Insurance Newsletter No. 580, 03 February 2022
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TOP NEWS

Marsh: Global commercial insurance rates continue to moderate as pricing up 13% in Q4
by Andrei Victor, 2022-02-03
Global commercial insurance prices increased 13% in Q4 2021, according to the Global Insurance Market Index released by the insurance broker Marsh, continuing "a trend of moderating rate increases that began in Q1 2021. While this is the 17th consecutive quarter of increases, the rate of increase continues to moderate in many lines of business and in most geographies".

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Hannover Re reports satisfactory 1 January treaty renewals and confirms guidance for 2022
by Daniela GHETU, 2022-02-03
The Hannover Re's net income reached a level of EUR 1.23 billion in 2021, in line with the expected results, the preliminary results announced by the Group show. As previously announced, Hannover Re anticipates a net income of EUR 1.4 billion to EUR 1.5 billion for 2022.

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Generali to acquire La Medicale from Credit Agricole Assurances
by Andrei Victor, 2022-02-03
Generali has signed an agreement for the acquisition of La Medicale, an insurance company for healthcare professionals, following the exclusive negotiation with Credit Agricole Assurances, announced last November, and the consultation of the dedicated workers' councils.

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Generali to become the majority shareholder in both its Life and P&C joint ventures in India
by Andrei Victor, 2022-01-31
Following the announcement in 2021 by the Indian Government to permit the increase of Foreign Direct Investment limit in the insurance sector from 49% to 74%, the Italian insurer Generali announced it will become the majority shareholder of Future Generali India Insurance Company Limited and Future Generali India Life Insurance Company Limited. Thus, Generali is the first international player to step-up to majority in both the Indian life and P&C insurance sector.

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MMC posted in 2021 the highest revenue and EPS growths in over two decades
by Andrei Victor, 2022-01-31
Global brokerage firm MMC - Marsh McLennan reports FY2021 revenue of USD 19.8 billion, an increase of 15% compared with 2020, or 10% on an underlying basis. At the same time, operating income was USD 4.3 billion, and adjusted operating income rose 18% to USD 4.3 billion. Net income attributable to the Company was USD 3.1 billion. Earnings per share increased 56% to USD 6.13. Adjusted earnings per share increased 24% to USD 6.17 compared with USD 4.97 in 2020.

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UniCredit and Allianz further strengthen their partnership in Italy, Germany and CEE
by Andrei Victor, 2022-01-31
UniCredit and Allianz have signed a multi-country Framework Agreement, setting the basis for enhanced collaboration, benefiting clients of both companies and building on the companies' longstanding and highly successful bancassurance partnership since 1996.

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Generali: Caltagirone withdraws from the pact with Delfin and CRT
by Andrei Victor, 2022-02-01
On 27 January 2022, the Companies of the Caltagirone Group - one of the largest shareholders of Italian Assicurazioni Generali have exercised their right of withdrawal from the consultation agreement with the other two: Delfin and Fondazione CRT.

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HUNGARY: the damage due to weekend storms may approach HUF 1 billion
by Marina MAGNAVAL, 2022-02-01
According to preliminary data, the damage due to weekend storms may approach HUF 1 billion (~EUR 2.81 million*) as Hungarian insurers expect to receive more claims, portfolio.hu reports.

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NORTH MACEDONIA: Triglav Osiguruvanje's net profit 86% up in 2021
by Marina MAGNAVAL, 2022-02-01
North Macedonia's Triglav Osiguruvanje, which is among the biggest insurers in SEE and is part of Slovenian Triglav group, announced that its net profit jumped to MKD 28.4 million (EUR 460,800) in 2021, vs EUR 15.2 million of net profit a year earlier, SeeNews reports.

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Euroins Romania moves headquarters in a smart, top ecological building in the Northern business district of Bucharest
by Daniela GHETU, 2022-02-02
Euroins Romania's headquarter moved to new premises, in an almost 2,400 sqm office floor located in J8 Office Park in Bucharest. The new office space allows the company the continuation of the recruitment of specialists that will add to the 300 employees of Euroins in Bucharest.

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RUSSIA: NCR: By the end of 2022, GWP will exceed RUB 2 trillion
by Marina MAGNAVAL, 2022-02-02
In 2022, the market will rise 10% and exceed RUB 2 trillion (~EUR 11.55 billion*), according to the forecast of the NCR rating agency (National Credit Ratings). Growth drivers will be accident insurance and voluntary health insurance.

