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Insurance Newsletter, No. 201, June 7, 2012

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

XPRIMM Report from Amsterdam
offered by
PIRAEUS Insurance Broker
INSURANCE Europe's 4th International Insurance Conference - "Global markets, global risks"
by alexandru.ciuncan@mxp.ro, 2012-06-01
Friday, the 1st of June, took place the 4th International Insurance Conference, organised by the European (Re)insurance federation INSURANCE Europe in Amsterdam. The Romanian Insurance Market was represented at the event by Bogdan ANDRIESCU, President, UNSICAR, Florentina ALMAJANU, General Director, UNSAR, Constantin NASTASE, PR Manager, UNSAR, and Alexandru CIUNCAN, Secretary General, APPA - Association for Promoting Insurance.
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Michel BARNIER: The economic crisis affected the insurers
by alexandru.ciuncan@mxp.ro, 2012-06-01
"We are crossing the 5th year of the financial crisis. We are going through a difficult economic environment", said European Commissioner Michel BARNIER, at the beginning of his speech at the International Insurance Conference in Amsterdam. The European official delivered his message to the participants of the event, saying that the Europeans leaders are aware that insurance companies are also affected by the overall economic situation.
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Photo Gallery: How to gain access to consumers - on the agenda of the International Insurance Conference
by alexandru.ciuncan@mxp.ro, 2012-06-01
The consumer represents the main subject on the agenda of insurers gathered at a national association level at the most important specialized European event - the International Insurance Conference. The event, organized by Insurance Europe (the new name of CEA), started early on Friday in Amsterdam, the conference being opened by Her Highness Princess M?xima of the Netherlands, UN Secretary-General's Special Advocate for Inclusive Finance for Development.
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A joint transatlantic prudential framework is required
by alexandru.ciuncan@mxp.ro, 2012-06-01
As debates continue at the International Insurance Conference in Amsterdam, there are talks regarding the collaboration between Europe, the U.S.A. and South American countries in order to develop a united prudential framework for the insurance industry.
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TOP NEWS
VIG, 1Q 2012: The figures show the increase in profit and business growth
by vlad.boldijar@mxp.ro, 2012-05-29
In January-March 2012, VIENNA Insurance Group earned a total of EUR 2.7 billion of premiums written, growing by 5.5% compared to the same period of the previous year. In the property/casualty insurance segment the volume of premiums grew by 4.1% to EUR 1.5 billion. In the life insurance the Group companies of VIG achieved a volume of premiums of more than EUR 1.1 billion, i.e. a plus of 7.4%. At the same time, in the health insurance, the Austrian Group reported an increase in premiums written by 6.1% to EUR 97.8 million.
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PZU Group ended 1Q2012 with about EUR 200 million net profit
by daniela.ghetu@mxp.ro, 2012-05-30
Net profit for the PZU Group amounted to PLN 822.6 million in 1Q2012 (~EUR 198 million), while operating profit was of PLN 1.03 billion (~EUR 249 million), 7.5% higher y-o-y. This is the result of a nearly 9% increase in GWP, an increased discipline in the costs area, as well as of the better investment results. ROE for the period from 1 January to 31 March 2012 was 24.7%, an increase of 0.8 pp compared to the same period last year, according to data published by the Group.
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TRIGLAV Group posts a EUR 17 million first-quarter profit
by vlad.boldijar@mxp.ro, 2012-06-06
In the first quarter of 2012 the TRIGLAV Group earned a net profit of EUR 17.6 million, which was 8% more than in the respective period one year earlier, whilst Zavarovalnica TRIGLAV's net profit rose by 7% to EUR 13.7 million. At the same time, the TRIGLAV Group posted a total of EUR 273.4 million in gross insurance and co-insurance premium and that of Zavarovalnica TRIGLAV amounted to EUR 197.9 million. "In the first quarter of 2012, 83.4% of the consolidated gross written premium was charged in the Slovene insurance market. The share of gross written premium charged in Slovenia increased by 0.5 percentage point compared to the respective period in the previous year", announced the company.
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BTA Latvia: Growing fuel prices make economic cars most stolen
by daniela.ghetu@mxp.ro, 2012-06-06
