Insurance Europe International Conference in Prague debates solutions to close the protection gap

Insurance Newsletter No. 597, 02 June 2022

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Insurance Europe launches Diversity & Inclusion Hub
by Daniela GHETU, 2022-05-31
As European Diversity Month draws to a close, Insurance Europe has launched its new Diversity & Inclusion Hub, which showcases efforts taken by the industry to increase diversity and inclusion in the workplace by promoting equal opportunities and combatting discrimination in the workplace.

Eurohold Group's revenue more than quadrupled in Q1 2022
by Andrei Victor, 2022-06-02
Bulgarian holding Eurohold reported record-breaking revenue and nearly tripled its profit in the first quarter of 2022, according to the company's consolidated interim financial statement.

Increased ransomware attacks and global threats tempering executive confidence in cyber preparedness
by Andrei Victor, 2022-05-30
The toll of almost three years of unrelenting workplace disruption, digital transformation and ransomware attacks means most leaders are no more confident in their ability to manage cyber risk than they were two years ago, according to a new report published by insurance broker Marsh and Microsoft Corp.

HUNGARY: the Hungarian travel insurance market is recovering this year
by Marina MAGNAVAL, 2022-06-02
The number of travel insurance policies sold by mid-May is already approaching the level of the same period in 2019 before the pandemic as lifting of the restrictive measures of previous years has brought back the desire to travel, portfolio.hu wrote.

Romania: SIGNAL IDUNA acquisition of ERGO companies greenlighted by the market authority; integration process to start
by Daniela GHETU, 2022-05-31
The Romanian subsidiary of the German SIGNAL IDUNA group has received all the approvals from the Financial Supervision Authority (ASF) and announces the completion of the transaction and the beginning of the integration process of the two ERGO companies (life and non-life insurance).

34th Milli Re International Insurance Tennis Tournament
by Daniela GHETU, 2022-06-02
Organized by Milli Re, the 34th round of the traditional "International Insurance Tennis Tournament" took place at Miltas-Suadiye Sports Complex of Istanbul, with the participation of 64 competitors comprised of 49 local and 15 foreign market players from 44 companies.

GEORGIA: insurers' net profit drops 2.8 times y-o-y in the first quarter of 2022
by Marina MAGNAVAL, 2022-06-02
For the period from January to March 2022, net profit of the Georgian insurance sector (18 insurers) decreased by 2.8 times y-o-y and amounted to GEL 4.7 million/EUR 1.36 million (vs GEL 13.5 million a year earlier), writes Business Georgia.

UKRAINE: MTIBU supports servicemen who become participants of car accidents
by Marina MAGNAVAL, 2022-05-31
The MTIBU decided not to collect recourses in a judicial or pre-trial order from the military personnel of the Armed Forces of Ukraine in the event that they cause car accidents without a valid MTPL policy, compensation to the victims will be paid out from the MTIBU Victim Protection Fund, according to a press release from the Bureau.

UKRAINE: the insurers need sweeping measures to survive and recover
by Marina MAGNAVAL, 2022-05-31
The Insurance Business Association, together with the League of Insurance Organizations of Ukraine, have developed ideas for the so called "Marshall Plan", a set of measures to help firms get back on their feet, and urged the National Bank of Ukraine (NBU) to support them, according to the article prepared by MTIBU and the Association for insuranceerm.com.

UKRAINE: the war makes the risks for Ukraine's sector continue to spiral
by Marina MAGNAVAL, 2022-05-31
The war has created unprecedented operational and financial risks, and the risks for Ukraine's sector continue to spiral. Companies are not only worried about employee safety and business continuation, but the growing solvency, inflation and liquidity risks, according to the Leaders from Ukraine's Insurance Business Association and European Insurance Alliance.

Munich Re invest in TreeTrust's afforestation projects aiming to climate protection
by Daniela GHETU, 2022-05-31
TreeTrust, a Munich Re corporate venture, brokers and structures high-quality afforestation projects for carbon removal. Its first two clients, the Vaillant Group and Munich Re, will invest in company forests.

Aegon sells 50% stake in Spanish joint venture with Liberbank to Unicaja
by Andrei Victor, 2022-05-30
Dutch insurance group Aegon announces it has decided to sell its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco. The sale is expected to close in the second half of 2022, subject to regulatory approval.

HDI International strengthens its position in core market Brazil
by Andrei Victor, 2022-05-30
HDI International AG, a subsidiary of Talanx Group, is strengthening its operations in its core market Brazil through the acquisition of the retail business of Sompo Seguros S.A.

STATISTICS

STATISTICS: ARMENIA, 1Q2022: the number of travel insurance contracts concluded during the quarter recorded, 2.5 times higher y-o-y
by Marina MAGNAVAL, 2022-06-02
The insurance sector of Armenia ended the first quarter of 2022 with GWP worth AMD 20.31 billion (EUR 37.67 million), which is 24.21% more y-o-y. At the same time, paid claims decreased by 13.18% to AMD 6.07 billion, according to the data on the activities of insurance companies provided by ArmInfo.

STATISTICS: AZERBAIJAN, 1Q2022: market growth supported by life insurance, which generated almost 41% of the portfolio
by Marina MAGNAVAL, 2022-05-31
Azerbaijan's insurance sector ended the first quarter of 2022 with a 3.79% growth, reaching AZN 258.42 million (EUR 136.19 million). At the same time, a more favorable exchange rate of the manat vs euro allowed the market to grow by 8.84% in European currency, according to the statistics published by the National Bank.

STATISTICS: MOLDOVA, 1Q2022: the insurers' business expanded by more than 24% y-o-y
by Marina MAGNAVAL, 2022-06-02
In the first quarter of 2022, the insurance sector of Moldova grew by more than 24% y-o-y to MDL 485.23 million (EUR 23.80 million). Paid claims also recorded a fairly strong growth - by 17%, amounting to MDL 185 million (EUR 9.07 million), according to the data published by the National Financial Market Commission.

MARKETS&TRENDS

Marsh and Microsoft launch the 2022 Cyber Risk Survey, the third study dedicated to the cyber risks' evolution across the global economy
by Daniela GHETU, 2022-06-02
With almost 75% of organizations experiencing at least one cyberattack, cyber resilience is now more important than ever, reads the latest report issued by Marsh and Microsoft on "The State of Cyber Resilience".

TOP EVENTS

LIVE: 12th Insurance Europe International Conference
by Daniela GHETU, 2022-06-02
The 12th edition of Insurance Europe's International Conference organized under the titles of "CLOSING THE GAP: Protection for all" takes place today in Prague, at the Zofin Palace. XPRIMM is supporting the conference as Media Partner.

Prague: UNSAR is fully supporting the Insurance Europe's efforts to reduce the protection gap
by Daniela GHETU, 2022-06-02
"The scale of protection gaps is huge. Given climate change, the questions is if the protection gaps can be reduced and is yes, how so. We need a collective response from all stakeholders,' Andreas BRANDSTETTER, President, Insurance Europe stated today in Prague, at the European federation of insurers' annual conference.

ON THE MOVE