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RUSSIA: INGOSSTRAKH renews its obligatory technical risks reinsurance contract for 2022 with a capacity of EUR 125 million
by Marina MAGNAVAL, 2022-02-02
The insurance company INGOSSTRAKH has renewed its program of outward reinsurance of technical risks for 2022 with a capacity of EUR 125 million, the insurer said in a statement.

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RUSSIA: Renaissance Life and Banki.ru create a tool for personal budget management
by Marina MAGNAVAL, 2022-02-03
The Banki.ru financial supermarket (one of the Russian main financial portals) and Renaissance Life insurance company (one of the top-10 Russian insurers) have created a tool for personal budget management based on a financial product generator, the company said in its press release.

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UKRAINE: MTIBU: in 2021, payments from the Fund for Protection of Victims increased by 29% y-o-y
by Marina MAGNAVAL, 2022-02-02
In 2021, MTIBU (Motor Transport Insurance Bureau of Ukraine) made 7.1 thousand payments from the Bureau's Victim Protection Fund for a total of UAH 278.5 million (EUR 9 million*). Compared to 2020, the number of payments increased by 10.3% and the amount - by 29%, according to the Bureau's website.

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TAJIKISTAN: Total charter capital of the insurers in 2021 rises by more than 90% y-o-y
by Marina MAGNAVAL, 2022-02-01
Total charter capital of insurance companies in Tajikistan almost doubled in 2021, mainly due to entering of new players on the market, ASIA-Plus reports.

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MARKETS&TRENDS

Finaccord: the shift to digital is likely to last in the insurance distribution
by Daniela GHETU, 2022-02-03
Across ten major countries, face-to-face communications dropped dramatically in 2020 while online and phone communications increased. The shift to digital is likely to last, over half of all respondents to a recent Finaccord expect to buy insurance online more often after 2020.

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STATISTICS

STATISTICS: AZERBAIJAN, FY2021: GWP went 16% up, while paid claims decreased 1.4% y-o-y (in local currency)
by Marina MAGNAVAL, 2022-02-01
In 2021, Azerbaijani insurers collected AZN 843.90 millions of premiums, which is 15.82% more y-o-y (EUR 438.05 million). Total paid claims amounted to AZN 458.73 million (EUR 238.11 million), down 1.38% from a year earlier, according to the data published by the Central Bank.

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STATISTICS: Turkish market compressed by more than EUR 3 bn in 2021 vs. 2019
by Andrei Victor, 2022-02-01
Total premium generated in the Turkish insurance market increased in local currency by 27.53% to TRY 105.30 billion in 2021, as compared to 2020, according to the preliminary figures released by the Insurance Association of Turkey (TSB).

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STATISTICS: Croatian insurers business increased 12% y-o-y in 2021 to EUR 1.55 billion
by Andrei Victor, 2022-02-02
The aggregate GWP of the 15 Croatian insurers rose 11.86% in 2021, to HRK 11.71 billion (EUR 1.55 billion), preliminary Q4 2021 data of the Croatian Insurance Bureau showed. Total gross claims paid increased to HRK 7.29 billion in the review period from HRK 6.53 billion a year earlier.

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STATISTICS: Albanian insurers posted 16% y-o-y increase in 2021 business
by Andrei Victor, 2022-02-02
The FY2021 gross written premiums of the eight Albanian active insurers increased by 16.02% y-o-y to ALL 19.26 billion (EUR 159.55 million), official figures published on the website of Albanian Financial Supervisory Authority (AFSA) showed.

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ON THE MOVE

Lloyd's appoints Dawn Miller as Commercial Director
by Daniela GHETU, 2022-02-01
Lloyd's, the world's leading marketplace for commercial, corporate and specialty risk solutions, announced the appointment of Dawn Miller as its Commercial Director reporting into Lloyd's Chief of Markets, Patrick Tiernan.

Aegon to appoint Deborah WATERS as CTO
by Andrei Victor, 2022-02-03
Dutch insurer Aegon announced that Deborah WATERS will be appointed as Chief Technology Officer (CTO) and member of the Management Board of Aegon N.V. effective February 7, 2022 - subject to regulatory approval. Aegon's previous CTO, Mark BLOOM, stepped down on June 1, 2021.

Henk TIMMER to step down from Achmea's Executive Board
by Andrei Victor, 2022-01-31
Dutch insurer Achmea announced its Chief Risk Officer Henk TIMMER (61) will stand down from Achmea's Executive Board on 1 March 2022. "After a career of almost 25 years at Achmea, including eight as a member of the Executive Board (two terms of office), he has decided to focus more on supervisory positions".


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