XPRIMM News
 
Insurance Newsletter, No. 182, July 7, 2011

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INTERVIEW - TOP NEWS - FINANCIAL NEWS - PRESS CUTTINGS - EDITORIAL - POINT OF VIEW - EDITORIAL - ON THE MOVE - TRENDS - EVENTS - STATISTICS

TOP NEWS
European Council proposes Solvency II postponement to 2014
by mihai.cracea@mxp.ro, 2011-06-28
The European Council served the requests coming from the international insurance market and postponed the implementation of Solvency II until 2014, although the deadline was already set for January the 1st of 2013. It was also proposed that capital requirements to be met by March 31st, 2013 and incorporated in the legislation of each country, following the verification by the supervisory authorities to be made early next year.
More Продолжение

ALLIANZ plans to chip in EUR 300 million for Greece's recovery
by mihai.cracea@mxp.ro, 2011-07-07
ALLIANZ will participate with EUR 300 million to the recovery plan of Greece, according to Michael DIEKMANN, CEO of the company. "We are speaking about a financial commitment coming from our group of about EUR 300 million by 2014", mentioned the official.
More

Decreasing profit for the insurance market in the Czech Republic
by vlad.boldijar@mxp.ro, 2011-07-04
In the first three months of 2011, insurers activating on the profile market in the Czech Republic achieved a net profit of EUR 160.3 million, down by EUR 36.1 million compared to Q1/2010, as show the data recently published by the National Bank of Czech Republic.
More Продолжение

KBC is putting out on sale its insurance company in Poland
by vlad.boldijar@mxp.ro, 2011-07-04
Belgian financial group KBC is taking into consideration the sale of its Polish subsidiaries, KREDYT Bank and the WARTA insurance company, according to the Belgian daily De TIJD.
More Продолжение

Ukrainian insurance market grew by 29.8% up to EUR 529.81 million in Q1/2011
by olesea.serghiescu@mxp.ro, 2011-07-01
Gross written premiums in the first three months of 2011 by the Ukrainian insurance companies rose to UAH 6.09 billion (EUR 529.81 million), 29.8% higher than Q1/2010 (UAH 4.69 billion - EUR 408.50 million), according to the data published by the Financial Markets Supervisory Committee from Ukraine, according to forinsurer.com.
More Продолжение

EUREKO: Two new members to Supervisory Board
by vlad.boldijar@mxp.ro, 2011-07-01
Starting July 1st, 2011, EUREKO will have two new members to the Supervisory Board, according to the press release.
More Продолжение

ALICO Asigurari Romania is interested in potential acquisitions
by mihaela.circu@mxp.ro, 2011-07-05
ALICO Asigurari Romania is aiming for the leading position on the Romanian life insurance market, in terms of underwritings. Currently, the insurer owns the third place in this market, according to a top made by the specialized magazine INSURANCE Profile. "We are relying on an organic business development, but we are also eyeing to potential acquisition options", stated Theodor ALEXANDRESCU, General Manager, ALICO Asigurari Romania.
More

BUPA International and AXA PPP Healthcare offer health insurance in Romania through PIRAEUS Insurance Broker
by andreea.ionete@mxp.ro, 2011-07-04
PIRAEUS Insurance Broker signed in June mediation contracts with two of the largest worldwide private health insurance providers, according to the General Manager of the company, Cristian BALANICA. Thus, the broker will offer its clients health insurance policies from BUPA International and AXA PPP Healthcare with a global coverage including the US and Canada, through the Corporate - Private Insurance department lead by Adonis MANUSSOS and Pavlos IOSIFIDIS. Both companies are from the Great Britain and have the license required for practicing health insurance on the Romanian market.
More Продолжение

Georgia: The health insurance segment maintained the market at its 2009 level
by olesea.serghiescu@mxp.ro, 2011-07-04
In 2010, the insurance market in Georgia has seen a slight increase of the gross written premiums, of 0.27%, up to GEL 361.46 million (EUR 152.24 million) as compared with the similar period of 2009, when the profile companies underwrote GEL 360.45 million (EUR 151.82 million), according to the most recent data published by the National Bank of Georgia.
More Продолжение

Moldova: The market remained in the black in Q1/2011
by vlad.boldijar@mxp.ro, 2011-07-07
In the first three months of 2011 one citizen of the Republic of Moldova spent EUR 3.6 for insurance products, EUR 0.5 more than the insurance density calculated for Q1/2010. On insurance classes in the Republic of Moldova during January - March 2011, about 30 eurocents have been spent on life insurance and EUR 3.3 for household insurance per citizen.
More Продолжение

