XPRIMM News No. 573, 25 November 2021

Insurance Newsletter No. 573, 25 November 2021

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TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

POLAND: PZU Group: record sales results - after 3Q exceeded the threshold of PLN 18 billion in GWP
by Marina MAGNAVAL, 2021-11-22
More than two and a half times increase in net profit y-o-y, historically high GWP, nearly 18% return on equity - these are the most impressive achievements of the PZU Group in the first three quarters of this year, Gazeta Ubezpieczeniowa reports.

Romania: The highest compensation paid on a life insurance policy - over 1.18 million lei
by Cristian SUCA, 2021-11-25
The highest indemnity paid in Romania on a life insurance policy in 2020 was over 1.18 million lei - for a death. By each type of cover, the top of the highest payments made is completed by a compensation of 839,000 lei, paid for a serious illness, and one of 150,000 lei, paid for a permanent disability, according to UNSAR data.

Triglav 3Q profit up 48% to EUR 92.1 m almost exceeding the YE plan of EUR 85-95 million
by Andrei Victor, 2021-11-22
Slovene largest insurance group Triglav reported 9 months 2021 10% increasing GWP to EUR 1.06 billion and consolidated profit before tax of EUR 92.1 million, up by 48% relative to the same period last year.

SAVA Re: Nine-month profit of EUR 57.2 m exceeds full-year profit target
by Andrei Victor, 2021-11-22
In the first nine months of 2021, the Sava Insurance Group generated EUR 548.8 million in operating revenue and a net profit of EUR 57.2 million vs. EUR 46.7 million a year before. The Sava Insurance Group's operating revenue and net profit represented 80% and 108%, respectively, of the full-year 2021 targets, thus company representatives believes that the estimated profit for 2021 published after the close of the half year will be exceeded.

Slovakia: Central Bank greenlights Generali to operate as an EU branch
by Andrei Victor, 2021-11-23
The National Bank of Slovakia - NBS, has approved the organizational merger of the Slovak insurer Generali with Generali Ceska Pojistovna from the Czech Republic, local media announced.

KBC acquires Bulgarian ops of Raiffeisen Bank International for EUR 1.02 bn
by Andrei Victor, 2021-11-22
Belgium-based KBC Bank and Austria-based Raiffeisen Bank International ('RBI') reached an agreement for KBC to acquire 100% of the shares of Raiffeisen bank (Bulgaria) EAD, comprising RBI's Bulgarian banking operations.

SERBIA: "Serbian Insurance Days" to be held on November 24-26
by Marina MAGNAVAL, 2021-11-22
The Association of Serbian Insurers announced that "Serbian Insurance Days" will be held on November 24-26 in the hotel "Izvor" in Arandjelovac.

Kosovo insurers posted 9 months profits of EUR 6 m
by Andrei Victor, 2021-11-23
Kosovo insurers posted a net profit of EUR 5.9 million in the nine months through September 2021, EUR 1 million more compared to a year earlier, Central Bank monthly figures showed.

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ERGO and Santander Germany conclude partnership
by Andrei Victor, 2021-11-22
German insurer ERGO and Santander Consumer Bank, Germany's fifth-largest credit institution, have agreed on a new partnership. In the first half of the coming year, the two companies will optimize their product offering for their customers as part of a strategic partnership.

Talanx Group, 3Q2021: 10.2% increase in GWP and operating profit reaching EUR 1.8 billion
by Marina MAGNAVAL, 2021-11-22
After the first nine months of the year, the Talanx Group is ready to achieve its annual target for net income of EUR 900-950 million. Net income for the period increased to EUR 723 million (from EUR 520 million), despite heavy losses from natural disasters, insurancedaily.gr reports.

Swiss Re Institute: World insurance market to exceed USD 7 trillion for the first time by mid-2022
by Andrei Victor, 2021-11-22
Swiss Re Institute's latest sigma study forecasts the global insurance industry to reach a new record in global premiums by mid-2022, exceeding USD 7 trillion. "This comes earlier than Swiss Re estimated in July and reflects rising risk awareness, increasing demand for protection and rate hardening in non-life insurance commercial lines".

