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Insurance Newsletter, No. 250, August 7, 2014

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TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
European insurance industry figures show growth and stability during 2003-2012
by mihai.cracea@mxp.ro, 2014-08-06
The European insurance industry has maintained a path of stability and growth, even through times of crisis, according to figures released by Insurance Europe, the European insurance and reinsurance federation.
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Romania: ASIROM VIG confirms changes in the management board
by adina.tudor@mxp.ro, 2014-08-01
During ASIROM Vienna Insurance Group's Supervisory Board meeting, held on the 17th of June 2014, organizational changes in the company have been decided. Thus, President Mariana DIACONESCU's mandate has come to an end and the management of VIENNA Insurance Group, together with Mariana DIACONESCU jointly decided that this mandate will not be prolonged, the company's representatives announced in a press release.
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BULGARIA 1Q2014: Health insurance reform, the main driver of the market growth
by daniela.ghetu@mxp.ro, 2014-08-07
Bulgarian insurance market closed the first quarter of 2014 with a 6.5% growth in GWP, to EUR 228.3 million. Although the positive trend was visible on most business lines, it is worth mentioning the highest contribution to the extra EUR 14 million premium production as compared with the corresponding quarter of 2013, belongs to the newly reformed health insurance class (+EUR 6.1 million) and to the life insurance segment (+EUR 5.24 million).
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SLOVAKIA 1Q2014: ALLIANZ Slovenska climbed faster than the market and became the uncontested leader
by daniela.ghetu@mxp.ro, 2014-08-07
The Slovak market continued in 1Q2014 its slow paced but stable growth, recording once again a growth of about 2.7% in GWP, to EUR 588 million. The positive trend was visible both on the life and non-life segments
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GENERALI 1H2014: Significant improvement of the combined ratio and operating result in the CEE markets
by daniela.ghetu@mxp.ro, 2014-08-07
Central and East European markets are producing 3% of the life insurance and almost 9% of the non-life insurance GWP reported by the Italian GENERALI Group in 1H2014, their weight in the overall portfolio remaining quasi unchanged compared to 1H2013. As far as the Group's operating result is concerned, CEE markets' contribution amounted to about 6.5% for the life insurance segment and 13.6% on the non-life side, both segments recording a significant growth of this indicator. The combined ratio (CoR) improved significantly in the CEE countries with a decrease of 6.4 pp to 84.2% (90.6% 1H13).
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EIG premiums down 14.3% following the tariff changes of the Romanian subsidiary
by vlad.boldijar@mxp.ro, 2014-08-07
In the first half of 2014, the value of gross written premiums by EUROINS Insurance Group - EIG (member of the Bulgarian financial holding EUROHOLD) - recorded a 14.3% decrease y-o-y, reaching EUR 72.3 million, following the 22% decline in GWP reported by EUROINS Romania - the largest subsidiary of the group, according to preliminary data published by EUROHOLD. EUROINS Romania has generated about 68% of total GWP of EIG (~EUR 48.9 million).
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Double-digit increase for the Macedonian market in Q1
by vlad.boldijar@mxp.ro, 2014-08-07
Macedonian insurance companies posted consolidated gross written premiums of MKD 1.95 billion (EUR 31.6 million) in 1Q2014, up 11% y-o-y, the market figures published by Insurance Supervision Agency indicated. Non-life insurance premiums accounted for 93.5% of the total, supported by the heavy contribution of motor insurance classes (46% of total), property (~25%) and accidents (more than 10%).
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NN Group 1H2014: Strengthened capital position and strong sales growth
by daniela.ghetu@mxp.ro, 2014-08-07
After the successful July IPO, NN Group announced the first set of results. "NN Group delivered a solid performance and will continue to focus on delivering its strategic objectives," stated Lard FRIESE, CEO. He explained that "strong new sales growth was driven by Japan Life, Insurance Europe and higher pension contract renewals in Netherlands Life," while the Group made encouraging progress on the cost reduction program."
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SERBIA: COFACE enters the insurance market through a partnership with AXA
by vlad.boldijar@mxp.ro, 2014-08-07
French credit insurer COFACE announced it is expanding to the Serbian market through a partnership agreement with local insurer AXA Nezivotno Osiguranje. COFACE is present in Serbia since 2007 in both the debt collection and business information markets.
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SERBIA: NBS revokes the license of TAKOVO Osiguranje
by vlad.boldijar@mxp.ro, 2014-08-07
The Executive Board of National Bank of Serbia (NBS) has taken the decision to revoke the TAKOVO insurance company's license and prohibit the disposal of its assets until the opening of liquidation proceedings. At the same time, NBS filed a proposal for a bankruptcy proceeding to the Commercial Court of Kragujevac (where TAKOVO Osiguranje is headquartered) concerning institution of liquidation proceedings and informed the Deposit Insurance Agency for the purpose of appointing the liquidation receiver.
