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Insurance Newsletter, No. 215, January 31, 2013

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

TOP NEWS
XPRIMM Annual Forecast Meeting: 3% - 5% growth for the Romanian insurance market in 2013
by andreea.ionete@mxp.ro,vlad.boldijar@mxp.ro 2013-01-31
On January 28, the leaders of the Romanian insurance industry reunited during the XPRIMM Annual Forecast Meeting to discuss the expectations and evolution trends for 2013. For this year, most of them anticipate a stagnation or a small growth of 3% to maximum 5% of the insurance market.
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VIG, FY2012: 9.5% increase in GWP, with a growing share of the CEE business
by daniela.ghetu@mxp.ro, 2013-01-31
Direct, unconsolidated written premiums earned by Vienna Insurance Group in 2012 amounted to EUR 9.9 billion, up by 9.5% y-o-y. CEE's share in premiums grew to about 56%, while profit (before taxes) totaled about EUR 585 million (up by ~ 5% y-o-y). Peter HAGEN, Chairman of the Managing Board and CEO of the Group, attributed the Group's achievements in 2012 to "the strong sales network and the multi-brand strategy," as well as to "the intensive cooperation with ERSTE Group in bancassurance operations."
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PZU Ukraine: Strong growth in underwriting, new image and future expansion plans
by daniela.ghetu@mxp.ro, 2013-01-31
Following the good 2012 results of its Ukrainian subsidiary, the Polish PZU Group decided to additionally invest in Ukraine in projects meant to consolidate the insurance market or to participate in global projects related to medical and agricultural insurance and pension reform, as the Group's President, Andrzej KLESYK, stated at a meeting with the Ukrainian Prime Minister, Mykola AZAROV.
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ESTONIAN insurers' 3Q2012 GWP rise 11% y-o-y
by vlad.boldijar@mxp.ro, 2013-01-31
Estonian insurance companies posted total gross written premiums of EUR 259 million at the end of September, 2012, 10.9% up as compared with the previous year, according to quarterly market data published by the Financial Supervision Authority. Paid claims have increased by 2%, reaching EUR 145 million.
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LATVIA, 3Q2012: Insurance sector experienced a 4% growth y-o-y
by vlad.boldijar@mxp.ro, 2013-01-31
The Latvian insurance market witnessed a 3.9% growth in premiums in January-September 2012, due to the continued appreciation of business related to the non-life segment, according to The Financial and Capital Market Commission (FKTK). The total GWP of the Latvian insurance market in 3Q2012 was about EUR 261 million compared with EUR 251 million a year earlier.
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BULGARIA: Increased rates for motor insurance in 2013?
by olesea.adonev@mxp.ro, 2013-01-31
The insurance market in Bulgaria ended 2012 with a fourth consecutive year drop, said Roumen GALABINOV, Deputy Chairman of Management Board, Bulgarian Association of Insurance Brokers. This trend will continue also in 2013, probably, as motor insurance market stagnates and the growth possibilities have been exhausted. The main reasons include the financial crisis, a drastic drop in car sales and a decrease of the vehicles' insured value.
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RUSSIA: Would a national reinsurer be a solution?
by olesea.adonev@mxp.ro, 2013-01-30
The idea of establishing a national reinsurance company in Russia has existed for quite some time, though different markets' opinions are divided. Some local players consider that if this were the case, one wouldn't be able to talk about a free and competitive market open towards development. Others believe that this is the only way for the local reinsurance market to develop and stop the phenomenon of large amounts of money exiting the country.
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The Group strategy and Solvency II pushed the Baltic business of ERGO to ESTONIA
by vlad.boldijar@mxp.ro, 2013-01-31
As xprimm.com announced in January 2012, ERGO Insurance Group merged its three non-life insurance companies in the Baltic States into a unique European Company: ERGO Insurance SE (Societas Europaea). The head office of ERGO Insurance SE has been registered in Estonia. The Latvian and Lithuanian general insurance companies continue their business as branches of the European company.
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UZBEKISTAN: The evolution of the insurance market continues
