Insurance Newsletter No. 582, 17 February 2022
www.xprimm.com
TOP NEWS

CROATIA: in January the market grew by 19.07%
by Marina MAGNAVAL, 2022-02-14
According to the data of the Croatian Insurance Bureau for January 2022, total market GWP reached HRK 1.22 billion (~EUR 0.16 billion*), which 19.07% more y-o-y, osiguranje.hr reports.

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Estonia: MTPL market closed 2021 on profit, after ten consecutive years of losses
by Andrei Victor, 2022-02-14
According to LKF (the Estonian Traffic Insurance Fund), during 2021 the number of traffic accidents increased by a fifth, while the average traffic damage was EUR 1,960. Thus, last year occurred 35,900, of which 33,200 of them in Estonia and 2,700 cases were caused by Estonian vehicles abroad.

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LATVIA: Customer service is the strongest driver of the Latvian insurance industry's reputation
by Marina MAGNAVAL, 2022-02-14
Customer service in insurance was acknowledged as good by 62% of respondents, compared to the previous survey in 2019, total customer service rating of insurers has increased from 60% to 62%. The survey "Reputation of Insurance Companies" was conducted in December 2021 by the research center SKDS, according to the Latvian Insurers Association.

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NORTH MACEDONIA: MIA: only 5% of registered agricultural businesses use insurance
by Marina MAGNAVAL, 2022-02-14
According to the information of MIA (Media Information Agency), trust in insurance is the lowest among farmers, which means that interest in buying insurance policies among agricultural producers in the country is at a very low level - out of over 90,000 registered agricultural holdings, less than 5% insure their production, osigurajse.net wrote.

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Romania: The Bucharest Court opens bankruptcy proceedings against City Insurance
by Andrei Victor, 2022-02-14
After several postponements in the last four months, the Bucharest Court admitted on February 9th, 2022, the request by the Romanian Financial Supervisory Authority (ASF) to open bankruptcy proceedings against the country's leading insurer City Insurance, informed 1asig.ro.

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ERGO's Romanian subsidiaries acquisition by SIGNAL IDUNA greenlighted by the market supervisory authority
by Daniela GHETU, 2022-02-16
Romanian insurer SIGNAL IDUNA announced the Romanian Financial Supervisory Authority (ASF) has greenlighted its acquisition of two ERGO subsidiaries for life and non-life insurance. The acquisition was also approved by the Competition Council.

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AEGON posted YE2021 net profit of EUR 1.7 bn vs. EUR 55 m in 2020
by Andrei Victor, 2022-02-16
Dutch insurer AEGON announced its net result doubles compared with the fourth quarter of 2020 to EUR 526 million, while for FY 2021 the company reported an aggregate net result of EUR 1.70 billion compared with EUR 55 million in 2020.

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AM Best's Market Segment Report: Importance of UK MGAs Within Insurance Value Chain Grows Despite Capacity Challenges
by Marina MAGNAVAL, 2022-02-14
AM Best has published its new Market Segment Report "Importance of UK MGAs within the Insurance Value Chain Grows Despite Capacity Challenges", which notes that (re)insurers continue to value those MGAs (managing general agents) that provide expertise and distribution in markets they cannot access efficiently on their own.

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Allianz to expand its presence in Greece by acquiring non-life insurer European Reliance
by Andrei Victor, 2022-02-16
Allianz SE today announced it is entering into certain Share Purchase Agreements (SPAs) to acquire 72% of Greek insurer European Reliance General Insurance Company. The German insurer will pay EUR 7.80 per share or approximately EUR 207 million to acquire all the outstanding shares via the SPAs and a combined Voluntary Tender Offer.

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AXA has completed the sale of its business in Singapore to HSBC
by Andrei Victor, 2022-02-16
French insurer AXA announced that it has completed the sale of its insurance operations in Singapore - AXA Insurance Pte Ltd to HSBC Insurance (Asia-Pacific) Holdings Ltd - a wholly owned subsidiary of the Hongkong and Shanghai Banking Corporation Limited, for a total cash consideration of USD 529 million (or EUR 463 million). The deal that was first announced in August 2021.

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NN Life & Pensions to acquire the life insurance arm of ABN AMRO for EUR 253 million
by Andrei Victor, 2022-02-16
NN Group, ABN AMRO Bank and their joint venture AAV (ABN AMRO Verzekeringen) announcd that they have reached an agreement to sell AAV's life insurance subsidiary to Nationale-Nederlanden Levensverzekering Maatschappij N.V. (NN Life & Pensions).

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The Hartford to expand its multinational coverage with Swiss Re Corporate Solutions
by Andrei Victor, 2022-02-16
Swiss Re Corporate Solutions (the commercial insurance arm of the Swiss Re Group) and The Hartford (a United States-based investment and insurance company) entered into a strategic agreement that expands The Hartford's network of global partners, giving the company's multinational customers broader access to insurance coverage around the world.

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ARMENIA: profit of the insurance sector decreased by 79.2% in 2021
by Marina MAGNAVAL, 2022-02-16
At the end of 2021, profit of the Armenian insurance sector decreased by 79.2% to AMD 849.4 million (EUR 1.56 million*).

