XPRIMM News No. 577, 13 January 2022

Insurance Newsletter No. 578, 13 January 2022

www.xprimm.com

TOP NEWS - CURRENT REPORTS - STATISTIC UPDATES

TOP NEWS

S&P's again confirms rating "A+" with stable outlook for VIG
by Andrei Victor, 2022-01-10
The international rating agency Standard & Poor's (S&P) again confirmed its rating for Vienna Insurance Group of "A+" with a stable outlook in a press release on 22 December 2021. Vienna Insurance Group thus remains the company with the best rating of all companies listed in the ATX of the Vienna Stock Exchange.

Czech. Rep: A. M. Best confirmed Generali Ceska pojistovna a financial strength rating of "A" with a stable outlook
by Andrei Victor, 2022-01-13
Before the end of 2021, the international rating agency A. M. Best, reaffirmed a financial strength rating of "A" (excellent) with a stable outlook for Assicurazioni Generali and its main rated subsidiaries, including Generali Ceska pojistovna. The agency also rated the long-term credit rating at "a +" with a stable outlook.

Insurance Europe on PRIIPS review: the KID should provide clear information on insurance coverage, guarantees or other capital protection mechanisms
by Daniela GHETU, 2022-01-13
The review of the PRIIPs framework should aim to result in an overall simplification to improve the clarity and usefulness of the Key Information Document (KID). Moreover, any review of the PRIIPs framework should not be rushed, as extensive technical and consumer testing in all countries is needed, Insurance Europe said.

Insurance Europe: EC Retail Investment Strategy should focus on best outcome for retail investors
by press.release, 2022-01-13
Insurance Europe has published its response to a call for evidence from the European Securities and Markets Authority (ESMA) on aspects of retail investor protection. This call for evidence will feed into the advice that ESMA will provide to the European Commission on its Retail Investment Strategy (RIS).

Insurance Europe: Major changes to EU product liability rules could undermine insurers' ability to cover certain risks
by Daniela GHETU, 2022-01-13
Insurance Europe has published its response to a questionnaire conducted by the European Commission on adapting liability rules to the digital age and artificial intelligence (AI).

ALBANIA: for January-November the market expanded by almost 18% y-o-y
by Marina MAGNAVAL, 2022-01-10
From January to November 2021, GWP of Albanian insurers increased by 17.6% y-o-y, reaching ALL 17.4 billion (EUR 142.8 million), SeeNews informed according to the official figures.

Latvian insurers' end-September profits expanded by 9% y-o-y
by Andrei Victor, 2022-01-10
According to the Q3 2021 market data published by the Financial and Capital Market Commission (FKTK), Latvian insurers' aggregate net profits expanded by EUR 2.1 million (or by 9% y-o-y) to EUR 25.2 million (vs. EUR 23.1 million).

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POLAND: the pandemic increased demand for life and health insurance as well as travel insurance and telemedicine
by Marina MAGNAVAL, 2022-01-10
The pandemic led to an over half-million increase in the number of individual life policies and lower interest in group contracts, Gazeta Ubezpieczeniowa reports referring to the data of the Polish Financial Supervision Authority.

French insurer Axeria IARD entered the Romanian MTPL market
by Andrei Victor, 2022-01-13
French insurer Axeria IARD, headquartered in Lyon, became active on the Romanian MTPL market on the right of the Freedom of Establishment, being greenlighted by the French and Romanian supervisory authorities: ACPR (Autorite de controle prudentiel et de resolution) and ASF (Autoritatea de Supraveghere Financiara), as 1asig.ro informed here.

Romania: insurers will increase the minimum compensation limits for Motor TPL contracts
by Andrei Victor, 2022-01-10
By 23 December 2023, Romanian insurers will increase the minimum compensation limits for MTPL policies, after the European Parliament amended the Directive on motor third party liability insurance, informed 1asig.ro here.

