XPRIMM News
 
Insurance Newsletter, No. 256, October 30, 2014

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
BADEN BADEN
VIDEO: Over 230 specialists from 36 countries participated at the Baden - Baden XPRIMM Reception
by adina.tudor@mxp.ro, 2014-10-20
The sixth edition of Baden - Baden XPRIMM Reception, the traditional event organized by Media XPRIMM during the Baden-Baden Meetings, took place on Sunday, October 19, gathering over 230 specialists from 36 countries.
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VIDEO: Japanese Evening - first time in Baden-Baden!
by adina.tudor@mxp.ro, 2014-10-20
Konbanwa! This Japanese greeting [translation - "Good evening!"] could be heard, on Sunday evening, at the Kurhaus Casino - Konferenz Saal, welcoming the insurance and reinsurance specialists that participated at the Baden-Baden Japanese Evening - a Japanese evening offered by NTT Data, organized by Media XPRIMM.
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VIDEO: Romanian evening organized by STELLAR Re reunited specialists in re / insurance at Baden-Baden
by adina.tudor@mxp.ro, 2014-10-20
Representatives of the global insurance and reinsurance markets met on Saturday, October 18, in Baden-Baden, at the Romanian evening - the traditional event which has been organized for 20 years by STELLAR Re during the Baden-Baden Meetings. This year, the cocktail took place in the famous Kurhaus Restaurant.
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VIDEO: 5 new XPRIMM Publications, officially launched in Baden-Baden
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VIDEO: The Azeri insurance market in the spotlight at Baden-Baden
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Baden-Baden Turkish Evening brought together specialists interested in the Turkish insurance market
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Baden-Baden Reinsurance Symposium assesses future impact of current market conditions
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Increased water content in the atmosfere is fueling more frequent storms and hail
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Traditional reinsurance under pressure
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ALLIANZ Re: The trend is to manage the reinsurance at Group level
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FITCH: Parts of the market have become ripe for merger activity
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WILLIS Re extends partnership for flood modeling and analytics
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MAPFRE Global to offer new insurance products in London
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Credit Europe Asigurari
TOP NEWS
The insurance industry needs to change its 'outdated image'
by daniela.ghetu@mxp.ro, 2014-10-30
The communication strategies in the insurance industry need to change and the industry itself needs to modify its 'outdated image', the specialists participating at the 6th Annual Insurance Distribution Strategies Forum in Rome pointed out. The event was organized by FLEMING Europe. XPRIMM Publications supported the Forum as Media Partner.
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ROMANIAN supervisor planning to change insurance brokerage legal framework
by mihai.cracea@mxp.ro, 2014-10-30
The Financial Supervisory Authority (FSA), institution which regulates the insurance, private pension and capital markets in Romania, plans to change the current regulation regarding insurance brokers and demand a minimum 250.000 lei capital (approx. 56.000 euro) for insurance brokerage companies.
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ROMANIAN postal services company launches insurance broker
by mihai.cracea@mxp.ro, 2014-10-30
Posta Romana S.A., the Romanian state-owned postal services company, has officially launched its insurance broker on the 29 of October and plans to become one of the top players on the market within the next few years.
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Insurance Europe: European data protection rules could hinder fight against fraud
by adina.tudor@mxp.ro, 2014-10-30
The EU Data Protection Regulation currently being discussed by the EU institutions has the potential to hinder the fight against insurance fraud, according to Insurance Europe, the European insurance and reinsurance federation.
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SLOVENIA: Zavarovalnica TRIGLAV plans to strengthen its presence in the pension insurance market
by vlad.boldijar@mxp.ro, 2014-10-30
Slovenian-based Zavarovalnica TRIGLAV announced its intention to make a takeover bid for all the shares of the local pension insurer Skupna Pokojninska Druzba in an strategy to strengthen its position on this segment of the insurance market.
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TRUST Re gets A- rating from S&P
by mihai.cracea@mxp.ro, 2014-10-30
Bahrain based reinsurer TRUST Re received A- rating for counterparty credit and insurer financial strength from Standard & Poor's, with stable outlook.
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MMC reported in Q3 its 13th consecutive quarter of double-digit growth in adjusted earnings per share
by vlad.boldijar@mxp.ro, 2014-10-30
MARSH & McLennan Companies (MMC) reported for the third quarter of 2014 consolidated revenues of USD 3.1 billion, or 7% more, compared to Q3 2013. For the analyzed period, operating income rose by 10% to USD 445 million, while the net income attributable to the company was USD 297 million (or USD 0.54 per share) compared to USD 253 million (or USD 0.45 per share), in the previous year.
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STATISTICS: CROATIAN insurers 3Q GWP down 5.4% according CIB
by vlad.boldijar@mxp.ro, 2014-10-30
According to the latest data from the Croatian Insurance Bureau (CIB), the 25 insurance companies active on the market wrote gross premium in the amount of HRK 6.6 billion (EUR 860.3 million) by the end of September 2014, which is 5.4% less y-o-y. The life insurance segment increased in GWP by 4.1%, while the non-life sector declined by 8.7%.
