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Insurance Newsletter, No. 242, March 27, 2014

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INTERVIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
BARENTS Re opens a representative office in Moscow
by alina.ciobanu@mxp.ro, 2014-03-27
The largest privately owned reinsurance company in Latin America, BARENTS Re, opens a representative office in Moscow this April. The Head of the Moscow's branch was appointed Dmitry GARMASH, who will be responsible for the company's operations in Russia, CIS and Central and Eastern Europe, including business development and underwriting. Before BARENTS Re, the last 7 years, he worked as Deputy General Director of UNITY Re reinsurance company.
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MUNICH Re targets profit of EUR 3 billion in 2014
by alexandru.ciuncan@mxp.ro, 2014-03-20
MUNICH Re, the world's largest reinsurer, is aiming for a profit of EUR 3 billion in 2014, after the company reported the third best result in its over 130 years of history in 2013 - a profit of EUR 3.3 billion -, the company's representatives announced during a press conference organized on the 20th of March in Munich.
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VIDEO: BERNARDINO: Consumers are rapidly changing, concept of fairness is continuously evolving, insurers need to adapt
by daniela.ghetu@mxp.ro, 2014-03-17
"In today's society, consumer satisfaction is taken as the best guarantee for any company's continuity. "Rule number one "in the financial sector business should be: the consumer should be at the heart of the provider's business, not the other way round," stated Gabriel BERNARDINO, Chairman EIOPA, at the International Consumer Protection Conference in Bucharest.
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AVIVA to sell Turkish general insurance unit to EMF Capital Partners
by vlad.boldijar@mxp.ro, 2014-03-27
British insurer AVIVA agreed to sell its Turkish general insurance business AVIVA Sigorta to a private equity consortium led by EMF Capital Partners. "This agreement is part of AVIVA's strategy to narrow the group's focus on businesses where it has a leadership position and can generate attractive returns", the insurer said on Tuesday.
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RUSSIA FY2013: Worrisome trends, but still in the double digit growth territory
by daniela.ghetu@mxp.ro, 2014-03-27
The Russian insurance market ended 2013 with an overall 11.84% y-o-y growth in gross written premium, to about RUB 904.8 billion (EUR 20.12 billion). Although impressive as compared with the market dynamics recorded al over Europe, the last year's result seems unsatisfying for the local players, which perceive it as a sign of stagnation after the over 20% growth rates recorded in the past years. In fact, according to Expert RA analysts, this market shrinking may lead to the withdrawal from the market of a number of insurers.
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ROMANIA, FY2013: Nothing unusual!
by alex.rosca@mxp.ro, 2014-03-27
Already used with the downward trend of recent years, 2013 was not a surprise from the total amount of GWP perspective although EUR 1.9 billion is a constant of the past 4 years for the insurance market. The slight decrease we can easily call as market stagnation is, in fact, a EUR 6 million decrease as compared with 2012 results.
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PZU FY2013: 98% increase of the net profit following the insurance portfolio restructuring
by daniela.ghetu@mxp.ro, 2014-03-27
The Polish insurance market's leader, PZU, ended 2013 with GWP of PLN 8.27 billion (EUR 1.96 billion), about 2% down y-o-y. In order to maintain profitability PZU continued pursuing its corporate insurance portfolio restructuring programme which resulted in an almost double net profit figure as compared with 2012, i.e. of PLN 5.1 billion (EUR 1.2 billion). The company maintained its over 30% market share on the non-life insurance market.
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MARIBOR acquisition pushed up the FY2013 figures of SAVA Re Group
by vlad.boldijar@mxp.ro, 2014-03-27
In 2013, the SAVA Re Group wrote EUR 386.7 million in premiums, representing an increase of 43% over 2012, according to the preliminary figures published by the Slovenian Re/Insurance Group. At the same time, the value of gross claims paid totaled EUR 221.2 million (or 62.3% more y-o-y), while the combine ratio improved 4.5% to 94.2%.
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BULGARIA, FY2013: Change reporting pushed up the market by 8%
by vlad.boldijar@mxp.ro, 2014-03-27
The figures published by FSC - Financial Supervision Commission indicate for the financial year 2013, an 8% y-o-y increase of the Bulgarian insurance market to EUR 884 million. The growth rate may be affected by the fact that for FY2013 the market figures contain data for insurance companies specializing in voluntary health insurance segment.
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LATVIAN insurance market up 5.3% in 2013
by vlad.boldijar@mxp.ro, 2014-03-27
Financial and Capital Market Commission - FKTK reports that, in 2013, the Latvian insurance market grew by 5.3%, reaching EUR 471 million. The gross written premiums by local insurers decreased 1% y-o-y to EUR 350 million, while the gross premiums written by the EU branches totaled EUR 121 million or 30% more y-o-y.
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ARMENIA: 2013, an unprofitable year for the insurance market
by olesea.adonev@mxp.ro, 2014-03-27
At the end of 2013 Armenian insurance market recorded a 4.31% y-o-y, decrease to EUR 63.86 million comparing with the results of 2012, when insurance companies had collected EUR 66.74 million in premiums. At the same time, it should be noted that the size of claims paid by insurers amounted to EUR 35.25 million, 29.51% more than a year before, according to data presented by the ArmInfo News Agency.
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GENERALI Group 2013: EUR 1.9 billion net profit, the highest in six years
by daniela.ghetu@mxp.ro, 2014-03-27
The progress achieved over the year in the turnaround of the business allowed the GENERALI Group to register a boost in profitability despite an uncertain economic recovery, low interest rates and high natural catastrophe losses. Thus, the Group closed the year with an operating result of EUR 4.20 billion (+5.3%; EUR 3.99 bil FY12) reflecting growth in all the lines of business.
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TALANX expects lower net profit in 2014
by vlad.boldijar@mxp.ro, 2014-03-27
Boosted by the sale of shares in SWISS Life and deferred income tax, Germany's third biggest insurer TALANX closed the financial year 2013 with an operating profit of EUR 1.8 billion, or 2.1% more y-o-y while, the Group net income improved by 21.7% to EUR 762 million. At the same time, the value of gross written premiums increased across all divisions and totaled EUR 28.1 billion in 2013 compared with EUR 26.7 billion in 2012.
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Global insurance trends, analyzed during the 6th International Insurance Conference organized by Insurance Europe
by adina.tudor@mxp.ro, 2014-03-27
Technology, ever-changing regulation and low interest rates are among the main challenges the insurance industry must face today. Key-note speakers and global professionals from the industry will gather on June 12 2014 to discuss these problems and find solutions, during the 6th International Insurance Conference, "The challenge of change: global insurance trends", organized by Insurance Europe.
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Transparency and product documentation rules are key elements for the insurance industry
by adina.tudor@mxp.ro, 2014-03-27
Nowadays, the need for insurance manifests globally, and the insurance companies must be there to fill that gap. "There are two misconceptions on insurance concerning the protection gap and the perception gap. The first one refers to the fact that consumers do not need insurance, when, in fact, according to SWISS Re estimations, the protection gap is USD 86 trillion globally, of which USD 13 trillion is in Continental Europe", Eric CLURFAIN, Regional Head for Central Europe, METROPOLITAN Life, explained.
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Credit Europe Asigurari
PRESS CUTTINGS
ARMENIANS are not ready to pay for health insurance

