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Insurance Newsletter, No. 259, December 11, 2014

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - EDITORIAL - EVENTS - STATISTICS
TOP NEWS
STATISTICS: SLOVENIA, 3Q2014: Aggressive price competition on the MTPL line pushed market in negative territory
by daniela.ghetu@mxp.ro, 2014-12-11
The Slovenian insurance market saw a 2.8% y-o-y decrease in GWP at the end of the first three quarters of 2014, to about EUR 1.5 billion. Although the strongest relative decrease rate was recorded on the life insurance side (-4.99%), both life and non-life insurance sectors have lost about EUR 20 million of their total GWP amounts, as compared with 3Q2013.
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STATISTICS: SLOVAKIA, 3Q2014: Divergent trends on the life and non-life insurance lines
by daniela.ghetu@mxp.ro, 2014-12-11
Gross premiums written in 3Q2014 by the Slovak insurers went up y-o-y by 2%, to EUR 1.6 billion, at a fairly equal growth pace for life and non-life insurance segments. According to the Slovak National Bank, the market supervisor, overall the number of insurance policies grew by 4.13%, which compared with the GWP increase indicates a still highly competitive market.
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STATISTICS: Over EUR 430 million in GWP for SERBIAN insurers due the double digit growth rate in life segment
by vlad.boldijar@mxp.ro, 2014-12-11
In 3Q2014, the Serbian insurance market totaled RSD 51.4 billion (EUR 432 million), representing an increase of 5.2% on a year earlier, according to the statistics published by the National Bank of Serbia (NBS). The value of paid claims on non-life segment increased 2.2% y-o-y to RSD 16.5 billion (EUR 139 million) due the 14.4% growth rate reported on properly insurance - a segment affected by catastrophic floods in May 2014, while the value of life indemnities increased by 33% to RSD 3.5 billion (EUR 29 million).
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STATISTICS: The ROMANIAN insurance market reached the lowest value in the past 7 years
by vlad.boldijar@mxp.ro, 2014-12-11
According to the preliminary data collected by INSURANCE Profile Review, at the end of September, the Romanian insurance market totaled RON 5.9 billion (EUR 1.3 billion), down 5.8% y-o-y. The life insurance segment declined by 6,3% to RON 1.2 billion (EUR 236 milion), while the non-life sector totaled RON 4.7 billion (EUR 1.07 billion), or 5,6% less y-o-y.
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Investors interested in ASTRA Asigurari
by mihai.cracea@mxp.ro, 2014-12-11
The second stage of the capital increase at Romanian insurer ASTRA Asigurari is ongoing and there are a couple of investors interested in the company, as Misu NEGRITOIU, President of the Financial Supervisory Authority suggested during a press conference.
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STATISTICS: BULGARIA 3Q2014: GWP and claims paid increased by similar amounts; non-life profitability on the edge
by daniela.ghetu@mxp.ro, 2014-12-05
Bulgarian insurers recorded a 4.76% aggregated y-o-y GWP growth rate in 3Q2014, to a total premiums volume of EUR 658.4 million. However, although positive, the 9 months result seems to indicate a relative slowdown of the market in the second half of 2014 (6.5% growth in Q1 and 7.5% growth in 1H). At the same time, claims paid increased by 10.4%, to EUR 343.98 million, in part as a consequence of the extreme weather events recorded during summer.
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STATISTICS: HUNGARY 3Q2014: Non-life market remained on a positive trend
by daniela.ghetu@mxp.ro, 2014-12-05
At the end of the third quarter of 2014, Hungarian insurers reported an after-tax profit of HUF 20.65 billion (~EUR 66.53 million) on a GWP volume of HUF 630.75 billion (EUR 2.03 billion), data published by the National Bank of Hungary (MNB) and the insurers' association MABISZ shows.
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Credit Europe Asigurari
The MOLDAVIAN insurance brokerage market up 5% y-o-y in 3Q2014
by vlad.boldijar@mxp.ro, 2014-12-11
At the end of September, the Moldavian insurance brokerage market totaled MDL 240 million (EUR 13 million), up 5% y-o-y, according to the financial data published by the National Commision of Financial Market. At the same time, the share of brokers in the total insurance market increased from 26.3% (in 3Q2013) to 26.7% (in September 2014).
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The next step for the ROMANIAN brokerage market: 60% of the total market
by vlad.boldijar@mxp.ro, 2014-12-11
At the end of September, the brokerage market totaled RON 3.3 billion (EUR 742 million), according to estimates based on financial data submitted by 56 insurance brokerage companies, thus maintaining its double-digit growth rates reported at the end of March (+16%), respectively in the mid-year (+11%).
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TRIGLAV Group, 3Q2014: EUR 77 million net profit and improved ratings
by daniela.ghetu@mxp.ro, 2014-12-05
TRIGLAV Group ended the first three quarters of 2014 with a 36% rise of the net profit, to EUR 77 million. Zavarovalnica TRIGLAV, the parent company, contributed to this result with EUR 56.1 million, an 11% increase over the corresponding period of 2013.
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BiH: JAHORINA Osiguranje rebranded to WIENER VIG
by vlad.boldijar@mxp.ro, 2014-12-05
Bosnian insurer JAHORINA Osiguranje (owned by VIG since October 2011) said it has changed its name to WIENER Osiguranje VIENNA Insurance Group to better reflect its ownership, the insurer announced in a press release. "All contracts issued under the name of JAHORINA will remain in force until their expiration", declared Miroslav MISKIC, General Manager of WIENER Osiguranje VIG.
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STATISTICS: CYPRUS, 3Q2014: The value of paid claims, down 30% y-o-y
by vlad.boldijar@mxp.ro, 2014-12-05
At the end of September 2014, the insurance market of Cyprus totaled EUR 549 million or 3.9% less y-o-y, according to the report of the Insurance Association of Cyprus on insurers' performance. On the main insurance classes, the largest decrease in GWP was reported in life insurance, from EUR 243 million to EUR 227 million (or 6.4% less y-o-y), while the non-life segment decreased by 2.1% y-o-y to EUR 321 million.
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STATISTICS: GREECE, 3Q2014: Life policies have slowed the insurance market decline to 1%
by vlad.boldijar@mxp.ro, 2014-12-05
The Greek insurers reported gross written premiums of EUR 2.8 billion in 3Q2014, down 1% y-o-y, according to a Report published by the Hellenic Association of Insurance Companies (HAIC). The Report includes figures from 59 insurers, representing 94.4% of the market's GWP. Of these, 21 were active on the life insurance segment (97.8% market share) and 48 were active on the non-life segment (91.9% market share).
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Are you interested in one of the largest emerging insurance markets? Register now at the African Insurance Forum 2015!
by adina.tudor@mxp.ro, 2014-12-03
According to official statistics, at the end of 2013, only 3.5 percent of the African market was insured, indicating a vast opportunity for insurance firms. Given this context, the African Insurance Forum 2015 addresses the many diverse and complex issues facing leaders of the African general and life insurance sector. The high level conference is dedicated to insurance or reinsurance company executives, brokers, regulators, risk-managers and industry partners. XPRIMM Publications support the event as Media Partner.
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PRESS CUTTINGS
A.M. Best Revises Outlook to Negative and Affirms Ratings of Russian Reinsurance Company JSC

