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Insurance Newsletter, No. 233, November 14, 2013

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
Bancassurance in Moldova, debated during the National Bancassurance Conference on November 15
by adina.tudor@mxp.ro, 2013-11-14
On the 15th of November, representatives of the Moldavian insurance companies and the most important banks, as well as international specialists in the financial field will be reunited during the National Bancassurance Conference - "BANCASSURANCE - Realities and Perspectives", an event focusing on the potential of the bancassurance segment in Moldova and on finding the best solutions for implementing the bancassurance model in the country.
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JLT expands to the Netherlands and Dubai
by adina.tudor@mxp.ro, 2013-11-14
Jardine Lloyd Thompson Group plc (JLT) announced that it has agreed to acquire Independent Risk Solutions (IRS), a marine specialty broker based in the Netherlands, from Brokerage World Solutions (BWS), as well as making a significant investment in Dubai-based broker Insure Direct. The deals are subject only to regulatory approval.
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GENERALI, 3Q2013: Net profit and operating result on the rise driven by the P&C segment
by daniela.ghetu@mxp.ro, 2013-11-14
GENERALI Group closed the first nine months of the year with a significant +40.4% growth in net profit, to EUR 1,591 million buoyed by solid premium income and operating performance, which was supported, in particular, by the growth of the P&C segment. The aggregate operating result rose by 6.2%, to EUR 3,361 million.
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JLT launches JLT Towers Re
by adina.tudor@mxp.ro, 2013-11-14
After closing the acquisition of TOWERS Watson's reinsurance brokerage business for USD 250 million, on the 6th of september, british broker Jardine Lloyd Thompson oficiially launched JLT Towers Re.
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ROMANIA: ALLIANZ-TIRIAC reports a slight growth on the non-life segment
by vlad.boldijar@mxp.ro, 2013-11-14
In the first nine-months of 2013, ALLIANZ-TIRIAC reported EUR 153 million in gross written premiums in Romania, according to data published by the German Group.
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VIG to acquire 100% of Polish life insurer SKANDIA
by vlad.boldijar@mxp.ro, 2013-11-14
Vienna Insurance Group (VIG) said it had agreed terms to acquire 100% of Polish life insurance company SKANDIA Zycie TU S.A. (SKANDIA Poland) - member of OLD MUTUAL Group, for an undisclosed amount. The acquisition is subject to approval by the relevant regulatory and competition authorities.
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3Q2013: EUROINS Romania and the increasing sales of DACIA-RENAULT kept the result of EUROHOLD on a positive trend
by vlad.boldijar@mxp.ro, 2013-11-14
In January-September 2013, the value of gross written premiums of Bulgarian insurance group EUROINS (member of EUROHOLD) - recorded a 6.1% growth, reaching more than EUR 118 million compared with EUR 110.4 million for January-September 2012, according to preliminary data published by the group.
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RUSSIA: The Central Bank regulates tariffs for mandatory insurance
by olesea.adonev@mxp.ro, 2013-11-14
Since September 1st 2013, the tariffs for mandatory insurance (MTPL, Compulsory insurance of dangerous objects and Compulsory insurance of civil liability of the carrier) are regulated by the Bank of Russia.
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HANNOVER Re 3Q net income down 8.6%
by vlad.boldijar@mxp.ro, 2013-11-14
German re-insurer HANNOVER Re reported as at 30 September 2013, its operating profit (EBIT) contracted by 5.4% to EUR 961.6 million (from EUR 1.02 billion in 3Q2012), while the Group net income declined 8.6% to EUR 613.2 from the previous year's EUR 670.8 million. According to the press release, "this is because the result for the previous year that had been exceptionally high on account of one-off effects. As a further factor, the burden of natural catastrophe losses in the comparable period had been unusually low."
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AON reports Q3 revenue up 2% and net income up 26%
by vlad.boldijar@mxp.ro, 2013-11-14
Insurance brokerage AON Plc, reported, at the end of October, that its net income increased 25.5% in the third quarter to USD 256 million (USD 0.82 per share) up from USD 204 million (USD 0.62 per share) in Q3 2012, while total revenue increased 2% y-o-y to USD 2.8 billion.
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AXA revenues up by 3% in 3Q2013
by vlad.boldijar@mxp.ro, 2013-11-14
The French insurance group AXA reported for January-September 2013, 3% y-o-y higher revenues, to EUR 69.5 billion, from EUR 68.4 billion in 3Q2012, driven by the growth on all business lines. "AXA's nine months 2013 activity indicators showed positive momentum and demonstrated our teams' commitment to achieving Ambition AXA objectives", commented Denis DUVERNE, Deputy Chief Executive Officer of AXA.
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CROATIA Osiguranje increased profit by 5.2 % in 3Q2013
by vlad.boldijar@mxp.ro, 2013-11-14
During the first nine months of the year 2013, CROATIA Osiguranje made a gross profit of HRK 106.7 million (EUR 14 million), representing an increase of 5.2% compared to the same period of the previous year, according to the press release published by the insurer on The Zagreb Stock Exchange web-site.
