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Insurance Newsletter, No. 191, December 15, 2011

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

TOP NEWS
SWISS Re: CEE market will see only a limited premium growth in 2012
by daniela.ghetu@mxp.ro, 2011-12-05
Emerging market economies have overall continued to grow robustly in 2011, by an average of 5.8% (+7.7% in 2010). However, growth has midly slowed in the second half of the year, due to hightened concernerns about the debt crisis in Europe and the health of the US economy, says Swiss Re in a recent report released by the company, "Global Insurance review 2011 and outlook 2012/13".
More

ROMANIA: good dynamic on property and life insurance close to compensate the drop in motor premium
by daniela.ghetu@mxp.ro, 2011-11-29
The 3Q2011 preliminary results of the Romanian insurance market show a slowdown of the negative trend in underwriting, with a y-o-y GWP nominal change of only -3%, much better as compared to the half year figures which were showing a 14% fall in GWP. All in all, GWP stood at EUR 1,444.48 million.
More Продолжение

BULGARIA: ALLIANZ Life and DZI, market leaders after the first 9 months
by vlad.boldijar@mxp.ro, 2011-12-06
The latest statistics published by FSC - Financial Supervision Commission indicate for the first nine months of 2011, a 0.5% increase of the Bulgarian insurance market, reaching EUR 589 million (BGN 1.15 billion).
More Продолжение

HUNGARY: market watchdog confirms a 2.7% fall in GWP in 3Q2011
by daniela.ghetu@mxp.ro, 2011-12-06
The Hungarian insurance market 3Q2011 aggregated results recently published by PSZAF (Hungarian Financial Supervision Authority) broadly confirm the figures released by MABISZ, the insurers association. Thus, GWP amounted HUF 618.6 billion (EUR 2.12 billion), down 2.7% in nominal terms, as compared with the same period of 2010.
More Продолжение

20% increase of GWP for Russian insurers in 3Q2011
by olesea.serghiescu@mxp.ro, 2011-12-09
The gross written premiums on the Russian insurance market increased by 20,2% in the first nine months of 2011, compared to the same period of the previous year, reaching EUR 30 billion. At the same time the companies paid claims totaling EUR 20 billion, 15.5% more than in the same period of 2010, according to the data published by the Russian Supervisory Authority.
More Продолжение

SERBIA: The insurance market grew by 3% at the end of September
by vlad.boldijar@mxp.ro, 2011-12-01
According to the financial indicators published by the National Bank, the total gross written premiums of the 23 insurance companies operating in Serbia rose by an annual pace of 3.0%, to RSD 44.48 billion (EUR 440 million) in the third quarter of 2011.
More Продолжение

Over 9% increase for Moldavian insurance market in 3Q2011
by vlad.boldijar@mxp.ro, 2011-12-01
Moldavian insurers wrote MDL 745.76 million (EUR 45.21 million) in premiums in the first ninth months of 2011, a 9% increase compared to the same period of last year. At the same time, claims reached MDL 251.70 million (EUR 15.26 million), 13% more than 2010, according to statistics from the National Commission of Financial Market.
More Продолжение

LITHUANIA: Insurance market grows to EUR 365 million in 3Q2011
by vlad.boldijar@mxp.ro, 2011-11-29
According to the Insurance Supervisory Commission of the Republic of Lithuania, in the first nine months of this year, the local insurance market, grew by 11.2% to LTL 1.26 billion (EUR 365 million).
More Продолжение

ESTONIA: The market continued to decline in 3Q2011
by vlad.boldijar@mxp.ro, 2011-12-06
In January-September 2011, the gross written premiums of insurance companies in Estonia decreased by 5.2%, reaching EUR 302 million, compared with total underwritings in the correspondent period of 2010. Claims paid by insurers amounted to EUR 193 million according to official data published by the Financial Supervision Authority of Estonia.
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Zavarovalnica TRIGLAV: Net profit increased by 10% in 3Q2011
by vlad.boldijar@mxp.ro, 2011-12-06
The net profit of Zavarovalnica TRIGLAV for the first nine months of this year was EUR 35.0 million, representing an increase of 9.6% compared to the same period of 2010, while the profit before tax amounted to EUR 51.0 million. In non-life insurance, net profit increased by 19% to EUR 31.5 million, whereas in life insurance the company recorded EUR 3.6 million in profit, or 36% less than in 2010.
More Продолжение

POLAND: VIG acquires POLISA Life
by vlad.boldijar@mxp.ro, 2011-11-29
The VIENNA INSURANCE Group signed a contract in Warsaw for the acquisition of at least 75% plus one share in the life insurance company POLISA Zycie. The acquisition is subject to the necessary regulatory approvals, announced today the insurance group.
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SWISS Re: CEO Stefan LIPPE to retire in 2012
by vlad.boldijar@mxp.ro, 2011-12-11
SWISS Re's Board of Directors announced that Stefan LIPPE has decided to step down as Chief Executive Officer of Swiss Re in the course of 2012. "A successor is planned to be appointed soon", the reinsurance group said in the press release.
More Продолжение

