XPRIMM News
 
Insurance Newsletter, No. 247, June 12, 2014

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EVENTS - STATISTICS
LIVE from MALTA
Insurance Europe's 6th International Conference analyzes "The challenge of change: global insurance trends"
by adina.tudor@mxp.ro, 2014-06-12
On June 12 2014, Insurance Europe organizes in Malta its 6th International Insurance Conference, "The challenge of change: global insurance trends". During this edition, the key-note speakers and the professionals participating in the event analyze the worldwide trends on the insurance market, focusing on the constant changes affecting the markets. Adriana PANCIU, CEO and Alexandru CIUNCAN, Managing Partner, represent the XPRIMM Publications during the event. Also, Florentina ALMAJANU, General Director, UNSAR, participates as representative of the Romanian insurance market.
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Gabriel BERNARDINO: We should embrace the challenges that the industry is facing and tackle them
by alexandru.ciuncan@mxp.ro, 2014-06-12
"We will see changes in the industry, in the business models and we will have in the future a different kind a market. We will see more standardization in the products and more alliances in the market driven by new technologies, the use of big data - but, on the other hand, more complex products will be developed for those clients that will need them", Gabriel BERNARDINO, Chairman EIOPA, declared during Insurance Europe's 6th International Conference.
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VIDEO: Michel BARNIER: Solvency II will happen so insurers have no reason for not being ready
by alexandru.ciuncan@mxp.ro, 2014-06-12
"Europe is the biggest insurance market in the world and we have a world leading regulatory system that will soon start to apply. One year ago there were doubts whether Solvency II would even happen. With the agreement on Omnibus II that doubt is gone. We know that it will apply in the 1st of January 2016", Michel BARNIER, European Commissioner for Internal Market & Services said during the Insurance Europe Conference in Malta.
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Sergio BALBINOT's mandate as President of Insurace Europe extended for a further year
by alexandru.ciuncan@mxp.ro, 2014-06-12
At the unanimous request of members, Sergio BALBINOT has accepted to extend his mandate as President of Insurance Europe for a further year. The mandate of BALBINOT, who is the Group Chief Insurance Officer and Deputy group CEO within the group management committee of GENERALI Group, Italy, had been due to expire at the end of a three-year period. The renewal was voted on at the European insurance and reinsurance federation's General Assembly, which was held on the 11th of June in Malta.
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TOP NEWS
Romanian insurance market drops by 3.45% in Q1
by mihai.cracea@mxp.ro, 2014-06-12
GWP on the Romanian insurance market has dropped by 3.43% in the first three months of 2014, reaching EUR 466 million. The non-life sector generated premiums of EUR 380 million, 2.09 percent less than in the first three months of 2013, while life insurance decreased was even more - by almost 9 percent, amounting to EUR 87 million.
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Supervisor and shareholder agreed that selling is the best option for Romanian insurer ASTRA Asigurari
by alex.rosca@mxp.ro, 2014-06-12
The sale of ASTRA Asigurari, the second largest company on the Romanian Market, is the most suitable solution to bring the insurer back on track, according to Misu NEGRITOIU, the President of the Romanian Financial Supervisory Authority.
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UNIQA Q1 profit fell by 30% to EUR 81.4 million
by vlad.boldijar@mxp.ro, 2014-06-12
The Austrian insurer UNIQA announced first-quarter group earnings before tax decreased by 30.3% to EUR 81.4 million, but rose by a fifth excluding a gain of EUR 49.1 million a year ago from selling hotel assets, the company noted in a press release.
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VIG reported a profit of EUR 152 million and GWP of 2.7 billion in Q1
by vlad.boldijar@mxp.ro, 2014-06-12
For the first three months of 2014, the Austrian VIENNA Insurance Group reported gross written premiums of EUR 2.7 billion, 1% more y-o-y. "When adjusted for exchange rate effects, the increase rises further to 2.9%", VIG noted in a statement.
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GENERALI acquires full control of Serbia's second-largest insurer
by vlad.boldijar@mxp.ro, 2014-06-12
GPH (the GENERALI's CEE holding company) has reached an agreement for the acquisition by the Serbian DELTA Group of the minority interests held by the partner in DELTA GENERALI Osiguranje. The minority buyout of shares has already been approved by the National Bank of Serbia.
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CROATIAN insurance market decreased by 2.7% in Q1 2014
by vlad.boldijar@mxp.ro, 2014-06-12
According to the preliminary data published by the Croatian Insurance Bureau, in the first three months of the current year, the insurance market totaled HRK 2.45 billion (about EUR 320 million), 2.7% lower than in the 1Q2013.
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MONTENEGRO, 1Q2014: Life segment won almost 4% market share
by vlad.boldijar@mxp.ro, 2014-06-12
The Montenegrin insurance market totaled EUR 15.6 million at the end of March 2014, which represents a decrease of 2.6% y-o-y, according to preliminary data published by Insurance Supervision Agency. At the same time, the value of claims paid by local insurers EUR 7.1 million.
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SAVA Re Group's Q1 net profit down by 3.2% y-o-y to EUR 7.5 million
by vlad.boldijar@mxp.ro, 2014-06-12
