Insurance Newsletter No. 583, 24 February 2022
www.xprimm.com
TOP NEWS

VIG, 2021 preliminary figures: GWP worth EUR 11 bn, gross profit of EUR 510 m, combined ratio - 94.1%
by Andrei Victor, 2022-02-21
According to preliminary results, Austrian insurer VIG will exceed its expectations for 2021. Thus, based on consolidated, preliminary and not yet audited figures, premium volume will amount to EUR 11 billion, while profit before taxes will be around 510 million euros and the combined ratio will be 94.1 %.

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EC orders Hungary to withdraw its veto over the acquisition of AEGON's Hungarian subsidiaries by VIG by 18 March 2022
by Daniela GHETU, 2022-02-22
The European Commission has concluded that Hungary's decision to veto the acquisition of the Hungarian subsidiaries of the AEGON Group by Vienna Insurance Group (VIG) breached Article 21 of the EU Merger Regulation (EUMR). Hungary has to withdraw its veto by 18 March 2022.

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Romania: possible limitation of MTPL tariffs and brokers' commissions raises negative reactions in the insurance market
by Daniela GHETU, 2022-02-23
A draft Government Decision, subjected to public debate by the Romanian Ministry of Finance, which provides for a cap on the MTPL rates for 6 months, as well as the limitation of the commissions cashed by the insurance intermediaries for this type of insurance to 5%, raised strong negative reactions in the insurance market.

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Estonia: The number of employees with supplementary health insurance almost tripled
by Andrei Victor, 2022-02-23
According to the Association of Estonian Insurance Companies (EKsL), about 900 employers offered to 30,700 employees supplementary health insurance in 2021. "Thus, almost 5% of all workers now have health insurance", informed EKsL.

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NN Romania closed 2021 with strong performance across all business lines; digital transformation is a key pillar in the company's growth strategy
by Daniela GHETU, 2022-02-23
NN Romania, local life insurance market's leader, recorded solid financial performance on all business lines in 2021, despite challenges still faced by the local economy in the Covid-19 context. Life and Health insurance GWP exceeded EUR 182.8 million while the gross profit reached EUR 17.4 million.

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Kiril BOSHOV: EIG targets an aggregated GWP volume of EUR 1 billion in 2022
by Daniela GHETU, 2022-02-23
"After the very challenging 2020, extremely impacted by the COVID pandemics, in 2021 the Group returned on a growth path. I would mention just one figure - we achieved more than EUR 700 million in gross written premiums, which is a nearly 50% growth compared to the pre-COVID year. This is a record growth since the establishment of the Euroins Insurance Group, almost 25 years ago," Kiril BOSHOV, CEO & Co-founder, Euroins Insurance Group stated in an interview for XPRIMM.

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Highest claim paid by Euroins Romania in 2021 was of EUR 1.1 million; claims proccesing time went down in Q4 to about 7 days in average
by Daniela GHETU, 2022-02-23
Euroins Romania announced a significant reduction in the processing time for the claims following road accidents with only material damages to 7 days in Q4 2021, from the average of 38 days in Q2 2021. Consequently, the number of complaints also decreased substantially, to only 197 out of 14,000 claim files processed.

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Insurance Europe: the insurance industry welcomes the consultation paper on EIOPA's climate change ORSA guidance, while it could be enriched with further explanations for stakeholders
by Marina MAGNAVAL, 2022-02-22
The insurance industry welcomes the consultation paper on EIOPA's guidance (European Insurance and Occupational Pensions Authority), while noting that it could be enriched with further explanations for stakeholders, as Insurance Europe said in its response to EIOPA consultation on the application guidance on climate change risk scenarios in the ORSA (Own Risk and Solvency Assessment).

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Insurance Europe: No need to modify or extend EU rules for auditing, supervision and corporate governance
by Daniela GHETU, 2022-02-23
EU requirements for audit, supervision and corporate governance are already effective and achieve the desired objectives. There is no urgent need to modify and extend them. Exceptional corporate failure cases cannot be a driver for new EU legislation, Insurance Europe said in its response to a EC consultation on its proposals regarding corporate reporting.

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Allianz Group posted strong operating results in all business segments for 2021
by Andrei Victor, 2022-02-22
German insurer Allianz reported FY2021 total revenues of EUR 148.5 billion, up by 5.7% as compared with 2020 (EUR 140.5 billion). At the same time, operating profit jumped by 24.6% to EUR 13.4 billion (12M 2020: EUR 10.8 billion).

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Munich Re, FY2021: surpasses profit target and achieves the highest GWP figure in the group's history
by Daniela GHETU, 2022-02-23
Munich Re posted a profit of EUR 2,932 million in 2021, thus exceeding its profit target of EUR 2.8 billion, while GWP increased by 8.5% y-o-y to EUR 59,567 million, the highest figure in the history of Munich Re. For 2022, the profit target is of EUR 3.3 billion, while GWP expected to reach EUR 61 billion.

