Insurance Newsletter No. 537, 25 February 2021
www.xprimm.com
TOP NEWS

Swiss Re Group: net loss of USD 878 million for 2020 confirmed; confident outlook for 2021
by Alexandra GUZUN, 2021-02-19
Business closings, event cancellation and mortality were the main drivers of the COVID-19 USD 3.9 billion losses, mostly incurred in Q2 and Q4, that have significantly affected Swiss Re's financial result for 2020, pushing it in negative territory.

More

Main statements?of the INSURANCE IN THE DIGITAL WORLD CONFERENCE
by team, 2021-02-25
The 2021 edition of the Insurance in the DIGITAL World Conference: "DIGITALIZATION between ups and .... Traps" was LIVE on our YouTube channel. Several top-notch speakers delivered their presentations

More

Insurance Europe respond to the supervisory practices in case of breach of the SCR
by press.release, 2021-02-25
Insurance Europe has published its response to a consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on its statement on supervisory practices and expectations in the case of an insurer breaching its solvency capital requirement (SCR).

More

AON: Insurance rates will continue to increase in 2021
by Andrei Victor, 2021-02-22
According to the Q4 2020 Global Market Insights Report released by global re/insurance broker AON, insurance pricing is up across most lines and classes globally, as COVID-19 impacts, including the economic downturn, have resulted in heightened underwriting scrutiny and risk aversion from insurers.

More

Insurance Europe: adaptation efforts to climate changes must be ambitious
by Alexandra GUZUN, 2021-02-25
Action on adaptation to climate change must be ambitious and reflect diverse circumstances across member states, as Nicolas Jeanmart, head of personal and general insurance at Insurance Europe, commented.

More

Insurance Europe supports the proposal for a Digital Operational Resilience Act
by Alexandra GUZUN, 2021-02-25
Insurance Europe considers that the European Commission's proposal for a Digital Operational Resilience Act (DORA) for the financial sector is an important step considering the efforts to boost the cyber resilience of all sectors of the economy, including insurance.

More

Drought Index, the first drought insurance product brings new benefits to Romanian farmers in the agricultural year 2021
by press.release, 2021-02-25
Agra Asigurari aids the farmers with new benefits for agriculture in 2021. Drought Index and Agrar Basis become the same policy with additional advantages, such as providing soybean crops insurance and compensation for a lower precipitation deficit of 30%.

More

Reputational Crisis Insurance has been launched by Willis Towers Watson and Liberty Specialty Markets
by Alexandra GUZUN, 2021-02-25
Through the exclusive partnership between Willis Towers Watson and Liberty Specialty Markets, the Reputational Crisis Insurance has been developed as a solution for organizations to transfer the financial risk associated with certain types of reputational crises.

More

EUR 234 million net income and a dividend of EUR 1.80 per share, SCOR demonstrates its resilience in facing the shock of Covid-19
by Alexandra GUZUN, 2021-02-25
With an increase in gross written premiums to EUR 16,368 million in 2020, SCOR passes the real-life Covid-19 stress test demonstrating its resilience. The net income of EUR 234 million reflects the cost of Covid-19 and the annualized return on equity (ROE) stands at 3.8%.

More

Generali celebrates the 190th anniversary and intends to build a shared and sustainable future for all customers and communities
by Alexandra GUZUN, 2021-02-25
"Today more than ever, in an unprecedented context, the Generali Group intends to build a shared and sustainable vision for the future of all stakeholders", declared the Chairman of Assicurazioni Generali, Gabriele Galateri di Genola.

More

CCN presents the annual performance: good underlying business activities and stable income for 2020
by Alexandra GUZUN, 2021-02-22
The annual performance of the CCN group increased with 0.2%, showing a satisfactory progress for 2020, with a good underlying business activities and stable income. The digital transformation process was one of the factors helping the company face the COVID-19 challenges.

More

AEGON posted net loss of EUR 147 million in the second half of 2020
by Andrei Victor, 2021-02-22
Dutch insurance group AEGON reported a net loss of EUR 147 million in the second half of 2020, compared with a net profit of EUR 908 million in the second half of 2019.

More

NN Group reports FY 2020 operating result of EUR 1.9 billion
by Andrei Victor, 2021-02-22
Dutch NN Group announced its operating result increased to EUR 963 million in H2 2020 from EUR 881 million the previous year, mainly driven by "a higher investment margin and lower administrative expenses at Netherlands Life".

