Insurance Newsletter, No. 239, February 13, 2014

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2013 summer floods in the CEE highlighted the low insurance penetration in these markets
by daniela.ghetu@mxp.ro, 2014-02-12
Only about 25% of the total losses caused by the May/June floods in Central Europe were covered by insurance, while on the second place were the weather-related event in Europe and the July severe weather which affected Germany and France, causing total losses of USD 4 billion. The share of the insured losses amounted to about 75%, as show the figures recently published by AON BENFIELD. Considering the geographical areas affected, it is obvious that the low penetration of the property insurance in the CEE region was the main reason for the huge difference in the percentage of insured losses.
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ROMANIA: MARSH, SAFETY and PORSCHE were the top insurance brokers in 2013
by vlad.boldijar@mxp.ro, 2014-02-13
At the end of December 2013, the Romanian insurance brokerage market totaled RON 4 billion (~EUR 900 million), according to preliminary estimates made by INSURANCE Profile, based on financial results provided by more than 80 insurance brokerage companies. In absolute value, the figure is about RON 400 million higher than the value reported in 2012. At the same time, due the stagnation of insurance market at about RON 8.2 billion (preliminary data centralized by FSA Romania) the share of brokerage market in the total insurance industry increased by 4.8 percentage points, from 43.7 % at the end of 2012 , to 48.5 % in December 2013.
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SLOVAKIA: Private health insurers nationalization due to lack of financial resources
by daniela.ghetu@mxp.ro, 2014-02-13
Slovakia's government on Wednesday suspended its plan to create a single state-owned health insurer and potentially nationalize the EU member's two private insurers, informs digitaljournal.com. According to an official release, the idea on creating a single state-owned health insurer will be put on hold until the finance ministry will be able to cover the operation's costs. At all events, the 2014 deadline can not be met.

