XPRIMM News
Insurance Newsletter, No. 286, November 12, 2015

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INTERVIEW - POINT OF VIEW - TOP NEWS - PRESS CUTTINGS - CURRENT REPORTS

TOP NEWS
HUNGARY: Transparency, products comparability and tax benefits for pension insurance expected to boost life insurance
by daniela.ghetu@mxp.ro, 2015-11-12
Hungarian life insurance saw difficult times throughout the years following to the 2008 crisis. Still, the 2011 nationalization of the private pensions' Pillar II segment seems to have resulted in a renewed interest shown by customers for the pensions insurance products. In addition, the TKM (Total Cost Indicator) introduction added a well appreciated degree of transparency and comparability to the life insurance products, easing the customer's choice.
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GFIA roundtable debates common supervision of international insurers and capital standards
by mihai.cracea@mxp.ro, 2015-11-11
The development of a common framework (ComFrame) for the supervision of internationally active insurance groups (IAIGs), was the main topic on the agenda of the most recent regulatory roundtable of the Global Federation of Insurance Associations (GFIA) hosted in Marrakesh, Morocco.
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Croatian Insurance Days motor insurance panel takeaways
by daniela.ghetu@mxp.ro, 2015-11-09
Motor insurance plays a crucial role on the Croatian market, but is still fairly price sensitive, mainly because the final beneficiary is usually a third party. Here are the main takeaways of the motor insurance panel from "Croatian Insurance Days", which took place between the 4th and 6th of November in Opatija.
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ALLIANZ 3Q2015: solid business fundamentals entitles Group's expectations for an operating profit of EUR 10 to 10.8 billion
by daniela.ghetu@mxp.ro, 2015-11-12
Over the first nine months of the year, ALLIANZ Group total revenues rose 3.5% to EUR 95.5 billion. Operating profit remained stable at EUR 8.15 billion. Net income attributable to shareholders increased 3.9% to EUR 5.20 billion.
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Credit Europe Asigurari
GENERALI, 3Q2015: Net profit of EUR 1.7 billion, already surpassing 2014 full year result
by daniela.ghetu@mxp.ro, 2015-11-12
"In the first nine months of 2015 GENERALI has continued to improve technical performance. There has been significant growth in terms of premium income and profitability both in Life and, in particular, in P&C, reaching a net profit of EUR 1.7 billion, already surpassing 2014 full year result," stated Alberto MINALI, Generali Group CFO commenting on the Group's 3Q results.
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MUNICH Re 9 months profit down by 2% y-o-y to EUR 2.39 billion
by vlad.boldijar@mxp.ro, 2015-11-12
MUNICH Re reported a consolidated profit of EUR 2.39 billion for the first nine months of 2015 - down by 2% from EUR 2.43 billion in 3Q 2014, while in the third quarter, the Group posted a profit of EUR 525 million (vs. EUR 736 million in Q3 2014). "For the current financial year, MUNICH Re is still aiming for a profit of at least EUR 3 billion", as the reinsurer affirmed in a press release.
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ZURICH reports BOP of USD 2.5 billion for first nine months of 2015
by vlad.boldijar@mxp.ro, 2015-11-12
ZURICH Insurance Group reported a business operating profit (BOP) of USD 2.5 billion and net income attributable to shareholders (NIAS) of USD 2.3 billion for the nine months ended September 30, 2015, the company said in a statement. "These results are in line with the preliminary update that we released in September in response to the underperformance in parts of our General Insurance business", declared Chief Executive Officer Martin SENN.
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STATISTICS: The Czech Rep., 3Q2015: Reinvigorated cars sales support the non-life insurance market growth
by daniela.ghetu@mxp.ro, 2015-11-12
The Czech insurance market ended the first three quarters of 2015 with GWP of EUR 3.23 billion (CZK 87.96 billion), 1.87% up y-o-y, according to data provided by the Czech Insurance Association (CAP). Non-life recorded a positive change in GWP, acting thus as the market driver, while the life insurance segment saw a further decrease in premiums.
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EUROINS

