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Insurance Newsletter, No. 252, September 4, 2014

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TOP NEWS - PRESS CUTTINGS - UPCOMING EVENT - EVENTS - STATISTICS
TOP NEWS
Property insurance in the CEE: How far is it from achieving the region's potential?
by daniela.ghetu@mxp.ro, 2014-09-04
According to the 2011 Census statistical data, the Central and South East European region houses 75 million homes. All in all, in 2013, the GWP in the region for the "fire and allied perils" insurance amounted to about EUR 4.2 billion, 15% of the total non-life premium production, leaving room for significant growth opportunities.
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European insurance investments up 3.2% to €8.5 trillion in 2013, but future investment under threat
by mihai.cracea@mxp.ro, 2014-09-01
Insurers' investments in the European economy continued to grow during 2013. Concerns remain, however, about how the Solvency II directive will affect their ability to continue as Europe's largest long-term stable investors, according to Insurance Europe, the European insurance and reinsurance federation.
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ASTRA Asigurari's GWP dropped by one third in the first half. Profit reached EUR 3.63 million
by mihai.cracea@mxp.ro, 2014-09-04
The gross written premiums of ASTRA Asigurari, the second largest company on the Romanian insurance market, dropped by 33% in the first half of the year, to ~EUR 91,5 million, while the profit reached EUR 3.63 million, according to the preliminary results published by KPMG advisory, the company's administrator.
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PZU Group, 1H2014: Increasing profitability despite slightly lower GWP production
by daniela.ghetu@mxp.ro, 2014-09-04
The PZU Group ended 1H2014 with a net profit of PLN 1,720.7 million (EUR 413.6 million), 2.6% up y-o-y, mostly as a result of the preservation of profitability in the insurance business and growth of the net income from investments.During the analyzed period, the result from investment operations amounted to PLN 1,357.8 million, a y-o-y rise of 40.1%.
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Flood risk management in the context of climate change - under debate at ICAR 2014
by oleg.doronceanu@mxp.ro, 2014-09-04
The severe damages (economic and insured) caused by the recent floods and possible solutions in this regard will be once again on the agenda of the 11th Edition of the International Catastrophic Risks Forum - ICAR 2014, which will take place on October 8th, 2014, at the Palace of Parliament in Bucharest.
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TRIGLAV Group 1H2014: 23.3% growth in net
by daniela.ghetu@mxp.ro, 2014-09-04
TRIGLAV Group and the parent company performed well in 1H2014, maintaining a high level of financial stability, as confirmed by "A-" credit ratings from Standard & Poor's and A.M. Best. Slovenian group's net profit increased, amounting to EUR 56.3 million, while earned premiums totaled EUR 487.8 million.
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ICAR 2014
STATISTICS: CROATIA 1H2014: The market leader was responsible for almost 70% of the overall market decrease
by daniela.ghetu@mxp.ro, 2014-09-04
Croatian insurers reported for 1H2014 a GWP volume of EUR 618 million, down by 6.3% y-o-y. Almost 70% of the negative difference in volume was generated by the falling business volume of the market leader, CROATIA Osiguranje which ended 1H2014 with 13% y-o-y decease in GWP, to EUR 188 million.
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STATISTICS: BOSNIA, 1H2014: Spring floods tripled the claims paid for property insurance
by daniela.ghetu@mxp.ro, 2014-09-04
The Bosnian insurance market remained on track during the first half of 2014 and reported GWP of EUR 144.8 million, 9.2% up y-o-y. On the other hand, insurers' balance was significantly affected by the damage caused by catastrophic flooding during this spring as the paid claims volume rose by about 27%, up to EUR 61 million.
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STATISTICS: MACEDONIA 1H2014: MTPL and damages to property insurance lines are generating 60% of the market
by daniela.ghetu@mxp.ro, 2014-09-04
With a total GWP volume of EUR 64.5 million, the Macedonian insurance market recorded, in 1H2014, a 9.7% y-o-y growth rate. Life insurance showed the highest y-o-y growth rate, of almost 20%, but still holds a modest share in the market portfolio (9.7%, up ~1pp y-o-y).
