XPRIMM News
 
Insurance Newsletter, No. 232, October 31, 2013

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
BADEN-BADEN RECAP
Baden Baden 2013: Challenges are not over
by daniela.ghetu@mxp.ro, 2013-10-31
"Risk transfer is the core of our business as a leading reinsurer, but the risk landscape is undergoing a substantial change which the industry needs to respond to in order to facilitate sustainable growth in line with the demands of the client", concluded the reinsurance professionals attending the 2013 edition of the traditional autumn meeting in Bade-Baden.
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Business opportunities with a Turkish aroma: Baden-Baden Turkish Evening
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NatCat such as floods and earthquakes - the main topics discussed in Baden-Baden
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ANADOLU Sigorta: Mergers and acquisitions will continue on the Turkish market
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VIDEO: Baden-Baden XPRIMM Reception puts the CEE&CIS markets in the spotlight
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The business opportunities of the Azeri insurance market, presented during Baden-Baden Azeri Evening
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MUNICH Re: Natural disasters caused losses of over EUR 17 billion
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Insurers and reinsurers brought together at Baden-Baden by STELLAR Re's Romanian Evening
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Baden-Baden Reinsurance Symposium Calls On Industry To Do More To Meet Client Needs
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Being based in Prague helped VIG Re become one of the leading reinsurers in the CEE
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TOP NEWS
Corneliu MOLDOVEANU will be the new Vice-president of the Romanian Financial Supervisory Authority, in charge of the insurance sector
by adina.tudor@mxp.ro, 2013-10-31
Corneliu MOLDOVEANU was ratified by the reunited Commissions for Budget and Finances of the Chamber of Deputies and the Senate as Vice-president of ASF - The Financial Supervisory Authority, in charge with the insurance sector. In order to occupy this new function, his nomination must be ratified by the Romanian Parliament in the common assembly of the two Chambers.
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Romania - the third motor insurance market in CEE
by mihai.cracea@mxp.ro, 2013-10-31
Although Romania is only the sixth largest insurance market in Central and Eastern Europe, by GWP, data published by XPRIMM Insurance Report 1H2012 shows that it houses the third largest motor insurance market in the region, with written premiums reaching almost EUR 500 million (over 10% of the CEE market).
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UKRAINE: Despite the changing legislative frame, the market grew by 49.6% in 1H2013
by olesea.adonev@mxp.ro, 2013-10-31
Gross written premiums collected by Ukrainian insurers in 1H2013 amounted to UAH 14.33 billion, which represents 49.6% more y-o-y. The life insurance market grew by 34%. The significant increase in GWP in the non-life segment related to changes in the Tax Code, which led to an increase in reinsurance operations on the domestic market (tax optimization of business entities).
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GEORGIA: Health insurance - a new business opportunity for insurers?
by olesea.adonev@mxp.ro, 2013-10-31
On February 28th 2013, the universal healthcare program was launched in Georgia, addressing the needs of citizens who do not have adequate health insurance. In less than five months 1,347,658 people have been enrolled, more than 40 thousand of those being served in an out-patient setting, and almost 15.5 thousand receiving treatment in hospital, which cost the state treasury of Georgia nearly GEL 6.4 million.
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POLAND 1H2013: The second worst performance in the last five years
by daniela.ghetu@mxp.ro, 2013-10-31
Polish insurers ended the first half of 2013 with a GWP worth PLN 29.94 billion, almost 10% down y-o-y, a result which, translated into the European currency, looks even worse (EUR 6.9 billion, 11.3% decrease y-o-y). This is the second worst market performance in the last five years, after the 13% fall recorded in 2009.
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SAFETY Broker reports a business volume of almost EUR 38 million in the first 9 months of 2013. The company extends its activity in the Republic of Moldova
by adina.tudor@mxp.ro, 2013-10-31
In the first 9 months of 2013, SAFETY Broker intermediated a premium volume of EUR 37.68 million, EUR 14 million more than in the same period last year. 61% of the total represented MTPL premiums, 23% corresponded to the Motor Hull segment and household insurance represented 8.3%.
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SERBIA 1H2013: Public tenders are helping the property insurance growth but many small and mid-size risks are not insured yet
by daniela.ghetu@mxp.ro, 2013-10-31
