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Insurance Newsletter, No. 184, September 1, 2011

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INTERVIEW - TOP NEWS - FINANCIAL NEWS - PRESS CUTTINGS - EDITORIAL - POINT OF VIEW - EDITORIAL - EVENTS - STATISTICS

TOP NEWS
The Council of Bureaux, represented at highest level at the Motor Insurance Conference in Bulgaria
by andreea.ionete@mxp.ro, 2011-08-23
The President of the Green Card Council of Bureaux, Mariusz WICHTOWSKI, confirmed his presence as keynote-speaker at the Motor Insurance Conference - Bulgaria 2011, event that will take place on September 27th, 2011, in Sofia, under the title "Cross-border Cooperation". During the event, Mariusz WICHTOWSKI will hold a presentation on potential solutions and dangers in claims management and financial discipline in the Green Card system.
More Продолжение

The 19% decrease on the motor lines pushed down the Romanian insurance market 7.4%
by andreea.ionete@mxp.ro, 2011-08-26
The insurance market in Romania ended the first half of this year with underwritings of RON 4.02 billion, the 7.43% decrease compared with the same period in 2010 being determined by the evolution of motor insurance, which has registered a decline of 19.1%, to RON 2.13 billion. This decrease in income did not affect companies' ability to pay claims and insurance indemnisations, the total volume of payments being RON 2.47 billion, representing, as in the same period of last year, more than 60% of gross written premiums, according to the Insurance Supervisory Commission.
More Продолжение

Signs of recovery for the Bulgarian market
by vlad.boldijar@mxp.ro, 2011-08-29
The latest statistics indicate for the second quarter of this year a 2 percentage points increase of the Bulgarian economy, showing strong signs of recovery after three years of economic crisis. Also, the Cabinet in Sofia forecasts an economic growth of 3.6 percent for the end of the year. The insurance market "did not wait too long" for signs of consolidation, after six months of 2011 increasing at the same pace with the economy: +0.8%, reaching EUR 417.6 million.
More Продолжение

Premiums of EUR 1.12 billion for the Ukrainian market in H1
by olesea.serghiescu@mxp.ro, 2011-08-30
The Ukrainian insurance companies have written in the first six months of 2011 over UAH 13 billion (EUR 1.12 billion) in premiums, according to the preliminary figures. "In this regard, the market recorded a 30% increase compared with the same period of the previous year", stated Natalia GUDIMA, President of the Ukrainian Insurance Companies League.
More Продолжение

UNIQA Group continued its development in the CEE markets
by mihai.cracea@mxp.ro, 2011-09-01
The profit of the Austrian group UNIQA has continued to grow, especially on the Central and Eastern European Markets, reaching EUR 53 million (6.8% increase). At the same time, the entire premium volume written (recurring and single premiums) amounted to EUR 3.19 billion.
More Продолжение

Albanian market grew by 5% in 1H/2011
by vlad.boldijar@mxp.ro, 2011-08-30
The first six months of this year marked a 5% increase for the Albanian insurance market, the total volume of underwritings reaching about EUR 30.4 million, according to preliminary results released by the Albanian Financial Supervisory Authority.
More Продолжение

Insurers gather for the 11th International Yalta Finance Forum in September
by andreea.ionete@mxp.ro, 2011-08-29
The 11th International Yalta Finance Forum will take place on September 19-23, 2011. Traditionally, but also as a partner in the Memorandum of cooperation previously signed with the League of Insurance Companies of Ukraine, PRIMM - Insurance & Pensions Magazine is Media Partner of this event, thus ensuring promotion of the Eastern-European markets, strongly supported by LIOU.
More Продолжение

Republic of Moldova: Negative dynamic for the market profitability
by vlad.boldijar@mxp.ro, 2011-08-24
Gross profit in the first half of this year for the players in the insurance market was MDL 41.5 million (EUR 2.5 million), which represents, compared to 1H/2010, an evolution in absolute value of about EUR 1.9 million (editor's note: in 1H/2010, gross profit was MDL 73.2 million, the equivalent of EUR 4.4 million). Also, losses accounted by insurers amounted to MDL 20.9 million (EUR 1.3 million).
More Продолжение

What's new in the Top 10 insurance companies in Romania?
by vlad.boldijar@mxp.ro, 2011-08-31
The top of insurance companies at the end of the first half of 2011 does not bring changes at the level of the first three insurance companies. With an underwritings volume of EUR 133.6 million, the first position goes to the company ASTRA - a nominal decrease in EUR by 4.6% compared to 1H/2010. The second position is held by ALLIANZ-TIRIAC (underwritings of EUR 109.4 million), while the third company on the profile market in Romania is OMNIASIG which, with a volume of gross written premiums of EUR 103.6 million, marked a decrease of 11.2%.
More Продолжение