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SWISS Re, 3Q2013: the Group remains on track to achieve its financial targets for 2015
by daniela.ghetu@mxp.ro, 2013-11-14
SWISS Re reports a net income of USD 1.1 billion for the third quarter of 2013, driven by continued strong performance from P&C Re and a strong 14.3% return on equity. Group's premiums earned and fee income increased by 14% to USD 7.5 billion, while the combined ratio was 83.4% vs. 72.0% in the same period of 2012. The investment income of USD 1.0 billion provided a Group return on investments of 3.5%.
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MARSH & MCLENNAN third-quarter net income rises to USD 253 million
by vlad.boldijar@mxp.ro, 2013-11-14
Insurance brokerage MARSH & MCLENNAN Companies reported consolidated revenue in the third quarter of 2013 of USD 2.9 billion, representing an increase of 3% compared the third quarter of 2012, while the operating income increased to USD 404 million (USD 378 million in Q3 2012). Net income attributable to the Company was USD 253 million, or USD 0.45 per share (compared with USD 241 million, or USD 0.44 per share, in the prior year), while for the period January-September 2013, the same indicator was USD 1.1 billion (USD 1.89 per share), compared with USD 917 million (USD 1.66 per share) in 3Q2012.
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MUNICH Re 3Q2013: consolidated profit down by 19% following the major losses in PC insurance
by daniela.ghetu@mxp.ro, 2013-11-14
MUNICH Re posted a consolidated profit of EUR 2.2 billion for the first nine months (same period last year: EUR 2.7 billion) and is expecting a profit of EUR 3 billion for 2013. In the third quarter, the Group realized a profit of EUR 636 million, EUR 0.5 billion less y-o-y, mostly as a result of the numerous major losses in property-casualty primary insurance and reinsurance, the performance of derivative financial instruments, and significant negative currency effects.
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SCOR reported lower 3Q profit
by vlad.boldijar@mxp.ro, 2013-11-14
The Paris-based reinsurer SCOR reported a 5% decline in its nine-month profit, with a 6.3% decrease in net investment income. At the same time, the gross written premiums increased by 4.5% to EUR 7.54 billion (compared with EUR 7.21 billion), "driven by the combined impact of healthy SCOR Global P&C renewals and major contracts signed by SCOR Global Life," according to the group's press release.
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TRIGLAV expects EUR 2 million in claims after the recent storms in Slovenia
by daniela.ghetu@mxp.ro, 2013-11-14
Following the devastating storms which recently hit Slovenia, Zavarovalnica TRIGLAV estimates the toll of the devastating weather events to be around EUR 2 million, which equals approximately 2,000 loss events in total. Yet, it is too early to assess the actual extent of claims since most of them are expected to be filed in the coming days.
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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 19-20, 2014 in Vienna, Austria. Among others, the forum's key discussions will include the enterprise-wide risk management framework, the emerging risks, risk culture, underwriting and appetite, stress testing & scenarios, operational and reputational risks, supply chain and business continuity risk, Internal model vs. Standard model, Compliance, ORSA 2014, ComFrame or Omnibus II.
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RUSSIA: Practical aspects for developing the life insurance market
by olesea.adonev@mxp.ro, 2013-11-14
On November 7th, in Moscow, The Life Insurance International Conference took place in Russia, being organized by All-Russian Insurance Association and the Life Insurers Associations. During the event, the participants debated all the aspects concerning the life insurance market, focusing on developing the unit-linked insurance segment.
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SBERBANK wants half of the Russian life insurance market
by olesea.adonev@mxp.ro, 2013-11-14
In 5 years, SBERBANK wants to have 50% market share on the life insurance market in Russia and 10% of the property insurance market, announced Insur Info. Thus, according to the company's development strategy, SBERBANK plans to open a second company activating on the property and accidents segment. "We haven't decided yet whether to establish a new company or to buy one activating on this segment", SBERBANK's representatives declared.
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LITMUS Analysis launches the October report
by adina.tudor@mxp.ro, 2013-11-14
LITMUS Analysis, a consultancy agency offering rating advice for re/insurers, launched their monthly review of rating agency activity in the reinsurance & specialty lines sectors. The report includes the calculation of the 'Litmus Composite Score', as well as commentaries on both ratings and financial issues that impact the sector.
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Credit Europe Asigurari
STATISTICS
TURKEY's insurance sector grows by 25% in 3Q2013
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In the first 9 months of 2013, the Moldavian insurance market increased by 11%
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LITHUANIA, 3Q2013: On the path of stronger growth
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ALBANIAN insurers reported a decrease of 9.3% y-o-y in 3Q2013
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EDITORIAL
Solvency II - On Your Mark, Get Set, Go