Aviva's life and pensions business in TURKEY, AvivaSA, is unaffected by the sale

AZERBAIJAN to introduce new tools of investment by life insurance companies

BULGARIA and SERBIA ink agreement on the use of the European health insurance card

CZECH REPUBLIC: PSCP takes over the client portfolio of RPS

Insurance market of AZERBAIJAN sharply reorganized: Chartis resumed its activity; Era Trans is in technical bankruptcy

Insurer Ingosstrakh reduces terrorism and riot coverage underwritten by UKRAINIAN subsidiary

Lukashenko: BELARUS' insurance market needs a boost

Missing aircraft of Malaysia Airlines reinsured by KAZAKH insurance company

Most vehicles in LITHUANIA are stolen in Vilnius and Palanga

New types of mandatory insurance discussed in BELARUS

RUSSIA's insurance company cuts operations in Ukraine

TALANX would eye chances to build POLAND business

UKRAINE: ALLIANZ Ukraine increases premiums collections by 28% y/y in 2013

Up to 20% growth expected in AZERBAIJAN's insurance market
EDITORIAL
What says about us the insurance policy we sell?

"The cars we drive say a lot about us," said once a popular character. Maybe it wouldn't be wrong to add ... "as well as the kind of insurance we buy for it."
In fact there are not so rare the cases when, after choosing his/her new car with maximum care, the owner "forgets" to get a Motor Hull policy or chooses the cheapest MTPL policy. Unfortunately, also pretty often happens that such owners have the opportunity to find out on their own expense that their risk management policy was wrong ...
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JLT
BELARUS Re

INTERVIEW
Branko VUJOVIC
President of the Council of the Insurance Supervision Agency

Prioritising insurance sector as one of vital contribution to the economy, we are therefore committed to developing Montenegrin insurance market to one of most competitive in the region. The presence of renowned international groups already proves the stable and favourable business environment and regulatory framework in Montenegrin insurance market.
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STATISTIC UPDATES
Russia FY2013
Romania FY2013
Bulgaria FY2013
Latvia FY2013
Armenia FY2013

GRECO




EVENTS
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
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
Russian Insurance Summit 2014
June 5-6, 2014
Moscow, Russia
Ritz-Carlton Hotel
Organizer: All-Russian Insurance Association (ARIA)
Media Partner: XPRIMM Publications
For details: www.insuranceconference.ru
2nd Annual Bancassurance Forum 2014
June 5-6, 2014
Budapest, Hungary
Organizer: Global Leading Conferences
Media Partner: XPRIMM Publications
For details: globalleadingconferences.com
4th Annual Africa Insurance & Reinsurance Conference - AIRC 2014
June 10-11, 2014
Nairobi, Kenya
Media Partner: XPRIMM Publications
For details: aidembs.com
AIIF - 2014 Azerbaijan International Insurance Forum
June 19-20, 2014
Baku, Republic of Azerbaijan
4th Annual Risk Management Forum 2014
September 11-12, 2014
Vienna, Austria
Media Partner: XPRIMM Publications
Organizer: Global Leading Conferences
For details: globalleadingconferences.com

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

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 Editor: Oleg DORONCEANU
Editors: Oana RADU, Adina TUDOR, Alina CIOBANU

Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

e-mail: media@xprimm.com
PUBLISHED BY: Media XPRIMM

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