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Insurance Newsletter, No. 202, June 21, 2012

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

TOP NEWS
EIOPA: European insurers are stable, but a new financial turmoil may have a stronger impact on the industry
by daniela.ghetu@mxp.ro, 2012-06-15
The majority of insurance companies in the European Economic Area are well capitalized according to the current regulation (Solvency I), as by the end of 2011 they were on average capitalized at 200% of required levels. However, their capitalization and profitability are facing now a slightly decreasing trend, reveales the biannual report on the financial stability published on June 11, by EIOPA. This conclusion is based on the analysis of 20 largest European insurance groups.
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Croatian Insurance Bureau, 1Q2012: GWP continued to fall
by vlad.boldijar@mxp.ro, 2012-06-20
According to the data of the Croatian Insurance Bureau, the amount of insurance premiums written in the insurance market over the first quarter of 2012 made up HRK 2.53 billion (EUR 338 million), which was, in local currency, 0.8% less than over the same period last year. At the same time, Croatia's 27 insurers paid claims for the amount of HRK 1.12 billion or 5.34% more than a year ago.
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GREECE, 1Q2012: Unit-linked products kept the market on course
by dimitrios.tsoulias@mxp.ro, 2012-06-20
Total premium production of the Greek insurance market for the 1Q 2012 appears to be reduced by 5%, but on the other hand in the Life associated with investments insurance branch premium production has increased by a staggering 79%, according with the research conducted by HAIC (Hellenic Association of Insurance Companies).
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Violeta CIUREL is the new President of AXA Insurance Hungary
by daniela.ghetu@mxp.ro, 2012-06-14
Violeta CIUREL, CEO AXA Life Insurance Romania will also take over, starting July 1st, as President of AXA Insurance Hungary, further coordinating both Easterns subsidiaries of the French group. Jacques MAIRE, the current President of the Hungarian company will return to Paris, after a three years mandate. "I am pleased and honored by this appointment. Hungary is a challenging market, but I am very motivated and I also believe that opportunities and successful business always arise if you're affraid of discipline and systematic work. I trust my new colleagues in Hungary have these skills and our joint efforts will pay off", said Violeta CIUREL.
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AZERBAIJAN, 1Q2012: Spectacular growth and a new leader
by vlad.boldijar@mxp.ro, 2012-06-12
In January-March 2012, the Azerbaijani insurance market has increased in European currency by 78% to EUR 77.8 million. Of the revenues, EUR 9.1 million was gained from life insurance, while EUR 68.7 million on non-life insurance. At the same time, The State Insurance Supervision Service under the Ministry of Finance reported that in 1Q2012, total volume of payments of all 28 insurance companies in the country made EUR 15.9 million.
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GEORGIA: From red (FY11) to black (1Q12)
by vlad.boldijar@mxp.ro, 2012-06-12
Following negative figures registered during the whole year 2011, the insurance sector saw growth momentum into first quarter of 2012. Practically, Georgian insurance industry ended 1Q2012 with a respectable growth of 67 per cent over the previous year.
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The Germans from GOTHAER buy from Constantin TOMA 67% of PLATINUM: Our strategic aim is profitable growth!
by andreea.ionete@mxp.ro, 2012-06-21
The German insurance company signed for the acquistion of 67% of the share capital of the Romanian company PLATINUM Asigurari, owned by Constantin TOMA, the former President of OMNIASIG. At the moment, the notification documentation for CSA is put together in order to obtain the Commission's approval for this transaction. "We strongly believe in the long-term attractiveness of the Romanian insurance market. Especially the membership in the EU will have strong positive effects for the country. We expect a development of Romania similar to what we have seen in Poland over the last 20 years", Jurgen MEISCH, Chief Financial Officer, GOTHAER Group declared.
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MONTENEGRO, 1Q2012: GWP rose 14%
by vlad.boldijar@mxp.ro, 2012-06-20
According to data of the Insurance Supervision Agency of Montenegro, gross premiums for the 12 insurance companies totaled EUR 15.6 million at the end of March, up 14.2% in relation to the same period of 2011.
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SLOVENIA: A bancassurance premiere from Zavarovalnica TRIGLAV and ABANKA
by daniela.ghetu@mxp.ro, 2012-06-21
"Potential policyholders will demand more and more comprehensive services. So the future is in combined insurance packages that include the products of insurance companies, banks and investment funds", stated Matjaz RAKOVEC, President of the Management Board of Zavarovalnica Triglav, on the occasion of a press conference held by ABANKA and Zavarovalnica TRIGLAV, during which the two partners have announced the launching of a new bancassurance product and an enlargement of their traditional collaboration. He also emphasized that "with its recognizable brand name, TRIGLAV is setting trends in Southeast Europe and offering to policyholders user-friendly and beneficial services".
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RUSSIA - 2013 - the year when the IT system and Bonus-Malus are implemented
by olesea.adonev@mxp.ro, 2012-06-12
At the General Assembly of the Russian Union of Motor Insurers, amendments to the Rules of Professional Activity were approved: one cannot conclude a MTPL contract without having been provided first the complete information regarding the previous contract, in order to complete the IT system's database. This new IT system will also facilitate the introduction of the bonus-malus system, which mainly aims drivers discipline by giving a bonus or a malus based on their claims history.
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GREECE: HDI-GERLING recorded 27% increased profit
by dimitrios.tsoulias@mxp.ro, 2012-06-21
Profits before taxes of the According Greek branch of HDI-GERLING for the fiscal year of 2011, reached EUR 6.2 mil, increasing y-o-y by 27% (EUR 4.9 mil in 2010). After tax profits closed at EUR 5 mil from EUR 3.8 mil in 2010. The results are in line with HDI-Gerling Hellas' goal of continuing its successful course against a harsh economic environment, remaining between the most profitable insurance companies in Greece for the last years.
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OTHER NEWS
GREECE: 2H stress tests
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RUSSIA: Fitch Affirms OJSC ROSSIYA Insurance Company; Outlook Negative
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Eight Romanian Insurers entered the Top 50 non-life insurance in CEE
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Romania - the third motor insurance market in CEE
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VIDEO: GRATEX International: We entered the Romanian market with successful implementation of the UNIUS REINSURANCE solution
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Credit Europe Asigurari
PRESS CUTTINGS
AZERBAIJAN: Azerbaijan creates another insurance agency

