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Insurance Newsletter, No. 195, March 1st, 2012

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

TOP NEWS
CEA rebranded to INSURANCE EUROPE
by vlad.boldijar@mxp.ro, 2012-03-01
Starting March 1st, 2012, CEA, the European insurance and reinsurance federation, is changing its name to INSURANCE EUROPE. "Today we are unveiling a fresh, new image that reflects the dynamism and importance of the industry we represent", declared Sergio BALBINOT, President of INSURANCE EUROPE.
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CSA: Life and household insurance slowed down the decrease of the insurance market to 4.3% in 2011
by andreea.ionete@mxp.ro, 2012-03-01
The Romanian insurance market reached over RON 7.9 billion last year, a level which indicates a nominal decrease of 4.3% compared to RON 8.3 billion underwritings in 2010, according to preliminary results published by The Insurance Supervisory Commission (CSA). At the end of 2010, the insurance market posted a nominal underwritings decrease of 6.36% compared to 2009. Life and household insurance were the most dynamic segments of the market and they managed to slow down the decrease of the total gross written premiums.
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AXA 2011 net income up 49%
by vlad.boldijar@mxp.ro, 2012-02-17
In 2011, net income of AXA Group was up 49% to EUR 4.32 billion. "FY10 net income included EUR -1,64 billion exceptional loss related to the partial sale of the UK Life operations, while FY11 net income included EUR -943 million goodwill reduction attributable to US Accumulator Variable Annuity book of business following the fall in US long term interest rates as well as the reduction in lapses, and EUR +2.33 billion exceptional realized gains related to the sale of Australian and New Zealand operations, Canadian operations and the stake in TAIKANG Life", announced the group.
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ALLIANZ net income down 46% for 2011
by vlad.boldijar@mxp.ro, 2012-02-24
In 2011 ALLIANZ Group recorded total revenues of EUR 103.6 billion, down 2.7% compared to 2010 (EUR 106.5 billion). At the same time, net income for 2011 was EUR 2.8 billion, compared to EUR 5.2 billion the year before. "The decline of 46.2% was mainly due to very conservative non-operating impairments of EUR 1.9 billion from Greek sovereign debt and investments, particularly in financials", announced the group. The 2011 operating profit amounted to EUR 7.9 billion. Compared to the 2010 operating profit of EUR 8.2 billion, this is a decrease of 4.6% "in the target range of EUR 8.0 billion, plus/minus EUR 0.5 billion".
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HUNGARY, FY2011: Insurance market remains on the downward track
by daniela.ghetu@mxp.ro, 2012-02-24
The Hungarian insurance market is one of the latest in the CEE region still having a rough time as a result of the austerity measures undertaken by the government in its attempt to balance de country's deficit. Insurers' combined revenue from premiums edged down an inflation-adjusted 2.7% to HUF 821 billion in 2011, according to the Hungarian Insurers Association (MABISZ). In nominal terms, the market saw a 0.38% growth. Denominated in European currency, 2011 figures are showing an even more worrying picture, with a 10% drop in GWP, to EUR 2.64 billion, following the almost 12% y-o-y depreciation of the Hungarian forint exchange rate. All in all, the number of policies fell by 60,000 units, to 11 million, MABISZ said.
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BELARUS, FY2011: Insurance market shocked by BYR "hyper-devaluation"
by vlad.boldijar@mxp.ro, 2012-02-24
According to results published by The Belarusian Association of Insurers, in 2011, total premiums in the insurance market rose in local currency by 76% year-on-year to BYR 2,362 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of written premiums: EUR 219 million, representing a decrease of 35%.
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BiH, FY2011: Life insurance gain momentum in "Austrian" style
by daniela.ghetu@mxp.ro, 2012-02-24
The Bosnian insurance market finished 2011 with a positive GWP growth rate, of 3.4%, up to EUR 249.5 million. Insurers domiciled in Srpska Republic (RS) managed to place an aggregated growth rate of 7.12%, up to EUR 67.15 million GWP, while their peers registered in Federation of Bosnia & Herzegovina reported a 2.1% positive change of the written premium volume, to EUR 182.4 million. Consequently, RS insurers' weight in the overall Bosnian insurance market grew by about 1 percentage point, to almost 27%.
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MONTENEGRO, FY2011: MTPL still dominant but growing competition on life
by vlad.boldijar@mxp.ro, 2012-02-24
Gross premium written on the insurance market of Montenegro in 2011 amounted to EUR 65.3 million, which represents a growth of 5.4% comparing to 2010, when it amounted to EUR 62 million, according to preliminary data published by Insurance Supervision Agency. At the same time, gross premium per capita in 2011 amounted to almost 99 euro.
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LITHUANIA, FY2011: Insurance market grew driven by non-life
by vlad.boldijar@mxp.ro, 2012-02-24
Last year was a successful one to the insurance market as its growth rate almost doubled compared with the national economy. In 2011, the amount of written premiums reached as high as LTL 1.7 billion, a year-on-year rise of 9.5%. The number of insurance contracts surged in 2011 by 3.3% to LTL 4.9 million. The premium amount paid out last year by domestic insurers saw an increase of 15.5% compared with the year before last year.
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POLAND: PZU is ready for shopping across Europe
by daniela.ghetu@mxp.ro, 2012-02-22
PZU, Poland's and also CEE's region top insurer, is in talks with private equity firms to set up a PLN 13 billion (~ EUR 3.1 billion) investment vehicle for foreign acquisitions, recently stated Andrzej KLESYK, CEO of Polish insurer for Rzeczpospolita daily. PZU wants to establish PZU International this year and start looking around Europe for some interesting acquisitions. For the time being, PZU operates out of Poland only in Ukraine and Lithuania.
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Leading Croatian insurer, CROATIA Osiguranje, for sale
by daniela.ghetu@mxp.ro, 2012-02-20
Croatia plans to sell a majority stake in leading insurer CROATIA OSIGURANJE in a public tender, Finance Minister Slavko LINIC said on February 13th. Also stake in a local bank will be privatised, as the Government moves to slash the budget gap this year, according Reuters.
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SWISS Re reports strong net income of USD 2.6 billion for 2011
by mihai.cracea@mxp.ro, 2012-02-24
Reinsurance Group SWISS Re reports strong net income of USD 2.6 billion for the full-year 2011 "despite an exceptional natural catastrophe burden", announced the company.
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SLOVAKIA: GENERALI recorded more than 100,000 insurance claims in 2011
by vlad.boldijar@mxp.ro, 2012-02-28
GENERALI Slovensko recorded more than 100,000 insurance claims for 2011, of which almost 40 % comprised damage in motor insurance. The total paid indemnity accounted for almost EUR 102 million, announced GENERALI PPF Holding.
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OTHER NEWS
ALLIANZ, CEE: "In 2012 we expect a growth rate of 2.7%"
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ING Insurance, 4Q2011: Operating result in increase
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WILLIS Group, FY2011: Net income decreased 52% to USD 218 million
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AEGON: 2011, a year of transformation and positioning for the future
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EUROPA Group has entered the Ukrainian insurance market
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The decline of the Romanian insurance market deepened in 2011. UNSAR members' underwritings down 6% to RON 6.5 billion
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SAVA Re plans to collect over EUR 340 million of GWP by 2016
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Former SWISS Re CEO will join AXA on April 25
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BULGARIA: About 8% of houses are insured. Insurers require creation of insurance pool against the risks of natural disasters
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Credit Europe Asigurari
FINANCIAL NEWS
CEE-7 countries' fiscal balaces will improve in 2012; Hungary still in a fragile position
by daniela.ghetu@mxp.ro, 2012-03-01
The central governments of the larger Central and Eastern European (CEE) countries will need to borrow EUR 94 billion in 2012 to finance deficits and roll over existing debt, equivalent to an estimated 10% of their combined GDP, forecasts FITCH in a recent report published by the agency. This puts CEE-7 countries (Croatia, Czech Republic, Hungary, Poland, Romania, Slovakia, Slovenia) on a par with their peers in the eurozone's healthy core.