"Solvency II - On Your Mark, Get Set, Go" is the title under which will take place, in less than one week, the third section of the EIOPA Conference. In fact, the Solvency II topic was a constant presence on the Conference's agenda over the last few years, each time being emphasized the unsolved issues which determined the new solvency regime's introduction to be several times postponed. Hopefully, this year it seems, at least judging by the title, we will see no delay. In addition, the recent agreement between the European Parliament, Council and Commission on the Omnibus II Directive is an important step for the new Solvency II risk-based regulatory regime implementation to remain on schedule.
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daniela.ghetu@mxp.ro


JLT
BELARUS Re

INTERVIEW
Andres PIIRSALU
Member of Executive Board
Estonian Insurance Association (EKsL)
Motor Insurance Bureau and Guarantee Fund (LKF)

As already said, the biggest part of the total insurance portfolio is still related to motor insurance, which according to the latest statistics makes 61 % (MOD and MTPL together) of the total gross non- life insurance premium volume. The most realistic boost foreseen in the future for the time being is coming from the second pillar pension in the life and health area, where in a long run the total wolume will grow up to the levels exceeding our current market volumes in times.
More

  • 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

STATISTIC UPDATES
Turkey 3Q2013
Moldova 3Q2013
Lithuania 3Q2013
Albania 3Q2013


POINT OF VIEW
Enkeleda SHEHI
Chairperson
Albanian FSA

The most important product sold in the market is the motor third party liability insurance. On the life side, debtors' life is the main product, where banks are the beneficiaries. In terms of potential for future growth, health and life insurance have shown to have a high dynamic for growth in the last years.
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EVENTS
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

PRESS CUTTINGS
ACE reports record quarterly operating income of USD 857 million

AEGON: Net profit falls on accounting charge

AIG reports 3Q2013 net income attributable to AIG of USD 2.2 billion

ARMENIA: Insurers paid AMD 8.6 billion worth compensation payments for traffic damages in ten months

Austrian VIENNA INSURANCE Group to enter Estonian market

AVIVA attracts stronger levels of new business, up 14%

AZERBAIJAN introduces French system of single estimate of damage caused to car at time of insured event

AZERBAIJAN: Chief Accountant of Ravan Sıgorta stole 20% of funds collected by the company

BELARUS: S&P revises outlook on Belarusian National Reinsurance Organization

Cooperation Agreement between Sberbank and Generali

ING records 3Q13 underlying net profit of EUR 891 million

KAZAKHSTAN: A.M. Best Assigns Ratings to Standard Insurance Company, JSC

Komercni Pojistovna encourage Czech life insurance market

LATVIA: BTA to insure the Freedom Monument in Riga for 10th year

MetLife announces third quarter 2013 results

Romanian Post plans to become active on the insurance brokerage market

TRIGLAV: No expansion in Croatia

TURKEY's Yapi Kredi Q3 net profit meets expectations

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

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