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Insurance Newsletter, No. 224, June 20, 2013

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
LIVE FROM BAKU, AZERBAIJAN
AIIF - The most important event for the Caucasus and Middle Asia insurance markets takes place in Azerbaijan
by andreea.ionete@mxp.ro, 2013-06-20
The fourth edition of the Azerbaijan International Insurance Forum - AIIF, the most important event dedicated to the insurance and reinsurance markets in the Caucasus and Middle Asia, started today, June 20, in Baku. The event is organized by the AIA - Azerbaijan Insurers Association and Media XPRIMM, with official support of the Ministry of Finance of Azerbaijan. The Forum's agenda includes the development perspectives of the Caucasian insurance industry. Over 200 representatives of the regional insurance and reinsurance markets are participating at the event, together with specialists from Middle Asia, Europe, Turkey, Russia and CSI.
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Azeri Finance Minister: We have focused on strengthening prudential supervision of the insurance industry in Azerbaijan
by alexandru.ciuncan@mxp.ro, olesea.adonev@mxp.ro, 2013-06-20
"We have focused on strengthening prudential supervision of the insurance industry in Azerbaijan by increasing the capital requirements of insurers by almost 5 times", said Samir SHARIFOV, the Azeri Finance Minister in the opening of the Azerbaijan International Insurance Forum 2013, taking place between the 20th and 21st of June in Baku.
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PASHA Life: We estimate a 400-500% increase of the life insurance market in the next three years
by olesea.adonev@mxp.ro, 2013-06-20
"In the first 5 months of 2013, the gross written premiums on the Azerbaijan insurance market reached USD 215 million, out of which USD 173 million were reported on the non-life insurance segment and USD 41.8 million on life insurance. At the same time, we estimate a 400-500% growth of the life insurance market (both mandatory and voluntary) in the next three years and a 300% growth of the voluntary life insurance", Parviz GULIYEV, Head of Risk Managing Department, PASHA Life, declared during the Azerbaijan International Insurance Forum.
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Florina VIZINTEANU, AIIF 2013: Innovation is the key for success when it comes to distribution
by alexandru.ciuncan@mxp.ro, adina.tudor@mxp.ro, 2013-06-20
In the first quarter of 2013, life insurance in Azerbaijan evolved significantly while the growth was sustained by alternative distribution channels.
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AZERBAIJAN, 1Q2013: Prediction fulfilled
by vlad.boldijar@mxp.ro, 2013-06-20
In 2013, the local insurance is predicted to increase three times less, as compared with the previous reporting periods, by "only" 15-20%, according to Namiq KHALILOV, Head of State Insurance Supervision Service, Ministry of Finance of Azerbaijan, quoted by the local media: "Despite the market growth in 2012, its potential is far from being fully used." This forecast was fulfilled and even exceeded at the end of March: compared with the 1Q2012 figures, the local insurance market increased by 25% (in AZN) and by 30% (in European currency) y-o-y to AZN 102.2 million or EUR 101.5 million.
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TOP NEWS
European insurance market returns to growth in 2012
by alexandru.ciuncan@mxp.ro, mihai.cracea@mxp.ro, 2013-06-20
Total European gross written premiums increased by 1.6% at constant exchange rates in 2012, following a decline of over 2% in 2011, according to new figures published by Insurance Europe.
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Romania has a representative in the Strategic Commission of Insurance Europe
by alexandru.ciuncan@mxp.ro, andreea.ionete@mxp.ro, 2013-06-20
Adrian MARIN, Member of UNSAR's Board of Directors and CEO at GENERALI Romania. He was appointed in Rome by the General Assembly of Insurance Europe - the Insurers' Associations Federation in Europe, as a Strategic Commission's Member. It is for the first time that Romania has had a representative in this institution.
