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Insurance Newsletter, No. 210, November 8, 2012

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

TOP NEWS
VIDEO: Guy HUDSON, JLT Re: The CEE region presents great opportunities for reinsurers
by adina.tudor@mxp.ro, 2012-10-26
Despite the negative effects of the financial crisis, the CEE region continues to present business opportunities for large reinsurance companies. "Like many parts of the world, Central and Eastern Europe has suffered from the financial crisis, but I think that there are great opportunities in the region for quality reinsures and quality reinsurance brokers, especially as we emerge from the financial crisis", Guy HUDSON, Partner, JLT Re, declared for XPRIMM TV.
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CROATIA Osiguranje: One step closer to privatisation
by daniela.ghetu@mxp.ro, 2012-11-01
In response to the public tender opened in July, calling for consultation services needed in view of selling about 50% of its ownership stocks in CROATIA Osiguranje, the Croatian Finance Ministry has received four bids from well known international consultants: KPMG Croatia along with its partners KPMG Budapest, KPMG Milano & Wolf Theiss, Lazard Freres of Paris in partnership with Ernst&Young Paris, the French BNP Paribas bank together with its partner Interkapital Vrijednosni Papiri of Zagreb and Deloitte Zagreb with nine other partners.
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SLOVAKIA: Private health insurers on the verge of nationalization
by daniela.ghetu@mxp.ro, 2012-11-01
The two private health insurance companies currently operating in Slovakia will have to leave the market next year, as the government approved a plan to reinstate a single public health-insurer system starting 2014 in order "to stop the inflow of funds to private provider", Bloomberg reports.
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UKRAINE: International Agricultural Insurance Conference, Reinsurance and Brokerage for CIS, Europe & Asia
by olesea.adonev@mxp.ro, 2012-11-02
Agricultural insurance plays an important role in promoting and attracting investments in agriculture industry and moreover in stabilizing revenue of farmers. But agricultural insurance by itself is a complex type of insurance. This type of insurance is very different from any other types of risk in non-life insurance because it is covering developing biological products.
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LITHUANIA: Insurance market growing albeit life insurance premiums written contracted in volume
by vlad.boldijar@mxp.ro, 2012-11-02
Lithuania's insurance market picked up by 1.3% in volume over three quarters of this year - insurance companies registered in the country and branches established in Lithuania by other European Union Member States wrote LTL 1.28 billion of insurance premiums. As in the previous quarters of this year, the extent of growth of written non-life insurance premiums outpaced significantly the volume of written life assurance premiums, which continued to contract.
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AON: TUCA and BORISSOV, two new top managers for the CEE region
by daniela.ghetu@mxp.ro, 2012-11-08
AON has announced for this fall two major changes in its management structure for the CEE region: Valentin TUCA, CEO of the company's Romanian branch until November 1st, is the new CEO for the South-Eastern Europe region, while Hristo BORISSOV became starting last month the new chairman and CEO for Aon Czech Republic and Slovakia.
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XIR 1H2012: EUR 18, the average CEE property insurance density
by daniela.ghetu@mxp.ro, vlad.boldijar@mxp.ro, 2012-11-08
The second largest housing stock in CEE, a high exposure to catastrophe risks - with a strong accent on the earthquake risk - and the mandatory character of the household insurance for catastrophic risks are the reasons for which one could expect the Romanian property insurance segment to have a proeminent place in the regional specialty market. Yet, Romania's property insurance segment is only the fifth largest in CEE, after Poland, the Czech Republic, Hungary and Slovenia.
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XIR 1H2012: Motor insurance business in CEE down 4.3% y-o-y
by daniela.ghetu@mxp.ro, vlad.boldijar@mxp.ro, 2012-11-08
Together, the 17 CEE insurance markets reported an GWP volume of EUR 4.8 billion for the motor lines in 1H2012, applied to a rolling stock of approximately 47.5 million vehicles. As compared to 1H2011, motor insurance figures for 1H2012 show a 4.3% depreciation of the underwriting results., while paid claims decreased by 8.8%, to EUR 2.96 billion.
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TRIGLAV: Benjamin JOSAR completes the company's Management Board
by daniela.ghetu@mxp.ro, 2012-11-08
On November 2nd, 2012, Benjamin JOSAR was authorized by the Insurance Supervision Agency (AZN) as member of the Zavarovalnica Triglav's management board, where he will be in charge of finance, accounting, strategic planning and controlling and the management of subsidiaries. Matjaz RAKOVEC is President of Zavarovalnica Triglav's Management Board while the other board members are Andrej SLAPAR, Stanislav VRTUNSKI and Marica MAKOTER.
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ROMANIA: Insurers' business up 1.54% in the first 8 months
by andreea.ionete@mxp.ro, 2012-11-08
According to data recently published by CSA (ISC - The Romanian Insurance Supervisory Commission), the Romanian insurers reported a gross written premiums volume of over RON 5.5 billion (approximately EUR 1.2 billion) in the first 8 months of 2012, increasing by 1.54% compared to the similar period in 2011. As far as claims paid in the first 8 months of 2012 are concerned, the data show a value of more than RON 3 billion (EUR 664.7 million), increasing by 3.33% compared to January - August 2011.
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ALBANIA 3Q2012: GWP went down by 0.2% y-o-y
by vlad.boldijar@mxp.ro, 2012-11-08
During January-September 2012, the Albanian insurance market experienced a decrease of 0.18% to ALL 6.52 billion, according to data provided by the Albanian Financial Supervisory Authority. In European currency, due to the appreciation of ALL in relation to EUR, the local insurance market reported a 0.36% increase to EUR 46.50 million.
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MONTENEGRO 3Q2012: insurance market maintains the ascending trend
by vlad.boldijar@mxp.ro, 2012-11-08
In January-September 2012, the gross premium written by the Montenegrin insurers amounted to EUR 51.1 million, slightly increasing by 4.18% in relation to the previous year, Insurance Supervision Agency reported. Compared to 3Q2011, non-life insurance premium grew by 4.3% (to EUR 44.7 million), the while the total life insurance premium grew by 3.28% (to EUR 6.4 million).
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ALBANIA: Independence of the financial regulators under debate
by daniela.ghetu@mxp.ro, 2012-11-08
"Regulator independence is a necessity for achieving and consolidating market development. A transparent and stable environment promotes consumer confidence and encourages free and fair competition among all market participants", stated Enkeleda SHEHI, Chairperson of the Albanian Financial Supervisory Authority in her opening speech to the international conference organized by AFSA under the title "Independence of the Financial Sector Regulators: Reemphasized".
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S&P's: 'A-' ratings on Triglav entities
by daniela.ghetu@mxp.ro, 2012-11-08
On Nov. 7, 2012, Standard & Poor's Ratings Services placed its 'A-' long-term counterparty credit and insurer financial strength ratings on TRIGLAV Insurance and TRIGLAV Reinsurance on CreditWatch with negative implications.
The ratings on both entities are based on Triglav Group's stand-alone credit profile, assessed by S&P's at 'bbb+', and to which one notch was added to reflect its government-related entity status, and the "high" likelihood of extraordinary support from the Slovenian government.
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Credit Europe Asigurari
PRESS CUTTINGS
ARMENIAN insurance companies expect their annual net profit to grow to AMD 2.9 billion in 2014

