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Insurance Newsletter, No. 220, April 11, 2013

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

LIVE FROM KAZAKHSTAN
The 7th edition of the International Conference "Insurance in Central Asia" began today
by oleg.doronceanu@mxp.ro, olesea.adonev@mxp.ro, 2013-04-11
The International Conference "Insurance in Central Asia", a traditional event for the insurance and reinsurance leaders in Central Asia, CSI and CEE countries, began today, April 11, in Alma-Ata, Kazakhstan. The panel speakers will debate for the next two days the main problems of the industry concerning Kazakhstan's joining the WTO, as well as the unique insurance market.
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The FY2012 growth rate will be maintained in 2013
by oleg.doronceanu@mxp.ro, vlad.boldijar@mxp.ro, 2013-04-11
Insurance companies from Kazakhstan ended 2012 with a 20% increase in gross written premiums, to KZT 237 billion (EUR 1.2 billion), as compared with KZT 199 billion (EUR 1 million) a year before. Claims paid by insurers amounted to KZT 76 billion (EUR 380 million), rising by 64% y-o-y, according to the official data announced today during the VIIth International Conference "Insurance in Central Asia" in Almaty.
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TOP NEWS
SLOVENIA: EUR 73.2 million net profit for TRIGLAV Group in 2012
by daniela.ghetu@mxp.ro, 2013-04-11
The net profit of the TRIGLAV Group in 2012 amounted to EUR 73.2 million, 54% higher y-o-y, whilst the net profit of the parent company, Zavarovalnica TRIGLAV, counted up to EUR 50.4 million, 15% y-o-y. The returns on equity of both the TRIGLAV Group and Zavarovalnica TRIGLAV d.d. in 2012 were again higher than expected. At the Group level the return was 13.8% or 4.2 pp higher than in 2011, a result that excelled the ROE target for 2015 (i.e. 12%). In Zavarovalnica TRIGLAV alone ROE improved by 1.1 pp, to 10.7%, and was closer to the targeted level than in 2011.
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HUNGARY: tax on insurance companies brought in EUR 14 million for state coffers in February
by daniela.ghetu@mxp.ro, 2013-04-11
The evolution of the Hungarian public budget attracted particular attention from the financial analysts in February, as the first payment of several new taxes was due then. The financial transaction tax (FTT) brought in ~EUR 45.7 million (HUF 13.37 billion), about half of the average monthly government's cash flow FTT target for this year. The insurance industry's contribution to this amount was of about EUR 14 million (HUF 4.1 billion).
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The CZECH Rep. FY 2012: Higher profitability despite the stagnant trend in underwriting
by daniela.ghetu@mxp.ro, 2013-04-11
The Czech insurers ended 2012 with a EUR 603.6 million aggregated profit before taxes, a 36.3% higher figure than in 2011, despite the stagnant trend of the underwriting activity. In terms of gross written premium, last year's results are fairly comparable with 2011 figures, with a total premium production of EUR 6.1 billion, 1.6% higher y-o-y considering the values of the main market indicators denominated in Euro. In national currency, GWP amounted to CZK 153.6 billion, almost 1% less than in 2011.
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ROMANIA: Property insurance decreased under the 2008 level
by vlad.boldijar@mxp.ro, 2013-04-11
In 2012, the property insurance segment reported a gross written premium volume of EUR 280 million, decreasing by 12% as compared with the previous year or by EUR 8 million in absolute value in comparison with 2008, according to data published by the latest issue of INSURANCE Profile. The underwritings on the damage to property, fire and allied perils insurance segments represented less than 15% of the market.
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ROMANIA: Insurers lost almost EUR 81 million from MTPL
by andreea.ionete@mxp.ro, 2013-04-11
In 2012, the 11 Romanian insurers authorized to sell MTPL insurance reported a 10% increase of their business volume, which totalized RON 2.1 billion (EUR 471.2 million), while paid claims increased by 11%, reaching RON 1.8 billion (EUR 403.9 million). The gross paid claims ratio evolved positively this year, reaching 81% compared to 97% at the end of 2011. In this context, in 2012, the combined ratio for the entire MTPL market decreased to 117%, compared to 2011, when it reached 131%. This means that for each RON 100 (EUR 22.44) gained, the MTPL insurers paid RON 117 (EUR 26.25), leading to a net technical loss of 17% on the MTPL portfolio of EUR 81 million.
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AZERBAIJAN, FY2012: The market grew by 61% y-o-y. For 2013, MOF predicts a growth of 20%
by vlad.boldijar@mxp.ro, 2013-04-11
The insurance market of Azerbaijan totaled at the end of 2012 almost AZN 343 million (or EUR 330 million), marking an increase rate of 60.8% y-o-y, while the payments amounted to AZN 94 million (52% more), as the financial data published by the insurance market authority showed.
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LATVIAN insurance market grew by 10% in 2012
by vlad.boldijar@mxp.ro, 2013-04-11
Latvian insurance market had a 10% growth rate in 2012, especially due to the good dynamic reported by the non-life insurance segment: GWP amounted to LVL 249 million (or EUR 354 million), 9.6% y-o-y up.
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ESTONIA, FY2012: Non-life insurance driving the double-digit increase of the local market
by vlad.boldijar@mxp.ro, 2013-04-11
In 2012, the gross written premiums of insurance companies in Estonia marked a double-digit increase of 10.6% y-o-y. In absolute values, the insurance market has gained in GWP more than EUR 33 million: from EUR 312 million in 2011 to EUR 345 million in December 2012.
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RUSSIA: How many professional associations specialized in agricultural insurance should exist?
by olesea.adonev@mxp.ro, 2013-04-11
The agricultural insurers in Russia want to form a unique association similar to the Motor Insurance Bureau. "We are currently discussing the possibility of creating a professional association formed by all the Russian insurance companies authorized to sell agricultural insurance. Thus, the legislation should be unified and readjusted in order to improve the entire agricultural system," declared Nikolai FIODOROV, the Minister of Agriculture, quoted by Forinsurer.
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UKRAINE: Which of the international models of agricultural insurance is suitable for the CIS countries?
by olesea.adonev@mxp.ro, 2013-04-11
A variety of agricultural insurance markets existing in countries such as Ukraine, Russia, Georgia, Poland, Austria, Turkey, Israel, South Africa, and others were discussed during The international conference Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe and Asia, held in Kiev, on March 4-6, 2013.
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GEORGIA, FY2012: Health above all
by vlad.boldijar@mxp.ro, 2013-04-11
The Georgian insurance market ended the financial year 2012 in black, as gross written premiums increased by 60.5% y-o-y to GEL 515 million (EUR 236 million), as the National Bank of Georgia reports. About three quarters of this value was generated by only one segment: health insurance.
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BELARUS, FY2012: The market was "hit" by a double-digit increase in GWP and profit
by vlad.boldijar@mxp.ro, 2013-04-11
The Belarusian insurance market continued its upward path stagnating last year as the local insurance companies collected premiums worth BYR 4,338 billion (EUR 382 million), up by over 83 percent y-o-y, informed the Belarusian Association of Insurers. In terms of paid claims, the Association reports a 4% y-o-y increase, the 24 market players paying almost BYR 2,065 billion (EUR 182 million).
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PRESS CUTTINGS
AZERBAIJANI insurance company increases shares