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Aon announced USD 7.5 bn share repurchase authorization and 10% increase to quarterly cash dividend
by Andrei Victor, 2022-02-22
Global re/insurance broker Aon announced that the Board of Directors has authorized an additional USD 7.5 billion in share repurchases.

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ABIR members contribute USD 8.5 bn to Bermuda economy over 10 years
by Andrei Victor, 2022-02-23
Members of the Association of Bermuda Insurers and Reinsurers (ABIR) contributed USD 8.5 billion to the Bermudian economy over the decade ended 2020, according to a annual member survey results.

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Swiss Re Corporate Solutions and The Hartford enter into a strategic agreement
by Marina MAGNAVAL, 2022-02-18
Swiss Re Corporate Solutions and The Hartford 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, the market announcement said.

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SCOR completes its largest longevity transaction to date
by Andrei Victor, 2022-02-21
French reinsurer SCOR announced the completion of a GBP 5.5 billion longevity reinsurance transaction covering liabilities of over 17,000 members of the Lloyds Bank No. 1 Pension Scheme. The transaction protects the trustee of the scheme by transferring the risk that members live longer than expected. SCOR was advised by global law firm CMS and WTW was the adviser to the Trustee for the transaction.

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The Reinsurance Advisory Board: open reinsurance markets are vital to enable the insurance sector to operate efficiently
by Marina MAGNAVAL, 2022-02-18
The Reinsurance Advisory Board (RAB) has published its response to the UK House of Lords' Industry & Regulators Committee call for evidence into commercial (re)insurance regulation.

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VIG and the Hungarian state holding Corvinus establish cooperation in Hungary
by Daniela GHETU, 2022-02-21
Austrian insurer Vienna Insurance Group (VIG) and the Hungarian state Holding CORVINUS have agreed on the details of their cooperation announced in December. Under the cooperation, CORVINUS is to acquire a 45% participation in the Hungarian VIG companies.

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AGCS posted YE2021 operating profit of EUR 366 million
by Andrei Victor, 2022-02-22
Allianz Global Corporate & Specialty (AGCS) - the global corporate insurance carrier part of Allianz Group, reported YE 2021 GWP of EUR 9.49 billion, up by EUR 174 million vs. 2020 (EUR 9.31 billion).

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AZERBAIJAN: Status Insurance Broker becomes a new branch of Brokerslink global brokerage platform
by Marina MAGNAVAL, 2022-02-23
Status Insurance Broker from Azerbaijan has been added by Brokerslink global brokerage platform to its global network as a new branch, according to a press-release of Full Circle Communications.

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AZERBAIJAN: in January, GWP increased by more than 13% y-o-y
by Marina MAGNAVAL, 2022-02-21
In January 2022, 20 Azerbaijani insurers collected AZN 118.23 million (~EUR 61.85 million*) of premiums, abc.az reports according to the data of the Central Bank of Azerbaijan. This is 13.67% higher in the same period a year earlier.

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KAZAKHSTAN: four insurers placed under extreme supervision in 2021
by Marina MAGNAVAL, 2022-02-21
In 2021, in Kazakhstan extreme supervision was established for 4 insurers, intensive supervision for 6, detailed supervision - 6, monitoring - 3, standard supervision - 9.

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UKRAINE: paid claims of the life insurance leader MetLife grew by 47% in 2021
by Marina MAGNAVAL, 2022-02-21
In 2021, MetLife, the leader of the life insurance market in Ukraine, paid out UAH 311 million (EUR 10 million*) to its customers, which is almost one and a half times more y-o-y. It is noted that over the 19 years of its work, the insurer has paid out a total of UAH 1.17 billion to customers, Forinsurer wrote.

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RUSSIA: foregin participation in the total charter capital of insurers amounted to 10.01%
by Marina MAGNAVAL, 2022-02-22
Foreign participation in the total charter capital of insurance companies in Russia as of January 1, 2022, amounted to 10.01% (vs 10.40% as of January 1, 2021), ASN reports according to the Bank of Russia.

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RUSSIA: in 2021, SberLife Insurance had a record amount of paid claims
by Marina MAGNAVAL, 2022-02-22
In 2021, SberLife Insurance generated RUB 155.7 billion (EUR 1.85 billion*) of GWP, which is 46.8% more y-o-y. Accumulative life insurance continues to hold the largest share in the insurer's portfolio (RUB 67.7 billion or 43% of the total volume, +20.4%), according to the insurer's press service.

