Insurance Newsletter No. 560, 26 August 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

POLAND: VIG Polska maintains a stable fourth position among the leading insurance companies
by Marina MAGNAVAL, 2021-08-24
Despite the difficult environment - a pandemic, violent weather phenomena, progressing market consolidation - the Polish operations of Vienna Insurance Group in the first half of the year are successful, especially in terms of sales, Gazeta Ubezpieczeniowa reports.

VIG and C-Quadrat launched a joint venture investment fund company in Poland
by Andrei Victor, 2021-08-24
Austrian insurer Vienna Insurance Group announced in a statement it launched together with C-Quadrat Investment Group a joint venture investment fund company in Poland: VIG / C-QUADRAT TFI S.A.

Sava Re's has published its revised Corporate Governance Policy document, effective as of 1 September 2021
by Daniela GHETU, 2021-08-26
Sava Re published, according to the Rules of the Ljubljana Stock Exchange where the company is listed, the revised Corporate Governance Policy of Sava Re document, recently adopted by its management board.

NORTH MACEDONIA: number of complaints against insurers doubled in 1H
by Marina MAGNAVAL, 2021-08-24
The Insurance Supervision Agency (ISA), as of June 30, 2021, received 82 complaints from insureds who were dissatisfied with the work of insurance companies. Compared to the same period last year, in 1H2021 the number of submitted complaints has doubled, ISA

UNSAR: The largest compensation paid in 2020 on a home insurance amounted EUR 400k
by Andrei Victor, 2021-08-25
The largest compensation paid last year by UNSAR insurers to cover the damages occurred on a voluntary home insurance policy was about EUR 400,000 (RON 1.9 million), 145% higher than in 2019. "It was paid in order to cover the damages caused by a fire", states UNSAR - the National Union of Insurance and Reinsurance Companies in Romania, wrote 1asig.ro here.

Turkey: Arthur J. Gallagher enters the local market by acquiring a majority stake in specialty broker BH Sigorta ve Reasurans Brokerligi
by Daniela GHETU, 2021-08-26
Global insurance brokerage, risk management and consulting services firm Arthur J. Gallagher & Co. announced it has purchased a majority stake in Turkish specialty broker Brokers' House (BH Sigorta ve Reasurans Brokerligi A.S.). Terms of the transaction were not disclosed.

NN Group posted H1 net profit of EUR 1.41 billion
by Andrei Victor, 2021-08-25
At the end of June 2021, the NN Group's net profit increased to EUR 1.41 billion compared with EUR 587 million in the first half of 2020. At the same time, the Dutch financial group noted that the operating result increased to EUR 1.12 billion from EUR 926 million in the first half of 2020, "with almost all segments reporting higher results".

Talanx strengthens its market position in Latin America
by Andrei Victor, 2021-08-23
Talanx is strengthening its presence in the insurer's strategic target region of Latin America. The Chilean subsidiary company HDI Seguros and state-owned bank BancoEstado have signed an exclusive agreement for the coming 13 years covering the sale of non-life insurance products. The partnership is scheduled to start on 1 January 2022 and secures Talanx its market position among the Top 5 non-life insurers in Chile for the long term.

Arthur J. Gallagher & Co. to acquire WTW's Treaty Reinsurance brokerage operations
by Daniela GHETU, 2021-08-26
Arthur J. Gallagher & Co. recently announced an agreement to acquire the treaty reinsurance brokerage operations of Willis Towers Watson plc for a total consideration that may reach USD 4 billion. The transaction is subject to customary regulatory approvals and expected to close during the fourth quarter of 2021.

ARMENIA: at the end of 1H, corporate insurance continues to dominate in the GWP portfolios of insurers (57%)
by Marina MAGNAVAL, 2021-08-23
According to the 1H2021 results, corporate insurance continues to dominate in the GWP portfolios of Armenian insurers - 57% (AMD 15.1 billion/EUR 25.69 million*) vs the share of retail insurance at 43% (AMD 11.4 billion/EUR 19.40 million*), which is almost the same as a year earlier, ArmInfo reports.

