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Insurance Newsletter, No. 237, January 16, 2014

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INTERVIEW - ON THE MOVE - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
MTPL prices in Central and Eastern Europe - how far from the mature markets?
by oleg.doronceanu@mxp.ro, vlad.boldijar@mxp.ro, 2014-01-16
Although mandatory in all European countries, MTPL insurance registers major differences both in rates and coverage accross the CEE and CIS markets. Thus, if in countries such as Russia and the Republic of Moldova the MTPL price is a standard one, regulated through the local legislation, in the member states of the European Union the price liberalization transformed the MTPL into one of the main sore points of the insurance markets.
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POLAND, 3Q2013: Life insurance and motor lines are pushing down the market GWP by 10%
by daniela.ghetu@mxp.ro, 2014-01-16
Polish insurance market ended 3Q2013 with an overall y-o-y fall of almost 10% of the GWP, to EUR 10.27 billion, thus continuing the trend established since the first quarter of last year. The main driver of the premium production decrease was the 33% y-o-y negative change in GWP recorded for the traditional life insurance lines, to EUR 5.5 billion.
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HUNGARY, 3Q2013: Life insurance growth not enough to offset the motor insurance lines' shrinkage
by daniela.ghetu@mxp.ro, 2014-01-16
After the first three quarters of 2013, the Hungarian insurance market recorded a cvasi stable status, with a 1% decrease in GWP, to EUR 2.04 billion. In fact, the 3Q2913 figures denominated in local currency (HUF) show a 4% growth continuing the positive trend in underwriting established in the precedent quarters of the year.
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CZECH Rep., 3Q2013: High competition prevents market return on a positive trend
by daniela.ghetu@mxp.ro, 2014-01-16
Czech insurers' results in 3Q2013 are in line with the previous reporting periods. As compared with the previous year, figures are showing an almost unchanged GWP volume denominated in local currency (CZK) while denominated in euro, the market turnover recorded an almost 4% y-o-y decrease, to EUR 4.55 billion.
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ESTONIA's insurance market rises 24% in 3Q2013
by vlad.boldijar@mxp.ro, 2014-01-16
In January-September 2013, the gross premiums written by the Estonian insurance companies increased by 23.7%, reaching EUR 320 million, compared with total GWP in the correspondent period of 2012. Claims paid by insurers amounted to EUR 178.4 million according to official data published by the Financial Supervision Authority of Estonia.
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LATVIAN market up 7.3% in 3Q2013 due the EU branches increases
by vlad.boldijar@mxp.ro, 2014-01-16
According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled at the end of September almost EUR 352 million, or 7.3% more y-o-y. The non-life segment accelerated by 5.7% y-o-y, while the value of life GWP increased by 17%.
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ROMANIA: Motor damages continue to account for most of the compensations paid out by insurers
by mihai.cracea@mxp.ro, 2014-01-16
The compensations generated by the two important motor insurance classes, the fully comprehensive motor insurance (CASCO) and the obligatory motor vehicle liability insurance (RCA), continue to hold the largest share in the total damages compensated by local insurers in the last nine months. Thus, out of the RON 3.13 billion paid by insurance companies in Romania, over 89% (RON 2.79 billion), came from motor insurance, as shown by the financial supervisory authorities.
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VIG bought AXA's insurance and pension businesses in Hungary
by mihai.cracea@mxp.ro, 2014-01-16
According to REUTERS, at the end of last year the French Group AXA announced the conclusion of an agreement regarding the sale of its insurance and private pension businesses in Hungary to VIENNA Insurance Group (VIG).
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JLT strengthens Hong Kong Business and continues growth strategy in Asia with LAMBERT Brothers Holdings Ltd Acquisition
