XPRIMM News
Insurance Newsletter, No. 284, October 29, 2015

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INTERVIEW - ON THE MOVE - TOP NEWS - PRESS CUTTINGS - CURRENT REPORTS

TOP NEWS
VIG completes acquisition of Latvian non-life insurer Baltikums
by mihai.cracea@mxp.ro, 2015-10-28
In July this year Austrian VIENNA Insurance Group signed an agreement to acquire 100 percent of shares in Riga-based BALTIKUMS AAS. The transaction has now been concluded after the relevant authorities gave their approval. As a result of the acquisition, Vienna Insurance Group is now one of the top five insurers on the Latvian market.
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Swiss Re reports 12% rise in net income to USD 3.7 billion for 3Q 2015
by vlad.boldijar@mxp.ro, 2015-10-29
Swiss Re reports a net income of USD 3.7 billion for 3Q 2015, 12% up y-o-y, of which USD 1.4 billion was earned in the third quarter, as the reinsurer announced today in a statement. "Generally, the result benefited from disciplined underwriting, low natural catastrophe losses as well as reserve releases and strong results in Life & Health Reinsurance", pointed out the Swiss Re representatives.
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STATISTICS: CROATIAN insurers 3Q GWP up by 2.43% y-o-y
by vlad.boldijar@mxp.ro, 2015-10-29
Croatian insurers posted aggregate GWP of HRK 6.72 billion (about EUR 881 million) in the first nine months of 2015, up 2.43% y-o-y, according to the preliminary statistics published on Croatian Insurance Bureau website. Non-life GWP decreased by 2.65% y-o-y to HRK 4.55 billion, while the life insurance segment totaled HRK 2.17 billion, or 15.04% more.
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EIG business up by almost 50% in 3Q due to the impressive growth-rate reported on MTPL by the Romanian subsidiary
by vlad.boldijar@mxp.ro, 2015-10-29
According to the preliminary figures published by the Bulgaria-based EUROINS Insurance Group (EIG), in 3Q2015 the value of GWP was up by 48.8%, to EUR 169.6 million, mostly driven its Romanian subsidiary results.
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STATISTICS: ALBANIA 3Q2015: Life insurance loses ground; non-life remains in the double digit growth territory
by daniela.ghetu@mxp.ro, 2015-10-29
Albanian's insurance market uptrend continued in the third quarter of 2015, with GWP increasing by about 17% y-o-y, to ALL 10.07 billion (EUR 71.76 million). However, as compared with the results reported in the previous quarters, the market dynamic is slowing down, as the impact of the strong increase in the MTPL prices is somehow dissipating after more than one year from the FSA's corrective measures enforcement.
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Credit Europe Asigurari
AM Best affirms A ratings of Assicurazioni GENERALI and its main subsidiaries
by vlad.boldijar@mxp.ro, 2015-10-29
The rating agency AM Best announced on October 23th that it has affirmed GENERALI's FSR rating at A (Excellent). At the same time, for the first time, AM Best has assigned the same FSR rating also to the subsidiaries GENERALI Italia and CESKA pojistovna (Czech Republic).
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SAVA Re: AM Best affirms A- ratings with a stable outlook
by vlad.boldijar@mxp.ro, 2015-10-29
On 20 October 2015 after its regular annual review, the rating agency AM Best affirmed the financial strength rating and issuer credit ratings of Pozavarovalnica SAVA (SAVA Re) of A- (Excellent) with a stable outlook. SAVA Re is the operating holding company of the Slovenian SAVA Re Group
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EIOPA Conference 2015: Managing change, the next challenge
by daniela.ghetu@mxp.ro, 2015-10-29
Managing change is the generic title of the EIOPA Conference's 2015 edition which will take place on Wednesday, 18 November 2015, at the Congress Center Messe Frankfurt, Frankfurt am Main. As always, the event will put under debate the European regulator body's views on the latest trends in the insurance and occupational pensions sectors. XPRIMM Publications support the conference as Media Partner.
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XPRIMM Insurance Report CEE, SEE & CIS: Italian insurers win betting on life insurance
by daniela.ghetu@mxp.ro, 2015-10-29
Italy's insurance market remained buoyant in 2014 and is well-placed to continue to grow in 2015, driven by demand for life products, notes AM Best in its recent market review launched. A second consecutive year of double-digit expansion in GWP came despite a difficult economic environment, although the Italian government is gradually making headway with its reforms to stimulate productivity.
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Telematics For Usage-Based Insurance discussed next week in Berlin
by daniela.ghetu@mxp.ro, 2015-10-29
Having been in use for over a decade in commercial vehicles, the insurance sector is exploring the opportunities of using telematics technology. Currently, the number of insurance telematics policies in force in the European market reached 4.8 million in the last quarter of 2014 and it is growing at a compound annual growth rate of 42.4% per year. The total number of policies is expected to reach 28.1 million by 2019.
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STATISTICS: AZERBAIJAN, 3Q2015: The double digit growth for life insurance maintained
by olesea.adonev@mxp.ro, 2015-10-29
In 3Q2015, the GWP collected by the local companies reached to AZN 339.26 million, up by 8% y-o-y. In the reporting period, GWP for the Non-Life segment grew by 5.43%, while life insurance line increased by 15.95% y-o-y, according to data presented by the Ministry of Finance of the Republic of Azerbaijan.
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UKRAINE: Impressive growth in premiums and contracts for GLOBUS VIG in 3Q2015
by vlad.boldijar@mxp.ro, 2015-10-29
According to the preliminary data published by the Kyiv-based insurer GLOBUS Vienna Insurance Group (VIG), in 3Q2015 the company has earned UAH 131.9 million (about EUR 5.3 million) of insurance premiums, 53% more y-o-y, while the number of concluded contracts increased by 13.2% to 271,190.
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MOLDOVA: Development of the risk-based supervision system of the non-banking financial markets supported by an EUR 1.3 million EU contribution
by oleg.doronceanu@mxp.ro, 2015-10-29
The European Union has launched a new Twinning Project in the field of prudential regulation and supervision of the non-banking financial market in Moldova, according to the official press-release published by the National Commission for Financial Markets. The project is financed by the European Union to the tune of EUR 1.3 million.
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MOLDOVA: In 1H2015 the share of mediated premiums by the brokerage companies rose to 31.3% of the total volume of GWP
by olesea.adonev@mxp.ro, 2015-10-29
In the first half of 2015, the premiums mediated by the Moldavian insurance brokerage companies went up by 13% y-o-y, to MDL 179.35 million, according to the official data published by the National Commission of Financial Market of Moldova.
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EUROINS

