards advancing the objectives of the European Green Deal and improving the funding of sustainable projects.

EC's Coreper endorses provisional agreement on Motor insurance directive's amendment
by Daniela GHETU, 2021-07-08
The European Council's Permanent Representatives Committee (Coreper) supports the political agreement reached between the Council and the European Parliament on 22 June 2021 on the amendment to the motor insurance directive that will strengthen the protection of injured parties in motor vehicle accidents and improve the rights of policyholders.

AZERBAIJAN: a positive tendency in GWP and paid claims to continue for the next medium and long term
by Marina MAGNAVAL, 2021-07-06
The domestic insurance market coped to avoid the large-scale negative effects of the COVID-19. However, the summary indicators for January and February indicate a relatively negative impact, at the same time, according to the results of the first quarter of 2021, there is a positive tendency, said Executive Director of the Azerbaijan Insurers Association (AIA) Elmar Mirsalayev for Trend.

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MOLDOVA: Asterra Grup received a gold medal at the Moldovan Business Gala
by Marina MAGNAVAL, 2021-07-06
Asterra Grup was awarded the Gold Medal in the category "Financial Services" on June 25 within the "Trademark of the Year 2020" competition, organized by the Chamber of Commerce and Industry of Moldova in partnership with the State Agency for Intellectual Property, CapitalMarket reports.

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RUSSIA: a law on operation of foreign insurers on the Russian insurance market signed
by Marina MAGNAVAL, 2021-07-06
President Vladimir PUTIN signed a law that determines the procedure for admission and activity of foreign

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RUSSIA: since July 1, agroinsurance significantly modified so that farmers can insure crops in case of loss as a result of emergency
by Marina MAGNAVAL, 2021-07-06
Since July 1, agroinsurance in Russia has been significantly modified, which marked a new stage in the development of the agroinsurance system as a partner of the state in protecting the agro-industrial complex, said Korney BIJDOV, President of the National Association of Agriculture Insurers (NAAI), writes ASN.

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TAJIKISTAN: Agreement on cooperation in pension provision and social insurance signed with Kyrgyzstan
by Marina MAGNAVAL, 2021-07-05
On June 29, 2021, an official visit of the President of the Republic of Kyrgyzstan to the Republic of Tajikistan took place, according to the website of the Agency for Social Insurance and Pensions under the Government of the Republic of Tajikistan.

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UZBEKISTAN: UNDP helps develop the insurance sector in Uzbekistan
by Marina MAGNAVAL, 2021-07-05
UNDP, together with the Agency for the Insurance Market Development at the Uzbek Ministry of Finance, organized a seminar on June 24, 2021, during which the results of the diagnostics of the development of inclusive insurance and risk financing in Uzbekistan were presented, UzDaily.uz reports.

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