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Joint Movingdots and Overhaul technologies will help motor carriers lower insurance costs
by Daniela GHETU, 2022-01-11
Movingdots, Swiss Re's tech subsidiary in the automotive & mobility space and Overhaul, an US supply chain monitoring service provider, have established a partnership to provide motor carriers with the necessary actionable data to identify and address driver behavior.

Zurich to sell its Italian life and pensions back book to GamaLife
by Andrei Victor, 2022-01-10
Zurich Insurance Group (Zurich) announced that its subsidiary Zurich Investments Life has agreed to sell its life and pension back book, composed of both traditional and unit-linked policies, to the Portuguese insurance company GamaLife - Companhia de Seguros de Vida (GamaLife).

Guy Carpenter: January 1, 2022 renewals reflect a healthy but bifurcated market as reinsurers respond to sector challenges
by Daniela GHETU, 2022-01-10
According to global reinsurance broker Guy Carpenter part of Marsh McLennan, January 1 renewals reflected a healthy but evolving market as reinsurers adjusted risk appetite and pricing thresholds for certain sectors in response to ongoing and emerging challenges.

Aegon to repurchase shares for share-based compensation plans
by Andrei Victor, 2022-01-10
The Dutch insurance group Aegon announced that it will repurchase common shares for an amount of EUR 50 million to meet its obligations resulting from the 2021 and 2022 share-based compensation plans for senior management. The repurchased shares will be held as treasury shares until they are allocated to the plan participants.

Allianz France transferred its savings contract portfolio to CNP Assurances
by Andrei Victor, 2022-01-10
CNP Assurances and Allianz France announced that they have finalized a transfer of savings contracts from Allianz France to CNP Assurances. The transfer comprises more than 20,000 life insurance and capitalization policies for total assets of EUR 2.1 billion.

AXA has completed the sale of AXA Bank Belgium
by Andrei Victor, 2022-01-10
AXA announced today that it has completed the sale of its Belgian banking operations, AXA Bank Belgium, to Crelan Bank NV/SA, for a total consideration of EUR 691 million, comprised of a net cash consideration of EUR 611 million, and the transfer to AXA Belgium of 100% of Crelan Insurance - valued at EUR 80 million.

AZERBAIJAN: direct settlement in MTPL is planned to be introduced in Azerbaijan
by Marina MAGNAVAL, 2022-01-11
Over 90% of cars in Azerbaijan are insured under MTPL, said Vusal GURBANOV, director of the department for control over insurance activities of the Central Bank of Azerbaijan, Forinsurer reports.

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BELARUS: BelVEB Strakhovanie moved from non-life to life insurance
by Marina MAGNAVAL, 2022-01-10
BelVEB Strakhovanie insurance company has "switched" from non-life to life insurance on January 3, 2022, which is the first and only such experience on the Belarusian insurance market, the Belarusian Association of Insurers reported.

RUSSIA: for 11 months 2021 MTPL GWP increased by 7% and paid claims - by 5% y-o-y
by Marina MAGNAVAL, 2022-01-10
GWP in MTPL for the period from January to November 2021 amounted to RUB 214.43 billion (~EUR 2.53 billion*), which is 7% more y-o-y. At that paid claims in the segment reached RUB 130.3 billion (+5%), writes ASN with reference to preliminary data of the Russian Association of Motor Insurers (RAMI).

RUSSIA: requirements for the minimal charter capital of insurers increased from January 1
by Marina MAGNAVAL, 2022-01-12
From January 1, 2022, requirements for the minimal charter capital of non-life insurers increased from RUB 180 million to RUB 240 million. For life insurers, the minimal amount increased from RUB 310 million to RUB 380 million, for reinsurers - from RUB 520 million to RUB 560 million, ASN reports with reference to the Finmarket portal.

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UKRAINE: in January-September 2021, MetLife collected the maximum GWP for the life insurance market
by Marina MAGNAVAL, 2022-01-11
According to the results of three quarters of 2021, MetLife maintains its leadership in the life insurance market in all key indicators, which is confirmed by the Insurance TOP industry rankings.

