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Insurance Newsletter, No. 246, May 22, 2014

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INTERVIEW - ON THE MOVE - POINT OF VIEW - ANALYSIS - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
The 17th edition of FIAR starts on Sunday
by evelyne.piscan@mxp.ro, 2014-05-22
The 17th edition of FIAR - The International Insurance - Reinsurance Forum, the most important European spring event dedicated to the insurance, reinsurance and private pensions markets, starts on Sunday, the 25th of May, in Brasov. Between the 25th and the 29th of May, the 11 conferences and workshops organized during the Forum will emphasize the most important topics from the local and regional insurance industry. Moreover, the international specialists will also participate in bilateral meetings and networking events, aiming to allow interactive debates and a rich experience exchange between the Romanian and foreign professionals.
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GENERALI 1Q2014: EUR 1.3 billion operating result and 152% solvency ratio
by daniela.ghetu@mxp.ro, 2014-05-22
The Italian insurance Group GENERALI closed 1Q2014 with a solvency ratio of 152%, achieving approximately 160% at the end of April, "the highest results achieved by the Group since the introduction of IAS / IFRS in 2005," as mentioned by the group's press release.
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VIENNA Insurance Group wants to return to profit in Romania in 2014
by andreea.radu@mxp.ro, 2014-05-17
The Austrian Group VIENNA Insurance Group (VIG), which owns the Romanian companies OMNIASIG, ASIROM and BCR Asigurari de Viata, estimates that it will return to profit on the local market in 2014, after 2013 was marked by a negative result of EUR 98.7 million, Peter HAGEN, CEO of VIG, said during a press conference in Bucharest.
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Russia extends its insurance coverage for space launches
by daniela.ghetu@mxp.ro, 2014-05-22
The Russian Finance Ministry has proposed an amount of RUB 1.7 billion (USD 50 million) in 2014 for additional insurance for spacecraft launches, writes the RIA Novosti agency.
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EUROPA Insurance Group 1Q2014: 10% profit increase and 50% growth of the non-life GWP
by daniela.ghetu@mxp.ro, 2014-05-22
A profit increase by 10%, equivalent to almost EUR 6 million (PLN 25 million), a substantial increase in the sales of key products lines and EUR 94.9 million in GWP - this is how the EUROPA Group can summarize 1Q2014.
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PZU 1Q2014: 9% decline of the net profit, to EUR 182 million
by daniela.ghetu@mxp.ro, 2014-05-22
PZU Group, the CEE's largest insurer, ended 1Q2014 with a net financial result of about EUR 182 million (PLN 760.4 million), declining by 9.2% y-o-y. The net result net of one-off events such as commencing the consolidation of mutual funds, the settlement with the Green Card reinsurer and the effect of converting long-term policies into yearly-renewable term insurance in type P group business, rose by 18.9% y-o-y. ROE for 1Q2014 was 22.5%, down 0.4 pp y-o-y.
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ZURICH Q1 net profit rises 20% y-o-y
by vlad.boldijar@mxp.ro, 2014-05-22
ZURICH Insurance Group reported a business operating profit (BOP) of USD 1.38 billion (2% more y-o-y) and net income attributable to shareholders (NIAS) of USD 1.27 billion for the three months ended March 31, 2014, or 20% more y-o-y. "This is a solid start to the year," said Chief Financial Officer George QUINN.
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POLAND FY2013: Short-term life insurance to blame for the market 9% y-o-y fall
by daniela.ghetu@mxp.ro, 2014-05-22
Compared with the previous years, 2013 didn't end so well for the Polish market: after the historical peak of 2012 (GWP of EUR 15.3 billion), 2013 brought a return to a level slightly inferior to the 2008 premium production, of EUR 13.95 billion, 8.9% down y-o-y. A substantial decrease, of over 15%, of the life insurance segment and a quasi stagnant state on the non-life sector were the two "ingredients" that caused the downward trend installed last year.
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CROATIA Osiguranje business shrinks 8.6% y-o-y in Q1
by vlad.boldijar@mxp.ro, 2014-05-22
The net income reported by CROATIA Osiguranje Group for 1Q2014 amounted to HRK 785.3 million (~EUR 102.5 million), 0.7% less y-o-y, the total expenditures totaled HRK 757.2 million or EUR 98.9 million (3% more y-o-y), while the net profit amounted to HRK 22.8 million (EUR 3.0 million).
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MUNICH Re, Q1: Profit of EUR 924 million and keeping on track with the annual target
by vlad.boldijar@mxp.ro, 2014-05-22
MUNICH Re has reported a profit of EUR 924 million for the first quarter of the year, down from EUR 970 million in the same period of 2013. Regarding the annual target, MUNICH Re said "for the current financial year as a whole, MUNICH Re is continuing to aim for a profit of EUR 3 billion".
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AXA Q1 revenues affected by strengthening of the Euro against most Asian currencies and the USD
by vlad.boldijar@mxp.ro, 2014-05-22
The French insurance group AXA reported for January-March 2014, a 1% y-o-y decline in revenue on lower sales at the life and savings division and as the euro strengthened. Total revenue decreased to EUR 28.5 billion from EUR 28.9 billion in 2013.
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Are the insurance companies in the CEE region adequately covered?
by adina.tudor@mxp.ro, 2014-05-22
How much protection is available for the CEE region? How much of it is bought? These are just some of the topics that the insurance and reinsurance specialists will discuss at the Reinsurance Market Conference, which takes place on the 27th of May, during FIAR - The International Insurance-Reinsurance Forum 2014.
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FRISS: Fraud is a threat for the insurance business
by andreea.radu@mxp.ro, 2014-05-22
Fraud is a real threat to the insurance business and throughout the insurance processes including both claims and underwriting, according to Jeroen MORRENHOF, the CEO of FRISS. He said that in Europe, one out of every ten claims is fraudulent."In certain regions, such as CEE including SEE and CIS, this threat is at least three times the European average. So what does this mean for the insurance companies? In a word: loss. This loss then is passed on to customers resulting in higher premiums. This cycle affects us all", said Jeroen MORRENHOF.
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Credit Europe Asigurari
ANALYSIS
The European perspective of the Ukrainian reinsurance market