New acquisitions in Albania for VIG
by vlad.boldijar@mxp.ro, 2011-08-29
VIG signed last week an agreement to acquire a majority share in the Albanian insurance company INTERSIG. As a result of this transaction, subject to official approval, VIG will acquire 75% of the shares plus one share of the company from private ownership. The parties have agreed not to disclose the purchase price.
More Продолжение

The premiums of SOGAZ Group have increased by 19%, to EUR 1.57 billion, in 1H/2011
by olesea.serghiescu@mxp.ro, 2011-08-26
Gross written premiums of insurance companies members of SOGAZ, in the first six months of 2011, totaled RUB 65.64 billion (EUR 1.57 billion), up by 19% compared to the similar period of 2010. The total volume of claims paid by the entire group has reached RUB 41.8 billion (EUR 1 billion).
More Продолжение

New Chief Compliance Officer at ERGO
by vlad.boldijar@mxp.ro, 2011-08-29
Starting 1st January 2012, ERGO Insurance Group will be establishing a new Compliance unit and has appointed Stefanie HELD as the Chief Compliance Officer (CCO). A jurist by profession, Stefanie HELD will be setting up the new unit with her own team and will be responsible for the compliance organization within ERGO Insurance Group.
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Insurance market in Bosnia and Herzegovina reported positive dynamics in 1H/2011
by vlad.boldijar@mxp.ro, 2011-08-31
The total value of gross written premiums of insurance companies active in the two administrative entities that make up Bosnia and Herzegovina (Federation of Bosnia and Herzegovina and Republika Srpska) stood, in the first six months of this year, to EUR 128.6 million, up by 5.2% compared to January-June 2010. Also, 71% of total underwritings were made in the Federation of Bosnia and Herzegovina (FBiH), the remaining 29% being registered in Republika Sprska (RS).
More Продолжение

WILLIS strengthen presence on the Polish insurance market with the acquisition of BCU AMA
by mihai.cracea@mxp.ro, 2011-08-30
WILLIS Europe, a division of the global insurance broker WILLIS Group Holdings, has acquired 100 percent of the shares of Polish insurance broker, BROKERSKIE Centrum Ubezpieczeniowe AMA. The deal, effective immediately, will further strengthen WILLIS' presence in the country, in particular in the growing Employee Benefits and Construction sectors. Terms of the transaction are not disclosed.
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The 10th anniversary of the "November Business Meeting of Reinsurers", on November 29th-30th, 2011
by olesea.sergiescu@mxp.ro, 2011-08-22
The 10 years anniversary of the "November Business Meeting of Reinsurers" event will take place on November 29th-30th, 2011, in Moscow. The reinsurers' meeting is organized by All-Russian Insurance Association (ARIA) and DELOVOY Format Group, while PRIMM - Insurance & Pensions Magazine is supporting the event as Media Partner.
More Продолжение

FINANCIAL NEWS
S&P raises Czech sovereign ratings
by daniela.ghetu@mxp.ro, 2011-08-24
Standard & Poor's (S&P) has raised its evaluation of the Czech Republic for long-term foreign currency obligations two levels from A to AA-. At the same time the agency raised its rating of the Czech state's long-term obligations in the domestic currency, the crown, by one level from A+ to AA-.

Russian bank intends to expand across CEE countries
by daniela.ghetu@mxp.ro, 2011-08-24
Russian lender SBERBANK recently said that it looking at potential takeover targets in Central and Eastern Europe, including in Poland.

ERSTE Group: Economic Expectations for the CEE Region Stabilise
by daniela.ghetu@mxp.ro, 2011-08-26
The ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe including Turkey (CEE) has declined significantly by 21.4 points in August 2011. The indicator which displays the expectations of the surveyed financial market experts regarding the economic development in the CEE region on a six-month time horizon now stands at minus 26.4 points. The indicator reflecting the assessment for the economic development in the Eurozone has dropped by 16.7 points to a level of minus 41.8 points. Whereas for the CEE region the majority of experts (50 per cent) retain neutral economic expectations, for the Eurozone 55 per cent are rather pessimistic.
Credit Europe Asigurari
PRESS CUTTINGS
ARMENIA: MTPL insurance mentained the market on profit

