Romanian insurance market grew by 24% in 2021, market watchdog says

Insurance Newsletter No. 581, 10 February 2022

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP EVENT

EVENT: DIA Amsterdam 2022 - XPRIMM Readers get a special discount!
by team, 2022-02-10
The new date and location for the in-person event DIA Amsterdam 2022 have been announced. The conference will take place on June 29-30 at Taets Art & Event Park. XPRIMM support the event as a Media Partner, its readers benefitting from a EUR 200 discount.

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TOP NEWS

Insurance Europe: updated key messages on EC proposals for Corporate Sustainability Reporting Directive
by Marina MAGNAVAL, 2022-02-10
The insurance industry is Europe's largest institutional investor, with EUR 10 trillion of assets under management, and for insurers to make appropriate investment decisions and comply with sustainability regulation it is vital that consistent, comparable, and machine-readable sustainability data is available, the recent Insurance Europe's survey says.

Insurance Europe: updated key messages on EC proposal for EU Green Bond Standard
by Daniela GHETU, 2022-02-10
As proposed by the EC, the EU Green Bond Standard (EUGBS) can help enhance the availability of attractive sustainable assets and facilitates sovereign issuance of green bonds, the updated set of key messages on the EC's proposal published by Insurance Europe says.

BULGARIA: ABZ: MTPL prices has increased since the mid-2021 by about 10%
by Marina MAGNAVAL, 2022-02-08
According to Konstantin VELEV, chairman of ABZ (Association of Bulgarian Insurers), "a gradual increase in MTPL prices has been observed since the mid-2021 - by about 10% compared to the beginning of last year", ABZ announced on its website.

Czech Rep., CAP: The number of detected frauds totaled ~EUR 50 m in 2021
by Andrei Victor, 2022-02-07
The number of insurance frauds increased during 2021, according to the figures published by the Czech Insurance Association (CAP). The professional association of Czech insurers informed that during last year, it inspected a total of 11,407 suspected claim files, up by 18% y-o-y, the aggregate value of detected fraud totaling CZK 1.25 billion - or ~EUR 50 million (up by CZK 17 million or by 1% y-o-y). The average amount of detected fraud / claim file reached CZK 249 thousand (vs CZK 288 thousand in 2020).

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HUNGARY: MNB lifts the restriction on dividend payments
by Marina MAGNAVAL, 2022-02-08
The MNB (Hungarian National Bank) no longer considers it necessary to maintain the dividend payment limit for insurers. However, the dividend size must consider the Bank's recommendation to maintain the 50% volatility capital buffer, as well as the impact of the changing yield environment on capital, the MNB said in its recent statement, portfolio.hu reports.

Romania: 24% y-o-y GWP growth in 2021; housing, health and suretyship insurance expected to be the market drivers in 2022
by Daniela GHETU, 2022-02-07
According to preliminary data provided by the Financial Supervisory Authority (ASF), the Romanian insurance market saw, in 2021, a 24% y-o-y GWP growth, to approx. EUR 2.86 billion. Non-life insurance line account for about 74% of the total market GWP.

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POLAND: The increase in life insurance premiums and claims is one of the effects of the pandemic
by Marina MAGNAVAL, 2022-02-08
The pandemic has caused an increase in both interest in life insurance and payments from this type of compensation, said Marcin TARCZYNSKI, an analyst of the Polish Chamber of Insurance, Gazeta Ubezpieczeniowa reports.

SERBIA: The Association of Serbia Insurers to organize the traditional annual conference
by Marina MAGNAVAL, 2022-02-08
The Association of Serbian Insurers will organize a traditional annual conference together with the Association for Insurance Law of Serbia this year.

RUSSIA: NAAI: in 2021, the agroinsurance market will reach at least RUB 9 billion
by Marina MAGNAVAL, 2022-02-07
According to the National Association of Agriculture Insurers (NAAI), in 2021, the market of subsidized agroinsurance again saw positive dynamics: GWP increased to RUB 7.7 billion (EUR 91.59 million*), of which RUB 5.5 billion came from insurance of crop risks, RUB 2.2 billion - from livestock insurance, and RUB 0.1 billion rubles - from insurance of commercial aquaculture, according to NAAI.

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Cegeka Romania announces the launch of the third edition of the Cegeka Academy program
by Daniela GHETU, 2022-02-07
Cegeka, a Belgian-based IT&C solutions provider with a strong portfolio of products oriented towards the financial institutions' needs, announces the third edition of Cegeka Academy, an educational program designed for students in their final years or master's degrees at technical faculties in Bucharest.

AON posted robust 2021 revenue growth
by Andrei Victor, 2022-02-10
Global re-insurance broker AON posted 4% growth in Q4 2021 revenue to USD 3.08 billion and 10% growth in FY 2021 revenue to USD 12.19 billion, due to double-digit increases reported in Commercial Risks and Reinsurance Divisions.

SCOR reports double digit increase in treaty portfolio during complex January renewals
by Andrei Victor, 2022-02-09
French reinsurer SCOR announced premium growth of 19% and an overall average price increase of 4.9% in P&C reinsurance during the "complex and prolonged" January renewal season.

WTW reports 4% increase in 2021 revenue
by Andrei Victor, 2022-02-09
Global re/insurance broker WTW posted 2021 total revenue of USD 9 billion, an increase of 4% y-o-y as compared to USD 8.62 billion a year before. FY 2021 income from operations was USD 2.2 billion, or 24.5% of revenue, an increase from USD 859 million or 10.0% of revenue compared to the prior year. Adjusted operating income was USD 1.8 billion, or 19.9% of revenue.

Talanx to post its first billion-euro profit in 2021
by Andrei Victor, 2022-02-10
German insurer Talanx informed its FY2021 Group net income exceeded the EUR 1 billion mark for the first time based on unaudited consolidated figures, despite historically high net claims expenses.

Zurich Group in 2021: best results in its history
by Daniela GHETU, 2022-02-10
Zurich Insurance Group reported very strong profits for the full year 2021. Business operating profit and net income attributable to shareholders were the highest since 2007. Growth was achieved in all segments, with commercial insurance in particular benefiting from disciplined underwriting, higher prices and an increase in new business.

STATISTICS

STATISTICS: Czech Rep., CAP: Insurers' business increased by 4.4% y-o-y during 2021 mainly due to non-life
by Andrei Victor, 2022-02-09
According to the year-end figures published by CAP (Czech Insurance Association), at the end of 2021, total GWP from the members of the association totaled CZK 147 billion (~EUR 5.92 billion), 4.4% more y-o-y or by CZK 6.1 billion.

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STATISTICS: Montenegrin market expanded to almost EUR 100 million in 2021
by Andrei Victor, 2022-02-07
The Montenegrin market reported a 5.5% y-o-y growth in FY2021 GWP, to EUR 99 million, according to the preliminary figures published on the ISA's website.

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