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Insurance Newsletter, No. 234, November 28, 2013

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
VIG reports a significant improvement of the profit in the third quarter of 2013
by alexandru.ciuncan@mxp.ro, 2013-11-28
"The development of Vienna Insurance Group shows that the strategic focus on the markets of the CEE region is very successful. The Group is positioned excellently in the region and earnings in the insurance business are increasing practically in all CEE markets," stated Peter HAGEN, CEO of Vienna Insurance Group commenting the 3Q2013 financial results of the Group.
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Peter HAGEN, VIG CEO: We are concerned about the regulatory regime in Romania
by alexandru.ciuncan@mxp.ro, 2013-11-28
VIENNA Insurance Group announced on Thursday that the overall positive results in the first nine months of 2013 were affected by substantial losses in Romania and Italy. In their press release, VIG presents the motor insurance industry in Romania as being characterized by an "irrational competition" between rival companies, a fact that weakens the whole market on a long term.
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EIOPA: Risk balance sheet emphasized - opportunity
by daniela.ghetu@mxp.ro, vlad.boldijar@mxp.ro, 2013-11-28
For the third time under the aegis of EIOPA, the high ranking representatives of the regulation and control financial institutions in Europe met in Frankfurt with the most relevant operators on the financial markets, for a dialog whose purpose is to define the future trends. The maintenance of a correct balance between risk and opportunity in the life and private insurance field, the definition of a coherent European framework for the private pensions, as well as the long-awaited launching of the new supervision measures, Solvency II, were the main topics of the 2013 edition.
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The CEE and CIS regions will play an increasingly important role in the global reinsurance industry
by adina.tudor@mxp.ro, 2013-11-28
The emerging insurance markets in the CEE and CIS regions have a significant potential in the future years and they will play an increasingly important role in the global reinsurance industry. "Geographically, they represent quite a significant region which will develop extensively over the next 20 to 30 years. And as these markets develop, they will increase their involvement in the global reinsurance market", Kirill SAVRASSOV, Chief Underwriting Officer and Senior Vice-President, PHOENIX CRetro Re's, has explained in an interview for INSURANCE Day.
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BARNIER: Tri-party agreement for Omnibus II, a step insuring the unity in diversity for the European insurance market
by daniela.ghetu@mxp.ro, vlad.boldijar@mxp.ro, 2013-11-28
One could say that a slackening of the insurance market was visible at this year's EIOPA Conference, after the seemingly never-ending implementation of a new Solvency II set of measures is drawing to an end. Upon the conference closing speech, Michel BARNIER, European Commissioner for the Internal and Services Markets, expressed both his satisfaction for reaching this stage and his concern for the phases still to be followed until the actual implementation, in 2016.
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Life insurance - between risk, efficiency and ... survival
by daniela.ghetu@mxp.ro, vlad.boldijar@mxp.ro, 2013-11-28
Now that the implementation process of Solvency II is in its last phase, the European insurance market is still concerned with the way in which a series of technical problems will be solved. Among them, a central place is occupied by the way in which the life insurance industry will meet the challenges raised in the financial environment dominated by low interests.
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PensionsEurope: Pension funds can play a major role in the economic relaunch
by daniela.ghetu@mxp.ro, vlad.boldijar@mxp.ro, 2013-11-28
Upon the European Pension Funds Congress 2013, event hosted by PensionsEurope within EUROPEAN FINANCE WEEK, Joanne SEGARS, PensionsEurope President, brought into debate the pension system in Europe, pointing out that 'there are still a series of unsolved issues for the European pensions, beyond the topic concerning the application of supervision criteria similar to Solvency II, which there is still no agreement about.
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Pillar III could represent the access road to the real portability of pensions at the EU level
by daniela.ghetu@mxp.ro, vlad.boldijar@mxp.ro, 2013-11-28
Both on the European institutions' agenda and among the concerns of diverse associative structures of European entrepreneurs, the portability of private pensions - occupational or personal -, is still on the unsolved priorities list. The structural diversity of the pension systems and schemes, as well as the significant differences in the labor legislation and in the taxation system, are among the main reasons why it is still very difficult to imagine a comprehensive system at the EU level which ensures the efficient transfer of pensions rights acquired by a European citizen.
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Romanian insurance market holding steady at the end of September