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ROMANIA, 1Q2013: Progress higher than expected?
by alex.rosca@mxp.ro, 2013-06-20
The expected results for the first quarter of 2013 did not leave much room for optimism. In the market there was talk of decreasing recorded by numerous companies and a year that started badly and that could end up even worse. However, the figures seem to contradict the rumors.
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CROATIA, 1Q2013: Life insurance up by 7.8%, while non-life remained "in red"
by vlad.boldijar@mxp.ro, 2013-06-20
For the first quarter 2013, the 27 Croatian insurance companies generated HRK 2.52 billion (EUR 332 billion) in gross written premiums, a 0.7% decrease compared with the same period last year, according to the figures published by the Croatian Insurance Bureau. The market leaders were CROATIA Osiguranje with a 35.7% market share, followed by ALLIANZ Zagreb with 13.5% and EUROHERC (8.5%).
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MUNICH Re sees FY2013 profit close to EUR 3 billion and GWP over EUR 50 billion
by vlad.boldijar@mxp.ro, 2013-06-20
Germany-based reinsurer MUNICH Re reported a consolidated result of EUR 972 million in 1Q2013, compared with last year's EUR 782 million, while the value of GWP increased by 0.5% y-o-y to EUR 13.3 billion, from the prior year's EUR 13.2 billion.
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SWISS Re posts USD a 1.4 billion quarterly net income
by vlad.boldijar@mxp.ro, 2013-06-20
SWISS Re reported a net income of USD 1.4 billion for the first quarter of 2013, 21% higher than the USD 1.1 billion net income reported in the prior year period. At the same time, the premium and fee income increased by 9% to USD 6.8 billion, while the Group's combined ratio was 72.4% compared with 84.9% in 1Q2012.
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CYPRUS, 1Q2013: The market contracted 6% y-o-y
by vlad.boldijar@mxp.ro, 2013-06-20
At the end of March 2013, the insurance market of Cyprus totaled EUR 211.8 million or 6.7% less than in the first quarter of 2012, according to the report of the Insurance Association of Cyprus on insurers' performance.
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Greek insurers Q1 gross written premiums down by 13%
by vlad.boldijar@mxp.ro, 2013-06-20
The Greek insurers reported gross written premiums of EUR 1.02 billion in the first quarter of 2013 as compared with EUR 1.18 billion a year earlier, according to the 1Q2013 Report published by the Hellenic Association of Insurance Companies (HAIC).
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UNIQA Group Q1 profit almost doubled, premiums up by 9.8% y-o-y
by vlad.boldijar@mxp.ro, 2013-06-20
The gross premiums written by the Austrian insurance group UNIQA increased by 9.8% to EUR 1.66 billion in 1Q2013, while the combined ratio after reinsurance improved to 98.3% (99.4% in 1Q2012). At the same time, the profit on ordinary activities increased by 97% to EUR 116.8 million, but excluding a gain of EUR 49.1 million from selling hotel assets, the profit rose by 14.2% to EUR 67.7 million, according to the 1Q2013 Report, recently published by the insurance group.
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LATVIA, 1Q2013: Insurance market expanded by 1% y-o-y
by vlad.boldijar@mxp.ro, 2013-06-20
Latvia's insurance market ended the period January-March 2013 with a 1% annual growth. The insurance companies underwrote LVL 65.4 million (EUR 93 million) worth of premiums. The market growth was fuelled by life insurance that rose by 16.3% to LVL 5.5 million of premiums. The non-life insurance sector decreased by 0.5% to LVL 59.9 million.
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LITHUANIA, 1Q2013: Positive trend in all market segments
by vlad.boldijar@mxp.ro, 2013-06-20
According to the data of the Bank of Lithuania, the amount of gross written premiums over the first quarter of 2013 totaled LTL 441.3 million (EUR 127.8 million), which was 11% more than over the same period last year. At the same time, in the analyzed period, insurers paid claims of LTL 315.7 million (EUR 91.4 million) or 28% more y-o-y.
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PRESS CUTTINGS
ALLIANZ expects net hit of EUR350 million from European floods