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Credit Europe Asigurari
LATVIA's insurers' premiums increased 13.5% in Q1
by vlad.boldijar@mxp.ro, 2014-08-07
According FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 142.7 million at the end of March 2014. Compared to the corresponding period of last year, the figure increased 13.5% y-o-y. At the same time, the value of paid claims and indemnities decreased 8.2% y-o-y to EUR 67.7 million.
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KOSOVO, 1Q2014: Market rates influenced by the number of MTPL insured
by vlad.boldijar@mxp.ro, 2014-08-07
For the January-March 2014 period, the Central Bank of Kosovo - CBK reported a 5.9% decrease of the insurance market to EUR 18 million, due the 21% decrease of MTPL insurance sector. Claims paid by insurers totaled EUR 7.6 million at the end of March 2014, or 42% less compared to 1Q2013.
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MUNICH Re confirms its profit target for 2014, of EUR 3 billion
by daniela.ghetu@mxp.ro, 2014-08-07
MUNICH Re posted a consolidated profit of EUR 769 million for the second quarter of 2014, almost 42% up y-o-y; the profit for the first half-year amounted to EUR 1,694 million (+12%). Performance in primary insurance and reinsurance was good as a whole, although the second quarter was marked by a random incidence of above-average major losses totaling around EUR 617 million. For the current financial year, MUNICH Re is continuing to aim for a profit of EUR 3 billion.
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AON reports flat revenue for Q2 2014
by vlad.boldijar@mxp.ro, 2014-08-07
Risk and insurance brokerage company AON reported for the second quarter 2014 a total revenue of USD 2.9 billion, 1% more compared to the prior year's second quarter "primarily driven by 2% organic revenue growth, partially offset by a 1% unfavorable impact from acquisitions, net of divestitures", the company noted in a press release.
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GROUPAMA net profit down to EUR 140 million in 1H2014
by vlad.boldijar@mxp.ro, 2014-08-07
The French insurer GROUPAMA reported a net profit of EUR 140 million for the first half of 2014, compared with EUR 187 million in 1H2013. At the same time, the group's combined premium income stood at EUR 9.2 billion, a 0.4% increase y-o-y, while the economic operating income amounted to EUR 100 million vs. EUR 26 million in 1H2013: "This increase of EUR 74 million can be mainly attributed to the 2.4-point improvement in the combined non-life ratio, bringing it to 98.5% at 30 June 2014", the French group noted in a report.
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HANNOVER Re maintains the EUR 850 million net income target after the 4.9% increase in 1H
by vlad.boldijar@mxp.ro, 2014-08-07
German reinsurer HANNOVER Re reported a 4.9% increase of the net profit for 1H2014 to EUR 444.4 million, owing to lower interest charges and a drop in the tax ratio. At the same time, the operating profit (EBIT) of EUR 683.7 million as at 30 June 2014 fell somewhat short of the previous year's figure (EUR 693.0 million), "in part due to reduced gains on currency translation", the group noted in a press release.
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MMC, Q2: Revenues up by 7% due the 8% expansion of the consulting sector
by vlad.boldijar@mxp.ro, 2014-08-07
MARSH & McLennan Companies (MMC) reported for the second quarter of 2014 consolidated revenues of USD 3.3 billion, or 7% more, compared to Q2 2013. For the analyzed period, operating income rose by 12% to USD 647 million, while the net income attributable to the company was USD 431 million (or USD 0.77 per share) compared to USD 388 million (or USD 0.69 per share), in the previous year.
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SCOR's half year net income up 35% y-o-y, to EUR 256 million
by vlad.boldijar@mxp.ro, 2014-08-07
The French reinsurer SCOR reported GWP of EUR 5.42 billion during the first half of 2014, up 12.5% y-o-y, "driven by healthy SCOR Global P&C renewals and major new contracts signed by SCOR Global Life as well as last year's GENERALI US Life Re acquisition", as the group noted in the press release.
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SWISS Re's half-year net income amounted to USD 2 billion
by vlad.boldijar@mxp.ro, 2014-08-07
SWISS Re reported that its consolidated net income totaled USD 802 billion for the second quarter of 2014, or 2% more y-o-y. Analyzing the January-June figures, the same indicator was USD 2 billion (vs. USD 2.2 billion in 1H 2013).
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AXA posts strong first-half profit: +25% y-o-y, to EUR 3 billion
by vlad.boldijar@mxp.ro, 2014-08-07
French insurer AXA reported total revenues of EUR 49.7 billion for the 1H2014 period, up 2% y-o-y, while the net income increased by 25% to EUR 3 billion, according to the half year activity indicators published by the group. "This half year is another stepping stone to achieving Ambition AXA. The effective implementation of our strategy has delivered strong earnings growth, the highest first half underlying earnings in the company's history (note: up 11% to EUR 2.8 billion)", said Henri de CASTRIES, Chairman and CEO of AXA.
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PRESS CUTTINGS
ACE reports second quarter operating income of USD 825 million, up 4.5%

