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Insurance Newsletter, No. 192, January 19, 2012

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

TOP NEWS
POLAND: insurance market maintains a strong, positive dynamic
by vlad.boldijar@mxp.ro, 2012-01-18
The Polish Financial Supervision Authority (KNF) reported for the first nine months of last year excellent results for the local insurance market. Insurers collected more than PLN 43.5 billion (EUR 9.9 billion) of premium during the analyzed period. This result was, in local currency, 8.3% better than the year before.
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SLOVENIA: MTPL puts the brake on market recovery
by daniela.ghetu@mxp.ro, 2012-01-17
Slovenian insurance market showed a stable evolution in the first nine months of 2011, with an overall premium growth rate of 1.15%, up to EUR 1.62 billion GWP. Still, it is worth mentioning that paid claims registered a significantly higher growing pace, of almost 6%, due to life insurance paid indemnities. According to the Slovenian Insurance Association estimates, by the end of 2011, the Slovenian market will reach EUR 2.16 billion in GWP, 2.8% higher than in 2010.
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ROMANIA: damages caused by violent incidents in Bucharest, most probably not covered by insurance policies
by daniela.ghetu@mxp.ro, 2012-01-18
According to the first estimates, damages produced by the violent episodes of the Romanian street protest on Sunday (January 15) could amount EUR 300.000 - 450.000, taking into consideration both the value of the police equipments destroyed and the public and private properties affected. Unfortunately, most of the losses are not insured as damages produced by civil disorders are usually not covered by the voluntary insurance policies.
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CZECH Rep.: Unit-linked products continue to develop favorably
by vlad.boldijar@mxp.ro, 2012-01-18
Czech Republic's insurance companies posted combined gross written premiums of EUR 4.77 billion (CZK 118 billion) in 3Q2011, up 2.3% (in European currency) from a year earlier, according to the financial indicators published by the Czech National Bank (CNB). These results confirm the data collected by the insurers' association (CAP), released in November, 2011.
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TURKEY: 3Q2011 results affected by the devaluation of TRY
by vlad.boldijar@mxp.ro, 2012-01-18
According to results published by the Association of Turkish Insurance and Reinsurance Companies, in 3Q2011, total premiums in the Turkish insurance market rose in local currency by 22.7% year-on-year to TRY 12.6 billion. In European currency, due the devaluation of Turkish lira in relation to EUR, the insurance market did not show growth in terms of written premiums: EUR 5.1 billion, representing a decrease of 3.4%.
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MACEDONIA: 3Q results reconfirm market potential
by vlad.boldijar@mxp.ro, 2012-01-18
At the end of the first nine months of 2011, Macedonian insurance companies reported a growth of 9.8 percent y-o-y (in local currency). In the analyzed period, premiums reached MKD 5.17 billion or EUR 84 million, informed the Macedonian Insurance Supervision Agency.
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Mariusz WICHTOWSKI, President of CoB, Keynote Speaker at IIF 2012
by daniela.ghetu@mxp.ro, 2012-01-12
Mariusz WICHTOWSKI, President of the Council of Green Card Bureaux, will address the International Insurance Forum 2012. In his speech, "Actual development, problems and their potential solutions in the transborder claims handling", he will present the most important issues on the CoB's agenda for the near future.
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GEORGIA: VIG confirmed in 3Q2011 the market leader position recently gained
by vlad.boldijar@mxp.ro, 2012-01-17
In January-September, 2011, Georgian insurers generated a premium volume of EUR 116 million, 6% less compared to 3Q2010. Despite this decrease, life insurance premiums recorded a double value to EUR 5 million, but this type of insurance is still significantly under-represented, with a share of less than 5% in the total premium volume.
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LATVIA: MTPL determined the market trend in 3Q2011
by vlad.boldijar@mxp.ro, 2012-01-17
In 3Q2011, insurance companies in Latvia wrote premiums totaling EUR 251.6 million (LVL 176.8 million), according to The Financial and Capital Market Commission (FKTK). If comparing with the first nine months of 2010, the value is almost 28% bigger than in the same period of 2010.
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KOSOVO: Market ends 3Q2011 with an increase of 7%
by vlad.boldijar@mxp.ro, 2012-01-17
First nine months of 2011 represented, for insurance companies operating in Kosovo, a volume of gross written premiums of EUR 58.7 million, recording, compared to 2010, an increasing evolution of 7%. This value was generated by the over 465 thousand policies sold in the analyzed period.
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International Conference "Insurance in Central Asia" at its 6th edition
by olesea.serghiescu@mxp.ro, 2012-01-10
The 6th International Conference "Insurance in Central Asia", which has become a tradition for leaders in insurance and reinsurance in Central Asia, CIS countries and Central and Eastern Europe, will be held on March 15-16 in Alma-Ata, Kazakhstan. PRIMM Insurance & Pensions Magazine supports the event as Media Partner.
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TRIGLAV Group plans to generate EUR 60.6 million net profit in 2012
by vlad.boldijar@mxp.ro, 2012-01-11
"In 2012, the TRIGLAV Group will generate EUR 60.6 million in net profit and earn a total of 984 million in gross written premium", announced the company in early January. At the same time, combined ratio target is set at 95.3%.
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GOTHAER plans a takeover on the Romanian market. Their target is PLATINUM Asigurari, German sources said
by andreea.ionete@mxp.ro, 2012-01-10
The German insurance company GOTHAER is interested in taking over the Romanian insurance company PLATINUM, owned by Constantin TOMA, former president of OMNIASIG, according to sources cited by Financial Times Deutschland. Contacted by XPRIMM, the officials of GOTHAER confirmed that, at the moment, they are carefully analyzing the local insurance market and they have already started negotiations, but they did not mention the company in question.
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ROMANIA: Francois COSTE appointed CEO of GROUPAMA Asigurari
by andreea.ionete@mxp.ro, 2012-01-16
Groupama has appointed Francois COSTE as General Director of its Romanian subsidiary, GROUPAMA Romania. He will take on this new responsibility as soon as his appointment will be validated by the Romanian Insurance Supervision Commission. Sanda NICOARA, the current CEO, will return to her previous position, as deputy general director and COO (chief operations officer) of the insurer.
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VIENNA Insurance could make new acquisitions in Hungary and Moldova
by oleg.doronceanu@mxp.ro, 2012-01-16
Austrian insurer VIENNA Insurance could make new acquisitions in Hungary and Moldova this year if interesting targets were available, according to company's officials cited by REUTERS. Also, VIG's representatives told reporters that they are eyeing potential growth opportunities in Poland and Ukraine as well.
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OTHER NEWS
BiH: UNIQA grew more than five times faster than the market
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GENERALI-PPF: New CEO in Croatia and Kazakhstan
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Tashkent International Investment Financial Forum, to take the Central Asian financial markets to the next level, on April 4-8
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ROMANIA: 1st of January brings larger compensation limits, and Bonus-Malus for companies
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MOLDOVA: EUR 13 million for the brokers at the end of September, 2011
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ESTONIA will become the head office of ERGO in Baltic States
More
VAN AMEYDE buys PROFIBIZ to raise profile in POLAND
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ARMENIA: the introduction of the compulsory agricultural insurance, considered unnecessary by the Government
More Продолжение
"DOs" and "DON'Ts" for a successful bancassurance cooperation
More
Czech Republic: UNIQA beats market growth by five times
More
SWISS Re gets rating upgrade
More
A.M. BEST affirms ratings of RUSSIAN Re
More
A.M. BEST upgrades the rating of TRANSSIB Re
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Credit Europe Asigurari
FINANCIAL NEWS
FITCH: EC Ruling shows fiscal measures being put into practice
by daniela.ghetu@mxp.ro, 2012-01-19
Fitch Ratings says that the European Commission's efforts to enforce fiscal discipline on five EU member states show that the measures adopted to tackle the eurozone debt crisis last year are being put into practice, although this does not alter the European authorities' gradualist approach to resolving the eurozone sovereign debt crisis.