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STATISTICS: ALBANIA 3Q2014: The stabilization of MTPL tariffs pushed up the market by more than 45%
by vlad.boldijar@mxp.ro, 2014-10-30
The insurance premium revenues for January-September 2014 were about ALL 8,585 million (EUR 61.4 million), or 45.21% more compared to the January-September 2013, Albanian Financial Supervisory Authority (AFSA) informed. Payment of claims, during the period January-September 2014, increased by 1.40% compared to January-September 2013. Most of the gross paid claims were related to motor insurance, about ALL 1,662 million (EUR 11.9 million) or 83.08% of total gross paid claims.
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STATISTICS: MONTENEGRO 3Q2014: Slightly positive rate maintained by life insurers
by vlad.boldijar@mxp.ro, 2014-10-30
In January-September 2014, the Montenegrin insurance market totaled EUR 54 million, a slight sub unitary increase of 0.4% compared to the previous year, Insurance Supervision Agency reported. Compared to 3Q2013, non-life insurance premium was down by 2.4% (to EUR 45.3 million), while the total life insurance premium grew by 17.6% (to EUR 8.6 million).
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STATISTICS: KOSOVO, 3Q2014: Voluntary insurances gaining ground
by vlad.boldijar@mxp.ro, 2014-10-30
The Kosovo insurance sector reported a slight y-o-y increase in GWP, of 1.65%, to EUR 61.2 million in the first nine months of 2014, as the Central Bank data showed (Note: The figures presented by CBK include only the insurers' activity on non-life segment). MTPL premiums accounted for more than a half of total GWP, while the share of Border policies premiums was close to 20%. Other types of voluntary insurance accounted for ~28% of total market.
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AXA revenues up by 2% in 3Q2014. The French Group announced its boost insurance coverage plan in emerging markets
by vlad.boldijar@mxp.ro, 2014-10-29
The French insurance group AXA reported for January-September 2014, 2% y-o-y higher revenues, to EUR 69.6 billion, driven by the growth on all main business lines: "(...) we have seen growth in all our business lines, demonstrating the continued success of our Ambition AXA strategy. Thanks to the engagement of our teams and the trust of our clients, we continue to protect and bring peace of mind in a rapidly evolving environment", commented Denis DUVERNE, Deputy Chief Executive Officer of AXA.
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EIG GWP down 6.4% in 3Q2014 due to negative rates reported by the Romanian subsidiary
by vlad.boldijar@mxp.ro, 2014-10-29
Bulgaria-based EUROINS Insurance Group (EIG) - the insurance sub-holding of EUROHOLD Bulgaria - said that during January-September 2014, the value of GWP decreased by 6.4%, to EUR 110.5 million. Positive rates were reported by EUROINS Bulgaria and EUROINS Macedonia, while the Romanian subsidiary and the specialized health insurer reported negative dynamics.
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SAVA Re announced the recapitalization of its Serbian life insurance subsidiary
by vlad.boldijar@mxp.ro, 2014-10-29
Pozavarovalnica SAVA (SAVA Re) announced that on October 21, 2014, the Serbian life insurance company SAVA zivotno osiguranje has raised its capital by RSD 47.61 million (approximately EUR 400,000) to RSD 311.55 million (approximately EUR 2.7 million).
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SLOVENIA: Insurance tax up in 2015 by 2pp
by daniela.ghetu@mxp.ro, 2014-10-28
The Slovenian Finance Ministry has published a proposal for changes to the acts on the financial services tax and the insurance contracts tax, providing for a raise for both taxes from 6.5% to 8.5%, Slovenian Times reports. The higher rates are to enter into force with the start of 2015.
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Pension savings and life insurance popular among CEE women, while men seem to prefer classic saving instruments
by daniela.ghetu@mxp.ro, 2014-10-28
Austrians (EUR 188/month) and Slovaks (EUR 96/month) remain savings champions in CEE and even increase their monthly savings, the Erste Group Savings Barometer 2014 shows. It seems low interest rates on classical savings products have not prevented people in CEE from putting money aside for rainy days. More than two thirds say that saving money is important, according to launched today.
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VIDEO: AzRe was assigned with "B+" international rating by A.M. Best
by olesea.adonev@mxp.ro, 2014-10-24
International rating agency A.M. Best has assigned recently a financial strength rating of "B+" (Good) and an issuer credit rating of "BBB-" to AzRe Reinsurance, the key reinsurer in Azerbaijan. The outlook assigned to both ratings is stable.
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Strong floods hit again Slovenia and the neighboring countries
by daniela.ghetu@mxp.ro, 2014-10-23
Slovenia was hit by the third major flooding this year on October 22nd, following a night of heavy rains and fierce winds, reports Slovenian Times. The worst hit were central parts of the country, which saw a record amount of rainfall. Hydrologists warn that the country should brace yet for November, the most flood-prone month.
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The TRIGLAV Group exits the Czech insurance market and focuses on strengthening its operations in the South-East Europe target markets
by daniela.ghetu@mxp.ro, 2014-10-20
TRIGLAV Group exits the Czech market by selling its local subsidiary TRIGLAV pojistovna, Brno to VIGO Finance, part of VIGO Investments Group. The sale is expected to be completed by May 2015. The decision on the sale is in line with the TRIGLAV Group Strategy, focused on increasing the value of the Group and effectively managing the TRIGLAV Group's subsidiaries.
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CURRENT REPORTS
XPRIMM INSURANCE REPORT 1H2014
RUSSIA 1H 2014
TURKEY FY 2013 and 1H2014
AZERBAIJAN 1H 2014
KAZAKHSTAN FY 2013 and 1H2014

