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Insurance Newsletter, No. 211, November 22, 2012

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INTERVIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS

LIVE FROM FRANKFURT
Supported byPIRAEUS Insurance Broker
EIOPA Conference 2012: searching for the functional compromise
by daniela.ghetu@mxp.ro, 2012-11-22
Beyond diplomatic courtesy displayed, the 2012 edition of the annual meeting of EIOPA - the European Insurance and Occupational Pensions Authority, with affiliates and the European insurance and private pension markets players, revealed a certain tightness. Wednesday in Frankfurt discussions have highlighted industry's discontent and frustration in relation to the trend the European regulatory activity appears to take, and the slowness of decision making and implementation.
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European Pension Funds Congress presents pension innovations from around the world
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FRANKFURT: EURO FINANCE WEEK 2012 at the starting point
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EFRP changed its name to PensionsEurope. Joanne SEGARS, the new President, examined the problems affecting the private pensions systems in Europe
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EURO FINANCE WEEK focuses on financial stability
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TOP NEWS
Breaking News: Only EUR 10,000 between the Romanian insurance market leader and the runner-up! See now who they are and which insurers entered Top10!
by alex.rosca@mxp.ro, andreea.ionete@mxp.ro, 2012-11-22
Between January-September 2012, the first ten insurance players in Romania reported underwritings exceeding EUR 1.1 billion, representing almost 82% of the entire insurance market. Their business decreased by only 7%, 3 percentage points over the overall market loss. In the analyzed period, the Romanian insurance market reported gross written premiums of EUR 1.4 billion, almost 4% less in European currency compared to the first nine months of 2011.
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MUNICH Re ups 2012 profit despite Sandy hit
by vlad.boldijar@mxp.ro, 2012-11-22
MUNICH Re, the world's biggest reinsurer, has increased its 2012 profit expectation to EUR 3 billion after posting a profit of EUR 2.7 billion for January-September 2012. At the same time, the GWP grew 5.3% to EUR 39.1 billion. The original profit guidance was for a total of EUR 2.5 billion in 2012.
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AXA's 3Q revenues up 1% to EUR 68.4 billion
by vlad.boldijar@mxp.ro, 2012-11-22
For the first nine months of the current year, AXA reported a 1.3% growth in total revenues to EUR 68.36 billion, helped by a 4% increase in property and casualty insurance sales, according to 9M 2012 Activity Indicators published by the French group. Including the effects of currency swings, revenues rose 3.7%. "Growth is driven by Protection & Health and Property & Casualty, which are less sensitive to financial markets", commented Denis DUVERNE, Deputy CEO of AXA.
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GENERALI PPF study: Only 20% of Romanian and Croatian drivers have CASCO insurance in addition to their MTPL
by mihai.cracea@mxp.ro, 2012-11-22
In most CEE countries, CASCO insurance is not an option for most drivers. Only 20% of drivers in Romania and Croatia have CASCO insurance in addition to their MTPL. In the Czech Republic the number is not much higher - about 25%, while only 5% in Bulgaria and 3% in Serbia. Slovenians are on the other side of the extreme, where nearly 50% of drivers also have CASCO insurance.
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TALANX announced strong nine-month results
by vlad.boldijar@mxp.ro, 2012-11-22
The TALANX Group closed the first nine months of 2012 with an operating profit of EUR 1.3 billion, 83% more compared to 3Q2011 results - or increasing in absolute value by EUR 0.6 billion y-o-y. At the same time, the group's net income went up 68% to EUR 549 million, while the net premium earned improved by around 12% to EUR 15.9 billion.
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ACE returns to profit in Q3
by vlad.boldijar@mxp.ro, 2012-11-22
The P&C insurer ACE reported a profitable third quarter aided by higher premiums written and lower catastrophe losses. The Swiss based insurer reported net income of USD 640 million (or USD 1.86 per share), compared to USD -39 million (or a net loss of USD 0.11 per share) for the same period last year. For the nine months ended September 30, 2012, net income was USD 1.94 billion, more than double compared with USD 805 million in January-September 2011.
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ASTRA Asigurari: EUR 4,7 million profit after the first 9 months, down 72.4%
by andreea.ionete@mxp.ro, 2012-11-22
ASTRA Asigurari reported a net profit of EUR 4.74 million in the first nine months of 2012, 72.4% less compared to EUR 17.19 million reported at the end of September 2011, according to a report sent by the company to the Bucharest Stock Exchange. The total underwritings amounted to EUR 173.9 million in the analyzed period, 9.4% less than the value reported for the first three quarters of 2011.
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AEGON: Third quarter confirms the group's new strategy efficiency
by daniela.ghetu@mxp.ro, 2012-11-22
AEGON's underlying earnings before tax increased by 31%, to EUR 472 million in the third quarter of 2012, reaching EUR 1.34 billion after the first nine months of 2012 (14% more y-o-y). At the same time, new life sales level reached at EUR 405 million. "The steps we are taking across our organization to get closer to our end customers, combined with the strength of our current position, give us full confidence in the prospects for our business going forward", stated Alex WYNAENDTS, CEO, AEGON.
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CROATIA Osiguranje, 3Q2012: Net profit up 32%
by vlad.boldijar@mxp.ro, 2012-11-21
The net profit reported by CROATIA Osiguranje Group for the first nine months of 2012 amounted to HRK 113 million (EUR 15.2 million) which is an increase of 32% compared to 3Q2011. For the same period, the value of gross written premium amounted to HRK 2.53 billion (EUR 340 million), reporting a decrease of 3.2%. The non-life GWP decreased by 3.6% to HRK 2.25 billion (EUR 302 million), while the life GWP totaled HRK 280.6 million or EUR 38 million (0.3% more), according to the Unaudited Consolidated Financial Statements published by the company.
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GENERALI: Relevant contribution of the CEE markets to the group's growth
by daniela.ghetu@mxp.ro, 2012-11-21
CEE markets accounted for about 6% of the aggregated gross premium of EUR 50.94 billion written by the GENERALI subsidiaries in 3Q2012. In terms of profitability, the CEE contribution to the total EUR 3.3 billion operating result (+9.4% y-o-y) was of about 9.5%. Commenting upon the overall Group's achievements in the first nine months of 2012, GENERALI Group CEO Mario GRECO said that the Italian insurer expects for the end of 2012 "a result in excess of € 4 billion, in line with the previously announced target."
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OTHER NEWS
ALLIANZ 3Q2012: Slovakia and Czech Republic, best results in terms of profitability
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MARSH & MCLENNAN posts strong Q3 income
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SWISS Re reports strong net income for Q3, boosted by ADMIN Re US sale
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KBC Group, 3Q2012: Net profit jumped to EUR 1.23 billion

