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Insurance Newsletter, No. 213, December 20, 2012

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TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS

TOP NEWS
Unisex insurance premiums and benefits starting December 21st 2012
by andreea.ionete@mxp.ro, 2012-12-20
According to the European Court of Justice of the European Union's decision on March 1st 2011, starting December 21st 2012, insurers must implement the equal treatment principle, which forbids them to establish the insurance products rates using a gender-based risk evaluation.
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ROMANIA: Green light for the new Financial Supervisory Authority
by mihaela.circu@mxp.ro, 2012-12-20
On December 18th, The Romanian Government adopted the Ordinance regarding the creation of the Financial Supervisory Authority (FSA). The law project had been read for the first time just a week before.
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HUNGARY, 3Q2012: the Forint appreciation flattens the downward curve
by daniela.ghetu@mxp.ro, 2012-12-20
After the results of the first half of 2012 showed a worrisome decrease, the Hungarian insurance market seems to recover to a certain extent, according to the market results denominated in the European currency. Thus, although it maintained a downward trend, the 3Q2012 results appear to show signs of a flattening downward curve. GWP amounted to EUR 2.06 billion, 2.45% y-o-y less, as compared with the over 12% fall recorded in 1H2012.
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BULGARIA 3Q2012: Motor lines continue to draw back the insurance market
by daniela.ghetu@mxp.ro, 2012-12-20
The Bulgarian insurance market closed 3Q2012 with a decrease in the GWP volume of about 1% y-o-y, to EUR 582.4 million. The lowering GWP level can mainly be put down on the continuous fall in motor insurance underwritings (-3.2% y-o-y), while for the property lines and the life insurance segment, GWP recorded positive evolutions of 1% and 2.4%, respectively.
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VIG: over 50% contribution of the CEE markets to the Group's GWP and profit
by daniela.ghetu@mxp.ro, 2012-12-13
Vienna Insurance Group ended 3Q2012 with a record net profit figure, "surpassing the annual result of the pre-crisis year 2007," as Peter HAGEN, Chairman of the Managing Board and CEO of the Austrian Group stated. CEE countries contributed both to the overall profit and GWP with more than 50%, encouraging the further expansion of VIG in the CEE region. "We are now also regarding the region from the Baltic Sea to the Black Sea as growth engines. About 120 million people live in this region, and they still face an enormous need to catch up as far as modern insurance solutions are concerned," stated Peter HAGEN.
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UNIQA Group, 3Q2012: EUR 93.5 million consolidated profit after taxes, in line with the 2012 target
by daniela.ghetu@mxp.ro, 2012-12-20
UNIQA Group has improved its earnings before tax to EUR 152.4 million in 3Q2012 from the EUR 173.8 million loss posted in 3Q2011. Consolidated profit after tax and minority interests amounted to EUR 93.5 million. "In the first nine months of 2012, we achieved what we set out to do. We still have a great deal of work, but we are well on track, and we are consequently implementing our strategic program UNIQA 2.0.," commented Andreas BRANDSTETTER, CEO UNIQA.
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SAVA Re, 3Q 2012: stronger accent on the international markets and improved profitability
by daniela.ghetu@mxp.ro, 2012-12-20
In 3Q2012, gross premiums written by the SAVA Re Group companies amounted to EUR 215.8 million, 6.6% up y-o-y. In absolute terms, the largest growth was generated by the largest companies in the Group, SAVA Reinsurance Company and Zavarovalnica TILIA. At the same time consolidated reinsurance premiums grew by 13.6%, due to the increase in international reinsurance premium.
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CZECH Rep.: CP posts lower profit and premiums in 3Q2012
by vlad.boldijar@mxp.ro, 2012-12-20
CESKA Pojistovna (CP), the largest insurance company in the Czech Republic, reported for January-September 2012, according to the international accounting standards, a net profit of CZK 2.80 billion (EUR 110 million), CZK 200 million less compared with the same period previous year.
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ROMANIA, mediation market: Another step towards 50% of the insurance market
by vlad.boldijar@mxp.ro, 2012-12-20
In January-September 2012, the Romanian insurance mediation market remained at the same level as the previous year, the total amount of mediated premiums reaching almost EUR 569 million. Comparing this value with the entire insurance market, the brokerage segment represented almost 41% of the gross premiums written by the all Romanian insurance companies, while a year earlier the same indicator was 39.4%.
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GREECE: Insurance market unable to recover 9.8% decrease by 3Q/2012.
by dimitrios.tsoulias@mxp.ro, 2012-12-20
In 3Q/2012, the Greek insurance market managed to total EUR 3.22 billion, which means a 9.8% drop compared with the same period of 2011.
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CYPRUS: Recent economic instability affects 3Q/2012 insurance results
by dimitrios.tsoulias@mxp.ro, 2012-12-20
The Cypriote insurance market seems to be reduced by 2.21% by the end of 3Q/2012 according to the data published by The Insurance Association of Cyprus, amounting to a figure over EUR 611 million in GWP.
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GEORGIA, 3Q2012: Impressive growth continues
by vlad.boldijar@mxp.ro, 2012-12-20
The total insurance premium volume in Georgia increased impressively to EUR 215 million (GEL 460.3 million) in the period January - September 2012, 75% more as compared with the same period a year ago, according to the data published by the National Bank of Georgia. In terms of claims, the local insurers paid out EUR 83.6 million in insurance damages until the end of September, 10.7% more y-o-y.
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BELARUS, 3Q2012: Insurance market has doubled y-o-y
by vlad.boldijar@mxp.ro, 2012-12-20
Belarusian insurance market totaled BYR 3,566 billion for the first nine months of 2012, informed the Belarusian Association of Insurers, 98.5% more compared with January-September 2011. Calculating in the European currency, due the devaluation of BYR in relation to EUR, the insurance market shows a less pronounced increase: EUR 324 million, up 38% y-o-y.
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TRIGLAV: 5.4% higher profit for 5.4% lower underwritings
by daniela.ghetu@mxp.ro, 2012-12-13
The net profit of the TRIGLAV Group for 3Q2012 amounted to EUR 50.5 million, 5.4% up y-o-y. The group's gross insurance and co-insurance premiums totalized EUR 732.1 million, down by 5.4% y-o-y, while the combined ratio was favourable, at 91.8%. "With the consistent implementation of the set strategy, the TRIGLAV Group was able to achieve good results.
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AEGON acquires FIDEM Life and enters the Ukrainian life insurance market
by daniela.ghetu@mxp.ro, 2012-12-13
AEGON has announced on December 5th, its acquisition of FIDEM Life, the fifth largest life insurance company in Ukraine, further strengthening the Dutch insurer's position on the CEE market. "Given the sizeable population and low penetration of life insurance in the country, Ukraine offers AEGON an attractive long-term growth opportunity. FIDEM Life's dedicated customer centric business approach fits well with AEGON's strategy," stated Gabor KEPECS, CEO of AEGON CEE and a Member of AEGON's Management Board.
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SLOVAKIA: ACHMEA won the first battle with Fico's government in the health insurance war
by daniela.ghetu@mxp.ro, 2012-12-13
The International Court of Arbitration ruled in favor of the health insurance company UNION, a health insurance subsidiary of the Dutch insurer ACHMEA, following its legal action started against Slovakia. The insurer claimed the violation of the investments protection agreements when PM Robert Fico, during his first mandate, decided to ban private insurers from making profits.
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SERBIA: General Manager at DUNAV Insurance Company changed
by lela.sakovic@mxp.ro, 2012-12-13
The biggest insurance company in Serbia, DUNAV Insurance Company, will appoint new General Manager as of mid-December: former General Manager Milenka JEZDIMIROVIC, who has held this position since 2009, resigned in early December reportedly for personal reasons. Former Chairman of the Supervisory Board of DUNAV insurance, Marko CULIBRK will replace her, as Acting Director in the next six months.
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Credit Europe Asigurari
EDITORIAL