AZERBAIJAN must take decisive measures in health insurance (Finance Minister)

AZERBAIJAN to attract foreign insurance brokers

CZECH REPUBLIC: CP decided to invest over CZK 1 billion

GROUPAMA continues its sustainable growth in TURKEY

KAZAKHSTAN: The insurance market can be seen develop rapidly

LATVIA: OCTA insurance policy to become more expensive

LITHUANIANS are more satisfied with insurance services, than Latvians and Estonians

MACEDONIA: SAVA Re completes recapitalisation of SAVA Osiguruvanje

RUSSIA: Bankruptcy case of largest insurance company ceased

VIG considers expanding further
EDITORIAL

Sandy's Aftermath

Austerity measures bringing on customer's lowering purchasing power and saving appetence, an ongoing Euro crisis, poor investment results, low interest rates, a changing legal environment ... anybody would say that there was enough pressure on the re/insurance industry for a life time. And anyway ... what could happen worse? Well... it happened: Sandy.
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daniela.ghetu@mxp.ro


BCR Asigurari de Viata
Metropolitan Life

INTERVIEW
Andrey VESELKOV
General Director
Media - Information Group "Insurance Today" Russia

In my opinion, if global economy gets out of recession and GDP in all leading economies will record a be positive trend, than Russian insurance market is going to grow up to 20-30% in comparison to 2011. Otherwise market will go through stagnation and reduction which usually is more gradual than GDP.
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JLT
BELARUS Re

STATISTIC UPDATES
Albania 3Q2012
Montenegro 3Q2012
Lithuania 3Q2012

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EVENTS

November Business Meetings of Reinsurers

The November Business Meetings will be held on November 22nd -23rd in Moscow, Russia. The event is organized by All-Russian Insurance Association (ARIA), Reinsurers' Committee, and co-organized by DELOVOY Format Group. PRIMM Insurance & Pensions Magazine supports this event as Media Partner.
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European Pension Funds Congress presents pension innovations from around the world

The European Pension Funds Congress, traditionally hosted by the European Federation for Retirement Provision (EFRP), will once again take place during the EURO FINANCE WEEK, offering to the attending industry professionals an exclusivist list of speakers.
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The 2nd Annual Conference of EIOPA

The 2nd Annual Conference of EIOPA will be held on 21 November 2012 in Frankfurt am Main. The European institution will share with the participants the crucial results of the Authority’s work in 2012 and the challenges that lay ahead of the insurance and occupational pensions sectors in the years to come.

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ALB National Conference
VIII-th Edition

Thursday, November 15th, 2012
Bucharest, Romania
Organizers: ALB and Media XPRIMM
For details: www.xprimm.ro
WorldPensionSummit 2012
November 14th-16th, 2012
Amsterdam, Netherlands
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com
2nd Annual Solvency II Summit
January 24th-25th, 2013
Amsterdam, the Netherlands
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
10% discount for XPRIMM Readers
For details: finance.flemingeurope.com
International Conference on Agricultural Insurance, Reinsurance and Brokerage on CIS, Europe & Asia
March 4th-6th, 2013
InterContinental Hotel
Kyiv, Ukraine
Organizer: AgroInsurance International
General Media Partner: Media XPRIMM
For details: www.agroinsconf.com

POINT OF VIEW
Maximilian EDELBACHER
Special Investigator
AVUS Group

I really think that motor insurance is the segment most exposed to fraud. We have an anti-insurance crime bureau in the office since 1968 and it started with motor fraud cases. Next is property, while life insurance is the third most exposed segment. The number of life insurance fraud cases is very small, but, of course, the amount of paid money can be extraordinary.
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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

Kunden Broker
ASIGEST Broker

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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