STATISTICS: KOSOVO 3Q insurance market down by 0.3% y-o-y
by vlad.boldijar@mxp.ro, 2015-11-12
In 3Q 2015 the Kosovo insurers reported a slight y-o-y decrease in GWP, of 0.27%, to EUR 61.03 million, as the Central Bank data showed (Note: The figures presented by CBK include only the insurers' activity on non-life segment). Claims paid by local insurers for this period increased significantly by 17.54% y-o-y to EUR 23.07 million.
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MOLDOVA 3Q2015: Stagnation in GWP, decreasing claims expenses
by olesea.adonev@mxp.ro, 2015-11-12
The GWP, in the first nine months, by the 15 Moldavian insurance companies active on the local market, totaled MDL 909.25 million (EUR 44.16 million), up by 1% y-o-y, according to the official data published by the National Commission for Financial Market of Moldova.
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4 in 10 Romanians consider that fires is the biggest threat to their homes
by adina.tudor@mxp.ro, 2015-11-12
4 in 10 Romanians see fires as the most important risk that threatens their homes, while 3 out of 10 Romanians consider that earthquakes pose the biggest threat, showed an online survey taken during the national informational campaign "October - The Household Insurance Month".
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Corporate Governance is rapidly changing- what are the implications for the insurance market? Find out at the Professional and Financial Lines Insurance Forum Middle East!
by oana.racatej@mxp.ro, 2015-11-12
Throughout the Middle East, the regulatory reforms are increasing the take up of insurance policies, in particular. Also the sheer number of construction projects has resulted in an uptake of Professional Indemnity Insurance. All of these are present challenges and require complex solutions.
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ROSGOSSTRAKH Armenia - first local insurer surpassing 1 million MTPL policies
by daniela.ghetu@mxp.ro, 2015-11-12
ROSGOSSTRAKH Armenia, a subsidiary of Russian Rosgosstrakh insurance company, has announced it is the first player of local market surpassing 1 million mandatory MTPL policies sales. The company sees this performance as the result of the the high level of citizens' trust in their services.
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AEGON
GLOBASIG

PRESS CUTTINGS
Fund invests EUR 4 mln in ROMANIAN insurance broker

MetLife Announces Third Quarter 2015 Results

Aegon reports third quarter 2015 results

AZERBAIJAN prepares a marketing plan of insurance education for 2016

BOSNIAN insurer Bobar Osiguranje cuts capital by 6.1 mln euro

GREECE: NN Hellas finds opportunities, despite economic difficulties

HUNGARIAN Post Life Insurance caters to neglected customers

ING's ROMANIAN life insurer unit 9-mo gross premiums up 2.5%

Moody's upgrades Uzbekinvest's insurance financial strength rating to Ba3; outlook stable

NN Group delivers continued solid performance in 3Q15

RUSSIA's insurers are too driven by the motor market

INTERVIEW
Melda SUAYIPOGLU
Corporate Business Officer
ALLIANZ Turkey

While Turkey's per capita income is above the world average, per capita insurance spending is merely a quarter of the world average and one-tenth of the European average. Insurance has yet to reach the desired level in Turkey.
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VIG
CURRENT REPORTS
AZERBAIJAN FY 2014 & 1H2015 supplement
KAZAKHSTAN FY2014 & 1H2015
RUSSIA FY 2014 & 1H2015
TURKEY FY2014 & 1H2015
ROMANIA 1H2015
XPRIMM Ins. Report CEE, SEE & CIS – FY2014 & 1H2015
XPRIMM Motor Ins. Report FY2014 & 1H2015 supplement
XPRIMM Property Ins. Report FY2014

POINT OF VIEW
Crisis realities impact Engineering insurance in Russia

Describing the general situation in the Russian construction industry, it is also important to notice absence of any new system players - companies with or without international capital, which appears anyway a very obvious and expected outcome.
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JLT

STATISTIC UPDATES
Czech Rep 3Q2015
Kosovo 3Q2015

EVENTS
EIOPA Conference
November 18, 2015
Frankfurt am Main, Germania
Organizer: EIOPA
For details: www.eurofinanceweek.com
November Business Meetings of Reinsurers
November 24-25, 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

BELARUS Re
TRUST RE

5th Annual Middle East and Africa Insurance Summit
January 19-20, 2016
Dubai, United Arab Emirates
Organizer: Fleming Gulf
Media Partner: XPRIMM Publications
For details: finance.fleminggulf.com

5th Annual Insurance Claims Management Conference
January 21-22, 2016
Prague, Czech Republic
Organizer: Uniglobal
Official Publication: XPRIMM Publications
For details: www.uni-global.eu

6th Annual Bancassurance Conference - Russia & CIS
February 4-5, 2016
Moscow, Russia
Organizer: Uniglobal
Official Publication: XPRIMM Publications
For details: www.uni-global.eu
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
Organizers: Media XPRIMM and Istanbul Underwriting Center
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com


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

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