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Insurance Newsletter, No. 248, June 26, 2014

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EVENTS - STATISTICS
TOP NEWS
Czech Insurance Association, 1Q2014: Insurance market is experiencing a mild recovery
by vlad.boldijar@mxp.ro, 2014-06-26
First-quarter figures of the Czech Insurance Association (CAP) member companies revealed a mild recovery after a long period of stagnation in the insurance market. Annual premiums grew by almost CZK 400 million to CZK 30.6 billion (Note: ~EUR 1.1 billion), which is a 1.3% increase. Non-life insurance played an important role in the recovery. Life insurance, a long-term stabilizing segment, went up by only 0.7%.
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POLAND 1Q2014: The market continues to shrink
by daniela.ghetu@mxp.ro, 2014-06-26
The first quarter of 2014 ended for the Polish insurance market with results similar to those recorded for the entire year 2013. Thus, GWP in 1Q2014 amounted to EUR 3.35 billion, 6.8% down y-o-y, a negative trend driven by the almost 14% fall in the GWP for life insurance. On the non-life insurance segment, premium production recorded a quasi-stable evolution, with an overall growth in GWP of 1.35%.
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HUNGARY 1Q2014: Return of the downward trend?
by daniela.ghetu@mxp.ro, 2014-06-26
The Hungarian insurance market's results for 1Q2014 are showing a reversed trend as compared with those recorded for the year 2013. Thus, after enjoying, for the first time over the last five years, a positive evolution in GWP, the first quarter of 2014 brought again a decrease in GWP of 2.5% as compared with 1Q2013, to EUR 772.8 million (minus 1.63% in local currency).
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SERBIA 1Q2014: Life insurance kept the market on a positive trend
by daniela.ghetu@mxp.ro, 2014-06-26
After ending 2013 on a positive trend, with a 4.2% growth rate of the GWP, the Serbian insurance market's evolution slowed down in 1Q2014 - 0.11% y-o-y (calculated in European currency) against a 3.2% growth in GWP for the calculations made in local currency, the 3% y-o-y devaluation of the Serbian Dinar paying its part in the apparently stagnating status of the market.
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BiH, 1Q2014: Life segment pushed the market up by 12.5%
by vlad.boldijar@mxp.ro, 2014-06-26
According to the 1Q2014 financial figures published by the two market authorities which supervise the Bosnian insurance market (Insurance Supervisory Agency of Federation of Bosnia and Herzegovina - NADOS, and Insurance Agency of Republika Srpska - AZORS) - the local insurance industry totaled at the end of March 2014 almost EUR 70 million, or 12.5% more y-o-y.
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ESTONIA 1Q2014: Stagnation in non-life, double digit increase in life insurance
by vlad.boldijar@mxp.ro, 2014-06-26
During January-March 2014, the gross written premiums of Estonian insurance companies increased by 3.3% y-o-y, reaching EUR 113.6 million, due the double digit positive performance reported by the life insurers: +14% y-o-y to EUR 23.2 million.
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Credit Europe Asigurari
Serbia: 45% increase of the MTPL price starting July 1st
by Milica PETROVIC, 2014-06-26
The price of MTPL insurance in Serbia will rise by 45% as of July 1st. By approving this measure, the National bank of Serbia has accepted a long lasting requirement of insurers that have been asking for the price to increase because the tariff was not high enough to cover all the liabilities arising from claims and other expenses that insurance companies had to pay in accordance with the law.
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BULGARIA: 14 dead and ~ EUR 7.5 million infrastructure damage in last week's floods
by vlad.boldijar@mxp.ro, 2014-06-26
The torrential rain and floods that hit Eastern Bulgaria last week killed 14 people - including two children, the Bulgarian media informed. The most affected area was the Black Sea Port of Varna and the Black Sea resort of Albena.
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ROMANIA: OMNIASIG VIG paid over EUR 4.2 million to victims of the 2013 bus accident in Montenegro
by vlad.boldijar@mxp.ro, 2014-06-26
The third Romanian insurer in terms of GWP - OMNIASIG VIG - recently announced payments of more than EUR 4.2 million to the victims of the bus accident in Montenegro last year. According to the statement released by the insurer, the company already settled 42 cases based on the MTPL policy (out of a total of 46) for which it paid EUR 4.15 million.
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SERBIA: The Slovenian TRIGLAV Group close to buying DDOR Novi Sad
by vlad.boldijar@mxp.ro, 2014-06-26
The Slovenian insurance Group TRIGLAV is very close to buying Serbia's third insurer - DDOR Novi Sad, currently owned by the Italian group UNIPOL-SAI, recently said dnevnik.si. According to the source, the Serbian insurer is worth about EUR 40 million - 80 million.
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GREECE: ALLIANZ and ERGO interested in buying AGROTIKI
by vlad.boldijar@mxp.ro, 2014-06-26
ALLIANZ SE - the largest European insurer and ERGO Versicherungsgruppe - the insurance unit of MUNICH Re - are in talks to buy the Greek insurer AGROTIKI Insurance - owned by PIRAEUS Bank, according to BLOOMBERG quoting three people familiar with the matter.
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AZERBAIJAN: The insurance market will be completely opened to foreign investors by 2017
by daniela.ghetu@mxp.ro, 2014-06-26
The current cap set on the foreign capital's participation in the Azeri insurance companies will be completely removed by 2017, the Azerbaijani Finance Minister, Samir SHARIFOV, announced at AIIF 2014.
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The need to create a catastrophic risks insurance pool debated in Bulgaria
by olesea.adonev@mxp.ro, 2014-06-26
A 7 magnitude earthquake (on the Richter scale) in Sofia, Bulgaria, will most likely affect about 2 million people, according to Professor Emil BOTEV from the National Institute of Geophysics, Geodesy and Geography of Bulgaria. An estimate of the possible damage shows that about 39,000 buildings could be completely destroyed, while the total damage to infrastructure could amount to EUR 20 billion.
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SERBIA: Waiting for the new Insurance Law
by Milica PETROVIC, 2014-06-26
Until the end of summer Serbia could get a new Insurance Law. The National Bank of Serbia created a new Draft law to undergo a public debate by the end of June, which is also the deadline for insurance companies to provide their suggestions and comments.
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UKRAINE: Financial service market watchdog decided to put order in the market
by daniela.ghetu@mxp.ro, 2014-06-26
"By the end of 2014, 7-10% of the Ukrainian insurance companies, involved in doubtful transactions via reinsurance, will leave the market," the Head of the National Commission for Financial Service Markets Regulation of Ukraine, Maksym POLIAKOV, quoted by Interfax. He also said that, currently, only 20% of the market capital is represented by real funds, while 50% are bills of exchange and shares.
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OTHER NEWS
AZERBAIJAN: 1Q2014 was marked by a 15.37% growth of the local insurance market
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KAZAKHSTAN: Life segment down by 63.10%
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BELARUS, 1Q2014: Market declined by 6.53% y-o-y
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MOLDAVIAN insurers 1Q2014 GWP up by 10%
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GEORGIAN insurance market down 20% y-o-y in Q1, driven by the poor performance of the A&H segments
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22% increase for the UZBEK insurers' business in the first quarter
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PRESS CUTTINGS
ARMENIA: Insurers paid AMD 4.08 billion in 21,564 car insurance compensation claims in five months

