XPRIMM News
 
Insurance Newsletter, No. 257, November 13, 2014

Click here to subscribe!
Click here to unsubscribe!
 
 
            www.xprimm.com
INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
Insurance Europe: IMD 2 must benefit policyholders and be workable for insurers
by adina.tudor@mxp.ro, 2014-11-13
The final revised text of the Insurance Mediation Directive (IMD 2) should result in a solution that both benefits policyholders and is not unnecessarily burdensome for the insurance industry, points out Insurance Europe, the European insurance and reinsurance federation, in a press release.
More

STATISTICS: TURKISH market ends 3Q with a 6.3% increase in GWP
by vlad.boldijar@mxp.ro, 2014-11-07
At the end of September, the Turkish insurance sector totaled TRY 19 billion (EUR 6.6 billion), this representing a nominal increase of 6.3% y-o-y, according to the statistics recently published by the Insurance Association of Turkey - TSB.
More Продолжение

PZU 3Q2014: MTPL insurance line is one the main sources of decreasing profitability
by daniela.ghetu@mxp.ro, 2014-11-13
The Polish PZU Group published today its interim financial report for 3Q2014 announcing GWP of PLN 12.16 billion, fairly equal to the 3Q2013 volume. On the profitability side the Group recorded a 7.3% y-o-y decrease of the net financial result. Excluding one-off events, the net result decreased by 0.6% y-o-y, while ROE was 26.4%, down 1.0 pp as compared with 3Q23013.
More

STATISTICS: MOLDOVA 3Q2014: Insurance premiums totaled MDL 900 million, while claims increased by 28%
by olesea.adonev@mxp.ro, 2014-11-10
In the first nine months of the current year, gross premiums written by the 16 insurance companies active on the Moldavian market totaled MDL 899.88 million, up by 3.31% compared to the same period of 2013, according to the data of the National Commission for Financial Markets.
More Продолжение

CROATIA Osiguranje, 3Q2014: EUR 24 million losses and a restructuring program in course
by daniela.ghetu@mxp.ro, 2014-11-13
CROATIA Osiguranje, one of the most important insurers in the Adriatic region, ended the first nine months of 2014 with a consolidated loss after tax and minority shares of HRK 184.2 million (~EUR 24 million). According to the company's interim report, the negative result was driven by the decreasing premium income and adjusted value of financial assets, as well as by the higher provisions for unexpired risks and the provisions made for severance pays owed to the employees laid off due to the company's restructuring program.
More Продолжение

TRIGLAV Group, 3Q2014: Preliminary performance results show a 36% growth in net profit
by daniela.ghetu@mxp.ro, 2014-11-13
According to the Group's press release of today, in 3Q 2014 the TRIGLAV Group recorded a 36% y-o-y growth in net profit and booked 2% less in gross insurance and co-insurance premium. In the reporting period, net profit of the Triglav Group amounted to EUR 77 million, whereas premium written totalled EUR 688.6 million.
More Продолжение

SWISS Re 3Q net income up slightly to USD 3.26 billion
by vlad.boldijar@mxp.ro, 2014-11-11
SWISS Re reported a 14.46% increase in net income to USD 1.23 billion for the three months to the end of September compared to the same period of last year, while for January-September 2014, the same indicator was USD 3.26 billion (vs. USD 3.24 billion in 3Q2013). At the same time, the value of earned premiums and fee income increased by 11.26%, to USD 23.42 billion.
More Продолжение

GENERALI, 3Q2014: increasing operating results and optimistic expectations for year end; full control over GPH to be achieved in January 2015
by daniela.ghetu@mxp.ro, 2014-11-11
Despite the still uncertain macro-economic environment characterised by persistently low interest rates, the GENERALI Group's operating result increased to EUR 3.7 billion in 3Q2014, 12.8% up y-o-y, with a strong upturn in the third quarter, of 20.8% y-o-y.
More Продолжение

ALLIANZ 3Q2014: higher revenues driven by the saving products and higher volume-driven gross premiums in P&C
by daniela.ghetu@mxp.ro, 2014-11-11
ALLIANZ Group's total revenues amounted to EUR 92.2 billion in the first 9 months of 2014, an increase of 9.8% y-o-y. A remarkable growth was recorded in savings products premiums in the Life/Health business and higher volume-driven gross premiums was also written on the Property-Casualty business segment.
More Продолжение

ZURICH reports BOP of USD 3.8 billion in 3Q2014
by vlad.boldijar@mxp.ro, 2014-11-06
For the first nine months of 2014, ZURICH Insurance Group reported a business operating profit (BOP) of USD 3.8 billion (up 7%) and net income attributable to shareholders (NIAS) of USD 3.0 billion - or 3% more compared to the prior year. At the same time, the combined ratio improved 1.2% y-o-y to 96.6% during the first nine months of the year.
More Продолжение

Credit Europe Asigurari
SCOR reported 3Q net income up 25% y-o-y to EUR 377 million
by vlad.boldijar@mxp.ro, 2014-11-06
The Paris-based reinsurer SCOR reported a 24.8% y-o-y increase in its nine-month net income to EUR 377 million due to " strong technical results from both Life and P&C", as the company noted in a press release. At the same time, its gross written premiums were up by 11.2% y-o-y to EUR 8.38 billion "despite unfavorable exchange rates".
More