Independent insurer CertAsig finishes 2013 with 21% growth and announces ambitious plans for 2014
by mihai.cracea@mxp.ro, 2014-02-13
The company's strategy to target the corporate segment and to focus on specialised insurance products such as bonds, property & casualty and marine insurance, generated substantial growth for the 4th consecutive year.CertAsig, one of the few remaining independent insurance companies in Romania, achieved a 21% growth in Gross Written Premiums in 2013, a performance significantly above market averages. The company reached EUR 12 million in GWP in 2013, versus 9.9 million in 2012.
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TRIGLAV, 2014: The Group targets a EUR 65.6 million net profit and over EUR 900 million in GWP
by daniela.ghetu@mxp.ro, 2014-02-11
Despite the harsh economic conditions, still present in the markets where it is active, the TRIGLAV Group plans to book EUR 902.1 million in consolidated gross written premiums in 2014, as the Group's business plan for the current year shows. The net profit for 2014 is planned at EUR 65.6 million, while its profit before tax is set at EUR 75.9 million. According to the plan, the combined ratio of the Group will reach 96.3% in 2014. In 2014, the Group will be focusing on the core insurance business and achieving profitability and safety of operations.
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AON ended 2013 with a 15% increase in cash flow and a 3% growth in the total revenue
by daniela.ghetu@mxp.ro, 2014-02-11
AON's total revenue for 2013 increased by 3% to USD 11.8 billion, due to a 3% organic growth in commissions and fees and a 1% increase in commissions and fees resulting from acquisitions, the net of divestitures, partially offset by a 1% unfavorable impact of foreign currency translation, as the company reported recently. RISK SOLUTIONS' total revenue increased by 2% to USD 7.8 billion and HR Solutions' total revenue increased by 3%, to USD 4.1 billion.
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VIG enters MOLDOVA through the acquisition of DONARIS GROUP
by vlad.boldijar@mxp.ro, 2014-02-12
VIENNA Insurance Group (VIG) announced at the end of January that it had signed an agreement to acquire around 94% of the Moldovan insurer DONARIS Group. The acquisition is subject to regulatory approvals. "By entering the Moldovan market, we have expanded the VIG's network to 25 countries and gained access to one of the last blank areas on our map of Central and Eastern Europe. DONARIS provides a good platform for positioning on the insurance market in Moldova," commented Peter HAGEN, CEO of the VIG.
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ALBANIA FY2013: insurers' GWP fell by 4.6% y-o-y
by vlad.boldijar@mxp.ro, 2014-02-13
Albanian insurance market totaled ALL 8.53 billion (EUR 60.88 million) at the end of 2013, or 4.63% less y-o-y, according to the preliminary financial data published by the Albanian Financial Supervisory Authority (FSA). The downward trend was felt in the decrease of the number of insurance contracts, which showed a 5.87% decrease y-o-y to 995,732.
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BiH market up 4.4% in 2013 due the double-digit increase in life
by vlad.boldijar@mxp.ro, 2014-02-13
At the end of 2013 the total value of gross written premiums by insurance companies active in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) increased 4.4% y-o-y to EUR 270 million. The upward trend was due the double-digit increasing performance in the life insurance segment, while the value of GWP in the non-life insurance segment was up by 2% y-o-y and accounted for 81% of the overall market.
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CROATIA FY2013: Tied score in the 2013/2012 match
by daniela.ghetu@mxp.ro, 2014-02-13
The 2013 results of the Croatian insurance market show a 0.4% growth in GWP, when denominated in local currency, but a 0.8% decrease in euro, reflecting, in fact, a stagnant status of the insurance business. Total GWP amounted to aprox. EUR 1.2 billion, with a 28% share of life insurance premiums.
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KOSOVO insurance market diminished by 5% in 2013
by vlad.boldijar@mxp.ro, 2014-02-13
In 2013, the Kosovo's' insurance market was characterized by a 5% decrease in GWP, a 26% increase in claims paid by the insurers and a 21% increase in the total number of policies sold by the companies, according to the full year preliminary results published by the local market authority - Central Bank of Kosovo (CBK).
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MONTENEGRO FY2013: Positive evolution in the underwriting volume
by daniela.ghetu@mxp.ro, 2014-02-13
The Montenegrin insurers ended 2013 with an overall increase of the GWP of 8.7%, to almost EUR 73 million. Both life and non-life insurance businesses witnessed a positive y-o-y change, of 14.7% and 7.7% respectively.
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HANNOVER Re expects a net income of EUR 850 million for 2014
by daniela.ghetu@mxp.ro, 2014-02-11
HANNOVER Re anticipates for 2014 a good financial year in non-life reinsurance. The company sees growth potential in the Asian-Pacific markets, Latin America, the countries of Central and Eastern Europe and in marine business and expects for the current year a premium volume at least equal to that of 2013.
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ALLIANZ acquires a 8.33% share of FC Bayern Munich
by vlad.boldijar@mxp.ro, 2014-02-13
ALLIANZ announced is extending its partnership with FC Bayern Munich, and as part of a capital increase, ALLIANZ SE is acquiring a share of 8.33% of the football club for EUR 110 million, the Munich-based insurer said in a statement.
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Prague: How can you make claims management more efficient?
by alina.ciobanu@mxp.ro, 2014-02-13
Claims are one of the main areas in insurance giving rise to consumers' complaints. This is an important reason to make the claims management process more effective and efficient. The 2nd Annual Claims Forum, organized by FLEMING Europe, will take place on March 27-28, 2014 in Prague, Czech Republic and will be a good opportunity for insurers to share and exchange experience and take home new ideas and solutions on effective claims handling.
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BTA, LATVIA: Over EUR 7 million profit and preparing for an expansion
by daniela.ghetu@mxp.ro, 2014-02-12
The Latvian insurer BTA ended 2013 with a 12.2% increase in GWP, to EUR 160 million, while paid claims amounted to EUR 77.8 million, 13% up y-o-y. According to the company's unaudited results, the profit amounted to EUR 7.1 million.
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LITHUANIA: State-owned housing mortgage insurer gets government aid
by daniela.ghetu@mxp.ro, 2014-02-13
The Lithuanian Cabinet approved on February 12th, a loan of EUR 2.9 million for the state-owned housing mortgage insurance company, BUSTO PASKOLU Draudimas. The loan is necessary for helping the insurer to fulfill its obligations and continue to pay claims, informs LETA/ELTA.

