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Insurance Newsletter, No. 200, May 10th, 2012

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

TOP NEWS
RUSSIA, FY2011: Maintaining the ascending trend
by daniela.ghetu@mxp.ro, 2012-05-10
Russian insurance market registered a remarcable high dynamic in 2011, as the GWP volume grew by almost 22% in local currency, to RUB 1,267.8 billion. Without considering the class of mandatory health insurance, the nominal growth rate in local currency was of 19%. In European currency, overall GWP amounted EUR 30.4 billion, almost 18% more than in 2010.
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UZBEKISTAN, FY2011: The uptrend in the "business cycle" continues
by vlad.boldijar@mxp.ro, 2012-05-10
Uzbekistan recorded in 2011 the second best economic growth rate in the Commonwealth of Independent States according to the UN report World Economic Situation and Prospects 2011 (WESP). In line with the forecast of the UN experts, the real gross domestic product (GDP) increased by 7.3% in 2011 (partially estimated), while, in 2012 Uzbekistan's economy is expected to rise by 7%.
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BULGARIA, FY2011: Flattening the downfall trend
by daniela.ghetu@mxp.ro, 2012-05-10
According to the Bulgarian National Statistical Institute (NSI), GDP grew by 1.7% in 2011 in real terms, a lower figure than the estimated rates. Weak housing and labor market revival, deleveraging in the corporate sector and slowing external demand are the main headwinds faced by the Bulgarian economy. Moreover, deteriorating external conditions affecting exports could also jeopardize the labor market stabilization started by mid 2011. Unemployment rising rate, to 11.2% in 2011, as well as the ongoing tightening austerity measures have already determined a further deterioration of population's purchasing power and appetite for buying insurance products.
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LATVIA, FY2011: Returning to "double digit" rates
by daniela.ghetu@mxp.ro, 2012-05-10
Latvian insurance market recorded an impressive double digit growth rate in 2011, reminding the good pre-crisis years. GWP amounted EUR 323 million, 19.3% y-o-y up. Yet, on the life insurance side the trend was strongly negative, with a 24% decrease in GWP, to EUR 35.4 million. On the non-life insurance segment, GWP volume amounted EUR 287.6 million, 28.4% more than in 2010.
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UKRAINE, FY2011: Strong growth on non-life, but life insurers still needs to gain people's confidence
by daniela.ghetu@mxp.ro, 2012-05-10
Gross written premium volume reported by the Ukrainian insurers in 2011 amounted UAH 14.33 billion, 9.70% up as compared to 2010, in nominal terms. Due to the 3% appreciation of the local currency, Hryvnia, in relation with Euro, the figures denominated in European currency show an even higher growth rate, of 12.63%, to EUR 1.39 billion.
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ARMENIA, FY 2011: Market reinforced by MTPL
by vlad.boldijar@mxp.ro, 2012-05-10
In 2011, total insurance premium production of the Armenian insurance companies amounted AMD 22.4 billion or EUR 44.9 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. In 2011, net profit recorded by insurance companies in Armenia amounted to AMD 2.4 billion or EUR 4.6 million, four times more than in 2010.
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GEORGIA: ALDAGI BCI became 85% owner of the IMEDI L
by olesea.adonev@mxp.ro, 2012-05-10
The largest player was established in the Georgian insurance and hospital markets, as on April 5th, insurance Company ALDAGI BCI became the owner of an 85% capital share of IMEDI L, in a deal of GEL 8 million (EUR 3.8 million), announced by COMMERSANT.
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BELARUS: The Finance Minister support the development of insurance market
by vlad.boldijar@mxp.ro, 2012-05-07
According to Belarusian Telegraph Agency (BelTA), a draft decree has submitted to develop insurance services in Belarus. Last week, the Finance Minister, Andrei KHARKOVETS, in a session of the Council of Ministers Presidium, has discussed about the implementation of the 2011-2015 insurance development program and measures to improve insurance effectiveness.
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SOGAZ operates on the SERBIAN market
by vlad.boldijar@mxp.ro, 2012-05-07
Last year, the Russian insurer SOGAZ, obtained a license to do business in Serbia, together with the country's gas monopoly SRBIJAGAS. At the end of April, 2012, has developed the opening ceremony of the SOGAZ subsidiary. The new company was named after the city where its headquarters are located - SOGAZ Novi Sad. The co-founders of the subsidiary are SOGAZ (51% of capital) and OJSC Serbiagas (49% of capital), leader of Serbian gas industry.
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SLOVENIA: ERGO zavarovalnica launched in Slovenia
by vlad.boldijar@mxp.ro, 2012-05-07
ERGO is rebranding its business in Slovenia in May 2012, announced last week the Group: "The company is launching motor insurance with an innovation for the Slovenian market. The VICTORIA-VOLKSBANKEN brand will be replaced by ERGO", companies officials say.
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GENERALI PPF Holding, FY2011: Net profit growth 28% in challenging market conditions in CEE
by vlad.boldijar@mxp.ro, 2012-05-07
GENERALI PPF Holding reported significant growth in net profit in 2011, "despite the difficult macroeconomic situation across the region and demanding conditions for the insurance industry in countries where the company operates".
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UNIQA prepares capital increase
by vlad.boldijar@mxp.ro, 2012-05-08
Austrian insurer UNIQA plans a EUR 500 million euro rights issue this year as an interim step towards expanding in Eastern Europe. The share issue to finance expansion in emerging Europe would be offered to existing shareholders, with core investors RAIFFEISEN Zentralbank and AUSTRIA Privatstiftung taking up their full allotment.
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TURKMENISTAN, FY2011: Figures showing the "local appetite" for insurance
by vlad.boldijar@mxp.ro, 2012-05-10
In 2011 the gross premium written in Turkmenistan was of EUR 45.7 million, 15% more as compared to a year before. By insurance classes, voluntary segment predominated and represented 95% of total, a hardly usual situation for CIS Region. Looking at the past results, one should notice that the insurance market increased six times in last five years. Responsible for the development of the insurance industry is "the only one" company that operates: TURKMEN GOSSTRAKH which can be translated into "State Insurance Organization of Turkmenistan".
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TAJIKISTAN, FY2011: Still in "infancy"
by vlad.boldijar@mxp.ro, 2012-05-10
According our estimations, the total GWP amounted about EUR 20 million in 2011, respectively EUR 16 million in case of 2010, representing about 0.4% of GDP (EUR 4.9 billion in 2011 and EUR 4.2 billion in 2010 - published by the National Bank of Tajikistan), Tajik insurance industry being the smallest of the Central Asian CIS markets. Despite rapid growth in recent years, the insurance sector is still underdeveloped, highly concentrated, the majority of companies are undercapitalized, while many forms of insurance protection common in other parts of the world are not yet available.
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GREECE: Maritime insurance "sinks"
by dimitris.tsoulias@mxp.ro, 2012-05-10
A downward trend is observed in Greece regarding boat insurance in the last years according to HAIC that in 2010 results of the written premiums reached EUR 15 million from EUR 15.6 million in 2009. From the above premiums, EUR 4.1 million accounted for the liability insurance of boats. This turn of events is not by chance because it goes in line with sales of leisure boats in Greece that from 2009 and up until 2010 have dropped by 26%.
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OTHER NEWS
OMNIASIG, the company resulting from the merger between OMNIASIG and BCR Asigurari became functional starting May 1, 2012
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ALLIANZ interested in GROUPAMA unit
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GREECE: ASPIS PRONOIA the black sheep of the Greek insurance market
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AON, 1Q2012: Revenue up, profit down
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The ERGO Insurance Group is selling its South Korean subsidiary
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SWISS Re reports net income of USD 1.1 billion for the first quarter 2012
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MUNICH Re: first quarter was very satisfactory
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MARSH & MCLENNAN posts USD 3.1 billion 1Q2012 revenue
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AVIVA announces Andrew MOSS to step down as CEO
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GREECE: Room for growth for agriculture insurance
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AVIVA: Simon MACHELL is the new CEO in charge with the HG Markets, including Poland, Russia and Turkey
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Princess of the Netherlands will open Insurance Europe's conference in Amsterdam
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CREDIT EUROPE Asigurari - gross written premiums increased by 39% in the first 4 month of 2012 compared to the same period in 2011
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Top 5 brokers on MTPL segment in 2011. SAFETY Broker gains first place
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How much can the insurance industry take from the nature's fury?
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GREECE: Subversive results by ETHNIKI Asfalistiki for 2011
More
INTERAMERICAN: Opening towards distribution channels
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GREECE: EUROBANK PROPERTIES net profit EUR 9.98 million
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Credit Europe Asigurari
PRESS CUTTINGS
AZERBAIJAN: Insurance market likely to increase five-fold in medium term

