Ukrainian Green Card market up by almost 33% in 2021

Insurance Newsletter No. 593, 05 May 2022

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Albanian FSA joins IAIS cooperation and information exchange agreement
by Daniela GHETU, 2022-05-02
The Albanian Financial Supervisory Authority (AFSA) has become a member of the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU) - an international supervisory cooperation and information exchange agreement.

Croatia Osiguranje posted Q1 2022 net profit of EUR 17.7 million
by Andrei Victor, 2022-05-02
Croatian conglomerate ADRIS Grupa with business in tourism, food production and insurance (Croatia Osiguranje) reported Q1 2022 total revenue of HRK 1.19 billion (EUR 157 million), up 11% year-on-year. Revenue from the sales of goods and services was up 16% year-on-year, to HRK 1.11 billion (EUR 147 million). Consolidated profit before interest, taxes and amortization (EBITDA) was up 4%, to HRK 173 million (EUR 22.8 million). Net profit in Q1 2022 was up 14% year-on-year, to HRK 12.2 million (EUR 1.6 million).

POLAND: ERGO Hestia celebrated its 30th anniversary maintaining high profitability and technical result
by Marina MAGNAVAL, 2022-05-05
Ergo Hestia, one of the largest insurers in the Polish insurance market, had its 30th anniversary in 2021 and a record result - the insurer achieved a very good net financial result (PLN 373 million), maintaining high profitability and technical result (PLN 434 million).

Romania: Half million MTPL policies issued by City Insurance are ending next week
by Andrei Victor, 2022-05-03
Nearly 500,000 MTPL policies issued by City Insurance are ending on May 11, ASF Romania informed in a statement. "Drivers must take out new insurance to drive legally and can request a refund of the premium in proportion to the remaining period of validity".

Slovakia: Former NBS Director sentenced to prison for taking bribes
by Andrei Victor, 2022-05-02
The Supreme Court of Slovakia sentenced Ivan BARRI, a former Director of the Securities Market, Insurance and Pension Savings Department of the National Bank of Slovakia, to five years in prison in case of the bankruptcy of former life insurer Rapid Life, local media announced.

Zurich: The Group had outstanding operational performance and disciplined capital management in 2021
by Marina MAGNAVAL, 2022-05-05
Zurich Insurance Group (Zurich) demonstrates excellent financial health - in 2021 maintained a strong financial position and excellent balance sheet, according to its recently published Financial Condition Report 2021.

Gallagher Re: Robust premium growth continued through Q4
by Marina MAGNAVAL, 2022-05-05
Gallagher Re has published its latest assessment of global (re)insurers' financial health, which summarizes key themes emerging from global (re)insurers' results for full-year 2021.

Hannover Re Q1 2022 net income fell by 13.8% to EUR 264 million
by Andrei Victor, 2022-05-05
Hannover Re posted a quarterly profit of EUR 264 million in the first three months and confirms its full-year earnings guidance, as the German re/insurer announced in a statement.

MMC Q1 revenue rises to USD 5.5 bn
by Andrei Victor, 2022-04-29
Global re/insurance broker MMC posted Q1 2022 aggregate revenue of USD 5.5 billion, an increase of 9% compared with the first quarter of 2021. Q1 operating income was USD 1.4 billion, an increase of 6% from the prior year while net income attributable to the Company was USD 1.1 billion, or USD 2.10 per diluted share, compared with USD 1.91 in Q1 2021.

ARMENIA: the pilot program for agricultural insurance to be expanded
by Marina MAGNAVAL, 2022-05-03
A decision was made to expand the pilot agricultural insurance program in Armenia so that farmers can insure grain crops, in particular wheat, barley, oats, against the natural risk of drought, ArmInfo wrote referring to the official statement of the Armenian Ministry of Economy.

AZERBAIJAN: in January-March, 5 insurers accounted for more than 81% of GWP and over 75% of all paid claims
by Marina MAGNAVAL, 2022-05-03
In January-March 2022, 5 insurance companies generated AZN 210.73 million (~EUR 112 million) or 81.55% of the total GWP in Azerbaijan, ABC.AZ reports.

KAZAKHSTAN: the share of insurance in the country's GDP in 2021 was 3%
by Marina MAGNAVAL, 2022-05-03
At the end of 2021, the share of the insurance sector of Kazakhstan in the country's GDP amounted to 3%, and in the next 5 years, insurance can increase its profitability by 2 times, Allinsurance.kz wrote with reference to finreview.info.

UKRAINE: in 2021, the Green Card market grew by almost 33%
by Marina MAGNAVAL, 2022-05-05
According to the MTIBU, the Green Card insurance segment in 2021 grew both in terms of the number of contracts concluded and in terms of GWP, Forinsurer reports referring to the Bureau.

AON Q1 2022 revenue increased to USD 3.7 bn
by Andrei Victor, 2022-05-02
Global re/insurance brokerage company AON reported Q1 2022 total revenue worth USD 3.67 billion, an increase of USD 145 million or 4% more y-o-y, while total operating expenses increased 1% y-o-y to USD 2.3 billion, of which USD 1.76 billion - related to compensation and benefits. At the same time, operating income increased 10% to USD 1.36 billion from USD 1.24 billion at the end of March 2021.

Including financial inclusion efforts into their ESG reporting, a potential step towards reducing the insurance gap
by Daniela GHETU, 2022-05-02
At most, one in five people on the planet have access to insurance, while the remaining 80% is largely formed by people earning between USD 2 and USD 20 per day, found out the Microinsurance Network, an international non-profit organization aiming to extend the reach of insurance protection as a means of poverty alleviation.

In brief: First Actuaires du Monde Congress - 2022 CEE & SEE Regional Actuarial Insurance Conference
by press.release, 2022-05-02
On 31 March and 1 April 2022, Actuaires du Monde (AdM) and the Macedonian Actuarial Association organized the First Congress of Actuaires du Monde and the 2022 CEE & SEE Regional Actuarial Insurance Conference at the Marriott Hotel in Skopje, North Macedonia.

Marsh: Global commercial insurance prices increased by 11% in Q1 2022
by Andrei Victor, 2022-05-02
Global commercial insurance prices increased 11% in the first quarter of 2022, according to the Global Insurance Market Index released by insurance broker Marsh, continuing a trend of moderating rate increases that began in Q1 2021. "While this is the 18th consecutive quarter of increases, the rate of increase continues to moderate across most lines of business and in almost all geographies".

WTW revenue decreased 3% to USD 2.16 billion
by Andrei Victor, 2022-05-02
Global re/insurance broker WTW posted Q1 2022 revenue worth USD 2.16 billion, a decrease of 3% as compared to USD 2.23 billion for the same period in the prior year. At the same time, net income decreased from USD 736 million to USD 125 million.