XPRIMM News
 
Insurance Newsletter, No. 197, March 29th, 2012

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TOP NEWS - FINANCIAL NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS

TOP NEWS
VIG, FY2011: The profit increased to a record high of EUR 559 million
by vlad.boldijar@mxp.ro, 2012-03-29
Last year VIENNA Insurance Group earned consolidated premiums written of EUR 8.9 billion, which corresponds to a rise of 3.4%, reported today the company. At the same time, the profit before taxes increased by 10.1% to EUR 559.0 million, being "the best-ever result in the Group's history", VIG officials say.
More Продолжение

TURKEY, FY 2011: high inflation and massive currency devaluation, but still on the growth track
by daniela.ghetu@mxp.ro, 2012-03-23
The Turkish insurance market closed the year 2011 with a premium production of TRY 17.17 billion, 21.5% up in nominal terms as compared to 2010. However, in real terms, considering the 10.45% inflation rate registered in 2011, the growth was of 10.04%. Moreover, 2011 also brought a significant devaluation of the Turkish Lira in relation to the European currency. As a result, denominated in Euro, market output was of EUR 6.07 billion, only 1.88% higher than in 2010. Yet, although at a lower pace, the Turkish market remains one of the very few which didn't leave the positive territory in the last years.
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SLOVENIA, FY 2011: First negative result after 16 years
by vlad.boldijar@mxp.ro, 2012-03-23
Economic crisis, still lasting in Slovenia, affected last year the insurance industry: the 19 insurers member of Insurance Association (SIA) generated EUR 2.092 billion in gross written premiums, 0.12% less compared to 2010, primarily due to the decrease in life insurance. "The crisis is the main reason for the result in 2011, as the increasing unemployment rate and poverty left less money to spend for insurance. The market has shrinked for the first time in 2011 since the systematic monitoring began in 1995", stated for XPRIMM News Tomaz MANCINI, B.Sc., Head of the Statistical Analysis and Information Technology Service, Slovenian Insurance Association.
More Продолжение

ROMANIA, FY 2011: Ready for recovery
by daniela.ghetu@mxp.ro, 2012-03-23
The Romanian insurance market ended 2011 at about RON 7.8 billion (EUR 1.84 billion). As compared to 2010, the last years' figures show a nominal decrease of 6.9%, indicating a possible flattening of the downfall trend started in 2009.
More Продолжение

RUSSIA: VTB is ready to buy stakes in INGOSSTRAKH from GENERALI PPF
by vlad.boldijar@mxp.ro, 2012-03-29
GENERALI PPF Holding is in talks to sell its stake in Russian insurer INGOSSTRAKH to Russia's VTB Bank, Italian business daily IL SOLE 24 ORE reports yesterday, informed 4-traders.com. Today, the CEO of VTB Group, Andrei KOSTIN, partially confirmed that the state-controlled VTB is in talks to buy a stake in Russian insurance company INGOSSTRAKH (REUTERS).
More Продолжение

TURKEY becomes a hot spot on the acquisitions map
by vlad.boldijar@mxp.ro, 2012-03-27
According to REUTERS, Germany's GOTHAER Insurance Group is in talks to buy a majority stake in Turkish insurer ISIK Sigorta from Bank Asya "as it seeks to tap a potential growth market". Turkey's Bank Asya, which offers banking services that comply with Islamic law, holds almost two thirds stake in ISIK Sigorta. Other shareholders may also sell their stakes, the REUTERS' sources said.
More Продолжение

Property insurance market in Serbia hindered by dropping sales of apartments; Croatia and Montenegro less affected
by daniela.ghetu@mxp.ro, 2012-03-23
Since the middle of last year, the number of commercial mortgage loans approved in Serbia has plunged by 15.3%. Consequently, apartment sales fell by 30%, apparently also pulling back the household insurance business which recorded an over 30% negative change in the first three quarters of 2011, as compared to the same period of 2010. Thus, after registering a small y-o-y nominal increase in 2010, of almost 3%, the 3Q2011 statistics show a 36% fall in premium, to RSD 3.67 billion (EUR 36.3 million). Similar situations of the apartment sales in Croatia and Montenegro didn't have the same impact on the dwelling insurance sector.
More

Heavy winter in insurance claims for GENERALI PPF Holding
by vlad.boldijar@mxp.ro, 2012-03-28
Residents of Central, Eastern and South Eastern Europe had to cope with a short, yet severe winter this year. Subsidiaries of GENERALI PPF Holding which operates in 14 countries in CEE, have contributed to an internal survey in order to find out what effects the extreme weather had on property and the health of people. The number of reported insurance claims increased by almost 40% within the most affected countries over the first half of February compared to a more "ordinary" winter.
More Продолжение