Serbian insurers ended 1H2013 with GWP amounting to RSD 34.07 billion, 4.86% up y-o-y in nominal terms. The slight appreciation of the Serbian currency as against the Euro made the market results denominated in European currency show a better dynamic. Thus, GWP amounted to EUR 298.4 million, 6.4% up y-o-y.
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SLOVAKIA 1H2013: UL insurance sees first decline since 2009 and technical balance on motor lines are worrying local companies
by daniela.ghetu@mxp.ro, 2013-10-31
"Steady" is apparently the word that best describes the Slovakian insurance market's evolution in the first half of 2013. With an overall GWP of EUR 1.06 billion, 1.3% up y-o-y, the market seems to produce no surprises. Still, at a closer look, there are few things worth being noted.
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UNIQA buys the Serbian and Croatian BALOISE subsidiaries
by daniela.ghetu@mxp.ro, 2013-10-23
The Austrian UNIQA Group is expanding its presence in the ex Yugoslavian countries by buying the BALOISE Group's subsidiaries in Croatia and Serbia, BASLER osiguranje Zagreb and BASLER osiguranja, Belgrade. Representatives of the two companies have signed a purchase agreement for EUR 75 million, announced BALOISE.
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SLOVENIA 1H2013: health insurance stabilizes the non-life segment while the market structure shows spectacular changes
by daniela.ghetu@mxp.ro, 2013-10-31
The first half of 2013 confirmed the slightly downward trend installed on the Slovenian insurance market in 2012. Thus, local insurers ended 1H2013 with underwritings of EUR 1.08 billion, 1.16% down as compared with the same period of 2012.
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MACEDONIA 1H2013: 6.2% y-o-y growth in GWP and strong governmental support for agricultural insurance
by daniela.ghetu@mxp.ro, 2013-10-31
With GWP amounting to EUR 58.8 million by the end of 1H2013, the Macedonian insurance market continued to follow the upswing trend, showing a 6.2% growth y-o-y. "The insurance sector is in a dynamic phase of development despite the financial crisis and its consequences are felt" Klime POPOSKI, President of the Council of Experts, Macedonian ISA, told XPRIMM.
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MONTENEGRO 1H2013: +4.71% y-o-y
by daniela.ghetu@mxp.ro, 2013-10-31
The 1H2013 results of the Montenegrin insurance market confirmed the trends already visible by the end of 2012 and in the first quarter of 2013 - an obviously slowing growth trend on the non-life insurance segment together with a continuously improving dynamic on the life insurance lines.
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ARMENIA 1H2013: Steps ahead on the path of development
by olesea.adonev@mxp.ro, 2013-10-31
Despite its small overall size, of only EUR 42 million in 1H2013, Armenia is a market worth watching as it shows some interesting novelties. The bonus-malus system recently introduced on the motor insurance segment, as the new compulsory health insurance or the novelties in preparation for the agricultural insurance changes are only the main features in terms of market development.
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BELARUS Q32013: 54.3% market growth, with a growing share of the voluntary lines
by alina.ciobanu@mxp.ro, 2013-10-31
During the first 9 months of 2013, Belarusian insurance companies underwrote premiums of USD 527 million, 54.3% up y-o-y, according to the data provided by the Belarusian Ministry of Finance.
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GENERALI simplifies its geographical structure into seven regions
by mihai.cracea@mxp.ro, 2013-10-31
Through the creation of two new regions - EMEA and Latin America - GENERALI re-defines its geographical structure based on seven markets, in line with the strategy to simplify the Group and its governance. The new setup aims to optimize the Group's international operations and will enable greater coordination between local businesses and the Head Office.
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WorldPensionSummit 2013: trends and solutions in the current pensions landscape
by daniela.ghetu@mxp.ro, 2013-10-31
Financial markets are more complex than ever before: new technology, a new generation of people being educated in new ways, changing demographics and a rapidly shifting financial landscape all combine to place new challenges on pension providers.
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Bulgaria: Increasing traffic safety - a challenge for the entire insurance industry
by olesea.adonev@mxp.ro, 2013-10-31
Over the past 12 years, more than 11.000 people died in car accidents in Bulgaria, according to statistics. In 2013, approximately 400 people died and 5.000 have been injured so far.
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The first insurance risk forum of 2014 will be held in Vienna
by alina.ciobanu@mxp.ro, 2013-10-31
The 3rd Annual Insurance Risk Management Forum, organized by FLEMING Europe, will take place on February 29-30, 2014 in Vienna, Austria. Among others, the forum's key discussions will include the enterprise-wide risk management framework, the emerging risks, risk culture, operational and reputational risks, supply chain and business continuity risk etc.
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Credit Europe Asigurari