MMC: Double-Digit increase in adjusted operating income for Q4 and FY 2013
by vlad.boldijar@mxp.ro, 2014-02-13
MARSH & MCLENNAN Companies reported for the fourth quarter 2013 a net income of USD 303 million, compares with USD 259 million in the prior year, while the consolidated revenue was USD 3.1 billion, representing an increase of 4% y-o-y. For the full year 2013, the net income increased to USD 1.36 billion, while the consolidated revenue was USD 12.3 billion, or 3% more y-o-y.
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MUNICH Re posts profit of EUR 3.3 billion for 2013
by vlad.boldijar@mxp.ro, 2014-02-13
MUNICH Re, the world's leading reinsurer, reported that it beat its own full-year forecasts and booked net profit of EUR 3.3 billion in 2013. "According to provisional calculations, MUNICH Re improved its consolidated result in 2013 to EUR 3.3 billion from EUR 3.2 billion the previous year," companies' officials said in a statement.
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The Russian reinsurance market, ready for a more active integration into the global economy
by alina.ciobanu@mxp.ro, 2014-02-11
Recently, the Russian insurance and reinsurance markets have witnessed considerable changes. However, a permanent growth in positions of the Russian reinsurance on the international market allows for a more active integration into the global economy. This is especially significant so far as such integration will foster a more active development of Russia's insurance industry.
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UZBEKISTAN: In 2016, the share of services in GDP will reach 55%
by olesea.adonev@mxp.ro, 2014-02-11
Since Uzbekisan became an independent country it has focused on the creation of a favorable investment climate and the dynamic growth of foreign investments. Thus, the annual increase in the volume of foreign investment attracted is more than 20%.
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AZERBAIJAN: Two insurers are increasing their by-share capital over 60%
by daniela.ghetu@mxp.ro, 2014-02-11
According to the Azerbaijani State Committee for Securities (SCS), two Azeri insurers, AXA MBASK and PASA Heyat Sigorta', will soon increase the amount of their share capital by over 60% each. As a result AXA MBASK's capital will increase by 63%, to AZN 14.23 million (EUR 13.4 million), while for PASA Heyat Sigorta' the increase will be of 60%, to AZN 40.25 million (EUR 37.95 million).
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AZERBAIJAN: The number of cars holding a MTPL policy increased by 3% in January
by daniela.ghetu@mxp.ro, 2014-02-11
According to the latest data published by the Compulsory Insurance Bureau of Azerbaijan, in January 2014 a total of 50,844 vehicles took out compulsory MTPL insurance in Azerbaijan, out of which 16,700 were cars with foreign plates in transit through the country.
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BELARUS: First step towards the creation of a national medical assistance company
by daniela.ghetu@mxp.ro, 2014-02-11
This week the Belarusian export-import insurance enterprise EXIMGARANT of Belarus and BELGOSSTRAKH signed a memorandum of cooperation with the Israeli company GORAL Assistance Ltd., targeting the creation of a national medical assistance company in Belarus, BelTA reports quoting the Embassy of Belarus in Israel.
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KAZAKHSTAN: Information matrix of John LENNON and Vladimir LENIN at the Xth Annual International Risk Management Conference
by olesea.adonev@mxp.ro, 2014-02-12
Guests of the Xth Annual International Risk Management Conference which is traditionally held in Almaty, Kazakhstan on 10th and 11th April 2014 are invited to participate in a mystically-practical scientific experiment which, although at a first glance may look like science fiction, is in fact a demonstration of using the latest technologies.
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RUSSIA: A new financial consulting company enters the market of Russia and CIS countries.
by daniela.ghetu@mxp.ro, 2014-02-11
Players on the financial services market in Russia and CIS have now the opportunity to get advice from experienced specialists in a particular field of investment, as well as learn about the news in the investment world and get exclusive expert recommendations by using the competencies of a new consulting company, Personal Investments Ltd.
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UKRAINE: Proper risks valuation in agricultural insurance under debate at the International Conference in Kiev
by olesea.adonev@mxp.ro, 2014-02-13
In the past few years, one of the most important topics in agricultural insurance is the proper underwriting. Particularly difficult in the process of underwriting is that the objects of insurance are undergoing a process of development and therefore exposed to various risks during each stage.
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Credit Europe Asigurari
Spring effervescence and travel plans

Moscow, Vienna, Bucharest, Kiev, Prague, Istanbul and Moscow again, Amsterdam, Almaty, Tashkent, Brasov, Baku ... no, this is not the description of a leisure grand tour offered by a travel agency, but just a brief review of the business networking and learning destinations available for this spring in the Central and Eastern Europe and Central Asia.

