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Insurance Newsletter, No. 206, September 13, 2012

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

MONTE CARLO 2012
XPRIMM's review on 2012 Rendez-Vous de Septembre
by andreea.ionete@mxp.ro, 2012-09-13
The 2012 Rendez-Vous de Septembre athmosphere catched a rather tensioned vibe during this year's meetings between insurers, reinsurers and brokers in Monte Carlo. Thus, negotiations for the 2013 renewal season tightened given the strong impact major catastrophic events had on reinsurers 2011 financial results, while dealing also with the harsh macroeconomic environment and the capital markets' volatility.
To better understand and follow the discussions and negotiation at this year's meetings in Monte Carlo, check the headlines below:
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VILLNET: Reinsurers went through crisis without any need for recapitalization or State aid
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Europe needs to address the terrorism risk more carefully
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Worldwide Nat Cat caused losses USD 26 billion in 1H/2012
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THIERRY: Profitability in decline for reinsurers
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New historical record in cat bonds in 2012
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VIDEO: The global insurance market went up by 4.8% in 2011, to EUR 3,300 billion, while reinsurance business rose to EUR 160 billion
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Claude TENDIL takes over from Jean-Philippe THIERRY as Chairman of the Rendez-vous de Septembre Association
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SCOR takes measures to counteract threats in the macroeconomic environment
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HANNOVER Re: Low investment income pushed ahead technical pricing discipline
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LLOYD's: EUR 107 billion paid for insured claims in 2011 for nat cat and man-made disasters
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M&A activity at its lowest in the last three years
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Solvency II, a growth driver for life reinsurance business in Europe
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SWISS Re expects moderately increasing re/insurance prices
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PHOTO GALLERY: Monte Carlo 2012: Rating agencies still confident in reinsurers' stability
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MUNICH Re expects a stable renewal season in 2013
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Low level of insured cat losses in 2012, favorable impact on capital growth and earnings
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VIDEO: Reinsurance brokers estimate a "soft" season of renewals in 2013
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BELARUS Re