JLT Group interested in expanding business in Croatia
by daniela.ghetu@mxp.ro, 2012-03-22
JARDINE LLOYD THOMPSON Group Plc. (JLT), a global insurance broking company, is interested in expanding its activities in Croatia following the Croatian's government announcement with regard to the sale of the state-owned insurance company CROATIA OSIGURANJE, found out bloomberg.com at the British Investment Forum held in Zagreb.
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POLAND: PZU made public its new development strategy until 2014, PZU 2.0
by daniela.ghetu@mxp.ro, 2012-03-19
Customer centricity, efficiency, innovativity are the main coordinates of the PZU's development new strategy for 2012-2014, called PZU 2.0. According to a recent press release of the Polish group, PZU 2.0. means a new vision for the insurer, which, thanks to strong customer orientation and high operational efficiency has become the largest and most profitable insurance company in Central and Eastern Europe. By implementing the strategy, PZU targets a PLN 2 billion organic growth in GWP by the end 2014.
More

TALANX, FY2011: Net income doubled to EUR 520 million
by vlad.boldijar@mxp.ro, 2012-03-28
The gross premium written by the Germany's third-biggest insurer TALANX, increased by 4% in 2011 compared to the previous year to EUR 23.7 billion. According to the press release, the increase was driven by all divisions with the exception of Retail Germany, which saw a drop in life insurances with single premium payments. Most appreciable, with a gain of 11%, was the growth in international retail business. In the past year TALANX was able to acquire two companies in Argentina and Uruguay and the Polish companies TU EUROPA and WARTA (both cases still subject to the usual regulatory approvals).
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GENERALI, FY 2011: significantly improved profitability in the CEE region
by daniela.ghetu@mxp.ro, 2012-03-22
Total underwritings of GENERALI Group in the CEE region amounted EUR 3.94 billion in 2011, accordind to the figures presented on March 20th by Group's officials. The CEE business weights 5.7% on GENERALI's consolidated portfolio, of EUR 69.16 billion. As compared to 2010, the CEE premium production registered a better dynamic in 2011 (-2%) than the Group's consolidated GWP which was of -5.5%. Operating result for the CEE region was of EUR 503 million, 20% higher than in 2010.
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EUROINS reported strong results in Bulgaria and Macedonia
by vlad.boldijar@mxp.ro, 2012-03-19
In 2011, the Bulgarian insurance group EUROINS reports gross written premiums at the amount of BGN 232.9 million (EUR 119 million), which is at the level of 2010 when the same indicator were BGN 233.5 million. "The trend of growth in non-motor lines compared to 2010 continues during the period: property and accident grow with 90% and 29% respectively. Written premiums in Casco and cargo fall by 32% and 28% respectively as a result of the stagnating economy in all countries of operation", EUROINS officials say.
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TRIGLAV GROUP: 34% higher profitability, 2% less GWP volume in 2011
by daniela.ghetu@mxp.ro, 2012-03-19
"Despite the financial crisis, the TRIGLAV Group delivered excellent performance in 2011 and earned EUR 58 million of profit before tax, mainly owing to effective corporate governance and good results in the core insurance business. Almost EUR 60 million of profit is an excellent result, especially against the backdrop of conditions on capital markets which adversely affected the value of investments" stated Matja? RAKOVEC, President of the Management Board of Zavarovalnica TRIGLAV, on the occasion of reporting with regard to the 2011 results of the Slovene group.
More

Expansion in Latvia and Estonia, on PZU's 2012 agenda
by daniela.ghetu@mxp.ro, 2012-03-19
The first targets in PZU's expansion strategy were recently revealed by a press release of PZU Lietuva, the Lithuanian subsidiary of the Polish market leader: PZU wants to enter Latvia and Estonia in the second half of 2012. According to PZU Lietuva CEO, Marius JUNDULAS, "expanding in the Baltics is a natural move for PZU". Considering the strong position of PZU Lietuva on the Lithuanian market and the fact that many of its big clients are extending their business towards Latvia and Estonia, "it is only natural to offer them, in these countries, the same reliable services as in Lithuania".
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TURKEY: ALLIANZ Sigorta's head pleads for stronger insurance regulation
by daniela.ghetu@mxp.ro, 2012-03-19
Turkey should launch strong regulations in the insurance sector as it did in banking after the 2001 financial crisis to ensure the healthy growth of the economy, recently stated Alexander ANKEL, CEO ALLIANZ Sigorta, the Turkish non-life insurance subsidiary of the German group. "The market has been driven by the strong appetite for fast growth, so the competition is fierce and there is no discipline in pricing," said ANKEL to Hurriyet Daily News, noting the sector was "overpopulated" with 39 companies.
More