AIG Reports Q2 net income attributable to AIG of USD 3.1 billion and diluted earnings per share of USD 2.10

ALLIANZ is lead reinsurer of USD 97.3 million in UKRAINE plane crash

ARMENIA: RESO Insurance Company compensates for damage under hull insurance in 90.9% of cases

ARMENIA: Six insurance companies among 1000 largest corporate taxpayers in quarter two

AZERBAIJAN: PASHA Heyat Sigorta's banking insurance grows 5.2-fold

Female driver cause most ridiculous accidents in AZERBAIJAN

FITCH downgrades ACE Russia to 'BBB'

HUNGARY: Number of home insurance contracts fall

KAZAKHSTAN: Eurasia may have to pay over USD 3 million for MH17

Launch of two RUSSIAN satellites insured for USD 82 million

MetLife reported operating earnings of USD 1.6 billion in second quarter 2014

Renaults made in RUSSIA to receive insurance against political, economic risk

SLOVAKIA: Insurance claims start rolling in after thunderstorm

TURKEY's Halkbank moves to sell insurance interests

UKRAINE needs to develop terrorism risk insurance

UKRAINE, MH17: How gunning down a plane complicates insurance coverage

UKRAINE: Insurers paying out claims in areas hit by anti-terrorist operations

WILLIS reported revenues and commissions and fees growth of 5.1%

World Bank to assist ALBANIA on insurance market reform
EDITORIAL
Preparing for the rising tides

Flood damage could exceed EUR 11 billion a year in Europe by 2080, a study released by the European Commission recently warned, while the number of people affected by droughts could increase sevenfold, and coastal damage from sea level rise could triple. The southern region of Central Europe, where damages could rise from the present EUR 2 billion/year up to EUR 5.2 billion/year and Southern Europe, which would also experienced a considerable increase in damages totaling up to EUR 1.3 billion/year are among the most potentially affected regions under the simulation scenarios used in the EC study.
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JLT
BELARUS Re

