Insurance Newsletter No. 539, 11 March 2021
www.xprimm.com
TOP NEWS

VIG's "Agenda 2020" objectives successfully achieved; digital transformation and innovation remained a top priority
by Daniela GHETU, 2021-03-09
VIG's four-year management program "Agenda 2020" concluded at the end of the year, providing for increased cost efficiency and generally improved indicators, as well as serving the group's future viability and development.

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VIG Group's position in the CEE strengthened by the Aegon acquisition
by Daniela GHETU, 2021-03-09
At the end of November 2020, Vienna Insurance Group signed the share purchase agreement to acquire the Eastern European business of the Dutch insurer Aegon, thereby taking an important step towards expanding its presence and strengthen its position in the CEE region.

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VIG, 2020: achieved targets for 2020 and an expected half billion EUR profit before taxes for 2021
by Daniela GHETU, 2021-03-09
Austrian Vienna Insurance Group (VIG) announced today its preliminary results for 2020, showing an overall performance in line with the Group's targets for the year, despite the challenging Covid situation. VIG eyes an EUR 450 million to 500 million profit before taxes in 2021.

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VIDEO: XPRIMM TIME FOR BUSINESS International is on the YouTube channel with Isabelle FLUCKIGER and Matteo CARBONE
by Alexandra GUZUN, 2021-03-10
XPRIMM TIME FOR BUSINESS is LIVE NOW on XPRIMM Youtube channel and is discussing with Isabelle FLUCKIGER and Matteo CARBONE about the transforming traditional insurance risk transfer to technology-driven risk reduction and prevention services.

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SAVA Re posted FY2020 net profit of EUR 56.4 million
by Andrei Victor, 2021-03-08
Slovenian re/insurance group SAVA Re announced that its FY2020 consolidated net profit rose by 12.3% y-o-y to EUR 56.4 million, "better than planned", as the group mentioned in a statement.

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Generali achieves for the second consecutive year excellent results: GWP reached EUR 70.7 billion with resilient and profitable P&C premiums
by Alexandra GUZUN, 2021-03-11
"Today we are presenting excellent results, obtained in an unprecedented context due to the crisis generated by the pandemic. It confirms the greater resilience of Generali compared to our peers in the sector, both from a technical point of view and its capital position", stated Generali Group CEO, Philippe Donnet.

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Hannover Re 2020 financial results: 12% increase of GWP and a proposed ordinary dividend of EUR 4.50 per share
by Alexandra GUZUN, 2021-03-11
Hannover Re grew strongly again in the 2020 financial year and generated a solid Group profit despite considerable Covid-19-related losses. An increased ordinary dividend of EUR 4.50 per share is proposed for the 2020 financial year.

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Fitch Ratings affirmed Aviva's ratings, with stable outlook
by press.release, 2021-03-11
Fitch Ratings has affirmed Aviva Plc's (Aviva) core insurance subsidiaries' Insurer Financial Strength (IFS) Ratings at 'AA-' (Very Strong) and Aviva's Long-Term Issuer Default Rating (IDR) at 'A+'. The Outlooks are Stable.

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AEGON closes the sale of STONEBRIDGE
by Andrei Victor, 2021-03-08
AEGON announced that it has successfully completed the divestment of STONEBRIDGE, a UK-based provider of accident insurance products to GLOBAL Premium Holdings group, part of EMBIGNELL group.

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Groupama launched Driving Academy in Turkey
by Andrei Victor, 2021-03-08
French insurer Groupama announced its Turkish unit Groupama Sigorta launched in mid-December its Driving Academy, in a partnership with Intercity Driving Center, the most recognized driving center in Turkey.

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AVIVA leaves the Italian market, thus announcing its fourth exit in 2021
by Andrei Victor, 2021-03-08
UK insurer AVIVA annouced its exit from the Italian insurance market by selling its remaining life and general insurance business to CNP Assurances and ALLIANZ.

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Estonia: During 2020 conciliators settled 178 insurance disputes
by Andrei Victor, 2021-03-09
Last year, Estonian insurance conciliators were involved in 257 insurance disputes, of which 178 ended with an agreement between the insurer and the client. Most of disputes were related to MTPL insurance cases, followed by household insurance, as informed in a statement the Estonian Insurance Association (EKsL).

