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Insurance Newsletter, No. 203, July 5, 2012

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

AIIF 2012 NEWS
VIDEO & PHOTO GALLERY: Caucasus insurance heart beats in Baku
by daniela.ghetu@mxp.ro, 2012-07-04
On July 4-5 took place in Baku the 2012 edition of AIIF - Azerbaijan International Insurance Forum. Organized by AIA - the association of Azeri insurers, with the official support of the Ministry of Finance of the Azerbaijan Republic and in cooperation with Media XPRIMM, Romania, the Forum gathered over 200 top level professionals of the insurance industry across the Caucasus region, Middle Asia, Europe, Turkey, Russia and CIS. Representatives of the supervising authorities, foreign reinsurers or relevant international services providers for the insurance industry have also participated in the meeting.
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KHALILOV: There are great opportunities for insurers in Azerbaijan
by daniela.ghetu@mxp.ro, 2012-07-04
Azerbaijan is not only a beautiful and inviting touristic destination, but also a high growing economy, offering lots of business opportunities and a lot of room for expansion and business innovation. Moreover, foreign investments and know-how are needed and welcomed. "Azerbaijan insurance market is characterized by a low rate of insurance penetration and high rates of its growth together with increase of living standards. I think such situation itself provides a great opportunity for the insurance companies", Namik KHALILOV, Head of State Insurance Supervision Service, Ministry of Finance, Azerbaijan stated for XPRIMM.
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ALIYEV: Foreign players are welcomed and needed in the Azeri insurance market
by daniela.ghetu@mxp.ro, 2012-07-04
" Azerbaijan its not just open but also interested into welcoming foreign investors with some new players in the market of international level", said Azer ALIYEV, Chairman, AIA - Azerbaijan Insurance Association in a recent interview for XPRIMM.
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Caucasus: huge growth potential, rapid developing and well educated professionals
by olesea.adonev@mxp.ro, 2012-07-05
"Caucasus represents a new insurance market, with big growth opportunities, the well educated professionals, speaking at least 3 languages, representing one of its main streghts", concluded yesterday his speech at AIIF 2012 Chingiz MEHDIYEV, Chairman of the Management Board of AZ Re Reinsurance Company.
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AZERBAIJAN: Life insurance were revived strongly in recent years
by vlad.boldijar@mxp.ro, 2012-07-05
Compared to 2010, when the share of the life insurance segment in the whole insurance market has amounted to about 1%, at the end of May, 2012, the same indicator was 14%, declared Akper MADATLI, Chairman of the Board, ATESHGAH Life: "The main factors stimulating the development of life insurance in Azerbaijan are the separation of insurance companies' activity into life and non life insurance business since March 2011, conducting to the emergence on the market of specialized companies dealing exclusively in life insurance and the adoption of law on "Compulsory insurance against disability as a result of industrial accidents and occupational diseases". These and other factors have led to the development of the insurance market and voluntary life insurance in particular".
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UNITY Re: Average market growth rate in the ex-soviet region reached 25%
by olesea.adonev@mxp.ro, 2012-07-05
"In 2011, insurance markets of the former soviet region recorded an average growth rate of 25% in terms of gross written premiums for the non-life lines, amounting to EUR 33 billion. In the reported period, the amount of premiums ceded in reinsurance reached EUR 3.1 billion, representing about 2% of the non-life international reinsurance market", declared Dmitriy GARMASH, Deputy CEO, UNITY Re, Russia, at the Azerbaijan International Insurance Forum.
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GULIYEV: MTPL represents 91% of GWP and 94% of the claims paid by CIB
by daniela.ghetu@mxp.ro, 2012-07-05