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UKRAINE: in 10 months of 2021 the number of MTPL policies increased by 26% y-o-y
by Marina MAGNAVAL, 2022-01-11
The number of concluded Green Card contracts in Ukraine in January-October 2021 increased by 26% reaching 644.6 thousand units, Forinsurer wrote.

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INTERVIEW

Michael HAAS, Head Client Management L&H ACEE, Swiss Re - Claudia SZWILLUS, Underwriting Manager L&H CEE, Swiss Re
by Daniela GHETU, 2022-01-11
Swiss Re enhances its services for the Russian L&H insurance market. The reinsurer's clients in the region will benefit from the Group's leading underwriting manual in local language

MARKETS & TRENDS

Munich Re: high losses from natural disasters in 2021 draw attention once again to the consequences of climate change
by Daniela GHETU, 2022-01-13
Last year was the second-costliest ever for the insurance sector, says Munich Re, quoting overall losses from natural disasters of USD 280 billion in 2021, 43% of which being insured. Many of the weather catastrophes fit in with the expected consequences of climate change.

Climate failure and social crisis Top Global Risks 2022
by Daniela GHETU, 2022-01-13
Climate risks dominate global concerns as the world enters the third year of the pandemic, the Global Risks Report 2022 has found, while the top long-term risks relate to climate, the top shorter-term global concerns include societal divides, livelihood crises and mental health deterioration.

STATISTICS

STATISTICS: Latvian market expanded during Q3 by 3.7% y-o-y due to positive rates posted by EU branches
by Andrei Victor, 2022-01-13
The Latvian insurance market totaled EUR 618.8 million at the end of September 2021, about 3.7% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK).

STATISTICS: Cypriot insurers closed the first nine months of 2021 with GWP worth EUR 700 million
by Andrei Victor, 2022-01-13
The insurance market of Cyprus totaled EUR 701.4 million at the end of September 2021, increasing by almost 5% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

STATISTICS: Macedonian insurers' business expanded by 17.4% y-o-y after Q3
by Andrei Victor, 2022-01-13
Macedonian insurers posted nine-months 2021 aggregate GWP worth MKD 8.8 billion (~EUR 143 million), 17.4% more y-o-y, according to the market figures published by the Insurance Supervision Agency of Macedonia.

ON THE MOVE

Jost DOLNICAR appointed as the new chairman of the management board of Zavarovalnica Sava
by Andrei Victor, 2022-01-10
On 30 December 2021, the supervisory board of Slovene Zavarovalnica Sava appointed Jost DOLNICAR, who is currently a member of the management board of Sava Re, as the new chairman of the management board of Zavarovalnica Sava.

Chubb to appoint Bryce JOHNS to Lead Company's International Life Insurance business
by Andrei Victor, 2022-01-10
Chubb Limited announced that Bryce JOHNS will be appointed Senior Vice President, Chubb Group and President of Chubb Life. He will join the company from HSBC, where he served most recently as Global CEO of HSBC Life and Insurance Partnerships.

AIG announced leadership changes
by Andrei Victor, 2022-01-10
American International Group announced that Marilyn HIRSCH has returned to AIG as Senior Vice President, Treasurer, effective immediately, reporting to Shane FITZSIMONS, Executive Vice President and Chief Financial Officer, AIG. In addition, Kathleen CARBONE has been named Vice President and Chief Accounting Officer, AIG, effective March 1, 2022 reporting to Shane FITZSIMONS.

Aviva appoints Shonaid JEMMETT-PAGE as Non-Executive Director
by Andrei Victor, 2022-01-13
Aviva announced the appointment of Shonaid Jemmett-Page as an Independent Non-Executive Director of the Company with effect from 16 December 2021.

EVENTS

InsureTek
Constellation Ballroom, Dubai Marina Hotel
9th-10th February, 2022
Organizers: Biz Events Management
Media Partner: XPRIMM Publications
For details: insuretek.org

CEE & SEE Regional Actuarial Insurance Conference
Skopje, Macedonia
31 March - 1 April, 2022
Organizers: ISA North Macedonia & Association Actuaires du Monde
Co-organizer: XPRIMM

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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