by olesea.adonev@mxp.ro, 2013-01-30
Following specific measures taken by officials in the country to diversify and make structural changes to the economy, the share of banking, financial, insurance and leasing, communications/IT and others in the country's GDP increased from 38.7% in 2005 to 50.5% in 2011 and to 52.2% by the first half of 2012, according to the program for developing services in the Republic of Uzbekistan for 2012-2016.
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SLOVENIA: 6.5% tax on services provided by insurance brokers and agents
by daniela.ghetu@mxp.ro, 2013-01-30
As of 25 December 2012, Slovenia has introduced a new tax on financial services, reports the local office of KPMG. The Financial Services Tax Act, establishes the obligation to pay a tax on financial services, which are generally exempt from VAT, and also on services provided by insurance brokers and agents.
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KAZAKHSTAN: How efficient are the current models for risk management?
by olesea.adonev@mxp.ro, 2013-01-31
The financial crisis had e a serious impact on the risk management sector in Kazakhstan. Thus, managers and executives have realized the need to control risk in order to reduce losses, heading towards insurance, which is the most convenient and affordable protection tool. This is an important step towards the creation of a risk management and insurance culture among entrepreneurs.
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UKRAINE: How much will the Chernobyl insurance cost this year?
by olesea.adonev@mxp.ro, 2013-01-31
The management of the official state enterprise "Chernobyl Nuclear Power Plant" in Ukraine has announced an auction for the compulsory insurance contract of civil liability for nuclear damage, according to the Journal of public procurement in Ukraine, Forinsurer portal reports.
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ARMENIA: Bonus-malus system was introduced on January 1
by olesea.adonev@mxp.ro, 2013-01-31
Since the 1st of January, the Motor Insurers' Bureau of Armenia applied the bonus-malus system in calculating insurance premiums for MTPL policies, according to theinsurer.net portal. Under the new system, drivers who were not involved in a traffic accident between Januarty-September 2012 will receive a discount of 3%.
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KAZAKHSTAN: The state will establish an insurance scheme against natural disasters
by olesea.adonev@mxp.ro, 2013-01-31
During the meeting for the analysis of the 2012 results and the objectives set out in the state program "Development Strategy to 2050", the Kazakhstan president stressed that a key objective is to develop a system of social insurance against natural disasters. This request comes after last week's hurricane that hit the South of Kazakhstan. According to preliminary data, the economic losses caused by the hurricane amounted to USD 17 million.
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AZERBAIJAN: The insurance market is aiming to attract foreign investors
by olesea.adonev@mxp.ro, 2013-01-31
Azerbaijani Finance Minister Samir SHARIFOV approved a rule that allows foreign investors to raise the share of capital in local insurance companies from 10% to 30%, the portal abc.az reports.
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ON THE MOVE
Scott PICKERING responsible for WILLIS' operations in CEE
by daniela.ghetu@mxp.ro, 2013-01-30
Starting this year WILLIS' Continental European operations will be divided into two distinct regions, one encompassing Western Europe and the other encompassing Central and Eastern Europe. Scott PICKERING, currently CEO South Africa and Regional CEO Middle East and Africa, will assume additional responsibilities for WILLIS's Central and Eastern European operations, while Alberto GALLEGO, currently General Manager of WILLIS Iberia, has been appointed CEO WILLIS Western Europe.
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Flavio PICCOLOMINI appointed CEO for MARSH Continental Europe, CIS, and Turkey
by daniela.ghetu@mxp.ro, 2013-01-30
At the end of 2012, MARSH announced the appointment of Flavio PICCOLOMINI to the new role of CEO of MARSH Continental Europe, CIS, and Turkey, in addition to his current responsibilities as CEO of MARSH Italy. At the same time, Martin SOUTH, former CEO of MARSH Europe and CEO of MARSH UK, has been appointed CEO of MARSH Asia-Pacific.
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Credit Europe Asigurari
PRESS CUTTINGS
A new tax on insurance premiums in HUNGARY in 2013