ARMENIA's finance and insurance companies boast highest gross median monthly salary

AZERBAIJAN may join Green Card system already in spring 2015

AZERBAIJAN: BASAK INAM license revalidated

CZECH REPUBLIC: Ice storm hits rail operators and insurers but has little impact on manufacturers or construction firms

French companies AXA and COFACE offer joint export insurance policies in SERBIA

HUNGARY: CIG Pannonia has deposits in Szechenyi Bank

HUNGARY: Insurance law passed by Parliament

KAZAKHSTAN: A.M. Best Affirms Ratings of Standard Insurance Company

Lower risk for HUNGARIAN insurers (Study)

RUSSIA: Sogaz to insure three Gazprom spacecraft for USD 561 million

SERBIA seeks adviser for Komercijalna Banka stake sale

SLOVAKIA wins another dispute with Dovera health insurer

SLOVENIA's watchdog says insurers stress tests show capital adequacy

TURKEY seen as a new frontier for Islamic insurance

TURKEY: CI affirms ratings of Yapi ve Kredi Bankasi

UNIQA narrows negative 9-mo pre-tax earnings in MONTENEGRO

UNIQA turns to positive 9-mo pre-tax earnings in MACEDONIA
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
Andrey T. UNTON
General Director
BELARUS Re

The pressure the international market of reinsurance gets from other capital markets is important. Therefore long-term partnerships between the reinsurers and their clients, the ability to fit the needs of reinsureds and to offer best methods of their interests protection will be the key to success. The reinsurance companies will have to take efforts to explore new products to meet the demands of their clients or they won't be able to compete with alternative capital markets.
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METROPOLITAN LIFE

STATISTIC UPDATES
3Q2014 Slovenia
3Q2014 Slovak Rep.
3Q2014 Hungary
3Q2014 Romania
3Q2014 Bulgaria
3Q2014 Serbia
3Q2014 Greece
3Q2014 Cyprus

EVENTS
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
7th International Insurance Conference
May 27, 2015
Luxembourg Congres Conference Centre
Organizer: Insurance Europe



ON THE MOVE
Juraj LELKES appointed VIG special adviser for Slovakia and Romania
by vlad.boldijar@mxp.ro, 2014-12-08
Last week, VIENNA Insurance Group announced that starting from 1 January 2015, Juraj LELKES (CEO and Chairman of the Managing Board of KOOPERATIVA Slovakia) will hold the position to advise the Chairman of the Managing Board of VIG on the Group's future development in Slovakia and particularly in Romania.
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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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