Insurance Newsletter No. 604, 11 August 2022
www.xprimm.com
TOP NEWS

by Daniela GHETU, 2022-08-04
Insurance Europe welcomes the stated intentions of the European Commission to carry out a comprehensive review of the application and impact of PSD2, including an overall assessment of whether it is still fit for purpose and what challenges have arisen in its application, the federation said in its published comments on the issue.
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by Daniela GHETU, 2022-08-04
Insurance Europe has responded to a consultation conducted by the European Commission on its proposal for the establishment of a European Health Data Space (EHDS). The proposal lays out a new governance framework for the primary and secondary use of health data in the EU.
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by Marina MAGNAVAL, 2022-07-22
The insurance market continued to grow steadily in the first quarter of 2022. Considering that the data also covers the first month of the war in Ukraine (March), it can be said that the market demonstrates its solid foundation and resilience, the Association of Bulgarian Insurers (ABZ) wrote.
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by Marina MAGNAVAL, 2022-07-22
The Croatian Insurance authority has published its new report "Insurance Market in the Republic of Croatia for 2021", introductory part of which provides an overview of the basic general and macroeconomic indicators for the Republic of Croatia in 2021, as well as an overview of trends in the insurance market for the period 2005-2021, svijetosiguranja.eu wrote.
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by Marina MAGNAVAL, 2022-08-09
By the end of July, Latvian insurance companies have received about 300 claims from farmers for crops damaged by heavy rains and wind. Janis ABASINS, president of the Latvian Insurers' Association (LAA), admitted that this number will definitely increase, lsm.lv wrote.
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by Marina MAGNAVAL, 2022-07-22
On July 18, the Polish Financial Supervision Authority (KNF) published the final version of its recommendations regarding claim settlement in motor insurance. This will replace the ones adopted in December 2014. It is expected that the recommendations will be applied by insurance companies no later than November 1, 2022, Gazeta Ubezpieczeniowa reports.
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by Marina MAGNAVAL, 2022-08-09
In the first week of August, insurance companies increased MTPL prices by an average of 22%, with inflation and the subsequent higher prices of spare parts as main causes. There is also an increase in the prices of transport services, damage assessments, as well as in the prices of working hours in service centers, the Association of Serbian Insurers wrote.
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by Marina MAGNAVAL, 2022-07-22
MTPL loss ratio in Armenia in the first half of 2022 decreased to 65% from 81% in the same period of 2021, which is even lower than the pre-Covid level of 73% in 2019, ArmInfo wrote.
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by Marina MAGNAVAL, 2022-08-03
According to the results of the first half of 2022, only three out of six insurance companies entered the list of 1000 largest taxpayers in Armenia - NAIRI Insurance, INGO Armenia and ROSGOSSTRAKH Armenia, ArmInfo reports.
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by Marina MAGNAVAL, 2022-07-22
From January to June 2022, compulsory health insurance in Azerbaijan increased by 44.4% compared to the same period last year, reaching AZN 385.78 million (EUR 216.73 million), Trend.wrote.
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by Marina MAGNAVAL, 2022-08-03
PASHA Life Insurance, the leading life insurer in Azerbaijan, continued to maintain its leading position in the second quarter of 2022 with a total capital of AZN 57.8 million (~EUR 32.47 million). The company's total assets amounted to AZN 495 million, Trend wrote.
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by Marina MAGNAVAL, 2022-07-29
The insurance sector of Georgia has been waiting for the approval of the draft law on MTPL introduction for more than three years now. This draft law was registered in Parliament on December 31, 2018, but discussion has not yet begun. Experts expect the process to start this year, Business Georgia wrote.
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by Marina MAGNAVAL, 2022-07-29
The solvency ratio of the insurance sector as of July 1 of this year was 4.6 with a minimum value of 1, although it decreased compared to the beginning of 2022 under the influence of external shocks (as of January 1, 2022 - 6.3).
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by Marina MAGNAVAL, 2022-07-29
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has increased the cost of Green Card policies for those traveling abroad by 26.3% effective July 26, 2022. At the same time, the cost of these policies last changed on July 18, 2022, downward by 4.4%, Forinsurer wrote.
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by Marina MAGNAVAL, 2022-07-29
From January to May 2022, MTPL market in Ukraine decreased by 18.24% to UAH 2.218 billion (~EUR 70.10 million). In the first 5 months of the year, MTIBU member insurance companies concluded 32.25% fewer MTPL contracts than in the same period a year earlier, Forinsurer wrote.
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by Marina MAGNAVAL, 2022-08-03
In the first half of 2022, UZBEKINVEST, the leader of the local insurance market, collected UZS 240 billion (~EUR 21.16 million), which means an annual increase of 168%, gazeta.uz wrote.
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by Marina MAGNAVAL, 2022-08-03
According to the National Bank of Tajikistan, insurance payments and compensations from January to June 2022 amounted to TJS 10.1 million (~EUR 0.99 million), which is 30.4% more y-o-y, according to the regulator.
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STATISTICS

by Marina MAGNAVAL, 2022-08-11
In the first half of 2022, the insurance sector of Azerbaijan grew by 8.67% to AZN 491.60 million (EUR 276.63 million). At the same time, paid claims fell by more than 29%, reaching AZN 174.92 million (EUR 98.43 million), according to statistics published by the National Bank.
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by Marina MAGNAVAL, 2022-08-11
In the first half of 2022, the insurance sector of Kazakhstan grew by 4.03%, to KZT 445.89 billion (EUR 912.31 million). At the same time, insurers' paid claims, in contrast to premiums, jumped by more than 36%, reaching KZT 80.81 billion (EUR 165.35 million), according to data published by the National Bank.
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by Marina MAGNAVAL, 2022-08-04
The insurance sector of Kyrgyzstan ended the first half of 2022 with an increase of almost 28% y-o-y. Total GWP amounted to KGS 998.14 million (EUR 11.94 million), according to data published by the State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic.
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INTERVIEW

by Daniela GHETU, 2022-08-03
I have already started consultations both with major Western insurance businesses and international investors and donor organizations. They all understand the need for such a "Marshall Plan" for the industry. However, its concept and mechanisms, including financing, still need to be thoroughly worked out.
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MARKETS & TRENDS

by Andrei Victor, 2022-08-03
According to a natural disaster review for first half of 2022 released by global reinsure Munich Re, the period January-June 2022 saw lower natural disaster losses than in the comparative period of 2021. "Floods, earthquakes, and storms caused overall losses of some USD 65 billion compared with USD 105 billion in the loss-heavy previous year. At around USD 34 billion, insured losses were roughly in line with previous years".
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GLOBAL NEWS


ON THE MOVE


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EVENTS

7th Annual International Conference of Slovenia
Grand Hotel Union, Ljubljana, Slovenia
6 September 2022
Organizer: Slovenian AZN
Media Partner: XPRIMM Publications
For details: a-zn.si


1st Annual Conference of EERIA
16-17 September 2022Ohrid, North MacedoniaOrganizer: Eastern European Risk Insurance Association (EERIA)Media Partner: XPRIMM PublicationsFor details : eeria.org
9th AIDA Europe Conference
The Marriott, Zurich, Switzerland
6-7 October 2022
Organizer: AIDA Europe
Media Partner: XPRIMM Publications
For details:aidainsurance.org


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