Paid claims by the Compulsory Insurers Bureau of Azerbaijan as of June 1st, 2012, amounted AZN 474,949 (~ EUR 490,000), for a total of 325 claim files. Motor claims represented 94.4% of the total amount and 96% of the files' number, while in terms of premium MTPL hold a 91% share of the total underwritings of BIB members, showed Elkhan GULIYEV, Executive Director CIB in his presentation held at AIIF 2012, in Baku.
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GEN Re Moscow: The engine for growth in developing markets is mandatory insurance.
by olesea.adonev@mxp.ro, 2012-07-05
"Mandatory insurances represent the engine for growth in developing markets, from 2011 until now, premium written in the emerging markets increased by 150%. The most significant growth rate was registered in South-East Asia and Latin America. Therefore, the share of emerging markets, globally for Life insurances increased by 5% to 14% and non-life insurance from 7% to 16%" said Capitolina Tourbina Director, Gender Re Moscow in the Azerbaijan International Insurance Forum, organized in partnership with the Azerbaijan Insurers Association and Media XPRIMM.
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Two new special editions of INSURANCE Profile, dedicated to the Caucasus markets
by vlad.boldijar@mxp.ro, 2012-07-04
Two new special editions of the well-known specialized magazine INSURANCE Profile were launched today, at the Azerbaijan International Insurance Forum, organized by the Azerbaijan Insurers Association and Media XPRIMM under the theme "New Perspectives in the Caucasus Region". The two editions are dedicated to the insurance markets in Azerbaijan and, for the first time, in Georgia - the insurance market in this country being the fifth analyzed by INSURANCE Profile, after Romania, Moldova, Azerbaijan and Bulgaria.
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TOP NEWS
POLAND: return to the double digit growth rates
by daniela.ghetu@mxp.ro, 2012-07-05
Polish insurance market started 2012 with a 17.45% y-o-y nominal growth, returning to a double digit ascending dynamic. Total GWP amounted PLN 16.47 billion, while Polish insurers paid claims in a total amount of PLN 9.21 billion, value which is fairly stable, as compared to 1Q2011. In European currency, total GWP stood at EUR 3.96 billion, 13.23% y-o-y up, while paid claims totalized EUR 2.2 billion.
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CZECH Rep.: life and motor, the drivers of the falling trend
by daniela.ghetu@mxp.ro, 2012-07-05
Czech insurance market ended 1Q 2012 with a GWP y-o-y decrease of about 6.7%, to CZK 39.74 billion (EUR 1.6 billion). Paid claims also decreased by 1.2%, to CZK 21.9 billion (EUR 885.5 million). According to CAP, the Czech association of insurers, the main sources of the declining GWP volume were the decline of the life insurance lines, mainly the single premium line, and the persistent drop in insurance premiums for motor classes.
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BULGARIA: underwritings down by 1.8% in 1Q2012
by vlad.boldijar@mxp.ro, 2012-07-05
According to data published by the Financial Supervisory Commission of Bulgaria, insurance companies registered, during the period January-March 2012, a total of gross written premiums worth BGN 388.23 million (EUR 198.50 million), down by 1.8% compared to the similar period of 2011. At the same time, the total value of claims paid by insurers fell by 2.8%, to BGN 181.59 million (EUR 92.85 million).
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HUNGARY, 1Q2012: Premiums up 2%
by vlad.boldijar@mxp.ro, 2012-07-05
Hungarian insurance market revenues increased by 1.96% to HUF 238.98 billion (EUR 808.46 million) in the first quarter of 2012, compared to the same period of last year, according to Hungarian Financial Supervision Authority (PSZAF). On the other hand, in 1Q2012, insurers paid out claims amounted HUF 163.62 billion (EUR 553.51 million), 19.96% more than a year earlier.
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MOLDOVA: ROSGOSSTRAKH withdraws from MOLDASIG's shareholding
by vlad.boldijar@mxp.ro, 2012-07-03
Last week, the supervision authority of the Moldavian insurance market authorized the decrease from 80% to 0% of the share owned by the Russian company ROSGOSSTRAKH in the capital of MOLDASIG, the leader of the Moldavian insurance market.
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ROMANIA: ALLIANZ-TIRIAC confirms the naming of Remi VRIGNAUD as CEO