GROUPAMA: Net results impacted by exceptional financial depreciation
by vlad.boldijar@mxp.ro, 2012-03-28
At 31 December, 2011, GROUPAMA combined premium income amounted to EUR 17.2 billion. In property and casualty insurance the group posted a 4.3% growth, while in life and health insurance, the premium income declined by -7.1% due to "the contraction of the savings division, in line with the rest of the market".
More

Credit Europe Asigurari
FINANCIAL NEWS
Gurria, OECD: Europe is stalling. It needs to get out of first gear and make growth the number one priority
by daniela.ghetu@mxp.ro, 2012-03-29
Euro area finance ministers meeting this week need to boost the firepower of the European stability funds to at least one trillion euros, OECD Secretary-General Angel Gurria said on March 27th. The current level of commitment to the rescue funds is not enough to restore market confidence, he said. A credible financial firewall will provide governments with the breathing space they need to focus crucially on revitalising Europe's economic growth and competitiveness.

Moody's: Slovakian banking system outlook changed to negative
by daniela.ghetu@mxp.ro, 2012-03-29
The outlook on the Slovakian banking system has been changed to negative from stable, caused by the downside risks to economic growth and asset quality within the system, says Moody's Investors Service in a new Banking System Outlook published on March 27th. Moody's expects the Slovakian operating environment will weaken over the outlook period, amidst the broader European Union economic slowdown. This will exert pressure on asset quality, which, in turn, will dampen the banks' profitability. These factors are balanced against expectations of continued good system-wide liquidity and adequate capitalisation.

Moody's: 2012 survey shows Russian bank CFOs are cautiously optimistic
by daniela.ghetu@mxp.ro, 2012-03-29
In its second survey of the Chief Financial Officers (CFOs) of Russian banks, the views of 80 CFOs reveals broadly credit-positive expectations, says Moody's Investors Service in a new Special Comment published on March 27th. "Bankers are cautiously optimistic about the Russian economy and expect asset quality, profitability and capitalisation to remain stable. Although we share CFOs expectations on certain topics, the ongoing euro area crisis has the potential to exacerbate volatility in banks' performance and affect Russian GDP growth dynamics," explains Eugene Tarzimanov, a Moody's Vice President - Senior Analyst and author of the report.

Poland and Czech Republic have different views on joining the Euro-zone
by daniela.ghetu@mxp.ro, 2012-03-29
Talking at a conference on central European economic policy in Prague, the governors of the Polish and the Czech central banks voiced differing views Friday, March 16th, on their countries' aspirations towards joining the euro, writes The Wall Street Journal. While Poland seems to maintain its commitment to joining the Euro-zone, although envisaging further political difficulties, Czech Republic shows a reluctant position and refuses to adopt a firm timeframe for the Euro adoption.

PRESS CUTTINGS
ALBANIA: Retirement Age Increase One of the Options for Pension Reform in Albania

ARMENIA: Combined total assets of insurance companies in 2011 grew by 23.2% from a year earlier

ARMENIA: Overall liabilities of insurance companies surge by 19% in 2011

ARMENIA: Volume of compensations in January-February was about 1.3 billion drams

AZERBAIJAN: Azerbaijani insurance market increased dramatically in Jan-Feb

AZERBAIJAN: International players show interest to insurance market

AZERBAIJAN: Meqa Sigorta entered Compulsory Insurance Bureau

BULGARIA: Disaster insurance should become mandatory, say insurers

BULGARIA: Insurers' Premium Income via Brokers Rises 5.5% in 2011

CROATIA: PZU shows interest in buying Croatia's Osiguranje

CZECH REPUBLIC: Giant merger of health insurance companies is being prepared

KAZAKHSTAN: Insurance companies are anticipating changes in health insurance

LITHUANIA: Central Bank approves candidates to ERGO board

LITHUANIA: Number of insurance contracts exceeds 1 mln in 2011

MACEDONIA: Croatia Osiguruvanje-Nezivot 2011 Net Profit Triples

POLAND: CONCORDIA Ubezpieczenia is the insurance it leader

POLAND: Financial results of ERGO Hestia

TURKEY: Investment company reminds owners about earthquake insurance

UKRAINE: New draft law on insurance to be improved by first reading, LIOU says
EDITORIAL

A changing landscape

It is easy to see, following the news stream, that the CEE insurance market will most probably end 2012 with a sensible different landscape.

With the Croatia's accession to the European Union, a new player is entering the EU's insurance market, offering new business opportunities to European insurers. PZU's expanding plans will also change, in the first stage, the Baltic insurance landscape, adding a strong competitor to the local markets. Read more

daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

The best Romanian insurance companies and their regional networks were awarded on Monday evening, at the Insurance Market Awards Gala. The awards granted by PRIMM Magazine - Insurance & Pensions, the leading specialty magazine in Romania, have highlighted the achievements of companies and insurance brokers in 2011.

