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Insurance Newsletter, No. 207, September 27, 2012

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

YALTA
XPRIMM's review from the 12th Edition of the International Yalta Finance Forum
by olesea.adonev@mxp.ro, 2012-09-27
The International Yalta Finance Forum came to an end on the 21st of September, after a four days tight schedule packed full with thematic conferences and bilateral meetings. The Yalta Forum has traditionally become a discussion platform for over 300 leaders in insurance and reinsurance industry from 25 countries.
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UKRAINE: 26.2% of the local insurers are owned by foreign investors
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UKRAINE: Steady GWP evolution and decrease in paid claims in 2011
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RUSSIA: Mandatory liability insurance for carriers will be enforced in 2013
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RUSSIA: Double digit growth rates in 1H2012 and 2011 made MTPL the market driver
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UKRAINE: 15% growth in assets in 1H2012 and stagnant GWP
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UKRAINE: Only 86% of the vehicles coveres by a MTPL policy
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Latin America, Asia and Africa - the most interesting targets for reinsurers
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SCOR: Inflation, one of the most challenging issues for insurers and reinsurers
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UNITY Re: EUR 3.1 billion - premiums ceded for reinsurance from the ex Soviet countries in 2011
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Latvians are the most passive insurance consumers in the Baltic countries
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HANNOVER Re developed a special reinsurance program for the Ukrainian market
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TOP NEWS
POLAND 1H2012: Playing in the "double digit" league
by daniela.ghetu@mxp.ro, 2012-09-27
The Polish insurance market ended the first half of 2012 with a 12.67% y-o-y increase in GWP, thus confirming rapid growth trend outlined in the first quarter of the year. As a result, underwritten premiums amounted to PLN 33.23 billion or EUR 7.8 billion, while the aggregated gross profit reached PLN 4.85 billion (~ EUR 1.14 billion). However, considering the market results denominated in euro, the overall picture seems somewhat less bright following the y-o-y 7% devaluation of the Polish Zloty (PLN).
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CZECH Rep. 1H2012: growth in life insurance not enough to keep the whole market in black
by daniela.ghetu@mxp.ro, 2012-09-27
The Czech insurance market reported a steady evolution in 1H2012. According to the first available information released by the Czech Insurers Association (CAP), GWP amounted 58.8 billion (~EUR 2.3 billion). Denominated in national currency, the GWP overall figure shows almost no change as compared to 1H2011. Yet, following the 5% weakening of the Czech kroon (CZK) in proportion to the European currency, the total GWP denominated in euro recorded a 4.85% y-o-y fall.
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SLOVENIA, 1H2012: Insurance market continues to slow down
by vlad.boldijar@mxp.ro, 2012-09-26
In the first six months of 2012 the Slovenian insurance companies recorded EUR 1,094 million of gross written premiums, of which EUR 801.6 million or 73.26% from non-life insurance contracts and EUR 292.54 million or 26.74% from life insurance, according to financial figures recently published by the Slovenian Insurance Association.
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The Romanian National Bank: The insurance penetration rate decreased in 2011, reaching the minimum of the last 4 years
by andreea.ionete@mxp.ro, 2012-09-26
In 2011, the Romanian insurance market continued the downward trend of the past years, although the decreasing rhythm slowed down due to the influence of macroeconomic conditions on the consumers' financial behavior, shows the Romanian National Bank's Report on financial stability, published on the 18th of September. Life insurance was backed up by the economic increase and returned to a positive level of real growth, while the slow-down of non-life insurance led to an insurance penetration drop in GDP to the minimum value of the last 4 years, falling for the first time under 1.5%.
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BULGARIA, 1H2012: A half year in red
by vlad.boldijar@mxp.ro, 2012-09-26
The gross written premiums realized by Bulgarian insurers in 1H2012 amounted to BGN 796 million (EUR 407 million), declining by 2.5% on an annual basis, showed the financial data report recently published by the Financial Supervision Commission. At the end of 1H2011, the same indicator reached EUR 417.6 million, when the market increased by almost one percent (0.8%).
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VIG to acquire 75% of QBE Makedonija
by vlad.boldijar@mxp.ro, 2012-09-25
VIENNA Insurance Group signed an agreement to acquire around 75% of the voting rights with the Macedonian insurer QBE Makedonija. The transaction is subject to regulatory approval.
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LITHUANIA: NORDEA set to sell the insurance business to ERGO
by vlad.boldijar@mxp.ro, 2012-09-25
NORDEA Life Assurance, a Finland-based provider of life insurance and private pension, part of the financial group NORDEA, is planning to sell its insurance business in Lithuania to the Germany-based insurance group ERGO Versicherungsgruppe.
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LATVIA: Life insurance continues to lose ground
by daniela.ghetu@mxp.ro, 2012-09-21
Latvian insurance market ended the first half of 2012 with a modest y-o-y increase of 1.25% in terms of gross written premiums, which amounted to EUR 177.42 million. Yet, the life insurance sector maintained a negative trend, the overall business on life insurance lines shrinking by almost 17%, to EUR 12.97 million. The aggregated positive trend of the market was driven by the 3% growth recorded on the non-life segment, which totaled GWP of EUR 164.45 million.
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MACEDONIAN insurers GWP grew by 7.3% in Q1
by vlad.boldijar@mxp.ro, 2012-09-21
Macedonian insurance companies posted combined gross written premiums of MKD 1.71 billion (EUR 27.7 million) in 1Q2012, up from MKD 1.59 billion a year earlier, Insurance Supervision Agency figures indicated. Non-life insurance premiums accounted for 93.5% of the total insurance premiums (MKD 1.60 billion), while the life insurance segment accounted for the remainder of the market (MKD 110 million).
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SLASPO: SLOVAK market posts 0.9% growth in 1H2012
by vlad.boldijar@mxp.ro, 2012-09-21
The Slovak insurance market grew by 0.9% in the first six months of 2012, according to industries figures published by SLASPO (Slovak Insurance Association). The value of premiums amounted to EUR 1.09 billion in 1H2012, up EUR 9.5 million in absolute value, compared with January-June 2011.
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Iulius Alin BUCSA becomes the new President of ASTRA Asigurari. Alexander ADAMESCU returns to the Supervisory Council
by andreea.ionete@mxp.ro, 2012-09-26
Iulius Alin BUCSA will join ASTRA Asigurari as a President, the naming being currently subjected to the regulatory approval of ISC - The Romanian Insurance Supervisory Commission, the insurance company announced on September 19th. Alexander ADAMESCU, who was named President on January 1st 2012, after the backdown of Radu MUSTATEA, will return to the insurer's Supervisory Council.
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BELARUS Re
OTHER NEWS
QBE Re (Europe) restructures; "A+"STANDARD&POOR'S rating assigned
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A.M.Best has affirmed "B+" financial strength rating for UNITY Re
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XL Group CEO: Re/insurance industry must act now to solve new risks and offer what businesses really need
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SOLUTIONS FOR INSURERS
Hard times as an opportunity
by Stefan DOBAK, CEO, GRATEX International
Recently, there is not so much good news on economy. Times are hard and maybe will be even harder in following years. Business is struggling; everybody is looking for possibility to save costs and make business more efficient. But at least this aspect of current times is hopeful. More pressure to efficiency gives us a chance to do things better, according to Stefan DOBAK, CEO, GRATEX International
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PRESS CUTTINGS
ARMENIA: INGO Armenia named best insurance company of the year