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Estonia: February 23, 2021, the day with the most reported traffic accidents in the past eight years
by Andrei Victor, 2021-03-11
According to the Estonian Insurance Association (EKsL), due to the slipperiness caused by the freezing rain that hitted Estonia, on February 23, 360 traffic accidents covered by MTPL or MoD policies occured, with a total incurred loss of about half million euro.

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Estonia: COVID-19 and the mild winter reduced the number of traffic accidents and the MTPL tarrifs
by Andrei Victor, 2021-03-09
According to the statistics of the Estonian Traffic Insurance Fund (LKF), during last year were reported about 29,700 traffic events subject to MTPL insurance policies, which is 6,400 less than last year.

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Claims files following December EQ: Hungarian insurers 8,700 vs. 7,430 Croatian insurers
by Andrei Victor, 2021-03-11
The most recent figures published by MABISZ - the Association of Hungarian Insurers, showed that following the December 2020 earthquakes in Croatia claims paid by local insurers significantly exceed previous estimates, the number of opened claim files being even higher than in Croatia.

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Hungary: Insurers' end-2020 net profits expanded by EUR 20 million to EUR 230 million
by Andrei Victor, 2021-03-11
According to the quarterly MNB published statistics (Central Bank of Hungary), at the end of December 2020 the aggregate market gross profit of Hungarian insurers was up by 18.52% y-o-y to HUF 88.89 billion the equivalent of EUR 243 million (vs. HUF 75 billion), while the value of net profit increased by 18.83% y-o-y to HUF 84.16 billion (EUR 230 million).

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Slovenian ISA asks insurers to suspend dividend payments until 30 September 2021
by Andrei Victor, 2021-03-08
Due to the uncertain situation regarding the spread of the COVID-19 pandemic and the consequent unclear impacts on the economy and the insurance industry, last week, Slovenian Insurance Supervision Agency asked the supervised entities to suspend dividend payments.

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Turkiye Sigorta, 2020: GWP of to TRY 8.99 billion secured the company the market leading role
by Daniela GHETU, 2021-03-11
Turkiye Sigorta (Turkey Insurance), the state-controlled insurer of Turkey established last year, that has brought together all the local insurers in which the state had a significant shareholding, ended 2020 with GWP worth TRY 8.88 billion, almost 24% up y-o-y, thus ranking first, with a 13.04% market share.

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ARMENIA: about 78% of insured events in 2020 registered in health insurance
by Marina MAGNAVAL, 2021-03-09
In 2020, total market paid claims of Armenian insurers amounted to AMD 23.2 billion (~EUR 36.19 million*), which is 7.3% less y-o-y.

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MOLDOVA: Changes to the indemnity limits for MTPL and Green Card insurance
by Alexandra GUZUN, 2021-03-11
Drivers from the Republic of Moldova will be able to receive higher compensation in case of a minor accident, as the National Financial Market Commission (NCFM) changes the maximum compensation limit for MTPL policy holders from RON 10,000 to RON 15,000.

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RUSSIA: in 2020, 135 out of 160 insurers recorded profit
by Marina MAGNAVAL, 2021-03-10
In 2020, the profit of Russian insurers grew slightly and amounted to RUB 247.5 billion (~EUR 2.72 billion*). At the same time, out of 160 insurance organizations, 135 recorded profits.

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KAZAKHSTAN: pre-tax profit of non-life insurers up 39% in 2020 despite the pandemic
by Marina MAGNAVAL, 2021-03-11
The 2020 "pandemic" year for some insurers in Kazakhstan turned out to be better than 2019. Only 7 insurers ended 2020 with losses from insurance activities, among them there were 4 non-life insurance companies (vs 9 non-life insurers in 2019).

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UKRAINE: EUROINS Ukraine received net profit in 2020 vs net loss in 2019
by Marina MAGNAVAL, 2021-03-11
The Kiyv-based EUROINS Ukraine insurance company received net profit of almost UAH 37.55 million (~EUR 1.08 million*) in 2020 (vs net loss of UAH 14.6 million in 2019), as Open4Business informed according to the materials for the agenda of the meeting of the insurer's shareholders.