by mihai.cracea@mxp.ro, 2014-01-16
Jardine Lloyd Thompson Group plc ("JLT"), one of the world's largest providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services, has announced that its Asia business has acquired LAMBERT Brothers Holdings Limited ("LBH").
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BELARUS Re: 2013 was a successful year for the company
by olesea.adonev@mxp.ro, 2014-01-16
Results of BELARUS Re for 2013 can be described as positive ones, taking into considerations the company's activity in diversification area with international insurance and reinsurance companies, as well as a continuous search for new markets and partners, all of which led to an annual increase of the share of international risks taken in reinsurance from abroad and confirmation that the company is a reliable partner with an impeccable reputation in the international reinsurance market.
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BELARUS, 3Q2013: 54% growth rate and ready for change
by olesea.adonev@mxp.ro, 2014-01-16
The Belarusian insurance market totaled BYR 4,834,398 million for the first nine months of 2013, informed the Belarusian Association of Insurers, 54.29 % more compared with January-September 2012. Calculating in the European currency, the insurance market has accounted for EUR 394.64 million, up 38.42% y-o-y.
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VIDEO: NBMR: the Russian reinsurance market remains an attractive business target for the international players
by alina.ciobanu@mxp.ro, 2014-01-16
Russian reinsurers ended 2013 with an optimistic approach towards the local market perspectives. "The key thing is to ensure performance of business rather than only the mechanical growth thereof," stated Igor ALEXEEV Managing Director of Inward Treaty Reinsurance Division, INGOSTRAKH on the occasion of the 2013 edition of November Business Meetings of Reinsurance, held in Russia.
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AZERBAIJAN, 3Q2013: an 18.36% increase for the insurance companies
by olesea.adonev@mxp.ro, 2014-01-16
According to the State Insurance Supervision Service under the Ministry of Finance, Azerbaijani insurance market totaled AZN 303.38 million for the first nine months of 2013, 18.36% more compared with January-September 2012. Calculating in the European currency, the insurance market has accounted for EUR 286.40 million, up 13.46% y-o-y. During the reporting period, the total value of claims paid by the insurance companies reached AZN 88.53 million or EUR 83.58 million.
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ARMENIA, Q3 2013: Companies paid almost as much as they collected in premiums
by olesea.adonev@mxp.ro, 2014-01-16
According to the ArmInfo News Agency, in Q3 2013 Armenia's insurance companies collected AMD 5.5 billion (EUR 10 million) in premiums (half of what they collected in Q2 2013). At the same time, it should be noted that the size of payments amounted to almost over AMD 5 billion (EUR 9 million).
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UKRAINE, 3Q2013: A 35.2% y-o-y growth in GWP
by alina.ciobanu@mxp.ro, 2014-01-16
In 3Q2013, the Ukrainian insurance market totaled EUR 1.42 billion, 35.2% more compared with the same period of 2012 (EUR 1.42 billion), according to the figures presented by the local financial authority. The paid claims reached EUR 327.15 million, 7.6% less y-o-y.
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KAZAKHSTAN: Strategic vision for development of the local markets in the light of integration
by alina.ciobanu@mxp.ro, 2014-01-16
Between 15th and 16th of April 2014 in Almaty, Kazakhstan will take place the 8th edition of the International Conference "Insurance in Central Asia", with the support of the Association of Insurance Companies of Kazakhstan.
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KAZAKHSTAN: The risks vary from country to country
by olesea.adonev@mxp.ro, 2014-01-15
According to the former Vice President of Moody's Investors Service, Jonathan SCHIFFER, in the last 5-10 years the perception of sovereign, political and state risk has changed. Moreover, besides increasing the phenomenon of globalization competition among rating agencies, the assessment of the most attractive countries is becoming tougher.