ARMENIA: ROSGOSSTRAKH assesses damage caused by falling roof of Zvartnots airport

CROATIA: Top insurer sees growth potential ahead of sale

CZECH flooding could cost industry EUR 293 million

ERGO closes 18 offices and makes 50 people redundant in ESTONIA

HUNGARY: Mihaly VARGA (EcoMin) explains curtains down for watchdog PSZAF

POLAND: NORDEA sells its Polish units to PKO Bank for EUR 694 million

TURKEY: Insurance Association estimates damage caused by protests in country

UKRAINE: UNIVERSALNA insurer sells its subsidiary life insurance company

VIG estimates EUR 40-45 million hit from floods

Credit Europe Asigurari
EDITORIAL

Becoming Stronger?

The Romanian insurance business totaled Gross Written Premiums of nearly half a billion EUR during the first quarter of this year. In the past 5 years, for the period under review the market value exceeded EUR 652 million in 2009 while in 2011 companies totaled EUR 492 million, the lowest value of the local market over the past 5 years. Read More

alex.rosca@mxp.ro


JLT

INTERVIEW
Namik KHALILOV
Head of the State Insurance Supervision Service
Ministry of Finance
Azerbaijan

The Azerbaijan International Insurance Forum has already become a tradition and we consider it a highly important event, because it represents a platform for the experience exchange between insurance leaders and specialists, which is of great use not only to us, but also to our country's neighbors. Moreover, we are extremely pleased that, in the past years, our foreign colleagues were interested, in turn, in our experience on various topics.
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BCR Asigurari de Viata
Metropolitan Life

STATISTIC UPDATES
Azerbaidjan 1Q2013
Croatia 1Q2013
Cyprus 1Q2013
Greece 1Q2013
Latvia 1Q2013
Lithuania 1Q2013
Romania 1Q2013


EVENTS
The 5th International Insurance Conference
"Stability and security: insuring our futures"
June 13th, 2013

The macro challenges transmit official worrying vibes regarding the over-regulation of the industry and the implementation principles
by alexandru.ciuncan@mxp.ro, 2013-06-20
The demographic challenges and the modification of the world economy paradigm in the next 50 years were the main topic of the discussions held at the Annual Conference of Insurance Europe - the Federation of the Insurers' Association in Europe, after the topic centered on the financial services consumers' protection dominated the Amsterdam meeting last year. Thus, the industry seems to be making efforts to prepare for the changes that are to occur at a macro level. Several OECD studies are quoted regarding the development of the BRIC countries and the economic downturn of the USA and the European Union.
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SORS Conference
June 19th-21st, 2013
Sarajevo, Bosnia and Herzegovina

SORS - The Ex-Yugoslavian Insurance Markets Conference Is Starting Today
by andreea.ionete@mxp.ro, 2013-06-20
The annual meeting gathering representatives from insurance markets in the ex-Yugoslavian region, SORS, is starting today in Sarajevo and is focusing on the role and functions of a healthy competition. XPRIMM Publications is a Media Partner for the third consecutive year, with Sergiu COSTACHE, President, Media XPRIMM, Daniela GHETU, Editorial Director, PRIMM Publications and Vlad BOLDIJAR, Coordinator XPRIMM.COM and XPRIMM Insurance Report as delegates.
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13th International Yalta Finance Forum
September 17th-21st, 2013
Yalta, Ukraine
Yalta Intourist Hotel
Organizer: Perspektiva Business Strategy Centre with support of League of Ukrainian Insurance Companies
Media Partner: XPRIMM Publications
For details: www.cbs.org.ua


POINT OF VIEW
Elkhan GULIYEV
Executive Director
Compulsory Insurance Bureau
Azerbaijan

It is a fact that the recent development achieved in the compulsory insurance market in Azerbaijan is closely connected with the adoption of the new Law. Since 2011 with the enforcement of the Law, the number of compulsory insurance agreements has been significantly increased. However, the increase mainly relates to the compulsory civil liability insurance of motor vehicle owners.
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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
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, 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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