Nearly 400 top professionals in insurance and other related areas were present at the XIIth edition of the traditional ceremony, hosted by Sergiu COSTACHE, President of XPRIMM Group.

The 2012 winners are:

THE GRAND AWARDS:
BEST INSURER 2011
ALLIANZ-TIRIAC Asigurari
BEST NON-LIFE INSURER 2011
ASIROM VIG
BEST LIFE INSURER 2011
BCR Asigurari de Viata

MANAGER OF THE YEAR
- Florina VIZINTEANU, President of the Directorate, BCR Asigurari de Viata
- Mihail TECAU, President, BCR Asigurari VIG

SPECIAL AWARDS FOR INSURANCE COMPANIES
AWARD FOR EXCELLENCE
-
GENERALI Asigurari
BEST CUSTOMER SERVICES
- ALICO Asigurari
- GROUPAMA
TRADITION AND STABILITY
- OMNIASIG VIG
The PRIMM Trophee
- ASTRA Asigurari

THE BEST PRODUCTS AWARDS
- ING Asigurari de Viata - for the Supplementary insurance for serious diseases
- EUROINS - for the IMM Protector policy
INNOVATIVITY AWARD
- PLATINUM - for the PLATINUM HoReCa policy
- UNIQA Asigurari - for UNIQA Mobil

INSURANCE BROKERAGE AWARDS
INSURANCE BROKER OF THE YEAR
- MARSH
SPECIAL AWARDS FOR DISTRIBUTION PARTNERSHIPS
- PIRAEUS Insurance Broker & DOMO
- NETRISK Romania & eMAG.ro
- OTTO Broker & SIGNAL Iduna

THE BROKERAGE AWARDS VOTED BY INSURERS
BROKERAGE COMPANY OF CHOICE - SAFETY Broker
BEST BUSINESS PARTNER - Cristian BALANICA, General Director, PIRAEUS Insurance Broker

SPECIAL AWARD FOR LIFETIME ACHIEVEMENT - Ion BRATULESCU

OUTSTANDING CONTRIBUTION TO THE INSURANCE MARKET DEVELOPMENT
- Radio EUROPA FM
- Traffic Police Department - IGPR
- PRO FIDUCIARIA

SPECIAL AWARD FOR SUSTAINABLE DEVELOPMENT - ASITO Kapital

YOUNG PROFESSIONALS OF SUCCESS - Ciprian GRIGORESCU, Florin CALIN, Ionut LOSONTI, Dragos CIOCAN, Filip STAVROSITU, Andrei MIRAUTA, Madalin ROSU, Alin BAIESCU, Adrian LUPESCU, Tiberiu MAIER, Iuliana RUSEI.

Продолжение

Eastern Re

STATISTIC UPDATES
Romania FY 2011
Slovenia FY 2011
Turkey FY 2011

xprimm.com

xprimm.com

EVENTS

The motor insurance business in Republic of Moldova will witness this year some important legislative and operational changes, as the electronic issuing of MTPL policies, a partial liberalization of the insurance tariffs, as well as adoption of higher liability limits for the same line of business.

Thus, 2012 will prove a challenging year for most of the Moldavian insurers, as MTPL represents a significant share of their portfolio.

The second edition of the Motor Insurance Workshop organized by Media XPRIMM at Chisinau will offer the opportunity to clarify some aspects of the forthcoming new regulation and to benefit from the experience accumulated by insurers from other countries which have already implemented similar changes.

More details


Tashkent International Investment Financial Forum
April 4th-8th, 2012
Tashkent, Uzbekistan
Organizer: SAIPRO
Media Partner: PRIMM Insurance & Pensions Magazine
For details: www.saipro.uz
VIII International Risk Management Conference
April 19th-20th, 2012
Almaty, Kazakhstan
Organizer: Eurasia Insurance Company
Media Partner: Revista PRIMM - Asigurari & Pensii
For details: www.IRMC.kz
FIAR 2012 - International Insurance-Reinsurance Forum
May 20th-24th, 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
4th CEA International Insurance Conference - "Global market, global risks"
June 1st, 2012
Amsterdam, Netherlands
Organizer: CEA - Comite Europeen des Assurances
For details: www.cea.eu
Azerbaijan International Insurance Conference
July 4th-5th, 2012
Kurhaus Casino, Runder Saal
Baku Business Center
Baku, Azerbaijan
Organizers: Azerbaijan Insurers Association and Media XPRIMM
Baden - Baden XPRIMM Reception
4th Edition

October 21st, 2012
Kurhaus Casino, Runder Saal
Baden-Baden, Germany
33rd Baden-Baden Meeting 2012
October 21st-25th, 2012
Baden-Baden, Germania
WorldPensionSummit 2012
November 14th-16th, 2012
Amsterdam, Olanda
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com

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

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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