MUNICH Re net profit up by 17% y-o-y in Q3. The Group reconfirmed the guidance for FY2014
by vlad.boldijar@mxp.ro, 2014-11-06
Germany's MUNICH Re - the world's biggest reinsurer, reported a consolidated profit of EUR 2.4 billion for the first nine months of 2014. For Q3, the Group reported a profit of EUR 738 million (vs. EUR 630 million) or 17% more y-o-y, while the gross written premiums decreased by 3.6% to EUR 12.1 billion.
More Продолжение

10.3% increase in net income for HANNOVER Re in 3Q
by vlad.boldijar@mxp.ro, 2014-11-05
The German reinsurer HANNOVER Re reported a 10.3% increase in Group net income for the third-quarter 2014, to EUR 695.4 million, while the operating profit (EBIT) rose by 10.7% to EUR 1.09 billion.
More Продолжение

STATISTICS: Azerbaijan 3Q2014: Life insurance continues to be the market leader
by olesea.adonev@mxp.ro, 2014-11-04
In 3Q2014, the insurance market of Azerbaijan totaled AZN 314.13 million, reporting an increase rate of 3.54% in local currency, while the claims payments amounted to AZN 116.39 million, up by 31.46%, according to data presented by the Ministry of Finance of the Republic of Azerbaijan. Taking into account the exchange rate variations, in European currency, the insurance market increased by 10.18%, to EUR 315.55 million.
More Продолжение

STATISTICS: Insurance agencies in FBiH and RS reported a 7.8% growth rate for BOSNIAN market in 3Q2014
by vlad.boldijar@mxp.ro, 2014-11-12
Based on the figures released by the insurance agencies in the Federation of Bosnia and Herzegovina and the Srpska Republic (RS), in 3Q2014 the added-up value of gross written premiums by the 24 insurers active in the two administrative entities that formed Bosnia and Herzegovina increased to EUR 218 million, or 7.8% more y-o-y.
More Продолжение

OTHER NEWS
PZU obtained the approvals to acquire RSA Group's subsidiaries in Lithuania and Estonia
More
AON Benfield acquired SAFE Brokers to strengthen its position in Greece and Cyprus
More
AON reports Q3 revenue up 3% and net income up 21%
More Продолжение
Turkish Capital Markets Board approved the IPO of AVIVA-SABANCI insurance venture
More Продолжение
PRESS CUTTINGS
AVIVA plc Third Quarter 2014 Interim Management Statement

780,000 cars issued with compulsory insurance policies over ten months of 2014 in AZERBAIJAN

ALLIANZ 9-mo operating profit from property/casualty insurance in TURKEY up 3.0%

AON Consulting sets up enterprise in LATVIA

Belarusian, British insurance associations agree on cooperation

Bosnia and Herzegovina, Croatia and Serbia are better prepared for future floods following severe flooding in May 2014

BULGARIA: Solvency II to change insurers' perspective on risks

IF earns EUR 17.4 mln in Baltics in January-September

KYRGYZSTAN: Revenues from insurance premiums amount to 1.8Bn soms in October

MetLife RUSSIA Holdings fall 26% in quarter to USD 680 million

NN Group reports strong 3Q14 results

TURKEY: More than half of construction projects halted after inspections

TURKEY: Surety insurance replaces performance and bid bonds

UKRAINE: KRAYINA insurer becomes partner of Pivdenna Railways on OSAGO

VIG's MACEDONIAN life-insurance units in portfolio transfer deal
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
Enkeleda SHEHI
Chairperson
Albanian FSA

According to EUROPA Re, an earthquake with a probability of occurrence once in 500 years could cause in a country like Albania damages around EUR 3.5 billion, out of which EUR 2 billion could be the bill to the households.
More

ANALYSIS
Why do foreign insurers leave Russia? May be due to the "profitable" motor insurance?
by olesea.adonev@mxp.ro, 2014-11-04
One after another, foreign insurance companies that operate on the Russian insurance market decide to give up their retail business, especially in regions with a high loss ratio on MTPL insurance.
More Продолжение

METROPOLITAN LIFE

STATISTIC UPDATES
3Q2014 Moldova
3Q2014 Turkey
3Q2014 Azerbaijan
3Q2014 Bosnia

EVENTS
EIOPA Conference
November 19th, 2014
Frankfurt am Main, Germania
Organizer: EIOPA
For details: eiopa.europa.eu
5th Annual Middle East & Africa Insurance Summit
January 19-20, 2015
Dubai, United Arab Emirates
Organizer: FLEMING Gulf
Media Partner: XPRIMM Publications
For details: finance.fleminggulf.com
African Insurance Forum 2015
February 23-24, 2015
Johannesburg, South Africa
Organizer: FEXTONS
Media Partner: XPRIMM Publications
For details: ins.fextons.com
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
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
For details: www.fiar.ro


POINT OF VIEW
Andres PIIRSALU
Member of Executive Board
Estonian Insurance Association (EKsL)
Motor Insurance Bureau and Guarantee Fund (LKF)

One of the major challenges was definitely preparation for the new law on MTPL which will be partially in force from October 1st this year and fully in force from January 1st 2015.
More


ON THE MOVE
CertAsig appointed a new Risk Engineering Manager
by adina.tudor@mxp.ro, 2014-10-31
With an impressive engineering background and over 13 years of experience in the insurance market, Dragos MINDRUTA joined CertAsig as the new Risk Engineering Manager, responsible for technical and engineering surveys related to Performance & Advance Payment Bonds, CAR and Property insurance policies.
More Продолжение

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

Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2014 Media XPRIMM