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ARMENIA: MTPL tariffs increase for the first time in 10 years
by Marina MAGNAVAL, 2022-02-16
On February 7, 2022, the cost of MTPL policies in Armenia increased, as the decision of the Board of Directors of the Bureau of Motor Insurers of Armenia dated December 23, 2021, aimed at increasing MTPL GWP due to a strong increase in paid claims and unprofitability in the segment last year, came into force, ArmInfo reports.

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KAZAKHSTAN: insurance sector's assets up 23% in 2021
by Marina MAGNAVAL, 2022-02-15
In 2021, the assets of insurance (reinsurance) companies in Kazakhstan increased by 23% and as of January 1, 2022, amounted to KZT 1.8 trillion (~EUR 3.69 billion*), Allinsurance.kz reports referring the data from the Agency of the Republic of Kazakhstan for the regulation and development of the financial market (ARRFR).

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RUSSIA: INGOSSTRAKH's business increased by 20.5% in 2021
by Marina MAGNAVAL, 2022-02-16
Total GWP of INGOSSTRAKH, one of the TOP-5 market leaders, for 2021 amounted to RUB 139.8 billion (+20.5%)/EUR 1.66 billion*. At the same time, RUB 129.8 billion (+22%) came from direct insurance and RUB 10 billion (+6%) - from inward reinsurance, the company said in its statement.

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UKRAINE: business of TAS Group in 2021 expanded by 21% y-o-y
by Marina MAGNAVAL, 2022-02-17
In 2021, the TAS insurance group (one of the five market leaders in Ukraine) collected GWP 20.9% more y-o-y in local currency (UAH 2.45 billion/EUR 79.23 million*), Forinsurer reports.

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TOP EVENT

IIF2022: One week to the Insurance in the DIGITAL World Conference! Register now!
by Daniela GHETU, 2022-02-17
Professionals from insurance industry will gather on 24 February in a virtual format at the 2022 edition of the Insurance in the DIGITAL World Conference in order to discuss about digitalization's current and future contribution to the insurance industry's development, as well as about the industry's capacity to help businesses cope with cyber risks.Insurance in the DIGITAL World Conference will follow the latest trends in the industry and will touch the following topics:

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EVENT: DIA - Second edition of the Executive Education Course "Next Level Insurance Innovation in the Age of Data"
by Irina GHETU, 2022-02-17
The second edition of the online Executive Education Course "Next Level Insurance Innovation in the Age of Data" is launching. A joint initiative of DIA and the University of St.Gallen's Institute of Insurance Economics. The course will start on April 26, 2022. PRIMM supports the event as a Media Partner.

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STATISTICS

STATISTICS: Lithuanian insurance market exceeded EUR 1bn at the end of 2021
by Andrei Victor, 2022-02-17
According to the year-end insurance market figures published by Lithuanian Central Bank, last year the local insurance market grew by 8.9% to EUR 1.04 billion. At the same time, total paid claims exceeded EUR 547 million, up by 9.3% y-o-y. "Last year, one of the engines of growth of the insurance market was the country's growing economy", as the representatives of Lithuanian Central Bank mentioned in a statement.

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STATISTICS: Macedonian market reported double-digit increase in FY2021 GWP
by Andrei Victor, 2022-02-14
At the end of 2021, the Macedonian insurance market totaled MKD 11.62 billion (EUR 188.7 million), up by 15.5% y-o-y, according to Macedonian ISA preliminary year-end figures.

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ON THE MOVE

SNABE resigns from the Supervisory Board of Allianz SE
by Andrei Victor, 2022-02-16
German insurer Allianz announced that Jim Hagemann SNABE has informed the Supervisory Board and the Board of Management of Allianz SE that he will not stand for re-election to the Supervisory Board at the Annual General Meeting on May 4, 2022. At the same time, "he will resign from the Supervisory Board of Allianz SE upon expiry of his mandate on the same day".

KYRGYZSTAN: SARBANOV Ulan appointed Chairman of the State Service for regulation and supervision of the financial market
by Marina MAGNAVAL, 2022-02-16
SARBANOV Ulan has been appointed Chairman of the State Service for regulation and supervision of the financial market under the Ministry of Economy and Commerce of the Kyrgyz Republic, the Service said in its statement.


VIG


ERGO


EVENTS

IIF2022: Insurance in the DIGITAL World Conference
Digitalization - a glimpse into the future
24 February 2022
Online event
Organizer: XPRIMM
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Motor Insurance Conference
14 March 2022
Online event
Organizer: XPRIMM

Property Insurance Conference
21 March 2022
Online event
Organizer: XPRIMM

1st Congress of Actuaires du Monde
Skopje Marriott Hotel, Macedonia
31 March - 1 April, 2022
Organizers: Actuaires du Monde
Media Sponsor: XPRIMM
More details: here

DIA - Next Level Insurance Innovation in the Age of Data
Location: Online
Starting date: 26 April 2022
Organizers: DIA & the University of St.Gallen's Institute of Insurance Economics
Media Partner: XPRIMM Publications
For details: digitalinsuranceagenda.com