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Insurance Newsletter, No. 199, April 26th, 2012

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

TOP NEWS
FY2011 figures indicates that SERBIA is "on track"
by vlad.boldijar@mxp.ro, 2012-04-24
In 2011, total insurance premium amounted to RSD 57.3 billion (EUR 548 million), adding a mere 1.4% on the last year's figure, indicate the final financial data. "The development of the Serbian insurance market measured in terms of premium growth showed the deceleration of positive trends. In 2011, total premium increased by 1.4% nominally, but fell by 5.2% in real terms relative to 2010", according to the Insurance Sector in Serbia - Report for 2011 published in early April by the National Bank of Serbia (NBS).
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MACEDONIA, FY2011: Figures untouched by global crisis
by vlad.boldijar@mxp.ro, 2012-04-26
Figures released by the Insurance Supervision Agency in respect of insurance companies in Macedonia show an increase of 5.02% in total gross premiums written (GPW) over the period 2010 - 2011. The increase in GPW was primarily due to the authorization of new undertakings, and also because many insurers exhibited significant increases in premiums written over the previous year.
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SLOVAKIA, FY2011: Steady growth on a stable market
by daniela.ghetu@mxp.ro, 2012-04-26
2011 was a year of modest growth for the Slovak insurance market. All in all, the marked reported a 2.04% y-o-y growth, up to EUR 2.11 billion, according Slaspo - the Slovak insurers' association. Given the legal status of five companies, which are Slaspo members but are operating in Slovakia based on the right of establishment principle, the supervising authorities' data are shown a slightly lower GWP value, of EUR 2.04 billion. However, differences between the two sources are insignificant in relation to the total results and are consistent in terms of general trend.
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SLOVENIA: Matjaz RAKOVEC named the 'best CFO' of 2011
by vlad.boldijar@mxp.ro, 2012-04-20
Zavarovalnica TRIGLAV's President of the Management Board, Matjaz RAKOVEC is the recipient of the Best Chief Financial Officer 2011 award, traditionally presented by the KAPITAL publishing house at the annual KAPITAL financial fair. The jury is composed of thirty journalists from the business editorial boards of the Slovenian media.
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EUROINS 1Q2012 premium income rises 65.4% Y/Y
by vlad.boldijar@mxp.ro, 2012-04-20
For the first three months of the current year the GWP of EUROINS INSURANCE GROUP registered a 65.37% growth amounted to EUR 38.61 million compared to EUR 23.35 million for January-March 2011 according to preliminary data published by the Group.
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MOLDOVA, 1Q2012: GWP rises 4.6% Y/Y
by vlad.boldijar@mxp.ro, 2012-04-25
MDL 222 million (EUR 14.3 million) wrote in premiums the Moldavian insurers in 1Q2012, 4.6% more than a year earlier, according to the preliminary financial data centralized by the National Commission of Financial Market (NCFM). MTPL insurance generated MDL 45.9 million in premiums (3.3% less than last year), or 20.7% of the market. At the same time, Green Card totalized MDL 47.3 million (12% less), equivalent of 21.3% of the total market.
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BiH: A step closer to the EU insurance legislation compliance but further efforts still needed
by daniela.ghetu@mxp.ro, 2012-04-25
"BiH is still far from achieving significant results in terms of approximation with EU standards which call for effective and uniform enforcement of single and more sophisticated rules on the entire European market for the benefit of the consumers and ensuring higher level of financial stability. Bosnia and Herzegovina and its insurance sector will also need to address these challenges", said Renzo DAVIDDI, Deputy Head of the EU Delegation to BiH on the occasion of the closing ceremony of the project "EU Support for Sustainable Capacity Building of the Insurance Agency of BiH and the FBiH and RS Insurance Supervisory Agencies", held on the 18th April 2012, in the premises of the Parliamentary Assembly of Bosnia and Herzegovina in Sarajevo.
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GREECE: Insurance market on the uphill of recession
by dimitris.tsoulias@mxp.ro, 2012-04-20
Greek economy is trapped inside the eye of the storm in a very dramatic situation, while besides being sunk in deep recession it has also to face an ugly shift by the world economic stage. Suffering from several austerity measures imposed by the creditors of Greece (IMF and ECB), great sacrifices had to be made by the Greek people; on the other hand it may be the only way out from this Greek crisis.
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HUNGARY: New fiscal plans will affect insurers' financial results
by daniela.ghetu@mxp.ro, 2012-04-24
The Hungarian Government intends to introduce starting 2013 an unified tax on insurance companies, by merging and transforming taxes previously levied on insurance companies, as part of its Szell Kalman Plan 2.0, a package of new reform measures. The estimated financial outcome of this operation is of HUF 15 billion per year. Thus, profitability of Hungarian insurers will be further affected, probably even in a stronger manner than in the current context.
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ARMENIA: Insurer's profit increased four times in 2011
by olesea.serghiescu@mxp.ro, 2012-04-26
In 2011, total insurance premiums production of the eight Armenian insurance companies amounted AMD 22.4 billion or EUR 43.4 million, almost three times more than in 2010 (EUR 17.6 million). Also, in the reference year, insurers have paid claims of AMD 8.1 billion (EUR 15.7 million), according to data published by the local Agency ArmInfo.
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ROMANIA: The main European groups maintain the increase of the motor insurance market share, but the business continues to decrease
by andreea.ionete@mxp.ro, 2012-04-26
In 2011, the total value of the gross written premiums for motor insurance reported by the member companies of the most important European groups activating on the Romanian market (ALLIANZ, GENERALI PPF, GROUPAMA, VIENNA Insurance and UNIQA) reached EUR 675.6 million. This represents 71.8% of the total business registered on the motor insurance market (MTPL, Green Card and Motor Hull - cumulated), increasing by 2% compared to 2010, when the market share of the main profile groups was 69.9%.
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ROMANIA: ALICO paid RON 22 million in claims in 2011
by mihaela.circu@mxp.ro, 2012-04-26
In 2011 ALICO Asigurari, the Romanian subsidiary of METLIFE, paid total claims of RON 22 million, a slightly increase compared to the total of RON 21.2 million paid in 2010. The company paid claims to over 11,800 of its clients, the largest claim value reaching EUR 100,000.
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OTHER NEWS
EUROPAIKI PISTI: 254% growth in profir before taxis, to EUR 13.8 million
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ERGO HELLAS confirmed, in 2011, its strong position on the Greek insurance market
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CHARTIS HELLAS: EUR 9.2 million profit before tax in 2011
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ALLIANZ HELLAS: Profitability up to EUR 18.5 million for 2011, driven by pension and motor insurance lines
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MOLDOVA, FY2011: Mediation market is heading towards 30% of the insurance market
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TIIFF 2012: Tashkent Insurance Forum transformed into a major event in an expanded framework
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ERGO launches start-up of life insurance company in China
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ROMANIA: Three companies hold over 60% of the health insurance market
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Credit Europe Asigurari
FINANCIAL NEWS
HUNGARY: NBH fears the Szell Kalman Plan 2.0 could lead to higher inflation and may increase the "black economy"
by daniela.ghetu@mxp.ro, 2012-04-26
The Monetary Council of Hungary's central bank (NBH) has voted on April 24th to leave the key policy rate unchanged at 7.00%. Thus, it will be the fourth consecutive month when the indicator's value is kept at this level, asthe high volatility of risk perceptions and recent trends in underlying inflation continue to warrant a cautious policy stance. One of the main reasons of concern for the MC's members is the possible inflationary trend generated by the measures recently announced by the government with the Szell Kalman Plan 2.0.