While the fuel prices increase, more economy class and diesel cars are stolen, show the Latvian non-life insurance market's leader, BTA, statistics. Since 2008, the number of car thefts decreased every year but in 1Q2012 approx. 190 cars were stolen, which is the same as in 1Q2011. According BTA, the most stolen cars in 2012 are Volkswagens (VW), especially Golf, Passat, diesel Touran and Smart models, data confirmed by the Ministry of the Interior. In turn, Audi and BMW rank second. "Today, thieves are more interested in economy class cars that are approximately ten years old, with a value of about EUR 7,000", pointed out Ilze VEJINA, Deputy Director of the BTA Insurance Claim Department.
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SLOVAKIA, FY2011: NBS confirmed the upward trend
by vlad.boldijar@mxp.ro, 2012-06-06
Last year, Slovak insurance market totaled EUR 2.04 billion, registering an increase by 1.3%, according to the financial figures published by the National Bank of Slovakia (NBS). Previous, SLASPO - the Slovak Insurers' Association, reported a 2.04% y-o-y growth, up to EUR 2.11 billion.
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ROMANIA, 1Q2012: The first "increase" after 3 years
by alex.rosca@mxp.ro, 2012-06-04
After the first three months of 2012, the insurance market totalized EUR 504 million, according to INSURANCE Profile Review (www.insuranceprofile.ro). Thus, the insurance market reentered a growing trend, being marked by a slight increase, of more than 2% (compared to the first quarter of 2011), after three years of decrease, the first decrement of the insurance market taking place in 1Q/2009. The non-life insurance market had a significant contribution to market's growth, this insurance segment registering a 2.6% increase, reaching EUR 405 million At the same time, non-life insurance generated 80.3% of the entire insurance market. As far as life insurance sector is concerned, the results indicate a total underwritings volume of EUR 99.3 million, increasing by 0.5% compared to 1Q/2011.
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Bank of Lithuania, 1Q2012: The insurance market contracted due to lower life inssurance volumes
by vlad.boldijar@mxp.ro, 2012-06-01
According to the data of the Bank of Lithuania, the amount of insurance premiums written in the domestic insurance market over the first quarter of 2012 made up LTL 397.7 million, which was 0.2 per cent less than over the same period last year. In total, 1.09 million of insurance contracts were concluded, which was 4.0 per cent more than in the first quarter of 2011. Over the first three months of the year, insurers paid claims for the amount of LTL 255 million or 1.8 per cent less than a year ago.
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GENERALI, 1Q2012: Premiums up 6.1%
by vlad.boldijar@mxp.ro, 2012-05-29
In the first quarter of 2012, GENERALI reported an increase in total gross premiums to EUR 19.8 billion (+6.1%), due to the positive performance in Life premiums and the continued trend of development in the Non-Life business. Life gross premiums written amounted to EUR 12.8 billion (6.9% more compared to 1Q 2011), while in non-life segment premiums rose by 4.7% to EUR 7 billion.
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SEESAM's net profit in the Baltics amounted to EUR 1.5 million in 1Q2012
by vlad.boldijar@mxp.ro, 2012-06-06
SEESAM's consolidated net profit in the Baltics amounted to EUR 1.5 million in 1Q2012, announced the company. Combined ratio during the first three months of 2012 was 98.3%. At the same time, investment portfolio produced profit of EUR 1.2 million while earnings from other operating incomes reached EUR 0.1 million.
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GREECE: 79% growth in investment products
by dimitris.tsoulias@mxp.ro, 2012-06-7
Data published by HAIC (Hellenic Association of Insurance Companies) reveal that savers have turned their focus on Unit Linked programs rather than term deposits. According to the data, in 1Q 2012, premium production in the investment programs branch have increased by 79%, while the total production of the sector has been enhanced by EUR 68.2 million Y-o-Y, reaching a total of EUR 154.5 million.
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OTHER NEWS
VIENNA Insurance Group on strong foundations with new Managing Board. Peter HAGEN to succeed Gunter GEYER
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UNIQA Group, 1Q 2012: Profit increased by 20.2%
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LLOYD's launched "Vision 2025" strategy
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SAVA Re, 1Q2012: Net profit doubled
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TALANX starts 2012 with strong growth
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AXA, 1Q 2012: Total revenues up 1% to EUR 28 billion
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ALLIANZ expects profit of EUR 8.2 billion this year
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GREECE: Share change hands in the life sector
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Credit Europe Asigurari
PRESS CUTTINGS
ARMENIA: 50,000 vehicles still do not have auto insurance this year