PRESS CUTTINGS
ALBANIA looks to regional insurance

AZERBAIJAN Health Ministry expects near start of compulsory health insurance

AZERBAIJAN plans to liberalize foreign investors' entry to insurance market

AZERBAIJAN to divide insurance license into insurance and reinsurance licenses

PZU UKRAINE since October insures people against non-granting of visa by Poland

ROMANIA: Dutch insurer AEGON grants clients access to large investment funds

Six insurance companies among ARMENIA's 1000 largest taxpayers in 3rd q 2013

SLOVAKIA: New burden for insurance industry

SLOVENIA: A.M. Best Affirms Ratings of Pozavarovalnica Sava d.d.

UKRAINE: A.M. Best Affirms Ratings of Lemma Insurance Company
EDITORIAL
Quick, convenient, comprehensive

One year ago, the ACEA statistics regarding the passenger cars sales in the EU showed the worst month of September since ACEA recorded new registrations in the EU27 in 2003. One month ago, the association reported a 5.4% y-o-y growth in sales for the same category of vehicles. Should motor insurers see this news as a good sign for the future of their business? Considering that the nine months sales figures still show a negative trend ... maybe it is too early for optimisms. What are than the rebound chances for the MOD insurance line, especially in the emerging markets where this market segment is closely linked with the car sales dynamic?
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daniela.ghetu@mxp.ro


JLT

INTERVIEW
NATIONAL BANK OF SERBIA
The Administration for the Supervision of Financial Institutions
Insurance Supervisory Department

Long term positive trends have persisted, but with evidence of a slowdown in 1H 2013. In total, 28 insurance companies are present on the market, so the number of participants remained unchanged and the concentration, measured by the Herfindahl Hirschman index, remained moderate. At the end of 1H 2013 insurance companies in Serbia had 11,604 employees.
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  • Bancassurance segment in Moldova - what is its potential?
  • Implementing the bancassurance model in Moldova
  • Distribution techniques for life and non-life insurance products through banks

BCR Asigurari de Viata
Metropolitan Life

STATISTIC UPDATES
Poland 1H2013
Slovak Rep. 1H2013
Slovenia 1H2013
Macedonia 1H2013
Montenegro 1H2013
Serbia 1H2013
Armenia 1H2013


POINT OF VIEW
Kemal CUHACI
Deputy General Manager
MILLI Re

Turkish insurance industry, although not such a profitable market as it should have been, is gradually developing and showing real growth every year. On the other hand, it represents a greater attraction for the foreigners as it is increasing national productivity and national income, developing insurance awareness of the public, improving the legal infrastructure and positively impacting several economic and social factors which affect the insurance activities positively.
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EVENTS
Insurance Conference "Driving is the responsibility"
November 1st, 2013
Sheraton Sofia Hotel Balkan
Sofia, Bulgaria
Organizer: INSMARKET
Media Partner: XPRIMM Publications
For details: www.otgovornost.insmarket.eu
Competition for driving skills of vehicles between journalists, police officers and insurers
November 2nd, 2013
Parking Lot NDK
Sofia, Bulgaria
Organizer: INSMARKET
Media Partner: XPRIMM Publications
International Conference - The Strategy of Developing the Life Insurance Market: Practical Aspects of Its Implementation
November 7th, 2013
The "8 Columns" complex
Moscow, Russia
Organizers: The Association of Life Insurance Companies and the All-Russian Insurance Association
Media Partner: XPRIMM Publications
For details: www.insur-life.ru
WorldPensionSummit 2013
November 13th-14th, 2013
Amsterdam, Netherlands
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com
National Bancassurance Conference
Friday, November 15th, 2013
Hotel Leogrand, Raut Hall
Chisinau, Republic of Moldova
Organizer: Media XPRIMM
EIOPA Conference
November 20th, 2013
Frankfurt am Main, Germania
Organizer: EIOPA
Solvency II Forum
November 21st-22nd, 2013
Vienna, Austria
Fleming's Deluxe Hotel
Organizer: GLC Europe
Media Partner: www.xprimm.com
For details: www.globalleadingconferences.com
November Reinsurance Meetings
November 25th-26th, 2013
New Square, Moscow
Organizer: All-Russian Insurance Association (ARIA) and co-organizer - Business Format Group
Media Partner: XPRIMM Publications
For details: www.ins-df.com
International Agricultural Finance&Credit Risk Management Forum
November 25th-26th, 2013
Hotel InterContinental
Kyiv, Ukraine
Organizer: AgroInsurance International
Media Partner: XPRIMM Publications
For details: www.agrifinanceforum.com
Middle East and Africa Insurance Summit
January 20th-21st, 2014
Dubai, United Arab Emirates
Organizer: Fleming Gulf
Media Partner: www.xprimm.com
For details: finance.fleminggulf.com
3rd Annual Insurance Risk Management Forum
February 19th-20th, 2014
Vienna, Austria
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: www.flemingeurope.com
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

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: Mihai CRACEA
International Column Coordinator: Vlad BOLDIJAR
CIS Research Consultant: Olesea ADONEV
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Oana RADU, Adina TUDOR, Alina CIOBANU

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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