QATAR reports premium growth of 20% in the first nine months
by mihai.cracea@mxp.ro, 2015-10-27
QATAR Insurance Company (QIC) reported record Gross Written Premiums of QAR 5.38 billion (USD 1.48 billion) for the first nine months of 2015, demonstrating a strong growth of 20% compared to the same period of the previous year.
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Motor insurance and technological progress under debate in Rome
by daniela.ghetu@mxp.ro, 2015-10-29
With the implementation of the European Commission's eCall initiative around the corner, there's been much speculation around technologies role within the Motor Insurance industry. The European Motor Insurance Summit's agenda is designed to provide a comprehensive look upon what the motor insurance industry's future may be. XPRIMM Publications support the event as Media Partner.
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AXA reported revenues of EUR 76 billion in 3Q with growth across all business lines
by vlad.boldijar@mxp.ro, 2015-10-29
The French insurer AXA reported total revenues of EUR 76 billion for 3Q 2015, up by 9% y-o-y "with growth across all business lines", as the group representatives pointed out in a statement. "AXA's Life & Savings business grew in both emerging and mature markets with on-going success in Unit-Linked and Protection & Health offers. AXA's Property & Casualty revenues continued to increase, with notably a strong performance in direct business", commented Denis DUVERNE, Deputy Chief Executive Officer of AXA.
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The strong US dollar impacted the Q3 MMC revenues
by vlad.boldijar@mxp.ro, 2015-10-29
MARSH & McLennan Companies (MMC) reported for the third quarter of 2015 consolidated revenues of USD 3.11 billion, a decline of 0.8% y-o-y, "reflecting the continuing impact of the strong US dollar", the company representatives said in a statement. For the nine months of 2015, MMC reported revenue of USD 9.55 billion, down by 1.5% y-o-y while the net income increased 4.5% to USD 1.22 billion.
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AEGON
GLOBASIG

PRESS CUTTINGS
A.M. Best Affirms Ratings of Munich Reinsurance Company and Its Subsidiaries