FITCH Affirms Poland at 'A-'; Stable
by daniela.ghetu@mxp.ro, 2012-03-01
FITCH Ratings has affirmed Poland's Long-term foreign currency Issuer Default Rating (IDR) at 'A-', and its Long-term local currency IDR at 'A'. The Outlook on both ratings is Stable. FITCH has simultaneously affirmed Poland's Short-term rating of 'F2' and Country Ceiling of 'AA-'.

PRESS CUTTINGS
ALBANIA: Insurance Market Plummeted in January 2012

ARMENIA: Car insurance compensation goes up this year

AZERBAIJAN: This year, insurers to focus on corporate clients and prepare a conference on them

BULGARIA: Insurer EUROINS 2011 Premium Income Rises 5.14%

CROATIA: British looking to buy CROATIA Insurance and CROATIA Postal Bank

CZECH REPUBLIC: Government to merge two big health insurance companies

HUNGARY: K&H insurance unit profits more than double in 2011

KYRGYZSTAN: Licensing of insurance activities in the Kyrgyz Republic

LITHUANIA: Insurance market contracts in January 2012

MACEDONIA: Macedonia's Financial Watchdog OKs WINNER Life Cap Hike

POLAND: Almost 5 milion insurance policies taken out online and over the phone

POLAND: PZU targets health insurance development

POLAND: WARTA grew in 2011

SLOVENIA: Zavarovalnica TILIA net profit up 55%

TURKEY: GROUPAMA targets sustainable, profitable growth

UKRAINE: Why Ukrainians do not wish to insure their life?
EDITORIAL

SPRING it on!

Starting today, it is officially Spring!

Even if in some mornings one may still find a thin layer of snow covering the street, winter has lost its power. Nature is ready for a fresh start. Writing from here, in Romania, in the first day of spring, we would like to send you a sign of friendship and also a symbol for "Good luck!" which is traditionally offered in the first day of March, a "Martisor". It may bring you the much needed good humor for a new beginning. Read more

daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW

Constantin BUZOIANU
President
The Insurance Supervisory Commission

The CSA's main directions of action are the stability of the insurance industry and the protection of all insured clients. I believe these must represent the major objectives pursued by all entities working in this industry - insurers, intermediaries, professional organizations. Only by making significant progress towards these directions that depend upon one another we can help this industry grow and mature. Read more

Eastern Re

STATISTIC UPDATES
BELARUS FY 2011
BOSNIA AND HERZEGOVINA FY 2011
HUNGARY FY 2011
LITHUANIA FY 2011
MONTENEGRO FY 2011

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EVENTS

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

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 IIF 2012.

See you in Istanbul!
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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
WorldPensionSummit 2012
November 14-16, 2012
Amsterdam, Olanda
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com
POINT OF VIEW
Mag. Zvonko IVANUSIC
Chairman of the Management Board
SAVA Re

Over the past few years, SAVA Re was focused on geographical diversification of the Risk and in 2011, CEE represented 19% of SAVA Re foreign reinsurance portfolio (ex. domestic market). Excluding the Slovenian subsidiary (TILIA Insurance Co.) and the SAVA Reinsurance Co., the subsidiaries from ex-YU contribute 22 % to the consolidated premium portfolio. Read more
JLT


Kunden Broker

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
Managing Partner: Alexandru D. CIUNCAN
Development 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

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