AZERBAIJAN: AzSigorta increases its share capital

BULGARIA: Insurers to Lose BGN 10 M from Western Bulgaria Earthquake

CROATIA: Croatia Osiguranje Starts Selling Insurance Policies Online

CZECH REPUBLIC: Insurance Czech players in case of club insolvency

ESTONIA: Insurance services more popular in Lithuania and Estonia than in Latvia

KAZAKHSTAN: Sales of insurance policies to tourists is increasing

LITHUANIA: Benitas gets insurance brokerage permit

MACEDONIA: Sava Re Plans To Recapitalise Macedonian Unit in Q4

MACEDONIA: Triglav Osiguruvanje Turns to Q1 Loss

POLAND: Talanx and Meiji Yasuda successfully close takeover of Europa Group

RUSSIA: British insurer cuts coverage for Russian ships

RUSSIA: First on-line insurance company is launched

RUSSIA: Generali PPF companies with new management

RUSSIA: Russian insurer disputes recovery of USD 588k for air crash in Iraq

SERBIA: Dunav Osiguranje 2011 Net Profit Up 20.4%

SLOVENIA: Bank and insurance company for the first time in one place

SLOVENIA: Triglav's excellent performance presented at SORS

TURKEY: Parliament passed a draft law allowing the government to make contributions to private pension plans
EDITORIAL

The summer starts in Caucasus

Less than two week until the AIIF 2012 start! So, before thinking to the well deserved summer holiday, don't miss the two full business days proposed by the AIIF organizers, which may open for you a promising new growth territory. Read More

daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW

JUDr. Jozefina ZAKOVA
Director General
Slovak Insurance Association

The insurance companies responded to the crisis mainly between 2009 and 2010 - they developed the new products or modified the existing ones for the retail and business customers in order to help to overcome the consequences of the financial crisis: the drop in production, the problems of some subject to meet their financial liabilities, the unemployment etc. Read More


STATISTIC UPDATES
Azerbaijan 1Q2012
Croatia 1Q2012
Georgia 1Q2012
Greece 1Q2012
Montenegro 1Q2012

XPRIMM Insurance Report FY2011
Mixed impressions
by daniela.ghetu@mxp.ro
Depending on the local factors, the economic development in the CEE and CIS regions was uneven, but some characteristics are common in most countries: an economic slowdown in the last part of the year, predicting a lower dynamic for 2012, not spectacular inflation rates, but rather high unemployment figures and weak purchasing power of the population. In this context, the insurance markets’ evolution was faily different, mostly depending on the growth model followed by the local economies.
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EVENTS

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


July 4th-5th, 2012
Baku Business Center
Baku, Azerbaijan
Organizers: Azerbaijan Insurers Association and Media XPRIMM

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.

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Eastern Re



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
Alexandr ZALETOV
Deputy Chairman of the Council of the League of Insurance, Ukraine

Despite the positive macroeconomic changes, the insurance market in Ukraine did not reach the level of the EU insurance markets, regarding the ratio of the GDP net insurance premiums: in 2011, the index was 1.3%, while in 2008 - 1.7%. In developed markets, the index is somewhere between 5-12%.
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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
CIS Research Consultant: Olesea ADONEV
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Oana RADU, Mihai CRACEA
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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