AEGON buys ROMANIAN life insurance and pension unit from EUREKO

AIA to conduct a poll among insurance companies in AZERBAIJAN

AIG extends TURKISH footprint

ARMENIA: ROSGOSSTRAKH bought GARANT Insurance or INGO

AZERBAIJAN has introduced minimum foreign equity participation at insurance market

AZERBAIJAN: AIA to choose new head

AZERBAIJAN: ALFA Insurance plans to expand its business in 2013

AZERBAIJANI insurer postpones life-affiliated company

Insurance fraud attempts in ESTONIA amounted to EUR 2.4 million in 2012

Insurer SAVA MONTENEGRO 2012 gross profit rises 19%

KAZAKHSTAN to develop system of insurance against natural disasters

Over 125,000 contracts on compulsory real estate insurance concluded in AZERBAIJAN in 2012

POLISH Treasury may sell PZU stake to fund investment programme

PZU ready to additionally invest in UKRAINE

SEB predicts 3.8% economic growth in LATVIA in 2013

TURKEY: AKSIGORTA reports TRY 314 million in 4Q12 premiums

TURKEY: ANADOLU Hayat announces 11% y/y groth in premium generation

TURKEY: SABANCI Holding decides to postpone the public offering for its insurance firm AVIVASA
EDITORIAL

Motor insurers on thin ice

Optimistic or not, all analysts agree that 2013 will be - again - a challenging year. The macroeconomic environment remains volatile, still affected by the potential impact of the sovereign debt defaults and recession-driven difficulties. Low interest rates will further affect the financial results of insurers. Moreover, they will need to recalibrate their systems and operations in response to the new regulations. Altogether, the best case scenario shows a year of hard work and continuous change.
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daniela.ghetu@mxp.ro


BCR Asigurari de Viata
Metropolitan Life

EVENTS


JLT

INTERVIEW
Andrey T. UNTON
Deputy Director General
BELARUS Re - Republican Unitary Enterprise "Belarusian National Reinsurance Organization"

Analyzing the situation in respect of the main types of risks in 2012, the international reinsurance market continues to hold excess insurance and reinsurance capacity. No peculiar preconditions to change an established trend in 2013 are in view, so we can expect a further gradual reduction of insurance rates.
More Продолжение
STATISTIC UPDATES
Estonia 3Q2012
Latvia 3Q2012


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
IV - International Conference "ENERGY AND INDUSTRIAL INSURANCE IN RUSSIA AND CIS"
February 27-28, 2013
Marriott Grand Hotel
Moscow, Russia
Organizer: IC ENERGY
Media Partner: XPRIMM Publications - Insurance&Pensions
For details: www.icenergy.co.uk
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
Russian Reinsurance Conference
March 19-20, 2013
President Hotel
Moscow, Russia
Organizers: All-Russian Insurance Association & Group "DELOVOY Format"
Media Partner: XPRIMM Publications - Insurance&Pensions
For details: www.re-conference.ru
VII International Conference "Insurance in Central Asia"
April 11-12, 2013
Holiday Inn Hotel
Almaty, Kazakhstan
Organizer: INTERCONSULT Info
Media Partner: XPRIMM Publications - Insurance&Pensions
For details: www.allinsurance.kz
IX Annual International Risk Management Conference
April 18-19, 2013
Almaty, Kazakhstan
Organizer: EURASIA Insurance Company
Media Partner: XPRIMM Publications - Insurance&Pensions
For details: www.IRMC.kz
VI Tashkent International Investment Financial Forum (TIIF 2013)
April 24-28, 2013
Tashkent, Republic of Uzbekistan
Organizer: SAIPRO
Media Partner: XPRIMM Publications - Insurance&Pensions
For details: www.saipro.uz
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

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THE EDITORIAL STAFF:

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International Column Coordinator: Vlad BOLDIJAR
CIS Research Consultant: Olesea ADONEV
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Editors: Oana RADU, Mihai CRACEA
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