Deputy CEO
UNITY Re Russia

UNITY Re has confirmed its leading position among specialist reinsurers, with its 2013 financial results. Igor SHEKHOVTSOV, Deputy CEO of the company, talks about the economic context, financial results and risk transfers in an interview for XPRIMM Publications.
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Albania FY2013
Bosnia FY2013
Croatia FY2013
Kosovo FY2013
Montenegro FY2013

BULGARIA: The Parliament elected two new members of the FSC Board
by vlad.boldijar@mxp.ro, 2014-02-13
At the end of January, the Bulgarian Parliament elected, for a 6-year term, two new members of the Financial Supervision Commission Board: Mrs. Ralitsa AGAYN-GURI as Deputy Chairperson in charge of "Insurance supervision" and Mr. Vladimir SAVOV - member of the regulator, responsible for policy analysis and risk assessment in financial markets, improving supervisory practice and protecting the interests of investors and insured persons. The candidatures of Ralitsa AGAYN-GURI and Vladimir SAVOV were approved by the Parliament with 128 votes "for", 9 votes "against" and 7 "abstain" and were supported by all parliamentary groups.
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UNSAR elected its new President
by mihai.cracea@mxp.ro, 2014-02-13
On February 10th 2014, the General Assembly of UNSAR - The National Association of Insurance and Reinsurance Companies in Romania elected the association's new Board of Directors, for a three-year mandate. Allianz-Tiriac Asigurari was voted President of UNSAR and ING Asigurari de Viata was elected Vice President of the association.
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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

3rd Annual Insurance Risk Management Forum
February 19-20, 2014
Vienna, Austria
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: www.flemingeurope.com
Risk Management - From theory to practice
March 12, 2014
Palace of the Parliament, Human Rights Hall
Bucharest, Romania
Organizer: Media XPRIMM
For more details: www.xprimm.ro
European Conference on Consumer Protection in Financial Services
March 13, 2014
Palace of the Parliament, Romania
Keynote Speakers: Mr. Gabriel BERNARDINO, Chairman, EIOPA and Peter BRAUMULLER, Chair,
IAIS Executive Committee
Organizers: UNSAR and APPA
For more details: www.xprimm.com
International Conference on Agricultural Insurance, Reinsurance and Brokerage for CIS, Europe & Asia
March 24-26, 2014
Kyiv, Ukraine
InterContinental Hotel
Organizer: Agroinsurance International
Media Partner: XPRIMM Publications
For details: www.agroinsconf.com

2nd Annual Claims Forum
March 27-28, 2014
Prague, Czech Republic
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: finance.flemingeurope.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
Organizer: All-Russian Insurance Association (ARIA), Reinsurers' Committee
Media Partner: XPRIMM Publications
For details: www.en.re-conference.ru
2nd Annual Life Insurance Forum
April 9 - 10, 2014
Amsterdam, Netherlands
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: finance.flemingeurope.com
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
7th Tashkent International Conference on Insurance and Reinsurance
May 19th-23rd, 2014
Taskent, Uzbekistan
Organizer: SAIPRO
Media Partner: XPRIMM Publications
For details: www.saipro.uz
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


AIG will probably terminate its activity in AZERBAIJAN: Chartis may stop its insurance operations

ARMENIA: Areximbank - Gazprombank Group and Rosgosstrakh-Armenia offer insurance of international travels

ARMENIAN traffic police to hold car owners not having insurance policies liable

Bank of Cyprus sells Ukraine ops to Alfa

If P&C Insurance looks at EUR 13.2 mln in consolidated profit in Baltics in 2013

ING posts 2013 underlying net profit of EUR 3,255 million

KAZAKHSTAN: Fitch withdraws ratings of NOMAD Insurance

MetLife announces fourth quarter & Full Year 2013 results

POLAND: Lukasz Jadachowski - new General Director (CEO) of Proama

POLAND: Regional fund Syntaxis acquires Polish insurance broker

POLAND: Sharp decline in insurance prices

Robert Sokolowski - new Chairman of the Board and CEO of Generali Poland

UKRAINE: Planned rules mandate insurers to adopt risk management strategy

UKRAINE: Vienna Insurance close to completing takeover of Universalna Insurance

VIG shines in the CZECH REPUBLIC

Bosnia Azerbaijan
Bulgaria Belarus
Croatia Georgia
Czech Rep. Kazakhstan
Estonia Kyrgyzstan
Hungary Moldova
Kosovo Russia
Latvia Turkmenistan
Lithuania Tajikistan
Macedonia Ukraine
Montenegro Uzbekistan
Serbia Cyprus
Slovakia Greece
Slovenia Turkey


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