In the first quarter 2014 the SAVA Re Group generated a net profit of EUR 7.5 million or 3.2 less y-o-y, but "which is 31.4% of the planned profit for the full year 2014," noted the Slovenian group in a statement.
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Slovenian TRIGLAV Group reports 12% higher Q1 net profit
by vlad.boldijar@mxp.ro, 2014-06-12
For the first quarter of 2014, the TRIGLAV Group booked a net profit of EUR 25.6 million - which is a 12% increase compared to 1Q2013, while the value of gross written premiums decreased 1% to EUR 256.1 million. Zavarovalnica TRIGLAV - the parent entity of the group - recorded a net profit of EUR 19.1 million (4% less y-o-y), while from insurance and co-insurance contracts the company accounts for EUR 180 million.
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Credit Europe Asigurari
Bank of Lithuania: The insurance market continues to grow strongly, with volumes well above previous years
by vlad.boldijar@mxp.ro, 2014-06-12
The insurance undertakings registered in the country and branches of insurance undertakings of other European Union Member States established in Lithuania wrote, in the first quarter of 2014, LTL 486.9 million (or EUR 141 million) of insurance premiums, a one-tenth increase year on year.
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MTPL pushed the ALBANIAN market by 26.6% y-o-y in Q1
by vlad.boldijar@mxp.ro, 2014-06-12
According to the Albanian FSA - the insurance premium revenues for January-March 2014 were about ALL 2,640 million (~EUR 18.8 million), or 26.61% more y-o-y. At the same time, during the analyzed period, the number of signed insurance contracts was 204,660, showing a decrease of 12.08% compared to January-March 2013. The market continued to be dominated by non-life insurance (89.36% of the total premium volume). The life insurance market held 10.06% and reinsurance - 0.58%.
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International Adjusting conference faces up to the communications challenge when dealing with catastrophe claims
David Worsfold
Communications have never been more important - or more complex - when dealing with catastrophe claims delegates at the International Federation of Adjusting Associations 5th Educational Conference were told.
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EBRD interested in the privatization of DUNAV Osiguranje
by vlad.boldijar@mxp.ro, 2014-06-12
EBRD - The European Bank for Reconstruction and Development is interested in taking part in the privatization of DUNAV Osiguranje (the biggest insurance company in the country), but also in the privatization of Telekom Serbia and Belgrade's Nikola Tesla airport, EBRD Director for Serbia, Matteo PATRONE, announced, quoted by the local media website www.tanjug.rs.
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ING confirms the intention to sell shares in NN Insurance
by vlad.boldijar@mxp.ro, 2014-06-12
The Dutch financial group ING confirmed the intention to proceed with the Initial Public Offering (IPO) and listing on Euronext Amsterdam of the NN Group - the European insurance and investment management group arm. "The IPO will comprise the existing ordinary shares in the NN Group, currently wholly owned by ING," ING said in a statement.
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EBRD: The damage from floods in Serbia and BiH estimated at EUR 3 billion
by vlad.boldijar@mxp.ro, 2014-06-12
EBRD - The European Bank for Reconstruction and Development estimated the damage from the devastating floods in Serbia and Bosnia and Herzegovina at around EUR 3 billion. "No official estimates as to the cost of this natural disaster are available as yet. However, some very rough preliminary estimates established the damage at around EUR 1.5-2 billion in Serbia, and about EUR 1.3 billion in Bosnia and Herzegovina," EBRD noted in a statement.
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VIG completes the acquisitions of SKANDIA (POLAND) and AXA (HUNGARY)
by vlad.boldijar@mxp.ro, 2014-06-12
At the end of May, VIENNA Insurance Group (VIG) confirmed in a statement that it had purchased 100% of the shares of the life insurer SKANDIA Zycie (member of OLD MUTUAL Group), with the transaction concluded after the granting of regulatory approvals. At the same time, on June 3rd the Austrian group announced that the takeover of 100% of the shares of the life insurer AXA Biztosito is concluded after the granting of regulatory approval. Following a transition period, the company will be renamed VIENNA Life Vienna Insurance Group Biztosito.
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AZERBAIJAN: GUNAY Sigorta returned to the Azeri insurance market
by vlad.boldijar@mxp.ro, 2014-06-12
Azerbaijan's Ministry of Finances has renewed the license of GUNAY Sigorta insurance company, after the company brought its total capital to the minimum level required by the insurance legislation (AZN 5 million), announced abc.az.
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8th All-Russian Forum "Car loans in Russia" will be held on June 26-27
by olesea.adonev@mxp.ro, 2014-06-12
How to maintain clients' interest and make profit in an unstable market? To this question, participants of VIII All-Russian Forum "Car loans in Russia - 2014: banks, dealers, automakers, insurers" will try to find the optimal response and to identify measures that have to be taken in this field.
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FIAR 2014 video coverage
FIAR 2014 - Day one, Brasov, May 26th
FIAR 2014 - Day two, Brasov, May 27th
Sergej SIMONITI, Member of the Management Board, EIOPA; Director of Insurance Supervision Agency, Slovenia
Richard NATHSCHLAEGER, Managing Director, AUDATEX
Menekse UCAROGLU, President of the Board, Istanbul Underwriting Center
Cees WERFF, Senior Executive Vice-President, InterEurope AG
Leetha SPYROPOULOU, International Sales Manager, FRISS
Dominik LORENZ, Vice President Financial Services - Insurance, NTT DATA