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TURKMENISTAN: A chance for the insurance market demonopolisation in 2014
by daniela.ghetu@mxp.ro, 2014-01-15
Starting July 1st, 2014 in Turkmenistan the process of demonopolisation and privatisation of state property will begin, in accordance with the law adopted in December 2013 by the Turkmen Parliament. The new law enforcement also addresses the development of the insurance industry, as it allows the entrance of private capital in this area of business.
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MOLDOVA: Insurer TRANSELIT subjected to financial recovery proceedings
by alina.ciobanu@mxp.ro, 2014-01-15
The Financial Supervisory Authority of Moldova (CNPF) has approved the opening of the financial recovery proceedings for TRANSELIT insurance company. The decision was taken due to the conclusions of CNPF's control showing that the company failed to observe the legal provisions with regard to the formation of insurance reserves, the level of solvency margins and the liquidity ratio.
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The Russian Bureau for Green Card pretends to raise their status in the Green Card System by 2014
by alina.ciobanu@mxp.ro, 2014-01-15
This year the Council of Bureaux (CoB) will consider reducing the period of Russia's transitional membership in the international Green Card system. "Over the years of the Russian transitional membership, participants in the national bureau showed impeccable discipline with payments. In 2013 foreign insurers didn't expose any warranty claim against the Russian bureau for late payments," said Sergey RAZUVAN, Head of the Russian Bureau for Green Card.
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DELTA GENERALI Osiguranje, the best insurance company in Serbia in 2013
by daniela.ghetu@mxp.ro, 2014-01-15
A few days before the year-end, DELTA GENERALI Osiguranje was designated "The Best Insurance Company in Serbia in 2013" by the British financial magazine "World Finance". High professional standards, strong ethical principles, innovation, commitment to client needs, speed in claims settling are some of the parameters which individualized DELTA GENERALI Osiguranje both on the life and non-life business segments.
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BTA, LITHUANIA: Property insurance market growth expected in the near future
by daniela.ghetu@mxp.ro, 2014-01-15
A recent survey made by the non-life insurer BTA showed that Lithuanian citizens are mostly interested in the accident insurance products, perceived by about a third of the respondents as providing the highest sense of security. The following top choices expressed were health insurance, property and Motor Hull insurance.
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AZERBAIJAN: A new Chairman for the MEQA Sigorta Board
by daniela.ghetu@mxp.ro, 2014-01-15
Sevinj GULMALIYEVA, former deputy chairman is the new Chairman of the Board of the Azeri insurance company MEQA Sigorta, the company announced on January 13th. She succeeded in this position to Afgan MURTUZAEV. Mrs. GULMALIYEVA has a 14 years experience in the insurance field and she is a Chartered Insurance Institute (UK) graduate.
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AZERBAIJAN: Over 1 million compulsory insurance contracts concluded in 2013
by daniela.ghetu@mxp.ro, 2014-01-15
According to data published today by the Compulsory Insurance Bureau of Azerbaijan, in 2013 the Azeri insurance companies members of CIB have concluded more than 1 million contracts for the compulsory insurance lines provided by the law, collecting almost AZN 83 million in premiums.
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AXA leaves HUNGARY. VIG takes over 100% of the life insurer AXA Biztosito
by vlad.boldijar@mxp.ro, 2014-01-15
Two of the largest European insurance groups - Vienna Insurance Group (VIG) and AXA - announced at the end of 2013 that they had entered into an agreement regarding the future activity of the Hungarian subsidiary of AXA. According to the agreement, VIG will acquire 100% of the shares of the life insurer AXA Biztosito.
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Credit Europe Asigurari
EDITORIAL
Consumer Protection and asking the right questions