FUTURE REPORTS

RELEASE DATE: SEPTEMBER 2014

On the occasion of "Les Rendez-vous de Septembre 2014" (September 13th-18th, Monte Carlo, Monaco), Media XPRIMM will launch three issues of XPRIMM INSURANCE PROFILE ?€“ focused on the following insurance markets:

  • TURKEY
  • KAZAKHSTAN
  • ROMANIA
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STATISTIC UPDATES
1Q2014 Slovak Rep.
1Q2014 Bulgaria
1Q2014 Czech Rep.
1Q2014 Macedonia
1Q2014 Latvia
1Q2014 Kosovo

METROPOLITAN LIFE

EVENTS
The European Forum on Claims Management for the Insurance Industry brings together top professionals of the industry
by adina.tudor@mxp.ro, 2014-08-07
The latest trends in insurance claims, as well as solutions for finding "high efficiency and cost effectiveness" directly related to customer satisfaction are among the main key topics of the European Forum on Claims Management for the Insurance Industry, which will take place this September in Germany. XPRIMM Publications support the event as Media Partner.
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Successful insurance distribution strategies under debate in Rome
by alina.ciobanu@mxp.ro, 2014-08-07
The 6th Annual Insurance Distribution Strategies Forum organized by FLEMING Europe on 29 - 30 October, 2014, in Rome, Italy is the place to deliver and exchange the most successful strategies of the most significant insurers in Europe. XRIMM Publications support the event as Media Partner.
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European Forum on Claims Management for the Insurance Industry
September 8-9, 2014
Frankfurt, Germany
Organizer: PROSPERO Events Group
Media Partner: XPRIMM Publications
For details: www.prosperoevents.com
4th Annual Risk Management Forum 2014
September 11-12, 2014
Vienna, Austria
Media Partner: XPRIMM Publications
Organizer: Global Leading Conferences
For details: globalleadingconferences.com
XІV International Black Sea Finance Forum
September 10-13, 2014
Odessa, Ukraine
Media Partner: XPRIMM Publications
Organizer: Business Strategy Center "Perspektiva" with the support of the League of Insurance Organizations of Ukraine
For details: www.cbs.org.ua
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
International Istanbul Insurance Conference
Main topic: Catastrophic Risks. Do we have enough protection?
Septembre 25-26, 2014
Istanbul, Turkey
Organizer: Insurance Practitioners' Association
IBF - Insurance Business Forum
September 18-22, 2014
Swissotel Kamelia
Sochi, Russia
Organizers: Delovoi Format and National Insurance Guild
Co-organizer: Media XPRIMM
11th ICAR - International CAtastrophic Risks Forum
October 8, 2014
Bucharest, Romania
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
Cyber Risks in Financial Services Conference
October 9, 2014
Parliament Palace, Bucharest, Romania
Organizer: Media XPRIMM
Media Partner: XPRIMM Publications
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
6th Annual Insurance Distribution Strategies Forum
October 29-30, 2014
Rome, Italy
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details: www.flemingeurope.com
CASRISK 2014 - Caspian Risk Conference
November 6-7, 2014
Baku, Azerbaijan
Organizers: Azerbaijan Risk Professionals Association (ARPA) and Media XPRIMM
WorldPensionSummit 2014
November 5-6, 2013
The Hague, Netherlands
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com
International Insurance Forum 2015
April 19-20, 2015
Istanbul, Turkey
Pera Palace Hotel
Organizers: Media XPRIMM and Istanbul Underwriting Center
Media coverage: XPRIMM Publications
FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications


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

GRECO

THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Managing Partner: Alexandru D. CIUNCAN
Development Director: Mihaela CIRCU

Project Manager XPRIMM.COM: Daniela GHETU
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International Column Coordinator: Vlad BOLDIJAR
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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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