INTERAMERICAN Bulgaria enters the Estonian insurance market
by olesea.serghiescu@mxp.ro, 2011-12-05
The Bulgarian Financial Supervision Commission has approved INTERAMERICAN Bulgaria's application to provide insurance on the territory of Estonia, the authority reports.
More Продолжение

SOGAZ Russia entered Serbian market in partnership with SRBIJAGAS
by olesea.serghiescu@mxp.ro, 2011-12-05
Russian company SOGAZ plans to open by the end of this year an insurance company, SOGAZ-Serbia, with a share-capital of EUR 6 million, according to Alexey SMERTIN, group's marketing director of insurance.
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SERBIA: Drivers will be able to travel without a Green Card in EU
by vlad.boldijar@mxp.ro, 2011-12-12
Starting from January 01, 2012, the drivers from Serbia will be able to travel by car to 32 countries throughout Europe without a Green Card policy, according to a recent decision of the European Commission.
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OTHER NEWS
TALANX strengthens presence in Poland
More
ROMANIA: the Insurance Guarantee Fund reorganized to comply with the Solvency II requirements
More
ROMANIA: More than EUR half billion for the mediation market
More Продолжение
ROMANIA: Bogdan ANDRIESCU re-elected as President of UNSICAR
More Продолжение
SERBIA: UNIQA entering the private health care insurance market
More Продолжение
LATVIA: Rumours about possible financial problems at SWEDBANK, ungrounded
More
RUSSIA: EBRD help RESO GARANTIA to acquire stake in VSK
More Продолжение
KAZAKHSTAN: GENERALI Life has a new leader
More Продолжение
EUROINS Ins. Group: Romanian market generate over 60% of total premiums
More Продолжение
SAVA Re: The profit has tripled in first 9 months
More

Credit Europe Asigurari
FINANCIAL NEWS
S&P's: 15 European Insurers Placed On CreditWatch Negative Following Recent Sovereign Rating Actions
by daniela.ghetu@mxp.ro, 2011-12-12
LONDON (Standard & Poor's) Dec. 9, 2011--Standard & Poor's Ratings Services today placed its ratings on the following insurers (and certain related operating subsidiaries and certain holding companies) on CreditWatch with negative implications: ALLIANZ Group (including the Euler Hermes group), AVIVA Group, AXA Group, CAISSE CENTRALE de REASSURANCE (CCR), CNP Group, GENERALI Group, Irish Public Bodies Mutual Insurances Ltd. (IPB), MAPFRE Group, MILLENNIUM bcp - Ageas Group, NACIONAL de Reaseguros S.A. (Nacional), Pozavarovalnica SAVA d.d. (SAVA), RSA Insurance Ireland Ltd (RSA Ireland), Societa Cattolica di Assicurazione (CATTOLICA), TRIGLAV Group, UNIPOL Group.

HUNGARY: Growth expectation lowered at 0.5%, while HUF exchange rated must be raised
by daniela.ghetu@mxp.ro, 2011-12-12
Hungary's economic growth forecast will have to be lowered to maximum 0.5%, while projected forint exchange rates must be raised; fiscal planning will be based on the new figures after an upcoming budget overhaul which will mainly target the key areas of the public sector, from education to the judiciary to the pension system, said Hungary's PM Viktor ORBAN in an interview aired by the public television on Sunday evening and whose main ideas were reproduced by Portfolio.hu.

PRESS CUTTINGS
ALBANIA: Insurance Companies in Albania Paid Out Less in Claims in 2011

ARMENIA: About 30% of Armenian insurance market without mandatory car insurance belongs to the company "Ingo Armenia"

ARMENIA: Clients of Areximbank-Gazprombank Group may obtain a policy of mandatory car insurance by simplified mode from Rosgosstrakh-Armenia

ARMENIA: Obligatory agricultural insurance not yet prescriptive in Armenia

ARMENIA: Rosgosstrakh Armenia is first to receive Moody's certificate

AZERBAIJAN: Azerbaijan sets up first Islamic insurance company

AZERBAIJAN: Azerbaijani insurers to collect AZN 200 million before end of 2011

AZERBAIJAN: Tax holidays for banks and insurance companies not to be prolonged in Azerbaijan

BELARUS: Belarus' insurance cos poised to collect $300m in premiums in 2011

BOSNIA: RS Insurance Agency launches more stringent penalty policy

CROATIA: Croatia's Kvarner Vienna Insurance Group Wraps Cap Hike - Central Depository