BULGARIA: EUROHOLD plans to buy back up to 3.0% of capital

BULGARIAN health insurer CCB Health plans to merge with peer HYPOKRAT

CIG Pannonia unit to begin operations to BALTIC states

CROATIA: Bids for privatisation of CO insurer, HPB bank to be invited by May

ESTONIA: life premiums up 15% in February

Export Insurance Company to be established in ARMENIA

GWP via brokers in BULGARIA up 1.7% in 2012

HUNGARY: PSzAF fines CIG Pannonia for shortfalls

HUNGARY: Three-fourths of HUNGARIAN homes insured

In AZERBAIJAN loss of car owners mandatory liability insurance reaches 78.3%

KAZAKHSTAN: New mechanisms of insurance against natural catastrophes

MACEDONIA: VIG acquired 92.9% of QBE Makedonija

No foreign investors are to enter the UKRAINIAN insurance market

QBE Makedonija deal raises VIG market share to over 20%

ROMANIA: ASTRA Asigurari to insure fleet of airline Germania Fluggesellschaft

ROMANIA: TAROM wants to insure fleet for USD 2.4 million

RUSSIA: SOGAZ to insure and reinsure foreign aircraft

TURKEY seeks to shift risk to investors in quake insurance scheme

TURKISH insurance: more deals to come

UKRAINE: Solid resource inflow needed for insurance development, says regulator

Credit Europe Asigurari
EDITORIAL

Buying reinsurance in CEE

A few days after the L’Aquila earthquake four years anniversary, it is maybe the right time to bring into question the CAT risks insurance issue. Although since the 6th of April, 2009 dramatic moment no other European catastrophic event produced such an impressive result, the peril is still out there and the European countries with a high CAT risk exposure should be prepared. With this in mind, a natural question arises: are we really prepared to face the human and financial losses of a great catastrophic event? Or maybe, hardly challenged by the financial turmoil which has shaken Europe in the latest years, we are taking advantage of the relative respite in terms of natural disasters to ignore the problem? Read More

daniela.ghetu@mxp.ro


JLT

INTERVIEW
Mrs. Enkeleda SHEHI
Chairperson
Albanian FSA

The year 2013, albeit showing early signs of growth, is expected to be a difficult year for the insurance market, mainly due to the pricing transition the MTPL portfolio is undergoing. On average DMTPL premiums have almost doubled in 2012 compared to 2011, but the pricing instability and the fierce competition also play their role, in taking away from the market its real growth potential and delaying the penetration in other insurance classes.
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BCR Asigurari de Viata
Metropolitan Life

STATISTIC UPDATES
Czech Rep. FY2012
Estonia FY2012
Latvia FY2012
Azerbaijan FY2012
Belarus FY2012
Georgia FY2012
Kazakhstan FY2012


EVENTS
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

See the full Forum's program here
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details: www.fiar.ro


June 20-21, 2013
Baku, Republic of Azerbaijan
Organizers: Azerbaijan Insurers Association and Media XPRIMM
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EVENTS


KAZAKHSTAN: The current risk management system must be changed

by olesea.adonev@mxp.ro, 2013-04-11
Before the financial crisis, the companies were aiming to increase their market share. But nowadays, aspects such as stable cash-flow and profit have become much more important, according to Boris UMANOV, President of the Managing Board of the reinsurance company EURASIA in Kazakhstan.
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EVENTS

XVII Russian Reinsurance Conference - "Reinsurance in 2020 Development Strategy"
by olesea.adonev@mxp.ro, 2013-04-11
The XVII Russian Reinsurance Conference took place in Moscow on March 19-20, 2013. The Conference's theme itself - Reinsurance in 2020 Development Strategy - suggested the need to find a strategic approach to meet the challenges that the Russian and international reinsurers face amid the ongoing global economic crisis. And in order to find an appropriate strategic approach, various, sometimes controversial, views and opinions should be taken into account. Therefore, the organizers decided to hold the conference in a modern interactive format enabling to hear and consider the opinion of each participant.
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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

GRECO
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
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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

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