ARMENIA: Insurance companies hit AMD 525,6 mln in net revenue

ARMENIA: Medical insurance invalid in European countries

AZERBAIJAN: Almost 24% of insurance market formed by Compulsory Insurers Bureau

AZERBAIJAN: New composition of Alfa Insurance's Board formed

AZERBAIJAN: Premiums of already 4 insurers in 2012 exceed AZN 20 million and leader insurer AZN 30 million

AZERBAIJAN: Russia's insurer Soglasie appears on market with ambitious plans

AZERBAIJAN: The Cabinet of Ministers to increase number of compulsory insurance types

BELARUS: The Government expects investment, innovation boom in 2013

BOSNIA: JAHORINA Osiguranje hikes share capital by EUR 4.1 million

BULGARIA: EUROINS 8-mo premium income rises 10.9%

BULGARIA: UNIQA H1 GWP grow 8.3% YoY

CROATIA: Insurers 8-mo gross written premiums down 1.4%

HUNGARY: Brokers have HUF 14.3 billion revenue from commissions last year

HUNGARY: Insurance sector lowest of the low

KAZAKHSTAN: Insurance market increases due to car owners

KAZAKHSTAN: The development of market in the next 15 years has been discussed

MONTENEGRO: DELTA GENERALI hikes capital

ROMANIA: Car market is the second worst performer in the EU

ROMANIA: Eureko Asigurari H1 gross written premiums fall 0.56%

RUSSIA: Bankruptcy hearing for Ingosstrakh set for Oct. 26

SLOVENIA: Interview with Matjaz Rakovec, Triglav Group

SLOVENIA: TRIGLAV leading insurer in Adria Region, NLB 3rd biggest bank

TURKEY: Improving insurance penetration (Groupama)

TURKEY: Yapi Kredi plans to sell pension unit separately

Credit Europe Asigurari
EDITORIAL

The Autumn Grand Tour

It started a few weeks ago, in Monte Carlo...
We are not speaking about the famous Formula 1 racing Grand Prix of Monaco, but about the annual grand autumn tour of major insurance events. Yet, this is not a coincidental association. Both the Grand Prix and the major professional events we are talking about are reuniting the top representatives of their specific trade. As for the differences ... let's just say that there are only winners in the professional meeting we are proposing you.
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daniela.ghetu@mxp.ro


BCR Asigurari de Viata
ALICO

INTERVIEW
Mikhail I. BULAVKIN
General Manager
Republican Unitary Enterprise "Belarusian National Reinsurance Organization"

The results of 2012 indicate the restoration of the national economy of the Republic of Belarus and it should be noted that at present an important direction of development of the national economy is to raise foreign investments. This is manifested in the construction of roads, industrial buildings, hotels, social, cultural and household facilities. In their turn, such risks require insurance and reinsurance coverage.
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Stephie DRACOS
General Manager
Ιnsurance Association of Cyprus

The persistence of the economic crisis has forced insurers to rethink their cost strategies and to return to more traditional life products. In this respect companies have been aggressively striving to save costs over a broad range of expense categories, such as claims, operation and reinsurance.
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JLT
BELARUS Re

STATISTIC UPDATES
Bulgaria 1H2012
Czech Rep. 1H2012
Latvia 1H2012
Macedonia 1Q2012
Poland 1H2012
Slovakia 1H2012
Slovenia 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 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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POINT OF VIEW
Enkeleda SHEHI
Chairperson
Albanian FSA

The most common perils encountered in Albania are earthquakes and floods. Despite that, property insurance is still at low penetration levels, mainly being influenced by private banks as a requirement to insure their collateral. One major challenge in these conditions remains the public awareness and its confidence in the industry.
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National Bank of Serbia
Insurance Supervision Department

In the light of the economic slowdown in 2011 as a result of the economic problems in the euro zone and downward revised economic growth forecasts for many countries (including Serbia), only subdued positive trends in the domestic insurance market can be expected to continue.
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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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