CZECH REPUBLIC: Kooperativa is one of the country's top 5 companies again

CZECH REPUBLIC: PPF Group rapidly offloading stake in Italy's Generali

HUNGARY: Car insurance - a maze of discounts

KAZAKHSTAN: Health insurance market to change in 2012

KAZAKHSTAN: Kazakhstan insurance market appeals to foreign investors

KAZAKHSTAN: Kazakhstan to devise new development concept for its insurance market

MACEDONIA: Triglav osiguranje with profit in Macedonia

MONTENEGRO: State helping agriculturalists with insurance

POLAND: AEGON sells home insurance

POLAND: ALLIANZ: 10% increase in premium

POLAND: GENERALI: 3 successful quarters

POLAND: ING focuses on bancassurance

POLAND: Insurer Prudential may return to Poland

POLAND: NORDEA after 3 quarters

POLAND: PLN 3,6 billion of premium in WARTA Group

POLAND: Satisfaction of ERGO HESTIA clients on the rise

POLAND: Strong position of VIG

POLAND: Uniqa to join Poland's PLN 1 billion insurance club

RUSSIA: Russian airlines may have to fund liability insurance

SERBIA: Separation of the life and non-life insurance has been postponed to end of 2012.

SLOVENIA: S&P Puts Slovenia's Triglav Group, Sava Re on CreditWatch Negative

UKRAINE: "NOVA Insurance Co." entered the top 25 leaders list of the insurance market

UKRAINE: Four insurers win tender to insure Chornobyl nuclear plant

UKRAINE: Ukrainians spend USD 1.5 billion for insurance
EDITORIAL

Happy New Year!

We have finally arrived at the end of a troubling year. XPRIMM News has also arrived at its last issue for 2011.

A look at the past 12 months leaves us with a mixed impressions canvas: the highest catastrophe-related economic losses in history; a highly volatile financial environment - with ups and down succeeding in a sometimes stunning rhythm -; expanding austerity policies drastically cutting both the appetite and purchasing power of customers; legal challenges in preparation with the approaching term for the Solvency II enforcement; a new crisis wave on the horizon... Read more

daniela.ghetu@mxp.ro




BCR Asigurari de Viata
ALICO

INTERVIEW

Mesut YETISKUL
General Manager
CREDIT EUROPE Asigurari
ROMANIA

Our principle is to prepare for the worst and hope for the best. We hope the market will get in better shape, this will help everybody, however, within the current European turmoil, we do not believe any predictions benefit from a high degree of confidence. This is also the reason why we are reluctant to take any stance other than our hope for an improved business environment. Read more

ASTRA ASIGURARI

LAST STATISTIC UPDATES
ROMANIA 3Q 2011
BULGARIA 3Q 2011
SERBIA 3Q 2011
MOLDOVA 3Q 2011
HUNGARY 3Q 2011
LITHUANIA 3Q 2011
ESTONIA 3Q 2011
Note: click on the flag to access directly the country statistics page

xprimm.com

xprimm.com

EVENTS
International Insurance Forum 2012

The International Insurance Forum is a top level environment for re/insurance professionals and a platform for the exchange of business insights on essential issues of the re/insurance industry. The summit is completely organized for and by professionals, ensuring the highest quality program in all aspects.
IIF 2012 will focus on a major topic - profitability in motor insurance -, taking into consideration both the future trends and the most relevant past experiences. Keeping in mind the need to identify further growth opportunities for the industry, the Forum will put forward some of the most promising insurance markets, in terms of potential and business opportunities. Read more


5th Annual Bancassurance Forum
February 15-16, 2012
Barcelona, Spain
Organizer: Fleming Europe
Media Partner: PRIMM Insurance & Pensions Magazine
15% discount for PRIMM Readers
For details: www.finance.flemingeurope.com
Kuwait Insurance Forum 2012
March 7-8, 2012
Radisson Blu Hotel, Kuwait City
Organizer: ProMedia International
Media Partner: xprimm.com
For details: www.promediakw.com
PAST EVENTS
Moscow hosted the 10th anniversary edition of November Business Meetings of Reinsurers

The 10th Anniversary November Business Meetings of Reinsurers, organized by All-Russian Insurance Association (ARIA) together with DELOVOY Format Group, was held in Moscow on November 29-30. The plenary meeting scheduled for the first half of November 29 was followed by a massive program of business negotiations and presentation of new reinsurance products to a wide audience of Russian and foreign reinsurers. Read more

POINT OF VIEW
Vladan MANIC
Secretary General
Association of Serbian Insurers

oining the CEA is considered one of the major brake-throughs the Association of Serbian Insurers has made lately. It is rightfully attributed to the Association new management's strategic platform which is well supported by the entire local industry. We now have access to the variety of CEA resources, which is making us much closer to achieving of some of our basic goals - promotion of Serbian insurance market in an international environment and training and education of the local staff in accordance with the highest standards available. Read more
JLT


Kunden Broker
OXYGEN 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  
Turkey  


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