Insurance Newsletter No. 541, 25 March 2021
www.xprimm.com
TOP NEWS

Fitch Affirms Aon plc's 'BBB+' IDR, irrespective of the Willis Towers Watson acquisition deal closure
by press.release, 2021-03-23
Fitch Ratings has affirmed the 'BBB+' Issuer Default Rating (IDR) for Aon plc and related entities and removed the Negative Rating Watch. The Rating Outlook is Stable.

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The innovative suite of RMS Climate Change Models give to the market a powerful new set of tools
by Alexandra GUZUN, 2021-03-23
New solutions will turn Climate Change Science into Business Risk Insights and Strategy according to RMS, which announced the forthcoming launch of a new suite of Climate Change Models to help customers assess the near and long term impacts of climate change on physical assets.

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As the process of digitalization continues to advance, the insurance industry finds itself increasingly confronted with cyber threats
by Alexandra GUZUN, 2021-03-25
Insurance Europe welcomes the European Commission's proposal for a revised Network and Information Security (NIS2) Directive as part of broader efforts to increase the EU cybersecurity. Extending the scope of the Directive is an important step towards implementing the EU's Cybersecurity Strategy for the Digital Decade.

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New development in the SCOR -Covea conflict: the French reinsurer will not proceed with the unsolicited proposal of Covea
by press.release, 2021-03-25
According to a press release, SCOR expressed the annoyance regarding the action of Covea which has filed, "on behalf of SCOR", a complaint against Denis Kessler. SCOR wonders what led Covea to file this complaint, more than 2 years after it became aware of the facts it pretends to report.

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Generali to bid for Aviva Poland, the country's second life insurer; see details about Aviva Poland's latest results
by Daniela GHETU, 2021-03-24
Italian insurer Generali has submitted a bid for the Polish assets of London-based insurer Aviva AV.L, Reuters reported quoting a source familiar with the matter on Monday. Aviva Poland is the country's second largest life insurer and the mother company of other five financial services providers.

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Generali France and Akur8 partnership in order to boost thier insurance pricing capabilities
by press.release, 2021-03-25
Generali France and Akur8 will become multi-year partners in order to boost Generali's pricing capabilities in France. Partnering with the French entity of a leading global insurance carrier is a key milestone for Akur8, as well as renewed evidence of Generali's commitment to innovation and technology.

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Talanx: COVID-19 impact on in FY2020 claims expenses totaled EUR 1.5 billion
by Andrei Victor, 2021-03-23
German insurer Talanx ended 2020 with net income of EUR 673 million vs. EUR 923 million a year before, but "in line with the forecast of "clearly above EUR 600 million" provided in November. Without coronavirus claims expenses, Talanx would have exceeded last year's record net income figure", as the insurer mentioned in a statement.

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Latvian insurers' FY2020 profits expanded by 59% y-o-y
by Andrei Victor, 2021-03-23
Latvian insurers' aggregate net profits expanded by 58.7% during last year (or by almost EUR 20 million in absolute value) to EUR 53.38 million, according to data presented by the Finance and Capital Market Commission (FKTK).

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Bulgarian FSC puts Euroamerican into liquidation process
by Andrei Victor, 2021-03-23
The Bulgarian Financial Supervision Commission informed that on March 11,2021 it took the Decision on on initiating proceedings for compulsory liquidation of non-life insurer Euroamerican.

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Bulgaria: Insurance brokers' business increased by 2% during 2020
by Andrei Victor, 2021-03-23
The Bulgarian insurance brokerage market totaled BGN 1.72 billion (EUR 878 million) at the end of 2020, about 1.8% more y-o-y, as announced the local insurance market regulator FSC in a statement published on its website.

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Romania 2020: 5.4% GWP growth y-o-y and improving combined ratio
by Daniela GHETU, 2021-03-25
GWP by Romanian insurers, including branches of foreign companies operating on FOE, reached RON 12.5 billion (EUR 2.56 billion), up by 5.4% y-o-y (local currency). Insurers domiciled in Romania have provided for about 92% of this total, recording a 4.6% y-o-y growth rate, the market authority said.

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CROATIA Osiguranje and Amodo launch LaqoPrevent, using technology to reward prudent road behavior
by Daniela GHETU, 2021-03-25
Croatian market's top insurer, Croatia osiguranje, part of Adris Group, launched earlier this week LaqoPrevent, a unique prevention program that, with the help of advanced technologies, promotes and rewards responsible road behavior and traffic risk reduction.

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BELARUS: 2020 was a difficult and unpredictable year for insurers, but at the same time ended well
by Marina MAGNAVAL, 2021-03-22
In 2020, the insurance sector was no exception among the sectors of the Belarusian economy affected by COVID. According to ASOBA company, the most vulnerable types of insurance were such products as Green Card policies and voluntary insurance against accidents and illnesses for travelling abroad, which are the most profitable, writes the magazine Insurance in Belarus.