TOP NEWS
PZU interested in acquiring the majority stake in Slovenian TRIGLAV
by daniela.ghetu@mxp.ro, 2012-09-13
PZU's international expansion plans could address the Slovenian insurer TRIGLAV, which is rumored to be for sale, announces PAP news agency quoting Andrzej KLESYK, CEO PZU. "We are waiting for the declaration of the Slovenian government about how many shares it wants to sell," KLESYK said. "We clearly say that we are interested exclusively in a stake assuring over 50% of the company."
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TRIGLAV Group: 22% profit growth in first-half 2012, to EUR 41.6 million
by daniela.ghetu@mxp.ro, 2012-09-04
In the first six months of 2012, the TRIGLAV Group earned a total of EUR 523.6 million in insurance and co-insurance premium and recorded a 22.1% profit growth, up to EUR 41.6 million. The disclosed net profit of Zavarovalnica TRIGLAV as the controlling company was EUR 25.0 million. Zavarovalnica TRIGLAV will participate in the capital increase of ABANKA subject to the fulfilment of conditions precedent.
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UNIQA: 6.6% growth in the CEE markets, a driver for the positive earnings' trend of the Group
by daniela.ghetu@mxp.ro, 2012-09-04
In the first half of 2012, UNIQA Group increased its profit on ordinary activities by 43.2%, to EUR 106.5 million, while the consolidated profit improved by 67.1% y-o-y to EUR 57.3 million. Doubling the number to customers by 2020, to 15 million and improving its results by up to EUR 400 million until 2015 as against 2010 are the current targets of the Group. "We are on track. However, we must press ahead with our efforts, as the economic conditions are unlikely to provide any tailwind in the second half of the year", said Andreas BRANDSTETTER, CEO of UNIQA .
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PZU: EUR 400 million, record net profit in 1H2012
by daniela.ghetu@mxp.ro, 2012-09-04
Gross premiums written by PZU Group in the first half of 2012 amounted PLN 8.25 billion (~ EUR 1.93 billion), 7.5% up y-o-y. Net income from investment activities increased by more than 41.2%, yielding the first half of 2012 a record 10.6% higher net profit of PLN 1.72 billion (~ EUR 400 million). PZU remains leader of the Polish insurance market, also in terms of profitability, with a return on equity (ROE) was in this period reaching close to 26.8%, up by 2pp y-o-y.
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Slovenian SAVA Re Group posts EUR 10.3 million net profit in 1H
by vlad.boldijar@mxp.ro, 2012-09-13
SAVA Re Group recorded a profit at the half-year of EUR 10.3 million, representing an increase of over 61% year-on-year, while, the reinsurance company SAVA Re, ended the first half of 2012 with a net profit of EUR 4.6 million, up 8.6% over the same period last year.
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RUSSIA: Insurers are interested in the implementation of international standards ACORD
by olesea.adonev@mxp.ro, 2012-09-13
On August 23, 2012, representatives of the top Russian insurance companies have signed a memorandum of agreement with ACORD (Association for Cooperative Operations Research and Development) regarding implementation of the international standards to the local insurance market, according www.acordceo.org.
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SERBIA: Insurers will ask for MTPL minimum tariffs' increase
by lela.sakovic, 2012-09-13
This autumn, Serbian insurers will ask the Central Bank, the market supervising authorithy, for an increase in policy prices of the compulsory MTPL. The exact amount the insurers will request as a new minimum price is still unknown, but the National Association of Insurers confirmed that their expert services, together with representatives of the Serbian motor insurers, already started conducting analyses. The official request will be submitted to the National Bank of Serbia as soon as the Association's Management Board will agree on the exact amount needed for the minimum tariffs.
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AZERBAIJANI market almost doubled in H1
by vlad.boldijar@mxp.ro, 2012-09-13
Azerbaijan's overall insurance market totaled EUR 171.4 million for the first half of 2012, informed the Ministry of Finance of Republic of Azerbaijan, 98.8% more compared to January-June 2011. In terms of paid claims, the market authority reports a 78.7% year on year increase, the 28 market players' paying almost EUR 42 million.
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BELARUS, 1H2012: The market continues its fast rise
by vlad.boldijar@mxp.ro, 2012-09-13
According to results published by the Belarusian Association of Insurers, in 1H2012, total premiums in the insurance market rose in local currency by over 120% year-on-year to BYR 1,966 billion. In European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a moderate increase in terms of GWP: EUR 189.7 million, up 52.92% compared to 1H2011.
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ESTONIA, 1H2012: Double digit increase in GWP
by vlad.boldijar@mxp.ro, 2012-09-13
Estonian insurance companies underwrote about EUR 176 million during the first half of the current year, according to the figures published by Financial Supervision Authority of Estonia, representing an 11.4% increase compared to June 2011. Paid claims have increased by 1.2% reaching EUR 99 million.
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GEORGIA: 24% growth for the insurance market in 1H 2012
by olesea.adonev@mxp.ro, 2012-09-06
Georgian insurers posted underwritings worth GEL 233.9 mil (EUR 115 million) between January-June 2012, a 24.3% growth in national currency as compared with the 1H 2011 results. Paid claims have increased by 1.2% reaching GEL 118.2 million (EUR 58 million), according to financial results published by the National Bank of Georgia.
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KAZAKHSTAN, 1H2012: Life insurance went up to 19.5% of the total market
by vlad.boldijar@mxp.ro, 2012-09-13
Following the results of the first half of 2012, underwritings in the Kazakhstan insurance market were KZT 94.07 billion, 7.95% lower as compared with the similar period in 2011, reported the Insurance Supervisory Agency in Kazakhstan. In European currency, insurance companies in Kazakhstan have cumulated gross written premiums of EUR 500.6 million, representing, because of the appreciation of the local currency in relation to EUR, a nominal increase of about 3%.
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KOSOVO insurers 1H total premiums rise 4%
by vlad.boldijar@mxp.ro, 2012-09-13
The total premiums collected by the insurance companies operating in Kosovo territory rose 4% in 1H2012, to EUR 39.58 million, Central Bank data showed. This value was generated by the over 304 thousand policies sold in the analyzed period, 60 thousand more compared to January-June 2011. At the same time, the value of paid claims of insurers amounted to EUR 13.92 million.
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ROMANIA, 1H2012: Insurance market, close to EUR 1 billion
by alex.rosca@mxp.ro, 2012-09-06
Romanian insurance companies underwrote about EUR 1 billion during the first half of the current year. Dominated by motor insurance and taking into account of the falling exchange rate of the national currency as reported to euro the Romanian market might reach a total amount of EUR 1.8 billion by the end of the current year.
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OTHER NEWS
ROMANIA, 1H2012: Brokers have withstood the crisis
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ZURICH Insurance Group 1H net profit up 13%
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SERBIA: Administration for the Supervision of Financial Institutions to be established under the Central Bank
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PRESS CUTTINGS
ARMENIA: Insurance companies' aggregate assets grow 9.8% to AMD 39.2 billion

