XPRIMM News
 
Insurance Newsletter, No. 262, February 5, 2015

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INTERVIEW - ON THE MOVE - TOP NEWS - PRESS CUTTINGS - STATISTICS
TOP NEWS
VIG, 2014: GWP level preserved despite the strong adverse exchange rate effects
by daniela.ghetu@mxp.ro, 2015-01-27
According to the preliminary results released today, Vienna Insurance Group (VIG), the leading insurance group in Austria and the CEE region, recorded direct unconsolidated premiums of around EUR 9.4 billion, thereby reaching the same level as the previous year in spite of negative exchange rate effects. Disregarding special currency effects, the organic growth of the Group was of 2.6%. The countries consolidated by the VIG in the "Remaining Markets" segment prove their great potential for the Group's overall business by recording a 10% growth in GWP. Following the 2014 results, VIG reached about 20% market share in its core markets.
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Insurance Europe: Cost of insurance premiums in Europe could rise if the EU doesn't make important changes
by adina.tudor@mxp.ro, 2015-01-27
The cost of insurance premiums in Europe could rise if the EU doesn't make important changes to a set of data protection rules which it is currently considering, said Insurance Europe, the European insurance and reinsurance federation, in a recent press release.
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MUNICH Re, 2014: EUR 3.2 billion profits after a lower than expected impact of major losses
by daniela.ghetu@mxp.ro, 2015-02-05
With a consolidated result of EUR 3.2 billion in 2014, Munich Re was able to roughly maintain the high level of EUR 3.3 billion from the previous year. CFO Jorg SCHNEIDER summed up the preliminary figures: "With this good result, we have once again demonstrated our robust earnings strength. It is especially pleasing that all business fields have contributed to this success again in the past year."
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STATISTICS: CIS INSURANCE IN 3Q2014: GWP down by 10% due to difficult international situation
by olesea.adonev@mxp.ro, 2015-02-03
The consolidated results of the CIS insurance markets for 3Q2014, denominated in EUR, show an about 10% y-o-y decline in GWP terms, mostly driven by the difficult economical and political situation. In some cases the significant depreciation of the national currencies against the EUR/USD also contributed greatly to the negative trend.
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STATISTICS: CROATIAN insurers' 2014 GWP down by 5.7% due the negative rates reported on the main non-life sub-segments
by vlad.boldijar@mxp.ro, 2015-01-30
Croatian insurers reported gross written premiums of HRK 8.56 billion (EUR 1.11 billion) in 2014, down 5.68% y-o-y, according to the preliminary market figures published by the Croatian Insurance Bureau. On insurance classes, the non-life segment saw a 9.4% decrease, to HRK 5.92 billion, while the life insurance segment generated a business volume of HRK 2.64 billion, up by 3.9% compared to FY2013.
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STATISTICS: BiH insurers reported a 6.6% GWP growth-rate and a 24.2% increase in claims in 2014
by vlad.boldijar@mxp.ro, 2015-01-30
At the end of 2014, the 24 insurers activating in the two administrative entities that formed Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported gross written premiums of BAM 562 million (EUR 287.4 million), up 6.6% y-o-y, according to the aggregate figures from the two market authorities.
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STATISTICS: MONTENEGRIN market ended 2014 "in red", influenced by decreases in property and motor insurance
by vlad.boldijar@mxp.ro, 2015-01-30
The Montenegrin insurance market totaled EUR 72.41 million at the end of 2014, 0.50% less y-o-y, according to the preliminary statistics published by the local Insurance Supervision Agency. As in the previous reporting periods, the two market segments recorded similar dynamics: Non-life insurance GWP was down by 3.31% (to EUR 59.85 million), while the total life insurance premium grew by 15.45% (to EUR 12.56 million).
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STATISTICS: Compulsory motor insurance pushed up the ALBANIAN market by 36.2% in 2014
by vlad.boldijar@mxp.ro, 2015-01-30
Albanian insurers reported gross written premiums of ALL 11.6 billion (EUR 83 million) at the end of 2014, or 36.2% more y-o-y, being strongly influenced by the positive growth rates recorded by the three compulsory motor classes: DMTPL (+89%), Green Card (+57%) and Border policies (+50%). At the same time, the aggregate value of paid claims was approximately ALL 2.8 billion (EUR 20 million) or 4.7% more compared with FY2013.