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AZERBAIJAN: Despite all the difficulties of 2020, the portfolio of PASHA Life grew by 16%
by Marina MAGNAVAL, 2021-03-22
PASHA Life Insurance, the leading life insurance company in Azerbaijan, in 2020 generated GWP worth AZN 221 million (~EUR 105.79 million*). The company's paid claims reached AZN 205 million. Despite the difficult situation in 2020, PASHA Life's GWP portfolio grew by 16%, Trend reports.

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KAZAKHSTAN: a set of amendments to be made to the insurance legislation
by Marina MAGNAVAL, 2021-03-22
By the end of April 2021, the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan will introduce a set of amendments to the Mazhilis (State authority, a part of the Parliament) on regulation and development of the insurance market, writes Allinsurance.kz with reference to Kursiv.kz.

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TAJIKISTAN: DS SUGURTA entered the insurance market
by Marina MAGNAVAL, 2021-03-22
In March 2021, in Tajikistan, by the decision of the Board of the National Bank of Tajikistan, a license was issued to the insurance company DS SUGURTA for a period of 5 years, writes the information agency Avesta.

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RUSSIA: despite the loss in motor insurance, ROSGOSSTRAKH Group's net profit remained at the level of RUB 7.62 billion
by Marina MAGNAVAL, 2021-03-23
Net profit of the ROSGOSSTRAKH group in 2020 amounted to RUB 7.62 billion (~EUR 84 million*), which is only 0.7% less y-o-y in local currency, reports ASN, referring to the financial statements published by the company.

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RUSSIA: in 2020 premiums, net profit and return on equity of RNRC increased
by Marina MAGNAVAL, 2021-03-23
The volume of premiums accrued by RNRC (Russian National Reinsurance Company) for 2020 amounted to RUB 15 billion (~EUR 0.16 billion*), which is 7% more y-o-y. The volume of premiums earned amounted to RUB 13.8 billion (+6%), the reinsurer said in its press-release.

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RUSSIA: RAMI: combating unfair insurance practices and the institution of the financial ombudsman drastically reduced court payments in MTPL
by Marina MAGNAVAL, 2021-03-23
In 2020, court payments in MTPL decreased by 64% to RUB 3.98 billion (~EUR 43.89 million*), and the insurers' overhead expenses dropped by 62% to RUB 5.7 billion, according to Igor YURGENS, President of the Russian Association of Motor Insurers (RAMI).

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TOP EVENT

RMS and XPRIMM invite you to the "Innovations and Challenges in managing Natural Catastrophe risks" webinar series: "Making every risk known - CEE"
by XPRIMM, 2021-03-25
RMS, the world's leading catastrophe risk solutions company, in association with XPRIMM invite to attend Tuesday, 30 March, 9am - 10am CET, the episode dedicated to the CEE region in the "Innovations and Challenges in managing Natural Catastrophe risks" webinar series.

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EVENT: AIDA Europe Webinar series will take place starting 24 March 2021
by Irina GHETU, 2021-03-23
On 24 March 2021 AIDA Europe is holding the first in a series of webinars, called " The resilience of the Insurance Distribution Directive to new technologies", addressing topical issues of concern to insurers and lawyers across all sectors. XPRIMM Publications supports the event series as Media Partner!

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STATISTICS

STATISTICS: Latvia: Insurers' FY 2020 business decreased by EUR 60 million
by Andrei Victor, 2021-03-25
During last year, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 797.5 million, almost EUR 60 million less than in 2019, while the amount paid in claims and indemnities decreased by 8.8% y-o-y to EUR 501 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).

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STATISTICS: Hungarian insurers for FY2019 rankings now available
by Daniela GHETU, 2021-03-25
Thanks to the statistical data recently published by MABISZ, the insurers' association in Hungary, we are able to finally provide for the 2019 market rankings.

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ON THE MOVE

Carolin Gabor named CEO of Movinx, the Swiss Re and Daimler joint venture
by Alexandra GUZUN, 2021-03-23
The online motor vehicle insurer Movinx, which is the 50/50 Joint Venture between Daimler Insurance Services and Swiss Re, has named Carolin Gabor as the new Chief Executive Officer. She will take the new role as of 1 April 2021.


VIG



ERGO


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
For details: rms.com


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/


25th ANNUAL REINSURANCE CONFERENCE
April 14-15, 2021
National Hotel, Moscow, Russia and online
Organizer: LLC "CC" Business Format "
Media Partner: XPRIMM 
For details: reinsurevent.com  


Balkan Insurtech Virtual Summit
11 May 2021, 9:00 AM - 5:00 PM EEST
Organizers: InsurtechBalkans Hub and Fintechguardian NGO
Media Partner: XPRIMM
For details: insurtechbalkans.tech


Transparency in Insurance Contract Law
19 May 2021
For details: aidainsurance.org

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

Transparency in Insurance Regulation and Supervisory Law
14 October 2021
For details: aidainsurance.org

Insurance and Human Rights
2 December 2021
For details: aidainsurance.org