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STATISTICS: SERBIA 1H2014: Life insurance and MTPL carried the market
by daniela.ghetu@mxp.ro, 2014-09-04
First half of 2014 ended for the Serbian insurance market with a 2.74% growth in GWP, to EUR 306.5 million, a result slightly affected by the currency evolution (4.19% growth rate in local currency). The absolute driver of the market's growth was the life insurance segment which recorded a 17.6% increase in premiums.
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STATISTICS: UKRAINE, 1H2014: 4,8 % decrease in GWP
by alina.ciobanu@mxp.ro, 2014-09-04
Gross written premiums volume reported by the Ukrainian insurers in 1H2014 amounted to UAH 13.6 billion, 4.8% less y-o-y. Due to the 54.5 % depreciation of the local currency, Hryvnia, in relation with Euro, the figures denominated in European currency show a lower rate by 38.41%, to EUR 845.39 million.
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STATISTICS: BELARUS, 1H2014: Negative trend on the market driven by 16.46% increase of insurance payments and only +7,6% in GWP
by alina.ciobanu@mxp.ro, 2014-09-04
In the first half of this year, the total value of claims paid by the Belarusian insurance companies increased by 16.46% compared with the first half of 2013, while premiums increased by only 7.6%. The level of insurance payments in the total amount of insurance premiums increased from 38.5% in the first half of 2013 to 43.6%.
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Credit Europe Asigurari
SAVA Re reached over 60% of annual GWP targeted and more than 50% of planned net profit in H1
by vlad.boldijar@mxp.ro, 2014-09-04
Slovenian SAVA Re Group said during January-June 2014 it realized 60.3% of the budgeted annual consolidated gross premiums written (of EUR 445 million), while the consolidated net profit reached 53.3% of the planned full-year profit target (of EUR 24 million).
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UNIQA's H1 net profit declines to EUR 125.7 million
by vlad.boldijar@mxp.ro, 2014-09-04
UNIGA Group Austria reported for the first six months of the current year, gross written premiums of EUR 3.13 billion, up 2% y-o-y. The Vienna based insurer generated a profit on ordinary activities (EBT) of EUR 181.4 million (-7.7% y-o-y), while the net profit for the period amounted to EUR 125.7 million (vs. EUR 152.9 million in 1H2013).
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VIG posts stable premiums and pretax profit of EUR 291 million in H1
by vlad.boldijar@mxp.ro, 2014-09-04
VIENNA Insurance Group announced its 1H2014 pretax profit increased 41.4% y-o-y to EUR 290.9 million, while the value of premiums remained stable at around EUR 5.0 billion. "Around 55% of these profits were in the CEE region, where also the Romanian Group companies further improved their performance", the Austrian group noted in a press release.
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Turkmenistan launches the entities to supervise the privatization of state property
by daniela.ghetu@mxp.ro, 2014-09-04
Turkmen President Gurbanguly BERDIMUHAMEDOV signed a decree on the establishment of relevant interdepartmental central committee at the Ministry of Economy and Development of Turkmenistan for the execution of the law "On denationalization and privatization of state property", TREND News Agency reported on August 1st.
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EVENTS
The International Conference of Agents and Brokers in the Insurance Sector takes place at the end of September in Slovenia
by adina.tudor@mxp.ro, 2014-09-04
Are you an insurance agent or broker? Do you represent an insurance company, a bank or an institution that deals directly or indirectly with insurance? Become more familiar with the upcoming changes regarding insurance services activities in EU Member States by participating at the International Conference of Agents and Brokers in the Insurance Sector (ICABI). XPRIMM Publications support the event as Media Partner.
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Want to know more about risk models and scenario analysis?
by adina.tudor@mxp.ro, 2014-09-04
Ever since the financial crisis, the main financial institutions realized how essential it is to plan out various strategies against various adverse events. The 4th Annual Risk Management Forum, which takes place between September 11th and 12th in Vienna, Austria, tackles the newest and most relevant regulatory changes focusing on Europe regarding risk management. XPRIMM Publications support the event as Media Partner.
More

