Insurance Newsletter, No. 253, September 18, 2014

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Les Rendez-Vous de Septembre 2014
First issue of XPRIMM PROPERTY Insurance Report, launched in Monte-Carlo
by adina.tudor@mxp.ro, 2014-09-15
The first issue of PROPERTY INSURANCE Report FY 2013, the specialized magazine dedicated to the property insurance markets in 32 countries from the CEE, SEE and CIS regions, was officially launched during "Les Rendez-Vous de Septembre" in Monte-Carlo, one of the most important meetings dedicated to the insurance, reinsurance and brokerage industry.
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Claude TENDIL has been reelected chairman of the RVS Association for another 2 years
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Alternative capital holds 20% of NatCat reinsurance market
GUY Carpenter Report: Cyber, terrorism and new compensation structures highlighted as critical emerging risks
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AM Best: Some larger reinsurers are taking their business to the capital markets
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MUNICH Re targets innovation
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Demand for natural catastrophe reinsurance to increase by 100% in high growth markets
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Top 10 reinsurance companies in 2013
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LLOYD's hints at LatAm expansion
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ICAR 2014
UKRAINE, 1H2014: What are the main causes that led to the decline of outward reinsurance?
by olesea.adonev@mxp.ro, 2014-09-18
According to data published by the State Commission for Regulation of Financial Services Markets of Ukraine, cited by the local portal FORINSURER, in the 1st half of 2014, the outward reinsurance market of Ukraine decreased by 35.8%, to UAH 3.031 billion compared with UAH 4.718 billion in the 1st half of 2013.
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JLT expands into the TURKISH market
by vlad.boldijar@mxp.ro, 2014-09-18
Insurance and reinsurance broker JARDINE Lloyd Thompson Group plc (JLT) announced it opened a new office in Turkey. At this moment, the establishment of JLT Turkey is subject to regulatory approval and finalization of contracts. JLT Turkey is to be based in Istanbul and will be headed by Servet GURKAN, one of the most experienced brokers in the Turkish market who was previously Head of the Turkey Broker Association.
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STATISTICS: HUNGARY 1H2014: Increased car sales pushed up the motor insurance segment
by daniela.ghetu@mxp.ro, 2014-09-18
Hungarian insurers recorded a slight increase, of 1.5%, in premium production in the first half of 2014, to HUF 435 billion. However, converted in European currency the result looks less encouraging, as the total GWP figure for 1H2014 was of EUR 1.4 billion, by 3.37% below the 1H2013 level. Once again the 5% depreciation of the local currency put an additional pressure on the foreign insurers operating on the Hungarian market.

STATISTICS: BULGARIA 1H2014: 7.5% growth in GWP driven by the health and motor insurance lines
by daniela.ghetu@mxp.ro, 2014-09-18
The Bulgarian insurance market closed the first half of 2014 with a 7.5% y-o-y growth in GWP, to EUR 456.7 million. Paid claims for the same period amounted to EUR 203.5 million, growing by only almost 1pp despite the floods affecting the north-eastern part of the country, including the seaside resorts on the Black Sea shore.

CROATIA Osiguranje, 1H2014: EUR 9.4 million loss after tax
by daniela.ghetu@mxp.ro, 2014-09-18
The first interim report of CROATIA Osiguranje after its acquisition by the Croatian ADRIS Group shows a consolidated loss after tax and minority interest amounting to HRK 71.3 million (~EUR 9.42 million), mostly attribuable to the decrease in premium revenue, increasing reserves volume and and the loss recorded as a result of the decrease in financial assets.

POLISH Re's ratings recently confirmed by two top rating agencies
by vlad.boldijar@mxp.ro, 2014-09-05
STANDARD & POOR's rating agency has just announced maintaining POLISH Re's rating at the level BBB+ with the stable outlook for the upcoming year. Recently, another rating agency, AM Best once again confirmed the POLISH RE's rating at the level 'A-' (Excellent) also with the stable outlook.
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TURKEY: AvivaSA Emeklilik ve Hayat to list up to 20% of capital in IPO
by vlad.boldijar@mxp.ro, 2014-09-15
Turkish life and pensions insurance company AvivaSA Emeklilik ve Hayat, a joint venture of the local conglomerate HACI OMER SABANCI Holding and UK insurance group AVIVA, will list up to 20% of its share capital in an initial public offering (IPO) on Istanbul Stock Exchange. AVIVA currently holds a 49.8% stake in AvivaSA.
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POLAND: AXA acquired mBank's insurance arm
by vlad.boldijar@mxp.ro, 2014-09-15
French insurer AXA acquired for EUR 135 million the insurance arm of mBank in Poland (BRE Ubezpieczenia), reported REUTERS. Meanwhile, the two entities have signed a 10-year distribution agreement of AXA products through bank subsidiaries. Other insurers interested in the business were GENERALI and ZURICH.
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STATISTICS: GEORGIA 1H2014: Insurance market down by 19% in local currency
by olesea.adonev@mxp.ro, 2014-09-18
In 1H2014, the Georgian insurance market decreased by 18.82% y-o-y in local currency to GEL 159.58 million, according to data published by the Insurance State Supervision Service of Georgia. Due to exchange rate variations in the European currency, the insurance market decreased by ~27.30%, to EUR 66.27 million.
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STATISTICS: LITHUANIA 1H2014: EUR 294 million in GWP and expecting a 6% increase for year end
by vlad.boldijar@mxp.ro, 2014-09-18
In the first half of 2014, the Lithuanian insurers wrote insurance premiums amounting to LTL 1,013.7 million (EUR 293.6 million), a year-on-year increase of 7.8%, but still 2.9% less than in the first half of 2008, when the volume of Lithuania's insurance market was the highest, Bank of Lithuania informed.