AZERBAIJAN: Swiss Re set to offer parametric insurance against natural disasters

BOSNIA: Flood damage estimated at USD 2.7 billion

BTA: in LITHUANIA, more motorcycles are involved in accidents in July

BULGARIA: Assets of life insurance companies on the rise

CROATIAN insurers 5-mo gross written premiums down 4.5%

FITCH: Bancassurance drives KAZAKH insurance growth

KAZAKHSTAN: EURASIA insurance company reinsures Boeing again

KYRGYZSTAN: Insurance payments amount to 25.2 mln soms since beginning of 2014

LATVIAN regulator gives a green light to PZU to purchase the shares of Balta

RUSSIA: A.M. Best affirms ratings of SOGAZ

RUSSIA: Floods hit Altai Territory, damage estimated at USD 40 million

RUSSIA: Forest fires raging in 1,138 hectares in Siberian Federal District

SLOVAKIA sees off health insurance claim

Uniqa and VIG to Challenge Draft Hypo Law

VIG - The Four Newly Elected Members of the Supervisory Board

VIG Considers to Delist from Warsaw Stock Exchange
AIIF 2014
More than 250 people representing the top management of insurance, reinsurance and brokerage companies, IT and audit, as well as government agencies and associations from the Caucasus Region, Central Asia, Europe, Turkey, Russia and CIS countries participated in AIIF 2014 - Azerbaijan International Insurance Forum.

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JLT
BELARUS Re

INTERVIEW
Manuel BAUER
Member of the Management Board
ALLIANZ SE

The business of insurance companies is a long-term business. We work with forecasts and rely on assumptions that might or might not become true in the future. To help us make sound business decisions a stable political and regulatory environment is essential. People buy P&C insurance today to prevent a potential loss in the future. The business of life insurance is a business where one makes a decision today that will pay off only in 20 or 30 years.
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STATISTIC UPDATES
1Q2014 Poland
1Q2014 Czech Republic
1Q2014 Hungary
1Q2014 Romania
1Q2014 Serbia
1Q2014 Bosnia-Herzegovina
1Q2014 Estonia
1Q2014 Azerbaijan
1Q2014 Kazakhstan
1Q2014 Belarus
1Q2014 Moldova
1Q2014 Georgia
1Q2014 Uzbekistan

METROPOLITAN LIFE

EVENTS
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
11th ICAR - International CAtastrophic Risks Forum
October 8th, 2014
Bucharest, Romania
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
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
FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications


POINT OF VIEW
Julia CILLIKOVA
Director of the Regulation and Financial Analysis Department of the National Bank of Slovakia

The solvency of insurance companies slightly decreased in 2013. The main reason for this decrease could be found in the value depreciation of the long term securities, which affected the asset portfolios of insurance companies. The period of low interest rates has continued on the financial markets and it could have a significant impact on the insurance companies as they guarantee the minimal yields in the classical life policies.
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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

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Development Director: Mihaela CIRCU

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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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