In light of the recent political events in Ukraine, a very important question is the existence of the reinsurance market in Ukraine, in particular, the placement of Ukrainian reinsurance risks.
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ON THE MOVE
Isabelle CONNER is the new Group Chief Marketing Officer of the GENERALI Group
by daniela.ghetu@mxp.ro, 2014-05-22
The Italian group GENERALI has announced the appointment of Isabelle CONNER as the new Group Chief Marketing Officer. Mrs. CONNER is responsible for developing and coordinating the GENERALI brand and the customer relationship management strategy across the Group.
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PRESS CUTTINGS
A.M. Best upgrades TALANX

AEGON delivers strong earnings and sales growth in Q1 2014

AVIVA plc First Quarter 2014

AZERBAIJAN: 5 more companies are entitled to render reinsurance services

BULGARIA: Allianz Q1 Operating Profit From Property-Casualty Insurance Flat

Crashed RUSSIAN Proton Rocket Insured for USD 225 mln

CROATIA: Market regulator approves takeover bid by ADRIS for the remaining free float in CO

Helvetia takes over Basler in Austria for EUR 130 Million

ING Investment Management to close shop in HUNGARY

Insurance is most stressful employment sector in RUSSIA

KBC, good start to the year: close to 400 million euros profit

Life segment is the second-largest in the BULGARIAN insurance industry

MACEDONIA: Euroins Osiguruvanje Jan-April premium income falls 0.5% y/y

MACEDONIA: VIG's insurance premiums up 2.6% to EUR 117mn in 2013

RUSSIA's largest insurance company faces compensation aerospace history

SLOVENIAN life insurance segment has a lower penetration than other EU members

TALANX net income falls in line with expectations

UKRAINE: A.M. Best Withdraws Ratings of Lemma Insurance Company

UZBEK Insurers Association and Arab GAIF sign cooperation agreement

VIG: Compensa Non-Life Raises Insurance Premiums in Latvia, Lithuania by 50 pct in 2013

EDITORIAL
5 days untill the official launch

XPRIMM Insurance Report - CEE, SEE & CIS
FY 2013



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BELARUS Re

INTERVIEW
Benjamin JOSAR
Member of the Management Board
TRIGLAV Group

My belief is that the markets where the TRIGLAV Group is present are among the most promising in terms of the future development of the insurance premium. Because of the extreme growth potential, the profitability of these markets is more challenging since market participants expect substantial growth in the future and their business models have been adjusted to include these expectations.
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STATISTIC UPDATES
Poland FY2013


METROPOLITAN LIFE

EVENTS
Consumer Protection Day
June 4, 2014
London, Great Britain
Organizer: European Banking Authority
For details: www.eba.europa.eu
International Bancassurance Forum
June 5, 2014
Madrid, Spain
Organizer: INESE and Community of Insurance
Media Partner: XPRIMM Publications
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
International Conference "Catastrophic risks in Bulgaria - the hierarchy of responsibility"
June 17th, 2014
Sofia, Bulgaria
Sofia Hotel Balkan
Organizer: INSMARKET.Bg
Media Partner: XPRIMM Publications
For details: www.insmarket.bg

4th Annual Risk Management Forum 2014
September 11-12, 2014
Vienna, Austria
Media Partner: XPRIMM Publications
Organizer: Global Leading Conferences
For details: globalleadingconferences.com
Les Rendez-vous de Septembre 2014
September 13-18, 2014
Monte Carlo, Monaco
For details: www.rvs-monte-carlo.com
European Life Insurance Forum
September 25-26, 2014
NH Danube Hotel , Vienna
Organizer: Global Leading Conferences
Media Partner: XPRIMM Publications
For details: www.globalleadingconferences.com
Baden Baden XPRIMM Reception
October 19, 2014
Baden Baden, Germany
Organizer: Media XPRIMM
Azeri Evening - Baden Baden
October 19, 2014
Baden Baden, Germany
Organizer: Azerbaijan Insurers Association
Turkish Evening - Baden Baden
October 21, 2014
Baden Baden, Germany
Organizer: Instanbul Underwriting Center
Baden Baden Meetings 2014
October 19-23, 2014
Baden Baden, Germany
For details: badendirectory.com


POINT OF VIEW
Jeroen MORRENHOF
CEO
FRISS
Leetha SPYROPOULOU
International Sales Manager
FRISS

Within Europe one out of every ten claims is fraudulent. In certain regions, such as CEE including SEE and CIS, this threat is at least three times the European average. So what does this mean for the insurance companies? In a word: loss.
More
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

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, Andreea RADU
Editors: Oana RADU, Adina TUDOR, Alina CIOBANU, Evelyne PISCAN
Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

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

Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

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