PRESS CUTTINGS
Cuts to growth rate in AZERBAIJAN's insurance market to last by end of 2014

POLAND's PZU prepares next bond deal

RUSSIA: The Central Bank revokes the license of VOSKHOZHDENIYE Insurance Company

SERBIA seeks expressions of interest for TAKOVO Osiguranje portfolio

UKRAINE: A leader of the voluntary medical insurance market is presaged a lethal outcome

UZBEKISTAN: KAFOLAT, MOI Insurance Broker sign cooperation agreement
UPCOMING EVENT

VISIT OUR STAND IN MONTE CARLO

During Les Rendez-Vous de Septembre our team is looking forward to meeting you at the XPRIMM Stand at Fairmont Hotel.

Visit us and get your FREE COPY of the most recent XPRIMM Publications.

Also, if interested in the opportunities in the CEE, SEE and CIS insurance markets, our team is eager to answer all your questions. If you want to set a meeting with us, click HERE

See you soon in Monte Carlo!

JLT

BELARUS Re


STATISTIC UPDATES
1H2014 Bosnia
1Q2014 Croatia
1H2014 Macedonia
1H2014 Serbia
1H2014 Belarus
1H2014 Ukraine

METROPOLITAN LIFE

EVENTS

European Forum on Claims Management for the Insurance Industry
September 8-9, 2014, Frankfurt
Organizer: PROSPERO Events Group
Media Partner: XPRIMM Publications
For details: www.prosperoevents.com
4th Annual Risk Management Forum
September 11-12, 2014, Vienna
Media Partner: XPRIMM Publications
Organizer: Global Leading Conferences
For details: globalleadingconferences.com
XIV 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
For details: www.rvs-monte-carlo.com
XIII International Investment Forum Sochi - 2014
September 18-21, 2014
Media Partner: XPRIMM Publications
For details: www.forumkuban.com
IBF - Insurance Business Forum
September 18-22, 2014, Sochi, Russia
Organizers: Delovoi Format and National Insurance Guild
Co-organizer: Media XPRIMM
For details: www.ins-df.com/en/ibf
International Conference of Agents and Brokers in the Insurance Sector - ICABI
September 23-24, 2014
Maribor, Slovenia
Organizer: Institute of Insurance Maribor
Media Partner: XPRIMM Publications
For details: www.icabi.eu
European Life Insurance Forum
September 25-26, 2014, Vienna
Organizer: Global Leading Conferences
Media Partner: XPRIMM Publications
For details: www.globalleadingconferences.com
International Istanbul Insurance Conference - Catastrophic Risks
September 25-26, 2014
Organizer: Insurance Practitioners' Association
International Conference on Agricultural Insurance, Reinsurance and Brokerage for CIS, Europe & Asia
October 6-8, 2014, Istanbul
Organiser: Agroinsurance International
Media Partner: XPRIMM Publications
For details: www.agroinsconf.com
11th ICAR - International CAtastrophic Risks Forum
October 8, 2014, Bucharest, Romania
Organizer: Media XPRIMM
For details: www.icarforum.ro

Cyber Risks in Financial Services Conference
October 9, 2014
Parliament Palace, Bucharest, Romania
Organizer: Media XPRIMM
For details: www.cyberisks.ro
European Insurance Fraud Summit
October 13-14, 2014, Amsterdam
Organizer: MarketForce
Media Partner: XPRIMM Publications
For details: www.marketforce.eu.com
Baden Baden XPRIMM Reception
October 19, 2014
Organizer: Media XPRIMM
Azeri Evening - Baden Baden
October 19, 2014
Organizer: Azerbaijan Insurers Association
Turkish Evening - Baden Baden
October 21, 2014
Organizer: Istanbul Underwriting Center
Baden Baden Meetings 2014
October 19-23, 2014
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
2nd Annual Solvency II Forum
October 30-31, 2014, Vienna, Austria
Organizer: Global Leading Conferences
Media Partner: XPRIMM Publications
For details: globalleadingconferences.com


GRECO

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Editors: Oana RADU, Adina TUDOR, Alina CIOBANU, Evelyne PISCAN
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