More

ALLIANZ, FY2020: EUR 1.3 billion impact of Covid-19 on operating profit
by Andrei Victor, 2021-02-22
German insurer ALLIANZ posted FY2020 total revenues of EUR 140.5 billion,down by 1.3% y-o-y (EUR 142.4 billion in 2019) while its operating profit decreased by 9.3% to EUR 10.8 billion (vs. EUR 11.9 billion), mostly due to the adverse impacts from COVID-19 amounting to approximately EUR 1.3 billion.

More

GBP 2.5 billion for UK insurance claims after COVID-19 in 2020
by Alexandra GUZUN, 2021-02-25
The UK insurance market has to pay up to GBP 2.5 billion for COVID-19 insurance claims incurred in 2020, as the Association of British Insurers has announced in a press release. ABI members consider that GBP 2 billion are due to COVID-19 business interruption claims.

More

The industry could free up to GBP 95 billion to boost the UK economy and tackle climate change
by Alexandra GUZUN, 2021-02-25
According to a report issued by KPMG for the Association of British Insurers (ABI), the Post-Brexit reforms to financial regulations could boost the UK economy and support the fight against climate change if refinements are made to Solvency II following the UK's departure from the EU.

More

A five-year EUR 3.5 billion plan for Fenice 190 launched by Generali
by Alexandra GUZUN, 2021-02-25
At its 190 th anniversary, Generali launches Fenice 190, a five-year EUR 3.5 billion plan in order to support the sustainable recovery in Europe and the real economy. Over EUR 1 billion has already been allocated through 10 investment funds focused on infrastructure, innovation and digitalization, SMEs, etc.

More

Aviva France will be sold for EUR 3.2 billion to Aema Groupe
by Alexandra GUZUN, 2021-02-25
Aviva has approved the sale of its French Business for EUR 3.2 billion in cash to Aema Groupe in order to follow its strategic transformation and focus on the strongest businesses in the UK, Ireland and Canada.

More

Cyber LockoutSM ransomware solution for cyber attacks
by Alexandra GUZUN, 2021-02-25
Volante Global a multi-class and multi-territory international managing general agent (MGA) platform, has launched an innovative cyber ransomware solution, Cyber Lockout, that combines ransomware insurance cover with the latest in cyber security technology.

More

AZERBAIJAN: Xalq Sigorta: despite the challenging situation, the market experienced growth in 2020, as in previous years
by Marina MAGNAVAL, 2021-02-24
Despite the problems caused by the COVID-19 pandemic, the insurance sector in Azerbaijan has seen growth in a number of segments.

MoreRusia Продолжение

KAZAKHSTAN: S&P: Life insurers to continue to see double-digit GWP growth in 2021
by Marina MAGNAVAL, 2021-02-24
"S&P Global Ratings continues to positively assess growth prospects in the life insurance sector in 2021, which is supported by a number of regulatory initiatives and GWP increase from a low base in the past few years", says Ekaterina TOLSTOVA, Deputy Director of the Financial Institutions Group, S&P Global Ratings.

MoreRusia Продолжение

KYRGYZSTAN: insurance company KYRGYZSTAN received a diploma as the "Insurance company of the year -2020"
by Marina MAGNAVAL, 2021-02-24
The State Service of regulation and supervision of the financial market at the government of the Kyrgyz Republic summed up the results of 2020, and awarded several financial market entities, as the regulator informed on its website.

MoreRusia Продолжение

UKRAINE: in January 2021, GWP of the TAS group increased by more than 22% y-o-y
by Marina MAGNAVAL, 2021-02-24
TAS insurance group, whose insurers are among the TOP-3 companies in the non-life and life insurance sectors of Ukraine, in January 2021 increased its total GWP by 22.4% y-o-y, to UAH 252.4 million (~EUR 7.39 million*), Forinshurer reports.

MoreRusia Продолжение

UZBEKISTAN: ASIA Insurance: COVID-19 pandemic and forced quarantine showed the importance of digitalization and process automation
by Marina MAGNAVAL, 2021-02-19
ASIA Insurance did not stop providing services during the quarantine period with insurance policies being sold and delivered, insured events being considered, obligations being fulfilled.