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STATISTICS: KOSOVO insurers reported a 3.5% increase in 2014, supported by positive rates in voluntary classes
by vlad.boldijar@mxp.ro, 2015-02-04
Last year, the Kosovo insurance market totaled EUR 80.08 million, or 3.48% more y-o-y, according to the preliminary statistics published by the Central Bank of the Republic of Kosovo (CBK). At the same time, the volume of paid claims by local insurers decreased significantly by 18.90%, to EUR 31.18 million.
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Credit Europe Asigurari
PZU will spend PLN 800m on developing the healthcare business, as part of its PZU 3.0 strategy
by daniela.ghetu@mxp.ro, 2015-01-29
Poland's top insurer, PZU, plans to spend PLN 800 million on the development of its healthcare segment by 2020, including PLN 450 million on acquisitions, CEO Andrzej KLESYK said. In its home market, PZU targets an over 35% market share on the non-life insurance segment and an over 43% share of the Polish life insurance business.
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EULER HERMES has opened an office in BULGARIA and estimates +2% GDP growth in 2015
by vlad.boldijar@mxp.ro, 2015-02-04
The French-based credit insurer EULER HERMES announced it has opened an office in Bulgaria (Sofia) to provide trade credit insurance services to local companies. "Growth markets in Eastern Europe are an increasing focus for our European clients and the Sofia office adds to our ability to provide them with local market business intelligence for safe, sustainable growth", said Ludovic SENECAUT, CEO of EULER HERMES Northern Europe Region.
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FAIRFAX to acquire QBE's UKRAINIAN business
by vlad.boldijar@mxp.ro, 2015-02-04
Canadian financial services holding FAIRFAX announced that it has entered into an agreement with QBE Management (Ireland) Limited and its Ukrainian partner to acquire QBE's insurance operations in Ukraine. According to the Toronto-based holding's press release, the transaction is subject to customary closing conditions, including various regulatory approvals and is expected to close by the second quarter of 2015.
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PZU sold its LITHUANIAN unit for EUR 54 million
by vlad.boldijar@mxp.ro, 2015-02-03
The Polish PZU, one of the largest CEE insurance groups, announced, on February 3rd, that it agreed to sell 99.88% shares in its Lithuanian subsidiary PZU Lietuva to Norway 's GJENSIDIGE Forsikring for EUR 54 million, to complete last year's EUR 360 million takeover of RSA Group's assets in Baltic States.
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The GEORGIAN insurers must change their legal form until the 1st of July, 2015
by olesea.adonev@mxp.ro, 2015-02-03
According to a new legislative proposal in Georgia, the insurance companies, which are currently registered as Limited Liability Companies, must change their status and form a Joint Stock Company until the 1st of July, 2015.
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PASHA Hayat Sigorta: Over 80% increase in assets in 2014 and double digit growth of the business volume
by daniela.ghetu@mxp.ro, 2015-02-03
PASHA Hayat Sigorta JSC recorded in 2014 a 83.2% y-o-y increase of its assets volume, to AZN 94.8 million (~ EUR 99 million), according to a recent statement of the company's Director on Strategic Development, Israil GARAYEV made for the Trend Agency.
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Heading towards an ideal fraud detection system
by adina.tudor@mxp.ro, 2015-02-02
In business, we have to deal with fraud whether we like it or not. However, the insurance industry, which acts as a magnet for fraudulent attempts, has to deal with it literally on a daily basis. There is no way of preventing clients and employees from executing fraudulent attempts, but what can be done is to provide for successful fraud management using a capable detection system.
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Russian Reinsurance in new conditions - Opportunities and Risks
by olesea.adonev@mxp.ro, 2015-02-03
The Russian reinsurance sector will be one of the main topics debated during the XIX Annual Reinsurance Conference, which takes place between April 16th and 17th in the President Hotel, Moscow, Russia. The event is organized by All-Russian Insurance Association (ARIA), Reinsurers' Committee, and co-organized by DELOVOY Format Group. PRIMM Insurance & Pensions Magazine supports this event as Media Partner.
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PRESS CUTTINGS
A look at the car insurance system in ROMANIA