S&P: Affirmed ratings for 7 European insurers, but the bias of agency's insurance ratings in Europe remains negative
by daniela.ghetu@mxp.ro, 2012-01-19
Standard & Poor's Ratings Services affirmed on January 17th the ratings on the following insurers and removed them from CreditWatch, while the outlooks remained negative: ALLIANZ PLC, AVIVA Insurance (Europe) SE, AXA Insurance Ltd., Irish Public Bodies Mutual Insurances Ltd. (IPB), RSA Insurance Ireland Ltd. (RSA Ireland), Pozavarovalnica SAVA d.d. and TRIGLAV Group.

PRESS CUTTINGS
ARMENIA: Three insurance companies settle 64% of car accidents in 11 months of 2011

AZERBAIJAN: Another insurer added to Register of Azerbaijan Insurance Supervision Service

AZERBAIJAN: Azerbaijan's insurance market rises 37% last year

AZERBAIJAN: New Azerbaijani insurer sold its first 3 policies

AZERBAIJAN: New insurance company to operate in Azerbaijan

AZERBAIJAN: Number of mandatory social insurance payers grows 9.2% in 2011

AZERBAIJAN: Pasha Sigorta proceeds compulsory insurance of motor vehicles and property

AZERBAIJAN: Payments on voluntary life insurance increase 18% within month

AZERBAIJAN: Thames Insurance applied to Azerbaijan Finance Ministry for license extension

AZERBAIJAN: Vehicles in Azerbaijan must insure their passengers

BOSNIA: Insurer Dunav Osiguranje Cuts Capital by 23%

BULGARIA: Austria's UNIQA Bulgarian Unit Raises Capital by 5.1 Mln Euro

CROATIA: Croatia May Sell Insurer, Postanska Banka, Linic Tells Globus

CROATIA: Kvarner VIG Wraps up Cap Hike

CROATIA: Serbian drivers facing problems entering Croatia

CZECH REPUBLIC: Largest Czech insurer, Ceska Pojistovna A.S., leans on IBM to prevent tech problems