BOSNIA: UNIQA's 2011 profit in rises 15.7%

BULGARIA: EUROINS Insurance Group acquires local co united health insurance

BULGARIA: General insurers' 2-mo GWP fall 4.9%

CROATIA: Q1 GWP fall 0.8% Y/Y

MOLDOVA: Parliament increases insurance benefits on damaged cars

MONTENEGRO: UNIQA's 2011 loss narrows 27%

POLAND: Germany's TALANX Cleared To Buy Europa

ROMANIA: New registrations of road vehicles increased by 19.7 pct

RUSSIA: Major events in the insurance market in Q1 2012

TURKEY: Insurance market is booming but risks remain
EDITORIAL

The 200 issues milestone

Today we are reaching a new milestone - the 200th issue of XPRIMM News. Covering an ever growing area and permanently trying to look into more depth, XPRIMM News accompanies the development efforts of the European re/insurance industry for eight years. During our 200 meetings we have tried to bring you the most important facts and figures defining the insurance business in the CEE and CIS regions. It is your part to decide whether we succeeded or not! Read more

daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW

Enkeleda SHEHI
Chairperson
Albanian FSA

One of the main challenges during 2011 was the liberalization of the MTPL market in terms of removal of the fixed-tariff regime. This was immediately followed by a sharp decrease in prices, which influenced the overall market performance. Read more

Eastern Re

STATISTIC UPDATES
Armenia FY 2011
Bulgaria FY 2011
Cyprus FY 2011
Greece FY 2011
Latvia FY 2011
Russia FY 2011
Tajikistan FY 2011
Turkmenistan FY 2011
Ukraine FY 2011
Uzbekistan FY 2011


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ON THE MOVE

Cornelia COMAN appointed CEO of ING Hungary

Cornelia Aurelia COMAN, CEO ING Life Insurance (Romania), will take over, as CEO, ING Life Insurance and Pensions Hungary, starting June 1st, 2012. She replaces Zsolt KOVACS who left ING. In the following months, Mrs. COMAN will coordinate both the Romanian and Hungarian companies, up until her successor in Romania will be appointed. Read more

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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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
National Bank of Serbia
Insurance Supervision Department

Introduction of Solvency II directive in EU, which aims to harmonize insurance regulation throughout the continent and enhance consumer protection, will have a significant impact on insurance in Europe, and also on the Serbian market. 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 Cyprus
Slovakia Greece
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, Olesea ADONEV
Junior Editors: Adina TUDOR, Dimitris TSOULIAS, Mihai APOSTOL

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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