Global Briefs

Global Briefs – August 2019

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United Kingdom – The British Pound is Tumbling Downwards

The British pound has slumped to a two-year low as sings of an economic downturn amid brexit tensions are mounting. The currency fell to $1.25 on July 21. (Bloomberg.com)

Poland  – PZUW is the second fastest-growing mutual insurer in the world

PZUW, the mutual insurance arm of the Polish PZU Group, is the second fastest growing mutual insurance company in the world, the latest edition of the Global 500 report prepared by the International Federation of Cooperative Insurance and Mutual Insurance Companies (ICMIF) shows.

Greece – January-April update: property insurance significantly affects the decline of non-life

According to the Hellenic Association of Insurance Companies (HAIC), the local insurance market grew by 2.2 percent year-on-year from January-April 2019. Total GWP reached € 1.3 billion by the end of April. The market growth is supported by the life sector (+7.4%), which occupies 34 percent of total GWP. Non-life insurance declined by 2 percent year-on-year. Its market share fell to 53.5 percent. The main segment of non-life significantly affecting the sector’s decline is property insurance (-16.4%), while motor classes decreased only slightly.

Russia – Q1 2019, inward reinsurance increased by 22% y-o-y; outward by 4%

Inward reinsurance in Q1 2019 increased by 22 percent (versus 24% a year ago), according to an official announcement from the national reinsurer. Based on the report of the Russian National Reinsurance Company (RNRC) on reinsurance in Russia in 1Q2019, inward reinsurance GWP of Russian insurance companies increased to RUB 14.76 billion (~€ 0.2 billion). Premiums at risk from international market grew by 31 percent, which, according to the RNRC, is related to the increasing activity of large companies (SOGAZ, ROSGOSSTRAKH, INGOSSTRAKH, etc.). First place among countries was taken by France, shifting UK (due to Brexit). There were also recorded risks coming from Venezuela and Hong Kong and increasing volume of risks from Libya and Afghanistan.  Outward reinsurance in Q1 2019 went up by 4 percent, to RUB 43.56 billion (~€ 0.59 billion). The share of the five leaders in terms of premiums ceded increased from 61 percent to 68 percent, while the companies in TOP-5 remained the same (SOGAZ, INGOSSTRAKH, AlfaStrakhovanie, Soglasie, RESO-Garantia), RNRC reported. [*EUR 1 = RUB 72.7230 (31.03.2019)] (Source: XPRIMM)

Russia – over the last 5 years, the total number of insurers has decreased by more than 41%

Over the past 5 years (since 2014), the total number of insurers on the local market has decreased by 41.5 percent, and the number of branches by 27.6 percent, ASN reports based on a review of insurer activity, published by the Federal State Statistics Service. Since 2014, the total number of branches of insurers dropped by 1324 units. At that total number of insurers in 2014 was 395, in 2015 - 360, in 2016 - 297, in 2017 - 246, at the end of 2018 - 231. As Alexey Bredikhin, Director, Financial Institutions Ratings Group ACRA, believes, the market consolidation continues, insurers are closing inefficient branches to optimize expenses. At the same time, according to the large market players, the number of branches did not change significantly or at all in 2017-2018 - AlfaStrakhovanie has 270 representative offices, RESO-Garantia has 91, and INGOSSTRAKH has 83, ASN reports. (Source: XPRIMM)

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