ESTONIA: Christmas storms in Estonia brought insurance companies 1.4 mln euros of damage claims

ESTONIA: Estonian insurance companies have received over 200 damage notices due to storm

KAZAKHSTAN: National Bank approved merging of Pana Insurance and Aliance Police

LATVIA: Balta - "insurance market to grow 7% in 2012"

POLAND: Bancassurance market after 3rd quarter

POLAND: Insurer PZU fined PLN 56.6 million for limiting competition

POLAND: Poland approves bill on health insurance premium for farmers

RUSSIA: Chartis: "Insurance in Russia still 'push' product"

SERBIA: Austria's UNIQA Serbian Unit Raises Capital by 3.0 Mln Euro
EDITORIAL

Share your thoughts

The winter holiday is already left far behind and 2012 is already carried "full speed ahead". Still, being at the first year's edition of XPRIMM News, let us wish you a fruitful and prosperous year!

There is no doubt 2012 will be a challenging year for insurers, as for almost every kind of business. A glimpse on the CEE and CIS regions' news in last month reveals the companies' efforts to anticipate and rapidly adapt to the future challenges. Read more

daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW

Mindaugas JUSIUS
Chairman of the Management Board
SWEDBANK Life Insurance SE

Regulation on unit-linked life insurance products is becoming tougher in the Baltics. We can expect tax benefits to be reduced as governments face budget challenges and the overall trends are not supportive. So life insurance companies must develop unique value for the customer that would difference insurance offering from other long term saving solutions. Read more

ASTRA ASIGURARI

LAST STATISTIC UPDATES
Czech Republic 3Q 2011
Georgia 3Q 2011
Kosovo 3Q 2011
Latvia 3Q 2011
Macedonia 3Q 2011
Poland 3Q 2011
Slovenia 3Q 2011
Turkey 3Q 2011
Note: click on the flag to access directly the country statistics page

xprimm.com

xprimm.com

EVENTS

What do car owners want from their insurer: cheap policies, extended coverage, additional services, big compensations for bodily injuries, fast payment of claims? And what can they really get?
Where is the right balance between satisfying as much of the clients' needs and a sound underwriting in motor insurance? For how much accounts in this equation dealing with trans-border claims, considering not only the possible regulatory differences but also the cultural ones?

Media XPRIMM and Istanbul Underwriting Center invite you to find the right answers and share your views with a group of reputed professionals on the occasion of the 2012 edition of

Motor insurance in emerging markets - is the price war over?

A group of relevant speakers will contribute to the Forums' debates:

  • Mariusz WICHTOWSKI, President, Council of Bureaux
  • Matjaz RAKOVEC, President of the Management Board, Zavarovalnica TRIGLAV
  • Murat DISCI, CEO, Istanbul Underwriting Centre
  • Ionel DIMA, Vicepresident, AVUS International
  • Vladan MANIC. Secretary General, Association of Serbian Insurers
  • Andranik OHANJANYAN, Director, Insurance Market Association of Armenia
  • Julia CILLIKOVA (tbc), Director of the Regulation and Financial Analyses Department, National Bank of Slovakia
  • Liviu STOICESCU, President, Romanian Motor insurers' Bureau
  • Svetlana NIKITINA, Vice-President, Russian Association of Motor Insurers
  • Hilmi Karamercan, Managing Director, Turkish Motor Insurance Bureau
See you in Istanbul!
More Продолжение


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
International Conference Insurance in Central Asia
March 15-16, 2012
Alma-Ata, Kazakhstan
Organizer: InterConsult
Media Partner: PRIMM Insurance & Pensions Magazine
For details: www.wfin.kz
XVI All-Russian Reinsurance Conference
March 22-23, 2012
Moscow, Russia
Organizer: Reinsurance Committee of the All-Russian Insurance Association and Delovoy Format Group.
Media Partner: PRIMM Magazine - Insurance & Pensions
For details: www.re-conference.ru

Tashkent International Investment Financial Forum
April 4-8, 2012
Tashkent, Uzbekistan
Organizer: SAIPRO
Media Partner: PRIMM Insurance & Pensions Magazine
For details: www.saipro.uz
FIAR 2012 - International Insurance-Reinsurance Forum
May 20-24, 2012
Sinaia, Romania
Organizer: Media XPRIMM
For details: www.fiar.ro
Kuwait Insurance Forum 2012
May 29-30, 2012
Radisson Blu Hotel, Kuwait City
Organizer: ProMedia International
Media Partner: xprimm.com
For details: www.promediakw.com
POINT OF VIEW
Vyaceslav CERNICA
Director
ERVAX Group Broker
Moldova

Life insurance segment in Moldova posted an evolution of 25% in the first 9 months of 2011, being one of the most promising sector on the local market. Although the segment represents only 5.8% from the total volume of underwritings, the perspectives are looking quite good. About the current stage of development on the life insurance market and future perspectives on this segment we had a dialogue with a well-known expert in the local market. 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  


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
Junior Editors: Olesea SERGHIESCU, Adina TUDOR

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

e-mail: media@xprimm.com
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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