JLT
BELARUS Re

INTERVIEW
Klime POPOSKI
PhD, President of the Council of Expert Insurance Supervisory Agency
Macedonia

This year, for the first time we are expecting that the insurance companies will offer voluntary health insurance. It has a great development potential on the insurance market, much to the satisfaction of the citizens, and the insurance companies as well.
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STATISTIC UPDATES
1Q2014 Croatia
1Q2014 Montenegro
1Q2014 Lithuania
1Q2014 Abania

METROPOLITAN LIFE

EVENTS
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

AIIF - 2014 Azerbaijan International Insurance Forum
June 19th-20th, 2014
Fairmont Hotel, Baku, Republic of Azerbaijan
Organizers: Azerbaijan Insurers Association and Media XPRIMM
For details: www.xprimm.com
VIII All-Russian Forum Car loans in Russia - 2014: banks, dealers, automakers, insurers
June 26-27, 2014
Moscow, Holiday Inn Moscow Sokolniki Hotel
Organizer: Global Forum LLC
For details: www.globalforumfactory.ru
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
IBF - Insurance Business Forum
September 29th - October 3rd 2014
Swissotel Kamelia
Sochi, Russia
Organizers: Delovoi Format and National Insurance Guild
Co-organizer: Media XPRIMM
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
Samir OMERHODZIC
Director
Insurance Agency of Bosnia and Herzegovina

The first quarter of 2014 shows that the insurance sector begun to register positive results. It is the highest growth in the last 5 years and hopefully it shall continue till the end of the year.
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GRECO

OTHER NEWS
Is the African insurance market a strategic one for international players?
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In Uzbekistan was held the 7th Tashkent International Conference on Insurance and Reinsurance
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The Russian Insurance Summit 2014 began on Thursday
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Can bancassurance play a more strategic role within the European insurance market?
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PRESS CUTTINGS
AON Benfield presented new earthquake model for AZERBAIJAN

AZERBAIJAN considers possibility to create agricultural insurance pool

AZERBAIJANI insurers faced with necessity to change their approach to risk management

BOSNIA: "complete flow of goods will be decreased by nearly 30 percent"

BTA: ESTONIAN insurance market is more intelligent than that of other Baltic States

BULGARIA: Insurance shocks

Dutch firm Achmea loses arbitration against SLOVAK state

ERGO transfers management of pension funds in ESTONIA to Nordea

ERGO: insurance market in LATVIA could increase by 7-8% in 2014

FITCH affirms ESTONIA at 'A+'; Outlook Stable

HUNGARY: Signal Insurance revenue from premiums rises 28%

ING's IPO may become the largest in Europe this year, raising EUR 2 bn

KAZAKHSTAN introducing the Islamic insurance

LATVIA: Branch of Coface Credit Risk Insurer Raises Premiums 2.7 Times in Q1

RUSSIA: First Quarter 2014 Premiums Up 8.9% To USD 7.5 Billion

RUSSIA: Central bank plans requirements for actuarial audit of insurance market

SERBIA: NBS draws up the Draft Law on Insurance

SERBIA: One million dinars for the vulnerable citizens in flooded areas

SLOVAK insurance sector stays the course

SLOVAKIA: More people buying insurance online

TRIGLAV announced changes in the Management Board

TURKEY: 2 out of 3 houses lack earthquake insurance

TURKEY: Demand for life insurance products is increasing

TURKEY: Magnitude-6.5 Aegean quake rocks country

UKRAINE: Donetsk Airport and Druzhba Arena insured by Zlahoda

VIG sees small Balkans floods hit

VIG stays out of RUSSIA as acquisition targets rare

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

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