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Insurance Newsletter, No. 229, September 19, 2013

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INTERVIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
LIVE FROM YALTA
RUSSIA: Less insurers running business on the market, higher insurance penetration rate
by oleg.doronceanu@mxp.ro, alina.ciobanu@mxp.ro, 2013-09-19
The rate of insurance penetration in Russia's Gross Domestic Product went up to 1.3% in 2012 and is expected to reach 3.5% until 2020, Maksim CHERNIN, General Manager, SBERBANK Insurance Russia, explained during the 13th International Yalta Finance Forum. He also said that last year, the share of the voluntary insurance decreased to 81% (as compared with 85% in 2011). Until 2020, it is estimated that the mandatory insurance segments will drop to 10% of the insurance market, compared with approximately 20% at the moment.
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UKRAINE, 1H2013: GWP up by 49.6%, with a 12.2% decrease in paid claims
by oleg.doronceanu@mxp.ro, 2013-09-18
Gross premiums written by Ukrainian insurers in 1H2013 amounted to UAH 14.3 billion (EUR 1.4 billion), 49.6% up as compared with 1H2012, according to the data provided by the Ukrainian League of Insurers data, presented on the occasion of the Yalta International Forum by Alexander FILONIUK, President LIOU. Out of this volume, 32.4% was written for individual clients and 67.6% for legal entities. Meanwhile, the claims paid in the same period decreased by about 15.9%, to UAH 2.3 billion (EUR 219 million).
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Victor CAPTARI: Consolidation is one of the key features of the Moldavian insurance market
by oleg.doronceanu@mxp.ro, 2013-09-18
Consolidation is one of the key issues that characterize the Moldavian insurance market, stated Victor CAPTARI, Member of the Board of Directors of the National Commission for Financial Markets in Moldova. He explained that "the number of the companies operating on the market decreased last year, down to 18 active insurers, while the number of brokers grew constantly, reaching 76 entities."
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TOP NEWS
Only two weeks left until the 5th International Istanbul Insurance Conference
by adina.tudor@mxp.ro, 2013-09-19
The advantages of well managed risks for the insurance sector represent the main discussion topics of the 5th International Istanbul Insurance Conference, which is organized in Istanbul by the Insurance Practitioners' Association (STD). The event will take place on 3rd and 4th October, and representatives of insurance and brokerage companies from all over the world are expected to join the debates regarding the solutions for increasing the risk managements' efficiency in the region.
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ROMANIA: 1H/2013 official results confirm data published by INSURANCE Profile
by vlad.boldijar@mxp.ro, 2013-09-19
According to the Financial Supervisory Authority, the Romanian insurance market increased by 3.16% after the first half of 2013, reaching RON 4.26 billion. At the same time, the paid claims totalized RON 2.51 billion, decreasing by 1.18% compared to the first half 2012. The official results confirm the ones published by specialty magazine INSURANCE Profile, which can already be accessed online on INSURANCE PROFILE INTERACTIV.
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ROMANIA, 1H2013: MTPL insurance drives the intermediation market towards EUR 430 million
by vlad.boldijar@mxp.ro, 2013-09-19
In the first 6 months of 2013, the gross premiums mediated by brokers on the Romanian insurance market reached EUR 430 million, increasing by EUR 50 million, in absolute value, as compared with the first semester of 2012. Moreover, according to half-yearly data for the past 6 years, in the first semester of 2013, the brokerage market was very close to mediating 45% of the Romanian insurance market's gross written premiums.
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SAVA Re: 86% y-o-y increase in profitability after MARIBOR's consolidation
by daniela.ghetu@mxp.ro, 2013-09-19
SAVA Re Group ended the first half of 2013 with an after-tax net profit of EUR 19.2 million, 86% up y-o-y. The consolidated profit includes a fair value revaluation of the former 48.68% stake in Zavarovalnica MARIBOR of EUR 7.7 million. Zavarovalnica MARIBOR became part of the Sava Re Group in May 2013, thus the company was consolidated for only two months. Before that, Zavarovalnica MARIBOR was included in the consolidated financial statements using the equity method.
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CROATIA Osiguranje Group, 1H2013: Net profit down 73% y-o-y
by vlad.boldijar@mxp.ro, 2013-09-19
CROATIA Osiguranje Group reported a gross profit of HRK 44.6 million (cca. EUR 6 million) for 1H2013, 57% less y-o-y, while the net profit totaled HRK 22.2 million (EUR 3 million), a decrease of 73% as compared with the same period of the previous year, according to the Consolidated Business Report published by the insurer on The Zagreb Stock Exchange web-site.
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EUROINS: Shareholders to vote capital increase for the Romanian subsidiary
by daniela.ghetu@mxp.ro, 2013-09-19
EUROINS Insurance Group (EIG) plans a EUR 4.5 million (RON 20 million) share capital augmentation for its Romanian subsidiary, EUROINS Romania, leader of the local MTPL market. This consecutive capital augmentation will add up to six previous ones amounting to over 90 million lei, performed since the acquisition of the company by EUROINS Insurance Group in 2007.
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UZBEKISTAN: The highest growth in the last three years
by olesea.adonev@mxp.ro, 2013-09-19
The Uzbek insurance market ended 1H2013 with a total GWP volume of UZS 191.189 billion (EUR 69.73 million), 43,8% up y-o-y in national currency, according to the market data provided by Information-Rating Agency SAIPRO. Claims paid for all types of insurance amounted to UZS 40.8 billion (EUR 14.87 million), 72.9% more than in the same period of 2012.
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Changes in POLISH Re's Management Board
by adina.tudor@mxp.ro, 2013-09-09
On the 26th of August 2013, the Supervisory Board of POLISH Re has appointed Monika WOZNIAK-MAKARSKA as President of the Management Board (CEO) and Jacek KUGACZ as Vice-President of the Management Board (COO).
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GLC Europe organizes Solvency II Forum 2013
by daniela.ghetu@mxp.ro, 2013-09-10
Over the last years both large and small insurance companies had to face with an increasingly complex set of domestic and international regulations. Meeting international requirements is an increasing challenge for the insurance community particularly when it comes to operating within the EU Solvency II regulatory framework.
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Credit Europe Asigurari