STATISTICS: LATVIA 1H2014: EU branches accounted for more than a quarter of the insurance market
by vlad.boldijar@mxp.ro, 2014-09-18
According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled, at the end of June, EUR 257.5 million, 7.7% more y-o-y. At the same time, the value of paid claims and indemnities increased by 1.3% y-o-y to EUR 135.3 million.

STATISTICS: GWP of Estonian insurers in H1 up by 3.3% to EUR 225 million
by vlad.boldijar@mxp.ro, 2014-09-18
Gross insurance premiums reported by the four life insurers and by the eight general insurers operating in Estonia in the first half of 2014 increased by 3.3% compared to the year before to EUR 225 million, according to statistics published by Financial Supervision Authority of Estonia. The value of claims paid by insurers decreased 6.4% y-o-y to EUR 114 million.

AZERBAIJAN: ROYAL Sigorta's license was revoked
by alina.ciobanu@mxp.ro, 2014-09-15
Azerbaijan's Finance Ministry revoked the license of the insurer ROYAL Sigorta, as the company failed to increase its share capital value according to the current legislation requirements in the six months time frame granted by the State Insurance Supervision Service of Azerbaijan after suspending its license in February.
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ACHMEA to sell RUSSIAN insurance business
by alina.ciobanu@mxp.ro, 2014-09-18
Dutch group ACHMEA agreed to sell its Russian insurance company ORANTA to COMPANION Insurance Group, due to the reviewing of its strategy of operations in Central and Eastern Europe, the insurer said in a statement. The sale was approved by the Russian Federal Antimonopoly Service (FAS). The sum involved was not disclosed.
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FRISS reaches 100 external data sources for its anti-fraud solution
by adina.tudor@mxp.ro, 2014-09-15
FRISS, an international operator within the insurance industry offering a complete solution for fraud and risk management for insurance companies, has implemented over 100 external data sources worldwide, all of them being integrated into the fraud and risk solution for insurance companies.
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Credit Europe Asigurari
Average insurance companies to lose about 25% of business in 2014 in AZERBAIJAN

AXA says wants to continue expansion in POLAND, eyes more takeovers

CROATIA's ADRIS says biggest SEE insurers possible acquisition targets

CROATIAN insurers 8-mo gross written premiums down 5.1%

CZECH REPUBLIC: The largest insurance broker RENOMIA continues to grow

Howden expands with POLISH broker acquisition

HUNGARIAN CIG Pannonia enters Italian market

LITHUANIA: Insurance company IF joins list of Lithuanian League partners

POLISH insurer PZU to cut 2 pct of workforce in main units

PZU has problems obtaining clearance to buy LITHUANIA's top insurer

RSA Insurance completes sale of business in POLAND

The RUSSIAN SK Ingosstrakh has fallen in price on EUR 190 million

UKRAINE: Number of insurers falls amid strict regulation
Years under waters

"It is likely that 2013 will be remembered as the "year of the flood," sais GUY CARPENTER's "Global Catastrophe Review, 2013" report. For the CEE region, though, also 2014 may compete for this unappealing title. Exactly one year after the historical flooding in the Balkans which cause losses of over EUR 17 billion in May-June 2013, Bosnia & Herzegovina and Serbia were drowned by torrential rainfalls which washed away lives, houses and crops causing losses of over EUR 4 billion.

Head of the Insurance State Supervision Service of Georgia

The compulsory MTPL insurance, that will be introduced in Georgia in 2015, helps to protect the population and prepares the Georgian legislation on insurance to get closer to the relevant EU legislation.
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Andrey T. UNTON is the new General Director of BELARUS Re

Andrey T. UNTON was recently appointed as the new General Director of BELARUS Re, according to the official release of the company. Prior, Andrey T. UNTON has worked as General Director Deputy in BELARUS Re.
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1H2014 Hungary
1Q2014 Bulgaria
1H2014 Lithuania
1H2014 Latvia
1H2014 Estonia
1H2014 Georgia



XIII International Investment Forum Sochi - 2014
September 18-21, 2014
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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
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For details: www.icabi.eu
European Life Insurance Forum
September 25-26, 2014, Vienna
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International Istanbul Insurance Conference - Catastrophic Risks
September 25-26, 2014
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International Conference on Agricultural Insurance, Reinsurance and Brokerage for CIS, Europe & Asia
October 6-8, 2014, Istanbul
Organiser: Agroinsurance International
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For details: www.agroinsconf.com
11th ICAR - International CAtastrophic Risks Forum
October 8, 2014, Bucharest, Romania
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Cyber Risks in Financial Services Conference
October 9, 2014
Parliament Palace, Bucharest, Romania
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European Insurance Fraud Summit
October 13-14, 2014, Amsterdam
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For details: www.marketforce.eu.com

Best practice in counter fraud under debate in Amsterdam
by adina.tudor@mxp.ro, 2014-09-10
Fraudulent claims could be costing Europe's insurers as much as EUR 12 billion every year, according to an ACCENTURE study published in 2013. On 13-14 October, industry experts will meet to explore how best to tackle this ever-present problem at the second annual "European Insurance Fraud Summit" in Amsterdam.
Baden Baden XPRIMM Reception
October 19, 2014
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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
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Media Partner: XPRIMM Publications
For details: www.flemingeurope.com
2nd Annual Solvency II Forum
October 30-31, 2014, Vienna, Austria
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For details: globalleadingconferences.com

Director of Insurance Supervision Department
Central Bank of the Republic of Kosovo

The most challenging issues for the insurers, during the whole of 2014, are considered to be the legal issues. Regarding this matter, the CBK is in the process of reviewing the insurance regulatory framework, where as part of it the General Insurance Law was recently drafted and submitted to the Kosovo Assembly for approval.


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