ARMENIA: Insurers' first-quarter assets advance 13.4% to AMD 35.7 bln

AZERBAIJAN: Az Sigorta- leader of compulsory insurance market

AZERBAIJAN: First new compulsory insurance premiums for passengers collected

AZERBAIJAN: Leaders of Azerbaijani market for insurance payments announced

AZERBAIJAN: MTPL policy to be recognized abroad

AZERBAIJAN: Qarant Sigorta plans to join the top five leaders

AZERBAIJAN: State-run Azersigorta accounts for nearly 7% of compulsory insurance market

BELARUS: Rating of insurance companies increased

BULGARIA: Bulgaria's minister is calling for the introduction of mandatory insurance for private residencies

HUNGARY: VIG wants to expand in Hungary

LATVIA: Compensa expands activities in Baltic States

LATVIA: ERGO writes over EUR 37.5 mln in insurance premiums in Baltics in Q1

LATVIA: Former PM wants to introduce mandatory health insurance in Latvia

LITHUANIA: Number of road accidents in with participation of Belarusian growing each year

MACEDONIA: Macedonia's Croatia Osiguruvanje-Zivot 2011 Net Profit Rises 2.5%

MONTENEGRO: Montenegrin Insurer Lovcen Q1 Gross Written Premiums Fall 6.0% Y/Y

POLAND: PROAMA's 50 thousand clients

POLAND: PZU may expand to Baltic states

POLAND: WARTA's sales on the rise

ROMANIA: The insurance market is still facing the difficulties caused by the economic crisis

SERBIA: Basler sees insurance market doubling in six years

SERBIA: UNIQA, the fourth in the market of life and non-Life insurance

SLOVENIA: AIG considers buying Slovenia's insurer Zavarovalnica Triglav

SLOVENIA: Generali branch reports 34% jump in profit for 2011

SLOVENIA: Triglav insurer plans to sell Abanka after turnaround, CEO Says

TURKEY: Aon builds specialty risk team

UKRAINE: Parliament adopts new version of law on insurance at first reading
EDITORIAL

The Eastern magic

Diversity seems to be the dominant impression when analyzing the 2011 results on the CEE and CIS insurance markets, show the data gathered by the latest edition of XPRIMM Insurance Report, recently launched on the occasion of FIAR 2012.
Although in both regions most national markets ended 2011 with a positive outcome, at least when denominated in local currencies, there are a lot of differences depending on the local economic factors. In macroeconomic terms, most countries experienced an economic slowdown in the last part of the year, predicting a lower dynamic for 2012. Although inflation rates were not spectacular, unemployment figures stood at rather high values almost everywhere and population's purchasing power remained mostly weak. Read more

daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW

Rangam BIR
CEO
ALLIANZ-TIRIAC Asigurari
Romania

The Life insurance segment can likely maintain the moderate growth trend recorded in the last two years, even though, given the economic environment and financial pressures in Romania, Europe and worldwide the sustainability of this growth during the rest of the year may be in doubt. Read more


Andres PIIRSALU
Member of Executive Board
Estonian Motor Insurance Bureau and Guarantee Fund, Estonian Insurance Association

In contrary to the general economic performance of Estonia (GDP growth of nearly 8%), insurance sector still suffered under the influence from prior years recession. Read more

STATISTIC UPDATES
CEE market data FY2011
Lithuania 1Q2012
Romania 1Q2012
Slovakia FY2011

XPRIMM Insurance Report FY2011
Romania remains the 6th market in CEE, with a 5.7% market share
by vlad.boldijar@mxp.ro, 2012-06-01
The gross written premiums totalized by the insurers in Central and Eastern Europe (CEE) reached EUR 31.97 billion in 2011, 4% less than at the end of 2010, shows data published by XPRIMM Insurance Report FY2011 (www.xprimm.com). With gross written premiums of EUR 1.84 billion, the insurance market in Romania remains the 6th market in CEE in 2011, the market share in the region decreasing from 5.9% (in 2010) to 5.7%. Before the recession, in 2008, Romania occupied the 4th place in CEE, with underwritings of EUR 2.4 billion and a market share of over 7%.
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EVENTS

AIIF - 2012 Azerbaijan International Insurance Forum
"New Perspectives in the Caucasus Region"


July 4th-5th, 2012
Jumeirah Hotel, Baku, Republic of Azerbaijan

AIIF stands as the most important event in the Caucasus Region, dedicated to the insurance and reinsurance markets, focused on the main development trends and perspectives within the Region.

The Forum represents an efficient platform for interactive discussions between representatives and aims to strengthen the collaborations among national markets in the insurance field.

Click here for details!
Click here for registration!

Eastern Re


15th FIAR - The International Insurance Reinsurance Forum

Insurance and reinsurance professionals 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 participated at the 15th Edition on FIAR, held on May 20-24 in Sinaia, Romania.

Click here for Photo Gallery!
Click here for XPRIMM.TV interviews and videos!
Click here for FIAR Journal!


ORACLE 5 o'clock Insurance Tea
June 19th, 2012
INTERCONTINENTAL Hotel, Bucharest
Organizers: ORACLE and Media XPRIMM
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
Jernej MERHAR
M. Sc., Deputy Director
Insurance Supervision Agency

In the year 2013 we expect a gradual recovery in the overall Slovenian economy after the economic crisis. The insurance sector is expected to grow between 5 and 10 percent in terms of the total premium written. 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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