by mihai.cracea@mxp.ro, 2013-11-28
The Romanian insurance market kept a constant pace at the end of the third trimester, premiums rising just 0.1% y-o-y, reaching EUR 1.4 billion, according to the preliminary data from the Financial Supervisory Authority. At the same time, paid claims reached EUR 838 million, falling 2.44% since last year. This stagnation was caused mainly by a 4.49% drop in life insurance to EUR 280 million.
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In the first 9 months of 2013, CertAsig reported a 29% business increase
by mihai.cracea@mxp.ro, 2013-11-28
CertAsig reported a 29% increase of its gross written premiums volume in the first three quarters of 2013, up to EUR 8.5 million, compared to EUR 6.6 million in the same period last year. Thus, the company continued with its fourth year of positive results.
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Almost half of the Romanian homes are insured
by oleg.doronceanu@mxp.ro, 2013-11-28
In the first 9 months of 2013, the penetration degree of household insurance in Romania reached 47.1% (through mandatory and voluntary insurance policies), according to the latest data published by the financial supervisory authority (ASF).
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CROATIAN insurers 3Q2013 GWP up 1.0%
by vlad.boldijar@mxp.ro, 2013-11-28
Croatian insurance market totaled HRK 6.9 billion (EUR 910 million) in 3Q2013, up 0.96% from a year earlier, according to the financial figures published by the Croatian Insurance Bureau. As in previous reporting periods, the market leaders were CROATIA Osiguranje with a 30.5% market share, followed by ALLIANZ Zagreb with 13.2% and EUROHERC (10.2%).
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KOSOVO, 3Q2013: Lower premiums and a loss of almost EUR 100.000
by vlad.boldijar@mxp.ro, 2013-11-28
According to data published by the Central Bank of the Republic of Kosovo (CBK), the insurance market reported a negative result in 3Q2013. GWP totaled EUR 60.2 million, or 5% less as compared to the January-September 2012 period. At the same time, the paid claims of insurers increased by 37% to EUR 29.5 million.
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GREECE, 3Q2013: Lower premiums following the motor insurance price war
by vlad.boldijar@mxp.ro, 2013-11-28
In 3Q2013, the Greek insurance market totaled EUR 2.86 billion, 10.1% less y-o-y, according to the figures presented by the Hellenic Association of Insurance Companies (HAIC). Life insurance segment decreased 16.2% y-o-y at approximately EUR 1.2 billion, while the non-life segment reported a negative dynamic of 5.2% y-o-y.
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PZU 3Q2013: Growth in profitability and premiums confirm the development strategy efficiency
by daniela.ghetu@mxp.ro, 2013-11-28
PZU Group's net financial result in the first three quarters of 2013 surpassed EUR 656 million (PLN 2.7 billion) and was similar to the net result for the same period last year. Gross written premium rose by 2% in this period to more than EUR 2.94 billion (PLN 12.4 billion). "The adopted strategy has proven its effectiveness. Above all, this is the result of profitability growth, cost discipline and improved efficiency" - said Andrzej KLESYK, CEO of PZU SA.
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TRIGLAV Group, 3Q2013: A rising profitability and a strategy targeting a 10% market share in all foreign markets
by daniela.ghetu@mxp.ro, 2013-11-28
TRIGLAV Group posted a net profit of EUR 56.6 million in the first nine months of 2013, 12% up y-o-y compared with the respective period of 2012. The Group's profit before tax amounted to EUR 65.4 million. For the same period, Zavarovalnica TRIGLAV d.d., the parent company, reported a net profit amounting to EUR 50.5 million, while profit before tax totalled EUR 57.9 million.
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ALLIANZ 3Q2013: Positive results encourage optimistic expectations for end 2013
by daniela.ghetu@mxp.ro, 2013-11-28
"Given the positive development of the ALLIANZ Group for the first nine months of 2013, we now expect our operating profit for the full year to be slightly above EUR 9.7 billion, the upper end of our previously stated target range," said Michael DIEKMANN, CEO of ALLIANZ SE.
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UNIQA anticipates EUR 300 million in gross profit at the end of the year
by vlad.boldijar@mxp.ro, 2013-11-28
The Austrian insurer UNIQA increased its nine-month earnings before tax by 74.7% y-o-y to EUR 266.3 million. "Based on current assessments, UNIQA Group anticipates a profit from ordinary activities of around EUR 300 million for 2013 overall, not including non-recurring items such as the sale of the hotel holding," according to the press release published by the company.
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TALANX maintains its target of EUR 700 million in net profit for FY2013
by vlad.boldijar@mxp.ro, 2013-11-28
The TALANX Group closed the first nine months of 2013 with an operating profit of EUR 1.4 billion, 4% more compared with 3Q2012. At the same time, the group's net income decreased by 4% y-o-y to EUR 528 million, affected by a lower investment income and damage claims from the summer hail storms in Germany.
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Credit Europe Asigurari
EDITORIAL
"Coverage" - a topic gaining importance