by mihaela.circu@mxp.ro, 2012-07-03
As 1asig.ro has first announced, the Managing Board of ALLIANZ-TIRIAC Asigurari confirmed on the 28th of June the naming of Remi VRIGNAUD as CEO of the company, beginning with August 2012. For 11 years, VRIGNAUD had occupied various management positions at ALLIANZ Elementar in Vienna.
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TURKEY, 1Q2012: Non-life maintained the market in black
by dimitrios.tsoulias@mxp.ro, 2012-07-05
First quarter's premium production of 2012 closed at around TRY 5.18 billion (EUR 2.18 billion), with an increase in local currency, of 14.85% as compared to the same period of 2011.
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CYPRUS, 1Q2012 rezults: Fast changes bring rapid results
by dimitrios.tsoulias@mxp.ro, 2012-07-05
The insurance market of Cyprus proved itself to be build on really strong foundations after the research conducted by the IAC (Insurance Association of Cyprus) regarding the economic results for the first quarter of 2012 with the total premium production maintaining a positive growth of 2.04% from the same period in 2011.
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Tjeerd BOSKLOPPER will be the new President of ING Zycie
by vlad.boldijar@mxp.ro, 2012-07-03
ING Zycie will have starting September 1, 2012, a new President, with Mr. Tjeerd BOSKLOPPER replacing Tomasz BLAWAT, the current leader of the company. His appointment was submitted for the Financial Supervision Authority's approval.
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ROMANIA: ASTRA Asigurari decided to expand in Georgia
by andreea.ionete@mxp.ro, 2012-07-05
The shareholders of ASTRA Asigurari, the Romanian insurance market leader, have approved in the Extraordinary General Meeting, held on 2nd of July, the establishment and registration of an insurance company in Georgia, according to a EGM report issued by the Bucharest Stock Exchange. The name of the company will be ASTRA Insurance - Reinsurance Georgia.
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CZECH Rep. - Insurance Brokers have chose KOOPERATIVA-VIG as best insurer
by daniela.ghetu@mxp.ro, 2012-07-03
The Association of Czech Insurance Brokers (ACPM) has recently announced the results of the 12th edition of its annual survey of insurance companies, realized in cooperation with the Czech Insurers Association and oPojisteni.cz, a specialized financial portal.
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MOLDOVA, 1Q2012: Market growth continued
by vlad.boldijar@mxp.ro, 2012-07-05
MDL 234 million (EUR 15 million) wrote in premiums the Moldavian insurers in 1Q2012, 9.4% more than a year earlier, according to the financial data centralized by the National Commission of Financial Market (NCFM). In the same time, claims reached MDL 107.5 million (EUR 6.9 million), a 20% increase in comparison to 1Q2011.
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KAZAKHSTAN insurance market up 10% in the first 3 months
by vlad.boldijar@mxp.ro, 2012-07-05
Kazakhstan insurance companies reported an increase in local currency of 9.6 percent in gross written premiums in the first three months of 2012, as compared to same period of 2011, reaching KZT 57.50 billion (EUR 291.70 million).
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BELARUSIAN GWP rose 135% y-o-y in first Quarter
by vlad.boldijar@mxp.ro, 2012-07-05
According to results published by the Belarusian Association of Insurers, in 1Q2012, total premiums in the insurance market rose in local currency by 135% year-on-year to BYR 893 billion.
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POLAND: VIG has acquired a 92% share in POLISA Life
by vlad.boldijar@mxp.ro, 2012-07-03
VIENNA Insurance Group (VIG) is the new owner of the Polish life insurance company POLISA, announced the Austrian Group. Last week, the VIENNA Insurance Group has acquired about 92% of the life insurer.
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GREECE: Mandatory civil liability maritime insurance
by dimitrios.tsoulias@mxp.ro, 2012-07-03
Mandatory civil liability insurance for all vessels that enter Greek ports remains on paper, as the implementation for the legislation imposed by relevant EU directive that was incorporated into Greek law in 2012 is yet to become active.
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Credit Europe Asigurari
EDITORIAL