AZERBAIJAN: Azerbaijan's state insurance company increased premiums by 43% in a month and kept leading position in market

BULGARIA: DZI is the new leader in non-life insurance

BULGARIA: The technical result fell 45% in life insurance segment

ESTONIA: Insurers demand less cross-selling from banks

ESTONIA: Pohjola opens a branch office for corporate customers in Tallinn

HUNGARY: Allianz Hungaria revenue from premiums, operating profit fall in H1

HUNGARY: Hungarian insurers see 5.3% drop in first-half premium revenue

LATVIA: OCTA industry's losses - 800 000 lats

LATVIA: Owners of passenger cars crash once in 11 years on average

POLAND: Ergo hestia group increases sales

POLAND: Europa's results after 1st half of 2011

POLAND: Generali's results are a reason for optimism

ROMANIA: ASIROM business increased by over 30% after doubling the MTPL underwritings

ROMANIA: ISC approved the merger of the companies GENERALI and ARDAF

ROMANIA: OMNIASIG fell by 10% in the first half

RUSSIA: Increase of 22% for Reso Garantia in the first half year

SLOVENIA: Get Me My Taxes!

UZBEKISTAN: 2010 statutory amount of funds attracted by one bank from insurers amounted to 206.3 billion soums

UZBEKISTAN: Market capacity for five largest individual risks increased by 47.0%
EDITORIAL

The end of the motor insurance reign?

The first CEE insurance market data for 1H2011 are already available. As expected, they show in most cases an upward trend, shaken up by the economic recovery in the region. Also, as expected, life insurance continued to gain momentum, especially for the unit-linked lines. Somewhat predictable, but still less common in CEE markets, the growth stimulus part on non-life segment seems to be played no longer by the motor lines. At least, not in the determining way that it was not very long ago. Read more

daniela.ghetu@mxp.ro


BCR Asigurari de ViataALICO
POINT OF VIEW

Peter HAGEN
Deputy General Manager
VIENNA Insurance Group

Major broker houses are now giving us more business in Austria because we are their preferred partner in CEE, due to our most extensive network there. Basically, it’s a nice kickback we have from being the number one in CEE: this is also fostering our business in Austria. Read more

ASTRA ASIGURARI

EVENTS
Motor insurers in Romania and Bulgaria, face to face for the first time
September 27th, 2011
Hotel Sheraton , Sofia, Bulgaria

September the 27th - this is the date of the first edition of the National Insurance Conference - Bulgaria 2011, event organized in Sofia, in partnership by Media XPRIMM and Insmarket.bg, the Bulgarian insurance market portal. The conference, which will address pressing issues related to the cooperation between Romanian insurers and south of the Danube, will bring together specialized companies from both countries, claim adjusters, related service providers and leading reinsurers interested in the topic. 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
IUMI Annual Conference
September 18th-21st, 2011
Meridien Montparnasse Hotel, Paris, France
Organizer: IUMI & FFSA
For details: www.iumi2011.com
3rd Annual Insurance Distribution Strategies Forum
September 21st-22nd, 2011
Barcelona, Spain
Organizer: Fleming Europe
Media Partner: PRIMM Magazine - Insurance & Pensions
For details: www.flemingeurope.com
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
8th ICAR - International CAtastrophic Risks Forum
October 10th, 2011
Radisson BLU Hotel, Bucharest
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
For details: www.icarforum.ro
32nd Baden-Baden Meeting 2011
October 23rd-27th, 2011
Baden-Baden, Germany
For details: www.badendirectory.com
Baden-Baden XPRIMM Reception
October 23rd, 2011
Kurhaus Casino, Runder Saal
Baden-Baden, Germany
Organizer: PRIMM Magazine - Insurance&Pensions
For details: www.xprimm.com
European Banking & Insurance Fair 2011
November 15th
IFEMA - Feria de Madrid, Madrid, Spain
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

International Insurance Forum 2012
March 5th-6th, 2012
Istanbul, Turkey
Organizer: Media XPRIMM si Istanbul Underwriting Center


INTERVIEW

Elena PUI
Head of General Executive Direction of the National Commission of Financial Market

Republic of Moldova is preparing to implement the voluntary private pension system. In mid-April this year, the National Commission of Financial Market in Moldova has launched the draft law to regulate the necessary legal framework, currently submitted to public debate. The new law is meant to improve the old, unfunctional existing law on voluntary private pension and to provide a modern legal framework, able to assure the system real launching. 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: Olesea SERGHIESCU

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

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

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