JLT
GRECO

BELARUS Re

INTERVIEW
Dmitry GARMASH
Head of Moscow Representative office
BARENTS Re

Within the traditional Baden-Baden XPRIMM Reception Event, Dmitry GARMASH, Head of Moscow Representative Office, BARENTS Re, Inc. pointed out for www.xprimm.com the main features of the BARENTS Re strategy for the forthcoming period and the main advantages offered to the business partners. This year, BARENTS Re supported the 6th Edition of Baden - Baden XPRIMM Reception as Official Partner.
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ANALYSIS
RUSSIA: Reinsurance under sanctions, realities and forecast for the current year

Due to the sanctions imposed by the USA and the EU for Russian Federation, some of local insurance companies were affected. This happened especially for placing the property or Cargo risks belonging to companies, whose owners are already in the "black list".
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Eastern European reinsurers poised to provide USD 100 million retro capacity in wake of new licence

The granting of a special license to the Ukrainian insurance company, Brokbusiness, by the National Bank of Ukraine (NBoU) to post collateral abroad represents the culmination of developments in both the global catastrophe reinsurance markets and the local insurance markets in the central and eastern Europe (CEE) and Commonwealth of Independent States (CIS) regions.
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METROPOLITAN LIFE

STATISTIC UPDATES
3Q2014 Croatia
3Q2014 Montenegro
3Q2014 Albania
3Q2014 Kosovo

EVENTS
2nd Annual Solvency II Forum
October 30-31, 2014, Vienna, Austria
Organizer: Global Leading Conferences
Media Partner: XPRIMM Publications
For details: globalleadingconferences.com
WorldPensionSummit 2014
November 5-6, 2014
The Hague, Netherlands
Media Partner: XPRIMM Publications
For details: www.worldpensionsummit.com
Insurance World Distribution Challenges
November 6, 2014
HESPERIA Hotel, Madrid, Spain
Organizer: Inese & Community of Insurance
Media Partner: XPRIMM Publications
For details: iwdc.inese.es/en/
Conference of MABISZ
November 6, 2014
Corinthia Hotel, Budapest, Hungary
Organizer: Hungarian Insurance Association (MABISZ)
For details: mabiszkonferencia.hu
EIOPA Conference
November 19th, 2014
Frankfurt am Main, Germania
Organizer: EIOPA
For details: eiopa.europa.eu
European Conference on Consumer Protection in Financial Services
March 12th 2015
Palace of the Parliament, Romania
Organizers: APPA-The Romanian Association of Insurance Promotion & UNSAR- The National Association of Insurance and Reinsurance Companies in Romania


POINT OF VIEW
Mateja LAMOVSEK
Insurance Analyst
Slovenian Insurance Association

As expected, the decline in gross written premium is still noticeable and we can expect this trend till the end of this year. This is the result of negative economic growth and unfavorable economic environment in the country.
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ON THE MOVE
Two new members added to CertAsig's professional team
by adina.tudor@mxp.ro, 2014-10-23
Two insurance specialists recently joined CertAsig's team, enhancing the company's underwriting expertise - Camelia VLADESCU as Chief Financial Risks Underwriter and Mihai BIZINECHE as Chief Liability Underwriter.
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PRESS CUTTINGS
Accident Compensation: Annually, over 300 requests in KOSOVO and MACEDONIA

ACE reports record quarterly operating income of USD 2.64 per share, up 6%

BTA in LATVIA posts EUR 4.9 million in profit in 9 months

Drafting of a bill on agricultural insurance in AZERBAIJAN finished

EBRD provides 100 mln euros credit to strengthen ALBANIAN banking system

EUR 200 million stand-by credit line to SERBIA's Deposit Insurance Agency

GENERALI Osiguranje Srbija: the new corporate name of SERBIAN company

MetLife reported operating earnings of USD 1.8 billion, up 22% over the third quarter of 2013

New Polish members in Balta's management board in LATVIA

POLISH insurance market faces 'moderate' risk, says S&P

SLOVENIA: Losses from rainstorms in Poljanska dolina valley pegged at USD 38 million

TURKEY's ANADOLU Hayat 9-mo cons net profit edges up 0.5%

UKRAINE's insurers asking country leadership to settle issue with forex payments for reinsurance

WILLIS Re reported total commissions and fees growth of 2.1% in Q3

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
Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

e-mail: media@xprimm.com
PUBLISHED BY: Media XPRIMM

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