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UZBEKISTAN: in 2020 Alfa Invest showed growth in financial performance
by Marina MAGNAVAL, 2021-03-11
In 2020, Alfa Invest insurance company recorded growth of the key financial indicators - significantly increased reserves and assets, maintained a high level of solvency, increased its charter capital to UZS 50 billion (~EUR 3.91 million*), according to Inessa AKHMETOVA, General Director of Alfa Invest,

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INTERVIEW

Julia KHMELNITSKAJA, Deputy CEO Willis CIS
by Marina MAGNAVAL, 2021-03-11
Beginning of 2021 already showed same uncertainity. At the macro level this is as regards economic recovery with some hopes for the brighter future though as vaccination started. 2021 will be core for development and actual reimbursement of COVID-19 related claims.

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VIDEO

STATISTICS

STATISTICS: Hungary: Despite COVID-19, the insurance market closed 2020 with a moderate GWP increase
by Andrei Victor, 2021-03-11
Last year, the aggregate GWP reported by Hungarian insurers totaled HUF 1,204 billion (~EUR 3.3 billion), according to the year-end figures published by the Central Bank (MNB), 4.7% more y-o-y. The life insurance business accounted for 44% and the non-life insurance business for 56% of total premium income.

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STATISTICS: Macedonian insurers posted MKD 10 billion in FY2020 GWP
by Andrei Victor, 2021-03-11
At the end of 2020, the Macedonian insurance market totaled MKD 10 billion (EUR 163 million), down by 5% y-o-y, according to Macedonian ISA preliminary year-end figures.

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MARKET & TRENDS

Litmus: Big Four's January renewals highlight improved P&C rating environment
by Daniela GHETU, 2021-03-11
The Big Four European reinsurers (Hannover Re, Munich Re, SCOR and Swiss Re), accounting together for about one third of global P&C reinsurance premiums, have each took advantage of firmer pricing to grow selectively in the 1 January 2021 P&C reinsurance renewals, Litmus Analysis' annual survey has found.

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ON THE MOVE

Tanja Blatnik appointed General Manager of Euroins Romania
by Alexandra GUZUN, 2021-03-11
Euroins Insurance Group has announced Tanja Blatnik as its new General Manager for Romania. The proposal of Euroins Insurance Group was accepted by the Financial Supervisory Authority of Romania.

Chairman and CEO of The Jasco Group joins AIG's Board of Directors
by Andrei Victor, 2021-03-08
AIG announced that its Board of Directors has elected James Cole, Jr., as a Director of the company, effective March 15, 2021. Cole is Chairman and Chief Executive Officer of The Jasco Group, a New York City-based multidimensional investment management firm.

Generali Group's CFO is the new Chairman of the MIB Trieste School of Management
by Andrei Victor, 2021-03-08
Cristiano Borean, Chief Financial Officer of the Generali Group, has been appointed as Chairman of MIB Trieste School of Management, the international school of management headquartered in Trieste.

Portevin to lead global risk consulting unit at AGCS
by Andrei Victor, 2021-03-08
Allianz Global Corporate & Specialty (AGCS) - the corporate insurance carrier of ALLIANZ Group - announced that Thierry Portevin, current Global Head of Property at AGCS, will be appointed Global Head of Allianz Risk Consulting (ARC), effective March 8.

Sara Queen returns in MetLife after 25 years as head of MIM's Real Estate Equity
by Andrei Victor, 2021-03-08
MIM - MetLife Investment Management, the institutional asset management business of MetLife, has appointed Sara Queen as managing director and head of Real Estate Equity, effective March 15, 2021.


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EVENTS
Innovations/Challenges for Central & Eastern Europe Insurers against Natural Catastrophes
Tuesday March 30; 9:00am - 10.00 am CET
Organizer: RMS in association with XPRIMM
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INSURETEK MIDDLE EAST 2021 INTERNATIONAL CONFERENCE & GOLDEN SHIELD EXCELLENCE AWARD
April 7, 2021
Dusit Thani Hotel, Dubai, United Arab Emirates
Organizer: BIZ Events Management
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Balkan Insurtech Virtual Summit
11 May 2021, 9:00 AM - 5:00 PM EEST
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9th AIDA Europe Conference
Zurich, Switzerland
23-24 September 2021
Organizer: AIDA
Media Partner: XPRIMM Publications
For details aidainsurance.org