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Insurance Newsletter, No. 214, January 17, 2013

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INTERVIEW - ON THE MOVE - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS

TOP NEWS
GENERALI Group takes full control over GPH from its joint venture partner, PFF Group
by daniela.ghetu@mxp.ro, 2013-01-09
GENERALI Group officially announced its decision to purchase in two stages the remaining 49% of share capital of GPH - the joint venture established in 2008 with the Czech financial PPF Group in which GENERALI already holds 51% of the share capital -, for a consideration that has been fixed at EUR 2.52 billion. Following the transaction, full ownership and management control of GPH will be transferred to the Italian insurance group at closing of the first stage. "Today we are one of the leading players in a high-growth area. With full control of GPH, we shall be able to take full advantage of our investment and focus on developing our core insurance business while improving competitiveness and profitability," GENERALI Group CEO Mario GRECO said.
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POLAND 3Q2012: temperate growth rate, with above average results in life insurance
by daniela.ghetu@mxp.ro, 2013-01-17
The 3Q2012 results demonstrate that the Polish insurance market is set on a stable upward trend, although the high double digit growth rate, of 17.45%, recorded in 1Q diminished to about 12% by the middle of the year and fell in the "single digit" area after the first nine months of 2012. Thus, GWP amounted to almost PLN 47 billion in 3Q2012, 7.84% up y-o-y.
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ROMANIA, 3Q2012: Photo finish ranking
by alex.rosca@mxp.ro, 2013-01-17
The market seems to have two leaders after the first nine months of the current year. Does it? The figures of the mentioned period bring OMNIASIG as a new market leader,- separated from the top leader by only EUR 10,428. More or less... the fact is that the two companies have almost the same market share.
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SLOVENIA 3Q2012: MARIBOR's acquisition by SAVA Re changes the "competition" landscape
by daniela.ghetu@mxp.ro, 2013-01-17
Down by 3.24% y-o-y in terms of GWP: this is the 3Q2012 result recorded by the Slovenian insurers, members of the Slovenian Insurance Association. In absolute figures, GWP amounted to EUR 1.57 billion, with EUR 52 million less than in 3Q2011. Most of this negative difference originates in the life insurance sector, which recorded a 9.7% y-o-y decrease in underwritings, to EUR 434.8 million, while on the non-life side the 3Q2012 GWP volume only diminished by 0.5% y-o-y, to EUR 1.13 billion.
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UKRAINE takes lessons in agricultural insurance
by olesea.adonev@mxp.ro, 2013-01-17
The global financial crisis has been felt in the economies of many countries, including Ukraine. Up until 2008 two of the country's economic engines were the metallurgical and the chemical industry. Due to lower prices for metal products in the world, an agricultural production issue came to the fore.
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The Bulgarians bring another RON 15 million to EUROINS Romania's capital
by adina.tudor@mxp.ro, 2013-01-17
According to a shareholders' decision on November 22nd 2012, EUROINS Romania will increase its social capital by cash contribution by RON 15 million (EUR 3.42 million), up to RON 118.5 million (EUR 27.06 million). The decision was preceded by the Insurance Supervisory Commission's request at the end of last year.
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SERBIA: Amendment to the Law on Insurance: deadline for separation of mixed insurance companies is postponed
by lela.sakovic@mxp.ro, 2013-01-17
A few days before the New Year, the Law Amending the Law on Insurance came into force. According to this Law, separation of composite (mixed) insurance companies, envisaged by the end of 2012, has been postponed until the end of 2013. This means that all insurance companies that, as of the effective date the amendment has come into force, have a license for dealing with both life and non-life insurance, would have to separate their operations by the end of the current year and to provide the National Bank of Serbia, as a regulator of this market, with proof of this separation.
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SLOVENIA: KBC to exit NLB with 22% stake sale
by vlad.boldijar@mxp.ro, 2013-01-17
The Belgian financial group KBC announced at the end of 2012 the selling of the remaining 22% stake in Slovenia's largest bank - NLB (Nova Ljubljanska Banka), to the Slovenian State for EUR 2.77 million (1 EUR/share). KBC Group invested in NLB in 2002 by acquiring a 34% stake and in 2006 it reduced to 22%, after which the Slovenian State refused to let KBC raise its stake to a majority.
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Russia: Are the most dangerous insurance branches profitable?
by olesea.adonev@mxp.ro, 2013-01-17
For ten years, insurance companies from Russia have repeatedly asked the supervision authorities in Russia for the creation of a new compulsory insurance branch, addressed to the owners of hazardous industrial properties. At present, insurers estimate that they will have access to a USD 3 billion market.
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MACEDONIA, 3Q2012: The figures continued to show the market potential
by vlad.boldijar@mxp.ro, 2013-01-17
In January-September 2012, Macedonian insurers wrote MKD 5.3 billion in premiums (EUR 86.2 million), which represented an increase of 2.6%, as the figures published by the Insurance Supervision Agency of Macedonia showed.
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CZECH market posts subunit growth y-o-y (CNB)
by vlad.boldijar@mxp.ro, 2013-01-17
In 3Q2012, the Czech Republic insurance market increased slightly, to almost CZK 118 billion or EUR 4.7 billion (0.3% more compared to January-September 2011), as the financial indicators published by the Czech National Bank (CNB) showed, confirming the market trend resulting from data collected by the insurers' association. At the same time, during the reporting period, the insurers paid claims in the amount of CZK 65.5 billion (EUR 2.6 billion), 3.2% up y-o-y.
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BUPA has planned to enter POLAND after one acquisition of EUR 400 million
by vlad.boldijar@mxp.ro, 2013-01-17
The international healthcare group BUPA announced its plan to enter the Polish market by acquisition worth EUR 400 million of the largest local private healthcare provider -LUX MED Group. LUX MED is currently owned by the private equity firm MID EUROPA Partners.
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LATVIA: Two brokers have merged to create the 3rd largest company in the Baltic States
by vlad.boldijar@mxp.ro, 2013-01-17
Shareholders of the insurance brokerage companies BALTO LINK and A DZIVIBA have agreed to merge their companies in Latvia to create the 3rd largest insurance brokerage company in the Baltic States, with over EUR 21 million in annual written insurance premiums and EUR 3 million in annual commission revenue in total, informs BALTO LINK.
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VIDEO: Top 5 risks in 2013: The economic and environmental storms are about to collide
by andreea.ionete@mxp.ro, 2013-01-17
After a year affected by devastating meteorological phenomena, from Hurricane SANDY to the floods in China, the specialists estimate that the failure to adapt to the new climate changes represents the risk that may have the most important consequences in the next decade because of poor economic conditions and financial instability.
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ON THE MOVE
Mihaela COJOCARU, Deputy General Manager, CertAsig

