Mutual recognition of Green Cards certificates between EEA countries and Russia and Belarus to cease in less than 1 year

Insurance Newsletter No. 599, 16 June 2022

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

Mutual recognition of Green Cards certificates issued by the EEA Bureaux and the Russian and Belarusian ones to expire in less than 1 year
by Daniela GHETU, 2022-06-16
The Polish Motor Insurers Bureau (PBUK) terminated the bilateral agreements connecting them with the Belarusian Bureau and the Russian Bureau. The denunciation entered into force on 1 June 2022, the bureau announced on its website the same day.

Poland: insurers will be able to consider also the driving penalties in each driver's history when underwriting MTPL
by Daniela GHETU, 2022-06-16
Starting June 17, Polish motor insurers will have access to information about fines and penalty points acquired by drivers, thus being able to consider driver's behavior as demonstrated by their penalties' history when calculating MTPL tariffs. Access to data will be possible through the tools of the Insurance Guarantee Fund.

AZERBAIJAN: the National Green Card Bureau of Azerbaijan accepted as a full member of CoB
by Marina MAGNAVAL, 2022-06-15
The transitional status of the National Green Card Bureau of Azerbaijan was terminated and the Bureau was accepted as a full member of CoB, said Rashad AHMADOV, Executive Director at National Green Card Bureau of Azerbaijan and Executive Director at Compulsory Insurance Bureau of Azerbaijan, on social media.

KAZAKHSTAN: new draftlaw to ensure dynamic growth and development of the insurance market
by Marina MAGNAVAL, 2022-06-15
On June 09, 2021, the Chairman of the Agency of the Republic of Kazakhstan for the regulation and development of the financial market, Madina ABYLKASYMOVA, presented the draft Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Regulation and Development of the Insurance Market, the Securities Market, and Banking", reports Allinsurance.kz.

KAZAKHSTAN: in April 2022, insurance sector's assets decreased by 0.7% to KZT 1.9 trillion
by Marina MAGNAVAL, 2022-06-15
In April 2022, the assets of the insurance sector decreased by 0.7% and as of May 1 amounted to KZT 1.9 trillion (EUR 4.02 billion). The decrease in assets in April was mainly due to a decrease in cash and deposits placed in second-tier banks, according to the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan.

UZBEKISTAN: UZBEKINVEST recognized as the leader of the insurance market in 2021
by Marina MAGNAVAL, 2022-06-15
UZBEKINVEST (leader of the local insurance market) became the winner of the Brand of the Year 2021 award in the nomination "Leader of the insurance market of Uzbekistan".

UZBEKISTAN: S&P assigns ASIA Insurance a long-term financial strength rating of B-
by Marina MAGNAVAL, 2022-06-15
On May 19, 2022, S&P Global Ratings assigned ASIA Insurance a long-term local currency financial strength rating of B-, with a positive outlook.

Croatia osiguranje's owner is operationally and financially ready to take the next business step
by Andrei Victor, 2022-06-15
Croatian conglomerate ADRIS Grupa with business in tourism, food production and insurance (Croatia Osiguranje) announced on the occasion of its Group AGM that the YE 2021 net result of more than HRK 400 million (~EUR 53 million) "is still below the company's potential".

European insurers set out key positions on Holistic Framework and ICS ahead of IAIS Global Seminar
by press.release, 2022-06-15
Insurance Europe has published a summary of its key positions on the Holistic Framework and the Insurance Capital Standard, ahead of the International Association of Insurance Supervisors' (IAIS) Global Seminar, which takes place on 16-17 June.

IAIS issues public consultation on the draft criteria that will be used to assess whether the Aggregation Method provides comparable outcomes to the ICS
by Daniela GHETU, 2022-06-15
The IAIS has launched the public consultation on the draft criteria that will be used to assess whether the Aggregation Method provides comparable outcomes to the Insurance Capital Standard (ICS). Responses to the consultation will help ensure the criteria take account of the complex issues that have to be addressed with this work. Feedback is invited by 15 August 2022.

STATISTICS

STATISTICS: CEE FY2021: returning to and even exceeding the pre-crisis GWP level
by Daniela GHETU, 2022-06-16
UPDATE With the recent publishing of the official results of the Serbian insurance market for FY2021, we were able to draw the complete and correct statistical image of the CEE regional insurance market in 2021. Revisit our statistical section to get the latest corrections.

STATISTICS: CZECH Rep. 1Q2022: GWP worth EUR 1.7 billion for the CAP members
by Andrei Victor, 2022-06-16
According to the quarterly figures published by the Czech Insurance Association (CAP), at the end of March 2022, the total written premiums the CAP members amounted to CZK 40.66 billion (~EUR 1.66 billion), up by 8.53% y-o-y.

STATISTICS: HUNGARY 1Q2022: aggregated net profit fell to EUR 59 million while the quarterly business exceeds EUR 1 billion
by Andrei Victor, 2022-06-16
According to the Q1 statistics published by the Central Bank of Hungary, at the end of March 2022 the aggregate market gross profit of Hungarian insurers decreased by 11.23% y-o-y to HUF 21.83 billion the equivalent of EUR 59 million (vs. HUF 24.59 billion).

STATISTICS: POLAND 1Q2022: GWP worth ~EUR 4 billion vs. paid claims of EUR 2.5 billion
by Andrei Victor, 2022-06-16
Polish insurance market reported Q1 2022 aggregate GWP worth PLN 18.14 billion (EUR 3.9 billion), 2.89% more y-o-y according to the quarterly statistics published by Polish KNF (Financial Supervision Authority). At the same time, claims and benefits paid by local insurers increased by 12.82% y-o-y to PLN 11.53 billion (~EUR 2.5 billion) from PLN 10.24 billion a year before.

STATISTICS: Slovak Rep. 1Q202.: SLASPO members GWP increased by 4.18% y-o-y to EUR 680 million
by Andrei Victor, 2022-06-16
According to the quarterly market data published by SLASPO (Slovak Insurance Association), at the end of March 2022, total GWP from the members of the association totaled EUR 679.52 million, up by 4.18% y-o-y. Premiums written in life insurance increased by 3.46% y-o-y to EUR 259.81 million, while non-life segment was up by 4.63% y-o-y to EUR 419.71 million.

STATISTICS: GEORGIA, 1Q2022: the market grew by about 15% y-o-y with the most impressive growth recorded by travel insurance
by Marina MAGNAVAL, 2022-06-16
According to the 1Q2022 results, the Georgian insurance market grew by 14.75% y-o-y, total GWP reached GEL 267.60 million (EUR 77.57 million), according to the Georgian Insurance Supervision Service.

STATISTICS: UKRAINE, FY2021: the highest loss ratios observed in MTPL, health insurance and Motor Hull
by Marina MAGNAVAL, 2022-06-16
Ukraine's insurance market grew by 8.2% to UAH 48.9 billion (EUR 1.58 billion) in 2021, with life insurance accounting for UAH 5.9 billion and non-life insurance - UAH 43 billion, as data, published by the National Bank of Ukraine, show.

VIDEO INTERVIEW

TOP EVENT

EERIA's First Annual Conference announced for 16-17 September, in Ohrid, North Macedonia
by Daniela GHETU, 2022-06-16
The EERIA's First Annual Conference is only a few months away and we are thrilled to show you the conference agenda. Renowned and high-level keynote speakers and panelists from academia, regulatory bodies and insurance industry take part at the conference.