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AZERBAIJAN: motor insurance increased in 1H
by Marina MAGNAVAL, 2021-08-23
In the first half of 2021, MTPL in the insurance market of Azerbaijan increased by 6% to AZN 46.75 million (EUR 23.21 million*), Trend reports referring to the Central Bank of Azerbaijan.

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The Eurasian reinsurance company to be created to support mutual and foreign trade of the EAEU member states
by Marina MAGNAVAL, 2021-08-23
At the meeting of the Eurasian Intergovernmental Council on August 19-20, it was decided to start practical work on the creation of the Eurasian Reinsurance Company (ERC). The draft international agreement on the establishment and activities of the EPC should be developed within six months, according to the website of the Eurasian Economic Commission (EEC).

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RUSSIA: NAAI: agroinsurance with state support for 7 months grew by 45% y-o-y
by Marina MAGNAVAL, 2021-08-24
According to the National Association of Agriculture Insurers (NAAI), out of RUB 4.3 billion/EUR 49.43 million* of insurance premium for January-July 2021 under agroinsurance contracts, 70% (RUB 3.0 billion) are related to insurance contracts for crop risks. The segment grew by 45% y-o-y, as stated on the NAAI website.

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STATISTICS

STATISTICS: UZBEKISTAN, 1H2021: GWP growth exceeded 67% y-o-y (in local currency)
by Marina MAGNAVAL, 2021-08-23
In the first half of 2021, the insurance sector of Uzbekistan grew by more than 67%, GWP reached UZS 1,697.91 billion (EUR 134.44 million), according to the data published by the Ministry of Finance of the Republic.

STATISTICS: ARMENIA, 1H2021: GWP increased by about 9.5%, while y-o-y growth of paid claims exceeded 20%
by Marina MAGNAVAL, 2021-08-24
The insurance sector of Armenia in 1H grew by 9.45% to AMD 26.57 billion (EUR 45.06 million). At the same time, paid claims expanded by more than 20% and amounted to AMD 11.30 billion, according to the data on the activities of insurance companies provided by ArmInfo.

MARKETS & TRENDS

New Care Models: Insurers to move to a business model developing longstanding partnerships with customers as well as players in the health and care ecosystem
by Marina MAGNAVAL, 2021-08-23
The last report "New Care Models: How insurers can rise to the challenge of older and sicker societies", which is a product of the Health & Ageing work stream of The Geneva Association, co-sponsored by Thomas BUBERL, CEO of AXA, and Michel KHALAF, CEO of MetLife, explores innovations in the planning, purchasing and delivery of health services.

ON THE MOVE

Aon announces global leadership appointments in Reinsurance Solutions
by Andrei Victor, 2021-08-24
Re/insurance broker Aon announced new global leadership roles in Reinsurance Solutions "to enable greater focus on creating client value, product and market segmentation and regional reach".

EVENTS

clusive Insurance in the CEET Region - Challenges and Potential Opportunities

1-2 September 2021 starting 9.00 a.m. CEST

Online

More details and registration: munichre-foundation.org

Dive In 2021
21-23 September, virtual format
More details: www.diveinfestival.com

FIAR - International Insurance-Reinsurance Forum, 23rd Edition

10-12 October 2021

Sheraton Hotel, Bucharest, Romania

Transparency in Insurance Regulation and Supervisory Law
14 October 2021
For details: aidainsurance.org

WorldPensionSummit 2021
12-14 October 2021
Location: Louwman Museum, The Hague, The Netherlands & Virtual
Organizer: Pension & Investments
For details: pionline.com

4th Customer Experience Management for Insurance Summit 2021

26-29 October 2021

Organizer: Equip Global

Location: Live Online

For details: equip-global.com