Summer time

It is the right time for a well deserved vacation. So, the editorial staff of XPRIMM News is wishing you a pleasant summer time and invites you to meet us again on August 9th. Until then, take care to the sun burns and to the travel insurance coverage! We will return with the half year statistics and the latest news in the CEE, CIS and SE regions. We will also return with new offerings for the autumn and winter insurance events.
Read More

daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW

Elita BABAYAN
Insurance Specialist
ArmInfo News Agency

The almost fivefold growth in premium in 2011 is mainly the result of the legislative changes produced in 2011, that implied introducing MTPL, insurance class which modified drastically the market portfolio, seizing over 66% of total GWP in the first year since it was introduced.
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STATISTIC UPDATES
Belarus 1Q2012
Bulgaria 1Q2012
Cyprus 1Q2012
Czech Republic 1Q2012
Hungary 1Q2012
Kazakhstan 1Q2012
Moldova 1Q2012
Poland 1Q2012
Turkey 1Q2012

INTERVIEW

Azer ALIYEV
Chairman
AIA - Azerbaijan Insurance Association

"Azerbaijan its not just open but also interested into welcoming foreign investors with some new players in the market of international level. We expect increased confidence in insurance and consequently, increased sales of voluntary insurance products and quality development of the insurance market"
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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


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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
Anton NEDVEDSKY
External Relations Manager
Belarusian Association of Insurers

Belarusian officials predict that economic situation is going to normalize in 2012 while the inflation and refinancing rates are decreasing. These factors are expected to drive insurance market as purchasing power is growing and bank loans are becoming cheaper.
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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


FINANCIAL NEWS
GREECE: Positive market reactions after election results
by dimitrios.tsoulias@mxp.ro, 2012-07-03
The initial reaction of the international markets after the recent election result in Greece was positive, as Greece moves away from the worst case scenario of leaving the Euro zone, which had already been assessed.
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PRESS CUTTINGS
ALBANIA: Insurers' Premium Income Falls 6.8% in Jan-May

ARMENIA: Armenia to introduce mandatory health insurance

AZERBAIJAN: Charges of voluntary car insurance increases by 38%

BOSNIA: A.M. Best Affirms Ratings of Bosna Reosiguranje d.d. Sarajevo

BOSNIA: Bobar Osiguranje To Cut Capital by 12.4%

BOSNIA: Bosnia's Bobar Osiguranje To Cut Capital by 12.4%

BULGARIA: 4-mo Gross Premiums Fall 4.2% Y/Y

BULGARIA: Insurers are not among the ones worst affected by crisis in Europe

BULGARIA: Minister calls for compulsory home insurance

BULGARIA: Trading company Dar Finance has acquired 16.7% Stake in Eurohold Bulgaria

CROATIA: Austria's UNIQA finishes the acquisition of EBRD's minority interest

CROATIA: Jan-May Gross Written Premiums Fall 0.8%

CZECH REPUBLIC: RSA to run off Czech motor insurer

ESTONIA: Drivers of scooters need traffic insurance

GREECE: Fitch, Insurance companies are less exposed than banks to contagion risk triggered by a Greek exit from the eurozone

KAZAKHSTAN: The insurance companies refused to sign contracts with farmers of Zhambyl region

LATVIA: BTA - the only insurance company that has started to insure agricultural sowings

MACEDONIA: End-May Mandatory Pension Fund Assets Rise 1.3% M/M

POLAND: Higher sums guaranteed in MTPL

POLAND: Insurance market rebounds in Q1

ROMANIA: AXA Group will invest EUR 13.8 million this year

RUSSIA: A.M. Best Assigns Ratings to SOGAZ, Insurance Company OJSC

RUSSIA: There is a visible entrepreneurial spirit in Russia

SLOVENIA: Triglav Insurer Buys Sava Real Estate for EU 14.8 Million

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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