PRESS CUTTINGS
ARMENIA: Insurance companies pay 2.2 billion drams in compensations in quarter one

AZERBAIJAN: Compulsory insurance bureau starts paying compensations

AZERBAIJAN: Compulsory types form already 26% of insurance market

AZERBAIJAN: PASHA Sigorta strengthened leadership in insurance market

BULGARIA: Insurer EUROINS Q1 Premium Income Rises 12.2% Y/Y

CROATIA: Lower insurance premiums

KAZAKHSTAN: Insurance Company AMANAT Insurance intends to make large deals to the amount of KZT 27.1 bn

LATVIA: Latvian roads haunted by drivers - «recidivists»

LATVIA: More accidents happen on days 1 and 18 of a month, not on day 13

LITHUANIA: Shareholders approved results of AB Lietuvos Dujos

MACEDONIA: Insurer KJUBI Makedonija Turns to Loss in 2011

POLAND: PZU to pay out hefty dividend

SLOVENIA: ADRIATIC Slovenica Sees Profit Surge

SLOVENIA: The branch of WIENER Stadtische records the first profitable year in 2011

UKRAINE: Ukrainian government to stimulate agrarians to insure risks
EDITORIAL

Countdown to Success

"If an experiment works, something has gone wrong" says one of the most popular of the Murphy's Laws for technicians. And the corollary ads: "It should never be repeated". However, no matter how "realistic" it sounds in many cases for engineers, the Law proved wrong at least for two of the "experiments" started by Media XPRIMM some years ago: FIAR - The International Insurance-Reinsurance Forum, held each year during the last full week of May, in Romania and XPRIMM News, the international bi-weekly insurance newsletter. We call them here "experiments" because each of them, at its starting point, was a premiere in the CEE region, credited by many with little chance of success, or at least viewed by some with a touch of disbelief. Read more

daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW

Klime POPOSKI, Phd
President of the Council of Experts
Insurance Supervision Agency
Macedonia

The insurance market in the Republic of Macedonia represents about 3.9% of the financial system total assets. The market concentration of the insurance undertakings is moderate, with no insurance undertaking crossing the threshold of 20% share in the total gross written premium. Read more

Eastern Re

STATISTIC UPDATES
Macedonia FY 2011
Serbia FY 2011
Slovakia FY 2011

xprimm.com

xprimm.com

EVENTS

15th FIAR - The International Insurance Reinsurance Forum

The number of participants registering for FIAR - THE INTERNATIONAL INSURANCE-REINSURANCE FORUM is increasing daily, the event gathering representatives of the insurance and reinsurance markets from all over the world.

Leaders and specialists from Romania, the Republic of Moldova, Great Britain, USA, Slovakia, Bahrain, Austria, Denmark, Germany, Russia, Italy, France, Turkey, Sweden, Poland, Ireland, Cyprus and the Czech Republic have announced their participation so far.

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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 Forum
July 4th-5th, 2012
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, Germany
WorldPensionSummit 2012
November 14th-16th, 2012
Amsterdam, Netherlands
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com

POINT OF VIEW
Julia CILLIKOVA
Director of the Regulation and Financial Analyses Department
National Bank of Slovakia

Provisional figures indicate a significantly improved combined ratio and implicitly a higher profitability of Slovak insurers. Although motor insurance lines maintained a downward trend, almost all other classes registered positive evolution in premiums. Read more
JLT

 
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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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