The Managing Board of CertAsig decided to name Mihaela COJOCARU Deputy General Manager, together with Mihai BLAJAN, who has been occupying the position of Deputy General Manager starting May 2011. The decision must be approved by the Insurance Supervisory Commission (CSA).
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Credit Europe Asigurari
PRESS CUTTINGS
ARMENIA: Mandatory vehicle insurance is becoming unprofitable

AZERBAIJAN: PASA HAYAT Sigorta has paid nearly AZN 50,000 on one insurance case

Bonus-malus discount system takes effect in ARMENIA

BULGARIAN insurers 10-mo gross premiums fall 1.5%

CROATIA: Insurers 11-mo gross written premiums down 1.3%

CROATIA: VIPNET expands mobile insurance service

CZECH REPUBLIC: All health insurance companies make losses in 2012

EULER HERMES obtains license to operate in RUSSIA

INTEGER.pl Group to enter POLISH insurance market

KAZAKHSTAN: Insurance market 2013 development outlook

KAZAKHSTAN: The Unified Insurance Database will reduce the number of frauds

LITHUANIAN insurance market to grow at least 6% in 2013

POLISH Automotive Industry Chamber: Link4 - the best third-party insurance on the market

ROMANIA: PIRAEUS Bank plans to sell ATE Insurance

RUSSIA: FITCH affirms ACE Insurance Co CJSC

SLOVENIA: Insurer TRIGLAV to subscribe for fresh shares of ABANKA VIPA

TURKISH company offers FACEBOOK INSURANCE

TURKMEN parliament approves insurance bill
EDITORIAL

How much would you pay for a life?

Far be it from us to propose you a cynical discussion about the financial evaluation of the human life. However we choose to consider this matter ... life is priceless. Yet, when it comes to insurance, there are certain situations when assessing a life's value is instrumental. What is the right price to pay for a car accident victim?
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daniela.ghetu@mxp.ro


BCR Asigurari de Viata
Metropolitan Life

INTERVIEW
Remi VRIGNAUD
CEO
ALLIANZ-TIRIAC Asigurari

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

EVENTS

With a 46% increase of paid claims in the first 9 months of 2012, the bodily injury claims represent a real issue for the motor insurance market in Romania. The situation is not that different compared to other countries in Central and Eastern Europe, where the evolution of this claims segment represents a main concern. Thus, this year's edition of the International Insurance Forum in Istanbul will focus on bodily injury claims as a major discussion topic.

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STATISTIC UPDATES
Poland 3Q2012
Czech Rep. 3Q2012
Slovenia 3Q2012
Romania 3Q2012
Macedonia 3Q2012


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January 24th-25th, 2013
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February 19th-20th, 2013
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Russian Insurance Forum 2013
February 20nd-21st, 2013
Marriott Grand Hotel, Moscow, Russia
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IV - International Conference "ENERGY AND INDUSTRIAL INSURANCE IN RUSSIA AND CIS"
February 27-28, 2013
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International Conference on Agricultural Insurance, Reinsurance and Brokerage on CIS, Europe & Asia
March 4th-6th, 2013
InterContinental Hotel
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For details: www.agroinsconf.com
Russian Reinsurance Conference
March 19-20, 2013
President Hotel
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VI Tashkent International Investment Financial Forum (TIIF 2013)
April 24-28, 2013
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Organizer: SAIPRO
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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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