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INTERVIEW

Julia KHMELNITSKAJA, Deputy CEO Willis CIS
by Marina MAGNAVAL, 2022-02-24
As in previous years reinsurers are struggling with macroeconomy, including investment environment. Yet, the market further progressed in the period of "THE GREAT UNCERTAINTY"

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STATISTICS

STATISTICS: Estonian insurers posted YE2021 aggregate GWP of almost half billion euro
by Andrei Victor, 2022-02-23
Last year, Estonian insurance market totaled EUR 486.3 million in terms of GWP, up by 3.7% y-o-y, according to FY2021 market figures published by the Estonian National Statistics Board. The life insurance segment increased by 1.5% y-o-y to EUR 86.8 million, while in the case of non-life insurance market, the GWP amounted to EUR 399.5 million (82.1% of total), up by 4.2% y-o-y.

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STATISTICS: Slovakia: SLASPO members FY2021 GWP increased by 2.4% y-o-y to EUR 2.5 bn
by Andrei Victor, 2022-02-21
According to the year-end preliminary statistics published by SLASPO (Slovak Insurance Association), the FY 2021 GWP from the members of the association totaled EUR 2.48 billion, up by 2.44% y-o-y. Premiums written in life insurance decreased by 0.8% y-o-y to EUR 1.05 billion, while non-life segment was up by 4.9% y-o-y to EUR 1.43 billion.

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STATISTICS: ARMENIA, FY2021: insurers' business expanded by almost 11% (in local currency)
by Marina MAGNAVAL, 2022-02-21
The insurance sector of Armenia ended 2021 with an increase of almost 11% y-o-y, reaching AMD 49.38 billion (EUR 91.01 million). However, the increase in paid claims more than doubled the GWP increase (almost 23%), their total volume amounted to AMD 28.50 billion (EUR 52.54 million), according to the data on activities of insurance companies provided by ArmInfo.

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ON THE MOVE

Green light from HANFA for two CO SB members
by Andrei Victor, 2022-02-23
Croatian largest insurer CROATIA Osiguranje (CO) announced on the website of Zagreb Stock Exchange (Zagrebacka burza d.d.) that the Governing Board of the Croatian Financial Services Supervisory Agency (HANFA) adopted a decision granting authorisation to Roberto Skopac and Hrvoje Patajac to perform the function of a member of the Supervisory Board of the Company.

Generali: Gabriele Galateri di Genola to withdraw for the upcoming board renewal
by Andrei Victor, 2022-02-21
Italian insurer Assicurazioni Generali announced in a statement that its chairman, has announced that he will step down at the expiry of his term in April after 11 years at the top of Italy's largest insurer.

Lloyd's appoints Dawn MILLER as Commercial Director
by Andrei Victor, 2022-02-23
Lloyd's announced the appointment of Dawn MILLER as Commercial Director reporting into Lloyd's Chief of Markets, Patrick TIERNAN.

Aviva announced changes to the composition of its Board and Committees.
by Andrei Victor, 2022-02-23
Aviva announced that Belen Romana GARCIA and Patricia CROSS will retire from the Board following the conclusion of the Company's AGM on 9 May 2022.

Marsh McLennan appoints Hafize Gaye ERKAN to its BoD
by Andrei Victor, 2022-02-21
Marsh McLennan announced that on nn February 11, 2022, the Board of Directors of the company appointed Hafize Gaye ERKAN, as Director effective on March 1, 2022. With Erkan's appointment, the Company's Board will consist of 14 Directors.


VIG


ERGO


TOP EVENTS

EVENT: 'Digitalization' in the Insurance sector takes spotlight at the Fourth edition of InsureTek 2022.
by Irina GHETU, 2022-02-21
Schedule from 9th - 10th Febuary 2022, the fourth edition of the InsureTek 2022, successfully concluded in Dubai. Organized by Biz Events Management, the event brought together top industry stakeholders, decision makers and experts under a single roof. Dr. Haidar Al Yousuf, Managing Director Al-Futtaim Health, Ex CEO Health Funding - Dubai Health Authority and Ali Fareed Lutfi, Head of Payer Regulation, Dubai Health Authority were the esteemed guests at the event. PRIMM supported the event as a Media Partner.

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First Congress of Actuaires du Monde to be held in Skopje (North Macedonia) on 31 March & 1 April 2022
by Daniela GHETU, 2022-01-27
The First Congress of Actuaires du Monde, co-organized by Actuaires du Monde, Insurance Supervision Agency and the Macedonian Actuarial Association, will take place at the Marriott Hotel, in Skopje (North Macedonia) on 31 March & 1 April 2022. The media coverage will be assured by XPRIMM.

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EVENTS

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

9th AIDA Europe Conference
Zurich, Switzerland
18-20 May 2022
Organizer: AIDA Europe
Media Partner: XPRIMM Publications
For details: aidainsurance.org

DIA Amsterdam 2022
Taets Art & Event Park.
29-30 June, 2022
Organizers: Reggy de Feniks and Roger Peverelli
Media Partner: XPRIMM Publications
For details: https://www.digitalinsuranceagenda.com


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