AZERBAIJAN: Azerbaijan going to amend law on insurance of bank deposits

BULGARIA: Government to make state-own property insurance against natural disasters obligatory

BULGARIA: Insurers register BGN 71 million profit in 2011

GREECE: Insurance sector has stopped investing in state bonds since incurring huge losses

GREECE: Proposal for a national earthquake insurance program

MACEDONIA: Triglav Osiguruvanje eyes MKD 40 million (EUR 650,410) profit in 2012

MOLDOVA: Insurers H1 combined gross profit up 23%

POLAND: Meiji Yasuda to buy into Warta as part of Talanx IPO

ROMANIA: ING Asigurari de Viata appoints new CEO

RUSSIA: Insurance supervision may be merged with the banking one

SERBIA: Dunav Osiguranje H1 cons net profit falls

SERBIA: The number of newly registered passenger cars rose by 2.3% in Q2

SLOVENIA: Zavarovalnica Maribor posts H1 net profit of EUR 6.6 million

SLOVENIA: Zavarovalnica Triglav ranks as one of the biggest companies in Central Europe

TURKEY: Dubai Group sells Turkey insurance unit to Starr, Oman Insurance Group

TURKEY: Insurance sector grows 12%

Credit Europe Asigurari
EDITORIAL

Au revoir, Monte Carlo! Next stop, Baden Baden!

The 2012 edition of the Rendez-vous de Septembre, in Monte Carlo, is ending today.
Joining, as every year, the experts attending the traditional meeting in Monte Carlo, the XPRIMM team kept you to date with the most important opinions and facts, as they were revealed during the professional meetings. And somewhat not surprisingly, this year's meeting ended with mixed impressions.
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daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW
Eric CLURFAIN
Head of Central Europe and EMEA at MetLife

Our current priority in CE is to effectively integrate MetLife and AVIVA. Both MetLife and AVIVA employees will work together to integrate the two companies, in order to ensure continuous business development. In the future, we are committed to continuing development in the CE region both by implementing an organic growth strategy and by keeping a close eye on acquisition opportunities.
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POINT OF VIEW
Guy HUDSON
Partner
JLT Re

Reinsurance is essential for a motor portfolio. For the third party liability losses there is the possibility for losses to occur in EU countries that allow claims for Unlimited damages, therefore any insurance company issuing motor third party liability in Romania must buy an unlimited reinsurance protection.
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JLT
BELARUS Re

STATISTIC UPDATES
Azerbaijan 1H2012
Belarus 1H2012
Estonia 1H2012
Georgia 1H2012
Kazakhstan 1H2012
Kosovo 1H2012
Romania 1H2012


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EVENTS

ICAR - The International CAtastrophic Risks Forum

ICAR - The International CAtastrophic Risks Forum, the most important European event dedicated to catastrophic risks, will take place on October 15th, 2012 in Bucharest, Romania, this year's edition being again officially supported by The World Bank.
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Motor Insurance Conference
Bucharest October 3, 2012

The Romania motor insurance market is still in search of solutions for the high claims ratios both in MTPL and Motor Hull segments. As a consequence, it is at the Motor Insurance Conference, on the 3rd of October in Bucharest, where we will try to find the solutions for the problems the market faces.
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International Yalta Finance Forum at its 12th Edition

The 12th International Yalta Finance Forum, which has become a tradition for leaders in insurance and reinsurance in Central and Eastern Europe, will be held on September 17-21 in Yalta, Ukraine. PRIMM Insurance & Pensions Magazine supports the event as Media Partner.
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International Istanbul Insurance Conference
October 4th-5th, 2012
Istanbul
Organizer: Istanbul Underwriting Center
General Insurance Forum
October 9th-10th, 2012
Rome, Italy
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
10% discount for XPRIMM Readers
For details: finance.flemingeurope.com
4th Annual Distribution Strategies
October 11th-12th, 2012
Rome, Italy
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
10% discount for XPRIMM Readers
For details: finance.flemingeurope.com
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
EIOPA Conference
November 21st, 2012
Frankfurt
Organizer: EIOPA
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INTERVIEW
Cristina DOLGHI
CEO
MOLDCARGO Insurance and Reinsurance Company

MOLDCARGO became the Moldavian's market top insurer in terms of profitability in 1H2012, with a positive financial result of MDL 7.1 million. Considering the gross written premium volume, the company managed to enter Top 3, with a market share of 13.2%.
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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 Cyprus
Slovakia Greece
Slovenia Turkey

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THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
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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

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IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

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