Belarus: The profile market grew with 39% in the first five months of 2011
by olesea.serghiescu@mxp.ro, 2011-07-06
During January - May of 2011, the insurance companies in Belarus underwrote premiums worth BYR 693.66 billion (EUR 97.60 million), about 39% higher than the similar time of 2010 (BYR 500.91 billion - EUR 70.48 million).
More Продолжение

GROUPAMA, the new reinsurer of Azerbaijan's crops
by mihai.cracea@mxp.ro, 2011-06-30
France's GROUPAMA signed a reinsurance contract with BASAK-INAM Sıgorta Sirketi of Azerbaijan, for the risks covered by the company through agricultural insurance. GROUPAMA is a worldwide leader in agricultural insurance and it is present on many markets in the world, including Romania.
More Продолжение

FINANCIAL NEWS
OECD: GDP continued to grow in 1Q 2011 despite the private consumption weakening
by daniela.ghetu@mxp.ro, 2011-07-07
Real GDP in the OECD area grew by 0.5% in the first quarter of 2011. Although private consumption remained the main driver of growth in the OECD as a whole, its contribution to growth fell in nearly all major economies. At 0.2 percentage point, private consumption's contribution to OECD growth fell to its lowest level since the second quarter of 2009.

EBRD: In 17 out of the 29 in transition countries, half of households were significantly affected by the crisis
by daniela.ghetu@mxp.ro, 2011-07-07
"The global economic crisis hit the households of transition countries in multiple ways. Subjective perceptions confirm the widespread impact, with two-thirds of respondents being affected. Households were affected primarily through the labour market by job losses and reduced wages and remittances", concludes a survey, recently released by EBRD and The World Bank.
TRENDS

Moldova: Insurers assess the market perspectives 20 years after start-up

The insurance market in the Republic of Moldova has known constant positive dynamics for the last few years, in both quantity and quality, under the circumstances of the elaborated program of reform of the industry, launched by the supervisory authority in Chisinau after the year 2007. At the celebration of 20 years of existence of the insurance market in the Republic of Moldova, XPRIMM TV team interviewed the leaders of the main local insurance companies, regarding how they estimate the local profile industry will evolve in the next couple of years. Read more
Credit Europe Asigurari
PRESS CUTTINGS
ALBANIA: State-owned insurer INSIG for sale

ALBANIA: Albanian Gov't Mulls Changes to Privatization of State-Owned Insurance Company

ALBANIA: Albanian government decides to liberalize insurance premium rates

ARMENIA: INGO Armenia is preparing a new product - agricultural risk insurance

AZERBAIJAN: AXA MBASK business' doubled in first quarter

AZERBAIJAN: PASA Sıgorta got irredeemable license for insurance activity

BOSNIA: Republika Srpska adopts a Draft Pension and Disability Insurance in RS Bill

BOSNIA: RS Government adopts draft bill about pension insurance

BULGARIA: Gross revenues from general insurance premiums declined by 1% y/y

Georgia: The net profit of insurance companies increased by 89.4%, to 20 million USD in 2010

HUNGARY: Generali-Providencia wins HungaroControl liability insurance policy tender

HUNGARY: Hungarian insurers paid out HUF 25 bln in storm, flood claims last summer - paper

HUNGARY: Hungary financial sector stable, but risks loom, says regulator

LATVIA: Drivers with two year experience - the most dangerous

LATVIA: Persons named Jānis or Līga - more conscientious car owners

LATVIA: Swedbank: middle-aged men choose life insurance the most

MACEDONIA: Macedonian Insurer Winner Q1 Market Share Doubles to 9.17%

POLAND: Demographic changes affect insurance

POLAND: Europa educates tourists

POLAND: Generali on facebook

POLAND: HDI: reporting a claim via internet

POLAND: Insurers have been awarded

POLAND: Polish Financial Sector Safe and Sound

ROMANIA: ASTRA is selling its GENERALI Asigurari stake for RON 20.75 million

ROMANIA: Capital raise of RON 50 million at GROUPAMA Asigurari

ROMANIA: Cristian CONSTANTINESCU is stepping down from UNSAR

ROMANIA: NOVA Group took over the shares UNIQA Group held at ASTRA Asigurari

RUSSIA: Top ten Russian insurers accounted 48% of the market in first quarter

SLOVAKIA: AXA begins Slovak banking services

SLOVENIA: NKBM wants to take over Zavarovalnica Maribor

SLOVENIA: Triglav fails to take over Slovenijales

TURKEY: Denizbank has agreed to sell its insurance operations in Turkey

TURKEY: Franco-Belgian financial services group Dexia will sell its Turkish life insurance business to MetLife
EDITORIAL

Some hints for your autumn agenda... just before summer holidays

There is already summer and most of us think of vacation. Some are already on the sunny beaches. The XPRIMM Team is also going to have a short break, meaning our following issue will meet you in August.