Another tough year ends soon, fortunatelly with a positive result for most of the insurance market players. Hoping for the better, we wish you a Happy New Year, full of achievements and all the best for the holiday season! Read More
BCR Asigurari de Viata
Metropolitan Life

STATISTIC UPDATES
Bulgaria 3Q2012
Hungary 3Q2012
Cyprus 3Q2012
Belarus 3Q2012
Greece 3Q2012
Georgia 3Q2012

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EVENTS

Motor insurance-the road towards profitability

Despite the current financial crisis, motor insurance remains the main business line in most of the emerging markets. More and more people and business use the roads and motorways of CEE and CIS countries as part of their day-to-day operations. However, the part motor insurance played for decades was shaded in the recent years as high claims ratio and low profitability occurred. Ever-increasing repair costs, unprecedented bodily injury claims and growing insurance fraud became difficult to manage for insurers, thus threatening their profitability.

IIF 2013 will analyze the most efficient tools to optimize claims costs, as well as the means of transferring the best practices towards the emerging markets.

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JLT
BELARUS Re

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
6th Annual Bancassurance Forum
February 19th-20th, 2013
Barcelona, Spain
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
10% discount for XPRIMM Readers
For details: finance.flemingeurope.com
Russian Insurance Forum 2013
February 20nd-21st, 2013
Marriott Grand Hotel, Moscow, Russia
Organizer: Adam Smith Conferences
Media Partner: XPRIMM Publications
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: XPRIMM Publications
For details: www.agroinsconf.com
FIAR 2013 - The International Insurance - Reinsurance Forum
May 19-23, 2013
Sinaia, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details: www.fiar.ro


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
ARMENIA: Assets of insurance companies reduced

AZERBAIJAN, Jan-Nov: Insurance market up over 62%

AZERBAIJAN: Compulsory Insurers Bureau begins compensating damages to health in car accident

BULGARIA: ALLIANZ raises stake in STARA PLANINA Hold to 5.07%

Court orders SLOVAKIA to pay EUR 22 million to health insurer

CROATIA Osiguranje intends to place takeover bid for CROATIA Lloyd

ERGO expands bancassurance business in the BALTIC STATES

IFRS to enable BELARUSIAN companies to access international capital markets

MACEDONIA: OHRIDSKA Banka launches credit life insurance service

Only 104,222 homes insured in AZERBAIJAN

Paid claims by ARMENIAN companies grows by 74%

ROMANIA: SAFETY Broker launch insurance e-store

SLOVENIA: A.M. BEST comments on ratings of SAVA Re

SLOVENIA: NKBM makes EUR 65 million with sale of Zavarovalnica MARIBOR

Structure of RUSSIAN insurance market by sales channels: More banks, less brokers

XDI Investment decided to join the insurance market of UKRAINE

Zavarovalnica TRIGLAV wins the Ljubljana Stock Exchange Special Achievement Prize for headway in investor relations

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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