MoreRusia Продолжение
?MARKET & TRENDS

PwC report suggests up to a fifth of future workforces in financial services could be gig employees
by Alexandra GUZUN, 2021-02-25
More than half (52%) of financial institutions say they expect to have more gig-based employees over the next three to five years, according PwC's report, "Productivity 2021 and beyond: Upskilling the workforce of the future to create a competitive advantage in financial services."

More

STATISTICS

STATISTICS: UZBEKISTAN, FY2020: life insurance lost more than 10% of its share in the market portfolio in a year
by Marina MAGNAVAL, 2021-02-25
The insurance sector of Uzbekistan ended 2020 with a 4.50% GWP drop y-o-y (in local currency). Total amount decreased to UZS 2,209.67 billion (EUR 172.82 million*), according to data published by the Ministry of Finance of the Republic.

More

STATISTICS: Czech Rep. insurers: The number of property claims more than doubled in 2020
by Andrei Victor, 2021-02-25
According to preliminary data released by CAP - the Czech Insurance Association, at the end of 2020, the GWP generated by the CAP members totaled CZK 141.21 billion (EUR 5.38 billion), up by 3.61% y-o-y.

More

STATISTICS: Estonian insurers' business compressed by 5% last year
by Andrei Victor, 2021-02-25
Last year, the Estonian insurance market posted aggregate GWP worth of EUR 468.86 million, 5% down compared with the previous year, according to FY2020 market figures published by the Estonian National Statistics Board.

More

STATISTICS: Greek market has fallen below the threshold of EUR 4 billion
by Andrei Victor, 2021-02-25
According to the year-end market figures published by HAIC - the Hellenic Association of Insurance Companies, the Greek insurance market totaled EUR 3.92 billion at the end of 2020, down by 3.7% y-o-y.

More

STATISTICS: Subunit increase for Lithuanian insurance market in 2020
by Andrei Victor, 2021-02-25
Last year, the Lithuaian insurance market totalled EUR 954.87 million, which is 0.95% up, compared to 2019 results, as the figures published by the local insurance market regulator - The Lithuanian Central Bank - showed.

More

STATISTICS: Turkey insurance industry decreased by EUR 1.33 billion due to the impact of the falling exchange rate
by Andrei Victor, 2021-02-25
The Turkish insurance industry grew by 19.26% y-o-y in 2020 reporting of TRY 82.57 billion compared to 2019, announced the Turkey Insurance Association (TSB).

More

VIDEO

ON THE MOVE

AEGON nominates CFO Matt RIDER for reappointment
by Andrei Victor, 2021-02-22
AEGON's Supervisory Board will propose to the Annual General Meeting of Shareholders in June 2021 to reappoint Matt RIDER as Chief Financial Officer for a four-year term. Matt RIDER was first appointed as AEGON's CFO in 2017.

Leadership changes at SCOR Global Life: Global Markets Organization
by Andrei Victor, 2021-02-22
French reinsurer SCOR annouced three organizational moves "designed to further strengthen the organisation and support future success".

UKRAINE: Alexander ZALETOV headed the Department for Supervision of financial companies
by Marina MAGNAVAL, 2021-02-24
Alexander ZALETOV headed the department for supervision of financial companies at the Department for supervision of non-banking financial services at the National Bank of Ukraine, Forinshurer said.

Hungary: Laszlo SEBESTYEN reelected as President of brokers association for the third time
by Andrei Victor, 2021-02-25
Laszlo SEBESTYEN, the President of the largest Hungarian brokers' association (FBAMSZ - Hungarian Association of Independent Insurance Brokers) was given a mandate for another two years, informed Biztosito Magazin.

Paul Cazacu is the new CEO of UNIQA Asigurari
by Irina GHETU, 2021-02-25
Starting with February 2021, Paul Cazacu takes over the position of CEO - President of the UNIQA Insurance Directorate.


VIG




ERGO


EVENTS

INSURETEK MIDDLE EAST 2021 INTERNATIONAL CONFERENCE & GOLDEN SHIELD EXCELLENCE AWARD
April 7, 2021
Dusit Thani Hotel, Dubai, United Arab Emirates
Organizer: BIZ Events Management
Media Partner: XPRIMM Publications
For details: http://insuretek.org/


9th AIDA Europe Conference
Zurich, Switzerland
23-24 September 2021
Organizer: AIDA
Media Partner: XPRIMM Publications
For details: aidainsurance.org