ACE Reports Record Operating Income per Share of USD 2.74 for Third Quarter

AZERBAIJAN: A.M. Best Affirms Ratings of AzRe Reinsurance

BOSNIA's Standard Group to recapitalise Bobar Osiguranje

BULGARIA's Alfa Finance Holding sells majority stake in insurer BrokerIns

BULGARIA's Bulstrad eyes VIG loan to boost capital, liquidity position

HUNGARY, MNB: Insurers must validate contracts with former Astra policy holders

NBS and Insurance Supervision Agency of Macedonia Sign a Cooperation Agreement

NN Hungary wins coveted international marketing award

Willis Group Reports Third Quarter 2015 Results

FIAR 2016: Registration is now open!
by adina.tudor@mxp.ro, 2015-10-29
Do you want to join hundreds of international insurance and reinsurance markets professionals discussing the most important industry trends in 2016? The registration for the International Insurance-Reinsurance Forum - FIAR 2016 has officially opened! Register now to benefit from the early bird fee!
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INTERVIEW
Vaagn AGHAVELYAN
Deputy CEO
ROSGOSSTRAKH Armenia

The Government program for the implementation of an agricultural insurance institution in the country is still under development stage, and Armenian insurance companies are involved in this process but it is early to talk about any product. In order to involve insurance companies in agro-insurance there is a need to create a certain infrastructure and to appoint a regulator like the Motor Insurers' Bureau.
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VIG
CURRENT REPORTS
AZERBAIJAN - FY 2014
AZERBAIJAN 1H2015 supplement
KAZAKHSTAN FY2014 & 1H2015
RUSSIA FY 2014
RUSSIA 1H2015
TURKEY FY2014 & 1H2015
ROMANIA 1H2015
XPRIMM Ins. Report CEE, SEE & CIS – 1H2015
XPRIMM Ins. Report CEE, SEE & CIS – FY2015
XPRIMM Motor Ins. Report FY2014
XPRIMM Motor Ins. Report 1H2015 supplement
XPRIMM Property Ins. Report FY2014

JLT

STATISTIC UPDATES
Croatia 3Q2015
Albania 3Q2015
Azerbaijan 3Q2015

ON THE MOVE
Swiss Re proposes Sir Paul TUCKER to be elected to its Board at the AGM in April 2016
by vlad.boldijar@mxp.ro, 2015-10-29
Swiss Re's Board of Directors will propose Sir Paul TUCKER as a new member for election at the Annual General Meeting on 22 April 2016 as part of the continued aim to further diversify and renew its composition, as the reinsurer announced in a statement.
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ACHMEA: Michal SPANAR appointed CEO of UNION Slovakia
by vlad.boldijar@mxp.ro, 2015-10-29
Starting October 12, 2015, Michal SPANAR has been appointed Chief Executive Officer (CEO) of UNION, ACHMEA's insurance company in Slovakia. Michal SPANAR brings more than 15 years of relevant industry experience, having previously served in different executive roles at ING Group, ALLIANZ and other financial services companies.
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EVENTS
CertAsig Annual Marine and Aviation Cocktail
November 4, 2015
Four Seasons Hotel, Istanbul
Telematics For Usage-Based Insurance
5-6 November, 2015
Hotel Pullman Berlin Schweizerhof, Berlin, Germany
Organizer: Uniglobal
Official Publication: XPRIMM Publications
For details: www.uni-global.eu
Croatian Insurance Days
November 4-6, 2015
Opatija, Croatia
Organizer: Croatian Insurance Bureau
Co-organizer: Croatian Chamber of Economy
Media Partner: XPRIMM Publications
For details: www.dani-osiguranja.huo.hr
EIOPA Conference
November 18, 2015
Frankfurt am Main, Germania
Organizer: EIOPA
For details: www.eurofinanceweek.com

BELARUS Re
TRUST RE

November Business Meetings of Reinsurers
November 2015
Moscow, Russia
Organizer: All-Russian Insurance Association (ARIA)
Co-organizer: Delovoy Format Group
Media Partner: XPRIMM Publications
For details: ins-df.com/en/nbm2015
Professional and Financial Lines Insurance Forum Middle East
December 7-8, 2015
Dubai, United Arab Emirates (UAE)
Organizer: C5
Media Partner: XPRIMM Publications
For details: www.c5-online.com
9th Annual BancAssurance Forum
9-10 February 2016
Madrid, Spain
Media Partner: XPRIMM Publications
For details: finance.flemingeurope.com

SRBA

The European Motor Insurance Summit 2015
February 11-12, 2016
Rome, Italy
Media Partner: XPRIMM Publications
For details: finance.flemingeurope.com
IIF 2016 - Motor Insurance - The Road towards profitability
April 17-19, 2016
Istanbul, Turkey
Pera Palace Hotel
Organizers: Media XPRIMM and Istanbul Underwriting Center
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com
FIAR 2016 - The International Insurance - Reinsurance Forum
May 15-19, 2016
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details: www.fiar.ro


THE EDITORIAL STAFF:

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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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