UNIQA expects YE gross profit between EUR 330 million and EUR 350 million
by Andrei Victor, 2021-11-22
Austrian insurance Group UNIQA reported 9 months 2021 GWP worth EUR 4.83 billion, 18% more y-o-y - - as a result of the first-time consolidation of the former AXA companies in CEE, and earnings before taxes of EUR 298.7 million, 39.7% more vs. September 2020 (EUR 213.8 million).

AZERBAIJAN: over AZN 1.1 billion to be allocated for mandatory health insurance in 2022
by Marina MAGNAVAL, 2021-11-24
In 2022 over AZN 1.1 billion (~USD 647 million) is planned to be allocated for mandatory health insurance in Azerbaijan, according to the Finance Minister Samir SHARIFOV, Trend reports.

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RUSSIA: in 9M2021, net profit of RENAISSANCE Insurance increased by 7%, and GWP - by 27% y-o-y
by Marina MAGNAVAL, 2021-11-23
Adjusted net profit of RENAISSANCE Insurance (included in the TOP-15 insurance companies) according to IFRS for 9 months of 2021 increased by 7% y-o-y reaching RUB 3.5 billion (EUR 41.51 million*), ASN reports with reference to the insurer's statement.

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UKRAINE: in 3Q2021, MTPL GWP increased by 17% y-o-y and paid claims - by 25%
by Marina MAGNAVAL, 2021-11-23
In the third quarter of 2021, the number of concluded MTPL contracts amounted to 2.4 million units, which is 7.6% more y-o-y. GWP reached UAH 1.9 billion (+17.3%)/~EUR 61.64 million*, according to a press release from MTIBU (Motor Transport Insurance Bureau of Ukraine).

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UKRAINE: new edition of the Law "On insurance" adopted
by Marina MAGNAVAL, 2021-11-24
The Verkhovna Rada of Ukraine on November 18, 2021 adopted a new version of the Law of Ukraine "On Insurance", which changes a wide range of requirements for licensing insurers, assessing their solvency and liquidity, corporate governance and risk management, termination of companies and transfer of insurance portfolio, etc., Forinsurer said.

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INTERVIEW

Mira Kiridzic-Bugler,Market Head ACEE (Austria, Central & Eastern Europe) Christian Kreutzer, Market Head & Transactions Lead, Northern, Central & Eastern Europe
by Daniela GHETU, 2021-11-25
The insurance protection gap is a worldwide topic. In CEE countries, salary level and missing trust in insurance are additional factors that contribute to a low insurance penetration. Raising public awareness for the value of insurance is an important task that we are working on closely together with our clients.

STATISTICS

STATISTICS: BELARUS, 3Q2021: level of paid claims in total GWP exceeded 58%
by Marina MAGNAVAL, 2021-11-22
For the first 9 months of 2021, total GWP of the insurance sector of the Republic amounted to BYN 1 319.7 million (EUR 451.31 million), which is 20.30% more y-o-y in local currency, according to the data published on the website of the Ministry of Finance.

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STATISTICS: Slovakia: SLASPO members 9 months GWP increased 1.2% y-o-y
by Andrei Victor, 2021-11-23
According to the quarterly market figures published by SLASPO (Slovak Insurance Association), at the end of September 2021, total GWP from the members of the association totaled EUR 1.86 billion, up by 1.2% y-o-y. Premiums written in life insurance decreased by 3% y-o-y to EUR 772 million, while non-life segment was up by 4.4% y-o-y to EUR 1.08 billion.

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ON THE MOVE

Former CEO of Lloyd's of London to join WTW BoD
by Andrei Victor, 2021-11-22
Re/insurance broker Willis Towers Watson (WTW) announced that it has selected Inga BEALE, Fumbi CHIMA, Michael HAMMOND, and Michelle SWANBACK to join its Board of Directors.

Pat DONNELLY appointed President of Marsh US and Canada
by Andrei Victor, 2021-11-22
Global insurance broker Marsh announced the appointment of Pat DONNELLY, currently Head of Marsh Specialty for Marsh US and Canada, as President of Marsh US and Canada, effective January 1, 2022.

EVENTS

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

AIDA Europe webinar 2021 Series
Media Partner: XPRIMM Publications
For details:
2.12.2021: AIDA Europe Webinar: Insurance and Human Rights

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

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