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ZURICH Insurance Group: Q3 net profit down 62%
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AON's Q3 net income rises 3%
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SCOR, 3Q2012: Net income up 40%
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SERBIA: Contentious MTPL premium allocation for the Republic Fund for Health Insurance
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BiH, 3Q2012: stable growth, in line with the first half of the year
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CZECH REPUBLIC, 3Q2012: Slow growth driven by life insurance
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TURKEY, 3Q2012: Insurance industry is experiencing continued growth
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Credit Europe Asigurari
EDITORIAL

Question marks...

How to make a choice between two wrongs? This was the main question mark that hovered over the debates at EIOPA Conference in Frankfurt. The two wrongs in question refer to the repeatedly postponed application of new prudential regulations under the Solvency II Directive.
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daniela.ghetu@mxp.ro


BCR Asigurari de Viata
Metropolitan Life

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

Experts predict a slight increase of the reinsurance value in 2013. This may be due to several reasons. First of all, on account of the high level of loss ratio in catastrophe insurance, the value of obligatory programs renewals will increase on the international market in 2013. Moreover, the decrease in the profitability of investment transactions will most likely lead to the increase in the rates of insurance transactions.
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JLT
BELARUS Re

STATISTIC UPDATES
Bosnia 3Q2012
Czech Rep. 3Q2012
Turkey 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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EFRP Congress

Photo Gallery

The 2nd Annual Conference of EIOPA

Photo Gallery


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


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
PRESS CUTTINGS
ALLIANZ 9-mo operating profit from BULGARIAN insurance ops falls 6.0%

Amount of insurance compensations growing in UKRAINE

ARMENIA plans to liberalize prices in car insurance market

AZERBAIJAN: Premiums on compulsory insurance of vehicle owners' civil liability reach AZN 62.4 million

BULGARIAN parliament introduces mandatory insurance of municipal property

CROATIA: ALLIANZ 9-mo operating profit down 17%

KOSOVO-MACEDONIA: Border procedures for drivers have been simplified

POLAND: Commission approves joint acquisition of HDI by TALANX and MEIJI YASUDA Life

PZU UKRAINE submits application for obtaining license to provide farm production insurance

ROMANIA: EUROINS Jan-Oct premium income surges 51.5%

SLOVENIA: NKBM receives at least three bids for Zavarovalnica MARIBOR

TURKEY: CIGNA finalizes acquisition of 51% stake in FINANS Emeklilik

UKRAINE: Antimonopoly Committee endorses Agricultural Insurance Pool creation

UKRAINE: Insurance companies to fund projects aimed at saving human lives

VIG owns directly 12.83% in BULGARIAN unit BULSTRAD after merger

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

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