Insurance Newsletter No. 531, 14 January 2021
www.xprimm.com

TOP NEWS

DELOITTE assisted VIG in taking over AEGON's units in Hungary, Poland, Romania and Turkey
by Andrei Victor, 2021-01-13
DELOITTE assisted the Austrian insurer VIG in taking over the units of the Dutch financial group AEGON in Hungary, Poland, Romania and Turkey, informed the Romanian insurance news portal www.1asig.ro here

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Croatian earthquakes caused losses also in the neighboring countries
by Daniela GHETU, 2021-01-14
The 6.4-magnitude earthquake has hit Croatia in 29 December, killing at least seven people and causing severe damage to the town of Petrinja south-east of the capital Zagreb, has also affected the neighboring Bosnia and Serbia, and was felt also in the southern Austria and Hungary.

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Romania: ASF fined small insurer ASIMED and withdrawed the company's operating license
by Andrei Victor, 2021-01-14
The Financial Supervision Authority (ASF) fined local non-life insurer ASIMED RON 50,000 (about EUR 10 k), withdrew the operating license, declared the insolvency and asked for the bankruptcy of the insurer, wrote profit.ro here.

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CROATIA Osiguranje partnered with Sapiens Int'l Corporation to boost its digital transformation
by Daniela GHETU, 2021-01-14
Sapiens International Corporation, a global provider of software solutions for the insurance industry, announced that Croatia osiguranje (CROSIG), the leading Croatian insurer, has launched a successful go-live with LAQO, a full digital solution for motor insurance.

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Estonia: 41% of traffic accidents happen in parking lots
by Andrei Victor, 2021-01-12
According to the most recent statistics published by Estonian Motor Insurance Bureau, in the first eleven months in 2020, in the country there were about 25,000 traffic insurance accidents subject to insurance, of which 10,300 were related to parking lots.

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Croatia: Property premiums expected to increase after 2020 earthquakes
by Andrei Victor, 2021-01-13
Croatian Chamber of Commerce (HGK) estimates that FY 2020 insurance premiums related to the risk of earthquake will amount about HRK 110 million, up 28% on the year, as a result of earthquakes that hitted the country during 2020, The Croatia News wrote.

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Aon's Fireside Chat: Insurance industry should better promote and demonstrate its role in society
by Alexandra GUZUN, 2021-01-14
Barclays' Managing Director of Group Insurance, Farhad Jamooji, has been interviewed by Aon, in a Fireside Chat, as part of Virtual Reinsurance Renewal Season fireside chats. It was hosted by Dominic Christian, Global Chairman of Aon's Reinsurance Solutions.

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SCOR and CyberCube develop a cyber risk management tool
by Alexandra GUZUN, 2021-01-14
The reinsurance industry must manage the risk of large cyber events potentially impacting multiple insured portfolios. Reinsurers are facing a multi-faceted and fast-evolving cyber threat that requires ever greater modeling and analytics capabilities.

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Hungarian Central Bank fined GROUPAMA HUF 49.5 million
by Andrei Victor, 2021-01-13
The Central Bank of Hungary - Magyar Nemzeti Bank (MNB) the regulator and supervisor of Hungarian insurance market fined local insurer GROUPAMA Biztosito HUF 49.5 million (about ~ EUR 137,500) for the violations of MTPL's portfolio management, IT security, remuneration policy, risk management system, and other deficiencies of customer information and complaint handling.

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BELARUS: from January to November 2020, the insurance market expanded by 8.8% y-o-y
by Marina MAGNAVAL, 2021-01-14
In the first eleven months of 2020, GWP of the Belarusian insurance market amounted to approximately BYN 1.36 billion (~EUR 0.44 billion*), which is 8.8% more y-o-y, according to the Ministry of Finance of the Republic.

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MOLDOVA: ASTERRA GRUP's evolution remains stable and sound, despite the momentary lack of compliance with the latest regulations on assets investment structure
by Daniela GHETU, 2021-01-14
At the end of September 2020, Moldovan insurer's ASTERRA GRUP total assets reached MDL 270.78 million (~ EUR 10.1 million). Technical reserves amounted to MLD 166.46 million (~EUR 8 million), while the solvency rate stood at 113% and liquidity coefficient was of 6.82, the company stated for xprimm.md.

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Turkish insurance sector to be boosted with the help of MoF
by Andrei Victor, 2021-01-11
Turkish Finance Minister Lutfi ELVAN mentioned that the Government will take concrete steps to move the insurance and private pension industry forward, according to the Middle East Insurance Review.

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AZERBAIJAN: AXA MBASK will terminate its activity
by Marina MAGNAVAL, 2021-01-11
The Azerbaijani insurance company AXA MBASK will terminate its activity and will be liquidated, based on the decision of its management, Trends reported with reference to the State Tax Service under the Ministry of Economy of Azerbaijan.