The recent tragedy that struck in Sardinia, when many of the islanders saw their homes destroyed by floods, raised again the issue of putting in place a national legislation for compulsory insurance for damages caused by this kind of calamity. It is not the first time when a dramatic, catastrophic event puts this problem back on the public agenda. The same happened in 2009, after the L'Aquila earthquake. And still... the law doesn't exist yet and the share of the insured claims seems to be small enough not to arouse any interest for the public debates.
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daniela.ghetu@mxp.ro


JLT
BELARUS Re

INTERVIEW
Boris SABAN
Executive Director
National Bureau of Montenegro

The insurance Market in Montenegro is very similar in the some aspects with the markets from ex YU, except for Slovenia. These markets are dominated by the compulsory insurance classes, among which MTPL is the most important.
What makes us unique is the size of the market. Montenegro has only 625,000 inhabitants. This means our market is very small, but flexible. In addition ... no big risks, no big cat exposure.
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BCR Asigurari de Viata

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STATISTIC UPDATES
Kosovo 3Q2013
Greece 3Q2013
Croatia 3Q2013


POINT OF VIEW
Atilla OKSAY
Deputy General Secretary
Insurance Association of Turkey

The Turkish insurance sector that records a growth rate above the inflation level every year thanks to the positive progress achieved by the economy and the stable growth period during the last years, has gained experience due to previous financial crises. However, the last crisis was hardly manageable due to its global scale. Postponement of new investments, the drop in the export volume, the recession in car and property sales, and contraction in the economy and the reinsurance market are the major threats the sector is facing in periods of financial crisis.
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EVENTS
Middle East and Africa Insurance Summit
January 20-21, 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 19-20, 2014
Vienna, Austria
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: www.flemingeurope.com
IIF 2014 - International Insurance Forum
March 2-3, 2014
Istanbul, Turkey
Pera Palace Hotel
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com
European Conference on Consumer Protection in Insurance
March 13th 2014
Palace of the Parliament, Romania
Special Guest: Mr. Gabriel BERNARDINO, Chairman, EIOPA
Organizer: APPA
FIAR 2014 - The International Insurance - Reinsurance Forum
May 25-29, 2014
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For more details: www.fiar.ro
AIIF - 2014 Azerbaijan International Insurance Forum
June 19-20, 2014
Baku, Republic of Azerbaijan


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
ARMENIA's pension reform will open the way to life insurance

ARMENIA: Government to take over health insurance of public servants from private companies

AZERBAIJANI insurance market may collapse because of structural measures aimed at mitigating structural imbalances

CZECH REPUBLIC: Martin Divis named "Insurance Manager of the Year"

Foreign insurers prepare to leave AZERBAIJANI insurance market for higher capital requirements

GREECE: Auto insurance industry takes a plunge

KBC: Strong commercial result a nd one-off impact from divestments

Malaysia's state investment firm completes USD 252 million purchase in Turkish insurer

Martin Hehemann leaves UNIQA Group

Only technical bankrupt keeps remaining at AZERBAIJAN insurance market

POLAND's PKO BP to repeat tender offer for Nordea's shares

Polish insurance giant PZU launches insurance services business in ESTONIA

ROMANIA's Safety Broker opens branch in Moldova's Chisinau

RUSSIA: Relatives of air crash victims in Kazan receive insurance payments

Successful trade mission opens RUSSIAN insurance market for FRISS

TURKISH disaster insurance pool grows stronger

UZBEKISTAN: Regional insurance penetration increasing

ZURICH reports business operating profit of USD 3.6 billion for the first nine months of 2013

THE EDITORIAL STAFF:

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Managing Partner: Alexandru D. CIUNCAN
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Editors: Oana RADU, Adina TUDOR, Alina CIOBANU

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IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

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