Meanwhile, the insurance business doesn't rest. As you may also see by reading today's headlines, new operations are undergoing, sales or acquisitions are announced, future interesting events and publications are prepared. Read more

daniela.ghetu@mxp.ro


BCR Asigurari de ViataALICO
POINT OF VIEW

Radu MANOLIU
Deputy General Manager
CREDIT EUROPE Asigurari

All persons involved, directly or indirectly, in recent years, in the underwriting activity had to face the increasing pressures of the market, given the continuous and generalized decrease of premiums. As expected, most of the prudential policies were abandoned, from the beginning, gradually or in the end, in the face of these pressures, and this led to the establishment of a dumping system, extended at least to the types of insurance with significant market share. Fortunately, there were enough exceptions from this "fight for survival", where the adjustment process of the rates did not stop at the prudential threshold, both for large size insurers, and for medium or small size ones, so that the market would not yet destabilize. Read more

ASTRA ASIGURARI

ON THE MOVE

Constantin TOMA resigned from the leadership of OMNIASIG. The resignation was accepted

Constantin TOMA, one of the most powerful men in insurance, has handed, according to market sources, his resignation from the function of President of OMNIASIG, the third player on the profile market. The resignation was accepted by the management of VIENNA Insurance Group.
Thus, starting July 1st, 2011, OMNIASIG will be led, until the appointment of a new President, by Constantin MARICA, Vice President of OMNIASIG. Read more
EVENTS
The Azerbaijan
International Insurance Forum

July 7th-8th, 2011
Baku Business Center, Baku, Republic of Azerbaijan

Azerbaijan Insurers Association, in partnership with Media XPRIMM and with support of Baku's Ministry of Finance, organizes on July 7-8, the second edition of Azerbaijan International Insurance Forum. The event takes place at Business Center, Baku, and focuses on analyzing not only the development trends of the local insurance market, but also that of the other insurance markets in the region. Read more

Les Rendez-Vous de Septembre
September 10th-15th, 2011
Monte Carlo, Monaco
Organizer: RVS
Media Partner: PRIMM Magazine - Insurance&Pensions
For details: www.rvs-monte-carlo.com
Motor Insurance National Conference - Bulgaria 2011
September 27th, 2011
Sofia, Bulgaria
Hotel Sheraton
Organizers: Media XPRIMM and INSMARKET.BG
11th International Yalta Finance Forum
September 19th-23rd, 2011
Yalta, Ukraine
Organizer: The League of Insurance Organizations of Ukraine
Media Partner: PRIMM Magazine - Insurance & Pensions
For details: www.cbs.org.ua
32nd Baden-Baden Meeting 2011
October 23rd-27th, 2011
Baden-Baden, Germany
For details: www.badendirectory.com
Baden-Baden XPRIMM Symposium
October 23rd, 2011
Kurhaus Casino Damenzimmer & Spiegelsaal
Baden-Baden, Germany
Organizer: PRIMM Magazine - Insurance&Pensions
6th European Pension Funds Congress
November 15th, Frankfurt am Main
Organizers: EFRP and MALEKI Group
Media Partner: PRIMM Publications
For details: www.malekigroup.com
EIOPA Conference
November 16th, Frankfurt am Main
Organizer: MALEKI Group
Media Partner: PRIMM Publications
For details: www.malekigroup.com


INTERVIEW

Klime POPOSKI
President of the Council of Experts
Macedonian ISA

"We expect a growth, especially in the non-life property insurance, as well as in the liability insurance. Beside these two directions, a specific development trend has been noticed in the life insurance sector, namely the development of the bank insurance, a concept which till now, was not present on the Macedonian market, and by which, the policyholders will be offered with a new type of quality service". Read more

Kunden BrokerOXYGEN Insurance

STATISTICS
Albania
Armenia
Bosnia Azerbaijan
Bulgaria Belarus
Croatia Georgia
Czech Rep. Kazakhstan
Estonia Kyrgyzstan
Hungary Moldova
Kosovo Russia
Latvia Turkmenistan
Lithuania Tajikistan
Macedonia Ukraine
Montenegro Uzbekistan
Poland  
Romania  
Serbia  
Slovakia  
Slovenia  


THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN
New Media Director: Mihaela CIRCU

Project Manager XPRIMM.COM: Daniela GHETU
Coordinating Editor: Andreea IONETE
International Column Coordinator: Vlad BOLDIJAR
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Oana RADU, Mihai CRACEA, Andreea STATE
Junior Editors: Dora ALECU, Olesea SERGHIESCU

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

e-mail: xprimm@primm.ro
PUBLISHED BY: Media XPRIMM

Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

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