ACE Reports Fourth Quarter Operating of USD 827 million and Record Full-Year Earnings of USD 3.3 billion

Azerbaijan Insurers Association approved budget and work plan for 2015

AZERBAIJAN: PASHA Life became the first insurer to introduce Asan Imza mobile e-signature service

EBRD ready to develop new investment tools for AZERBAIJANI insurers

Everest Re Group Reports Record Operating Earnings for 2014

In January AZERBAIJAN insured almost 66,000 cars in compulsory order

Insurance volume placed via brokers in UKRAINE declines

PartnerRe's Q4 and full-year 2014 results reveal a solid year for the firm

POLISH insurer PZU sees return on equity at 20 pct in 2020

RUSSIA: Rosgosstrakh insured motor fleet of Chuvash Republic government

RUSSIA: SOGAZ insured employees of BaselCement-Pikalevo

SERBIAN parliament adopts set of laws on banks and insurers

Slovak Telekom offers insolvency insurance

TRIGLAV Group chooses SimCorp Dimension

ON THE MOVE
Peter BRAUMULLER replaces Victor ROD as Alternate Chair of EIOPA
by daniela.ghetu@mxp.ro, 2015-01-29
The Board of Supervisors of the European Insurance and Occupational Pensions Authority (EIOPA) elected Peter BRAUMULLER, Managing Director at Finanzmarktaufsicht - Austria, as EIOPA's alternate Chair, the European supervisor announced.
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VIG
JLT

CURRENT REPORTS
XPRIMM INSURANCE REPORT 1H2014
RUSSIA 1H 2014
TURKEY FY 2013 and 1H2014
AZERBAIJAN 1H 2014
KAZAKHSTAN FY 2013 and 1H2014

BELARUS Re
GRECO

ON THE MOVE
Thomas BRINKMANN joins FRISS as Country Manager for Greece and Cyprus
by andreea.radu@mxp.ro, 2015-02-03
FRISS announced that starting February 1st it will begin an exclusive cooperation with Thomas BRINKMANN, Managing Partner of TBconsult, for the Greek and Cypriot market.
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CertAsig appointed a new Chief Personal Accident Underwriter
by adina.tudor@mxp.ro, 2015-01-28
CertAsig started the year 2015 with another new high profile hire. Dorina GEORGESCU, well-known specialists on the Romanian insurance market, joined CertAsig as the Chief Personal Accident Underwriter.
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EUROINS

STATISTIC UPDATES
FY2014 Croatia
FY2014 Bosnia-Herzegovina
FY2014 Montenegro
FY2014 Albania
FY2014 Kosovo
METROPOLITAN LIFE


EVENTS
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
For details: www.consumerprotection.ro
3rd Annual Claims Forum
March 11-13, 2015
Munich, Germany
Organizer: FLEMING Europe
Media partner: XPRIMM Publications
For details: finance.flemingeurope.com
IX International Conference "Insurance in Central Asia"
April 14-15, 2015
Almaty, Kazakhstan
Organizer: InterConsult Info
With the support of the Kazakhstan Association of Insurers
Media Partner: XPRIMM Publications
For details: www.allinsurance.kz

Russian Reinsurance Conference
XIX Edition
April 16-17, 2015
Moscow, Russia
Organizers: All-Russia Insurance Association & DELEVOY Format Group
Media coverage: XPRIMM Publications
For details: ins-df.com/reconference
XI - Annual International Risk Management Conference
April 16-17, 2015
Almaty, Kazakhstan
Organizer: JSC Eurasia Insurance Company
Media Partner: XPRIMM Publications
For details: www.theeurasia.kz
IIF 2015 - Motor Insurance - The Road towards profitability
April 19-20, 2015
Istanbul, Turkey
Organizers: Media XPRIMM and Istanbul Underwriting Center
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com
The Future of General Insurance in Africa
April 23-24, 2015
Organizer: Landsberg Communications International - LCI
Media Partner: XPRIMM Publications
For details: www.lcisa.com
FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
For details: www.fiar.ro
7th International Insurance Conference
May 27, 2015
Luxembourg Congres Conference Centre
Organizer: Insurance Europe


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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

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