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AZERBAIJAN: for 11 months of 2020, compulsory non-life insurance generated over 23% of the market GWP
by Marina MAGNAVAL, 2021-01-11
In December 2020 GWP of the compulsory non-life insurance in Azerbaijan exceeded AZN 156.8 million (~EUR 77.13 million*), generated for 11 months of the year. This is equal to 23.4% of the total market GWP, as Trend informed according to the data of the Central Bank of the country.

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KAZAKHSTAN: new benchmarks for market development to make competition more transparent and fairer
by Marina MAGNAVAL, 2021-01-11
In 2021, development of the insurance market in Kazakhstan will follow the benchmarks formed by the pandemic - among them active development of online insurance, infrastructure, and digital marketing. "This will help to make competition between companies more transparent and fairer", said Anna NEKRYUKOVA, Deputy Chairman of the Board of Amanat for Kapital.kz.

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TAJIKISTAN: since 2015, the highest volume of assets and the biggest number of contracts concluded were observed in 2019
by Marina MAGNAVAL, 2021-01-13
In the first nine months of 2020 total assets of the Tajik insurance companies reached TJS 417.3 million (~EUR 34.5 million*), which is about 92% of their assets amount in 2019, according to the data, published by the National Bank of Tajikistan.

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ESAs' Joint Board of Appeal dismissed appeal by Scope Ratings GmbH against the European Securities and Markets Authority
by Alexandra GUZUN, 2021-01-13
The Joint Board of Appeal of the European Supervisory Authorities (ESAs) has decided to dismiss the appeal brought by the credit rating agency Scope Ratings GmbH against the European Securities and Markets Authority (ESMA) in relation to the interpretation of the applicable legal provisions of the Credit Rating Agencies (CRA) Regulation.

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AM Best confirms credit ratings of EyeMed Insurance Company
by Alexandra GUZUN, 2021-01-08
Financial Strength Rating of EyeMed Insurance Company (EIC) (Phoenix, AZ) was confirmed of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a". The outlook of these Credit Ratings (ratings) is stable.

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INTERVIEW

Emmanuel DJENGUE, Global head of "The Young Global Insurance Network Project"
by Mihaela CIRCU, 2021-01-14
We must generate an emotional connection between young talent and their workplace. Doing this successfully will make the current workforce promotors. 

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STATISTICS

STATISTICS: CIS, 3Q2020: the largest decrease in GWP observed in Ukraine, while the largest decline of paid claims - in Georgia (in EUR)
by Marina MAGNAVAL, 2021-01-14
At the end of 3Q2020, the regional insurance market GWP went down by more than 23% y-o-y to about EUR 15 billion, according to xprimm statistics.

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STATISTICS: Czech insurers' 9 months 2020 GWP expanded 1.4% y-o-y
by Andrei Victor, 2021-01-14
The insurance market of Czech Republic ended the first 9 months of the year with GWP of CZK 126.5 billion (EUR 4.6 billion), up by 1.44% y-o-y, according to the figures published by the Czech National Bank (CNB).

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STATISTICS: 9 months profits of Slovak insurers more than doubled to EUR 132.63 million
by Andrei Victor, 2021-01-14
In the first three quarters of 2020, the Slovak Republic insurance market totaled EUR 1.68 million, 1.88% less y-o-y, according to the quarterly financial figures published by the National Bank of Slovakia (NBS).The life insurance segment was down by 6.82% y-o-y to EUR 702.89 million, these types of policies generating 41.79% of the total insurance market, while the remaining 58.21% was accounted by non-life subclasses - GWP of EUR 979.17 million or 2% more y-o-y.

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STATISTICS: Cyprus insurance market posted Q3 subunit growth rate
by Andrei Victor, 2021-01-14
The Cyprus insurance market increased by 0.74% y-o-y at the end of 3Q2020 according to the data published by The Insurance Association of Cyprus - IAC, amounting EUR 66823 million.

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STATISTICS: GEORGIA, 3Q2020: health insurance grew by 17% y-o-y, while motor insurance declined by nearly 8%
by Marina MAGNAVAL, 2021-01-14
The Georgian insurance sector ended 3Q2020 with growth in local currency by 6.52% y-o-y, GWP amounted to GEL 513.24 million (EUR 133.60 million*), as the data released by the Georgian Insurance Supervision Service shows.

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STATISTICS: TAJIKISTAN, 1H2020: market growth supported by voluntary insurance, which occupies over 77% of the portfolio
by Marina MAGNAVAL, 2021-01-14
The insurance market of Tajikistan completed the first half of 2020 with an increase of 32.50% y-o-y. Total GWP reached TJS 129.06 million (EUR 11.16 million*), according to the data, recently published by the National Bank of the country.

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