An insurance policy is nothing more than a promise that a client will be compensated when a certain risk occurs. Contractually binding nonetheless, this promise is therefore the central pillar of the insurance system as a whole and this principle managed to bring the global insurance industry to proportions that the LLOYD's coffee house attendants could only dream of.
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JLT
BELARUS Re

INTERVIEW
Bruce BOWERS
Regional CEO for CEE
ALLIANZ Group

ALLIANZ has been present in the CEE countries for long term and we are the largest player in the region in terms of gross revenues on the property and casualty side. This is a position we are very proud of and that we intend to protect. At the same time, our goal is to grow, at least in line with the market. Still, we are not willing to take risks that can affect our profitability.
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BCR Asigurari de Viata

STATISTIC UPDATES
Poland 3Q2013
Czech Rep 3Q2013
Hungary 3Q2013
Latvia 3Q2013
Estonia 3Q2013
Azerbaijan 3Q2013
Belarus 3Q2013


ON THE MOVE
Radu MUSTATEA is the new President of B.A.A.R.
by mihai.cracea@mxp.ro, 2014-01-16
Radu MUSTATEA was elected President of the Management Board at B.A.A.R. following the elections that took place within the General Shareholders' Meeting on December 19th, according to B.A.A.R. Along with Radu MUSTATEA, other members of the Management Board were chosen among the representatives of the insurance firms ALLIANZ-TIRIAC, OMNIASIG VIG, ASTRA Asigurari and EUROINS Romania. The mandate of the new Council will be into effect for 4 years starting December 23, 2013.
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EARLY BIRD FEE until January 24th, 2014

EVENTS
FIAR Countdown: Don't miss the early registration fees!
by adina.tudor@mxp.ro, 2014-01-16
This year, the most important European spring event dedicated to the insurance, reinsurance and private pensions markets, FIAR - The International Insurance-Reinsurance Forum, launches debates regarding the new challenges for the regional market and welcomes its guests in a completely new location. Did you submit your registration form? Friday, January 17th, is the last day in which you can benefit from the early bird fee!
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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
International Forum on Nuclear Insurance - "Nuclear Insurance: Edge of Safety and Tetrahedron of Responsibility"
February 18-19, 2014
Russia, Moscow
Hotel Golden Ring
Organizer: Business Character LLC
Media Partner: XPRIMM Publications
For details: www.ins-df.com/ifnieng

The International Forum on Nuclear Insurance, "Nuclear Insurance: Edge of Safety and Tetrahedron of Responsibility", will take place on February 18-19th, 2014 in Moscow. The event is organized by Business Character LLC and will bring together more than one hundred Russian and foreign participants from the nuclear industry, as well as representatives of the insurance and reinsurance companies.
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3rd Annual Insurance Risk Management Forum
February 19-20, 2014
Vienna, Austria
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: www.flemingeurope.com
European Conference on Consumer Protection in Financial Services
March 13, 2014
Palace of the Parliament, Romania
Special Guest: Mr. Gabriel BERNARDINO, Chairman, EIOPA
Organizers: APPA and UNSAR
For more details: www.xprimm.com
IIF 2014 - International Insurance Forum
April 6-7, 2014
Istanbul, Turkey
Pera Palace Hotel
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com
XVIII All-Russian Reinsurance Conference - "National peculiarities of Russian reinsurance"
April 8-9, 2014
Russia, Moscow
President-Hotel
Organizer: All-Russian Insurance Association (ARIA), Reinsurers' Committee
Media Partner: XPRIMM Publications
For details: www.en.re-conference.ru
X - Annual International Risk Management Conference
April 10-11, 2014
Almaty, Kazakhstan
Organizer: JSC Eurasia Insurance Company
Media Partner: XPRIMM Publications
For details: www.theeurasia.kz
VIII International Conference "Insurance in Central Asia"
April 15-16, 2014
Holiday Inn Hotel
Almaty, Kazakhstan
Organised with the support of the Kazakhstan Association of Insurers
Media Partner: XPRIMM Publications
For details: www.allinsurance.kz
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

GRECO

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

PRESS CUTTINGS
Alfa Sigorta wins AZERBAIJAN Oil Fund insurance tender

AZERBAIJAN: Capital requirement for insurers may exceed their annual gross premiums

AZERBAIJAN: Up to 70% of all workers not covered by insurance against accidents at work

BULGARIA's insurance sector is underdeveloped

BULGARIA: Insurance companies hoping for economic growth

CROATIA selects binding offer of the Rovinj-based Adris Grupa

Financial Crisis may have created greater opportunities in CYPRUS' insurance sector

HUNGARY: GENERALI pays USD 158.2 million in damage-related payouts in 2013

POLISH BZ WBK unit sees USD 110.5 mln net boost from insurer stakes revaluation

ROMANIA's insurance market is expected to increase by less than five percent in 2014

RUSSIA's VTB bank terminating cooperation with FITCH rating agency

RUSSIA: Mandatory insurance for space risks proposed

SERBIA: New insurance law in first half of 2014 (Krstic)

The average retirement age in GREECE stands at almost 58 years old

UKRAINE: AXA Insurance pays out over UAH 32 million indemnity

Ukrainian, Polish motor insurance bureaus sign agreement on protection of rights of drivers

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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