RENDEZ VOUS DE SEPTEMBRE 2013
Insurance generated USD 4,612 billion globally in 2012
by alexandru.ciuncan@mxp.ro, mihai.cracea@mxp.ro, 2013-09-11
In 2012, the global insurance market generated an income of USD 4,612 billion, according to data presented by Claude TENDIL, President of "Rendez-vous de Septembre" Association, at Monte Carlo. Approximately 5% of it, meaning USD 227 billion, corresponded to the reinsurance market.
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HANNOVER Re: The recent European weather events should act as a price stabilizing factor for the next renewals
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Commercial insurance to hit USD 2,000 billion in 2025
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The European financial crisis remains a threat for reinsurers
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The excess of capacity, the unknown enemy of global reinsurers
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MUNICH Re reports losses of over EUR 180 million after hailstorms
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Premiums on the marine and airline insurance markets are projected to expand on average by 4 to 5.5% per year over the next decade
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SWISS Re: Nat cat coverage demand expected to double on high-growth markets and to increase by 50% on mature markets by 2020
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Speculating on the NatCat segment is like reading the future in a crystal ball
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PRESS CUTTINGS
ARMENIA: ROSGOSSTRAKH intends to take part in introduction of agriculture insurance system

ARMENIA: Total amount of insurance premiums paid to insurers in 2nd Q drops 0.6% to AMD 11.3 billion

AXA ends banking business in SLOVAKIA

AZERBAIJAN: Compulsory accident insurance at work almost stops

AZERBAIJAN: Life insurance companies still cannot enter in Compulsory Insurers Bureau

AZERBAIJAN: The services on compulsory motor vehicle insurance to be transferred to VIP services category: the insurers refuse to abide by the law

AZERBAIJAN: Up to 1400 people to be killed in road accidents in 2013

BELARUS leader demands insurance in case of world hockey boycott

Guy Carpenter plans to develop insurance business in GREECE and CYPRUS

POLAND: PKO BP extends deadline in its bid for Nordea's local unit

ROMANIA: Medlife plans to complete four large ambulatory units this year

SERBIA plans reform of pension system by year end

UKRAINE: This year to become turning-point for key players insurance market, says expert
EDITORIAL
Water flows away...

The recent floods that have struck Romania and that led to multiple debates regarding household insurance can be considered a "prologue" for this October's most important event dedicated to catastrophic risks. The 13th edition of ICAR - The International CAtastrophic Risks Forum takes place next month and even from its first editions, it has focused on the necessity of developing a household insurance system in Romania, a country with such high exposure to earthquakes, floods, landslides and other risks.
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oana.radu@mxp.ro


JLT

INTERVIEW
Elita BABAYAN
Insurance Specialist
ArmInfo News Agency

With the introduction of the "bonus-malus" system in Armenia, insurance companies are expecting to "save" the unprofitable MTPL segment, which seems to be very unlikely to independent insurance experts, given the presence of a number of unresolved problems related to the system of vehicle inspection, which in Armenia is considered to be very bureaucratic. It should be noted that the "bonus" of conscientious drivers will grow annually, and its maximum size reaches 50% of the insurance premium for a specific driver.
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BCR Asigurari de Viata
Metropolitan Life

STATISTIC UPDATES
Russia 1H2013
Ukraine 1H2013
Uzbekistan 1H2013


EVENTS
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
International Istanbul Insurance Conference
October 3rd-4th, 2013
Istanbul
Organizer: Istanbul Underwriting Center
10th ICAR - International CAtastrophic Risks Forum
October 15th, 2013
Parliament Palace - Bucharest, Romania
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
For details: www.icarforum.ro
5th Annual Insurance Distribution Strategies Forum
October 17th-18th, 2013
Vienna, Austria
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: www.flemingeurope.com
STELLAR Re Romanian Evening
October 19, 2013
Kurhaus Restaurant, Kaiseralle
Baden-Baden, Germany
Organizer: STELLAR Re



WorldPensionSummit 2013
November 13-14, 2013
Amsterdam, Netherlands
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com
EIOPA Conference
November 20th, 2013
Frankfurt am Main, Germania
Organizer: EIOPA
FIAR 2014 - The International Insurance - Reinsurance Forum
May 25-29, 2014
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications



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

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