Insurance Newsletter, No. 304, March 31, 2016

Click here to subscribe!
Click here to unsubscribe!

Mehmet Akif EROGLU, General Secretary TSB presents the Turkish motor insurance market's perspectives at IIF 2016
by Daniela GHETU, 2016-03-31
Turkish insurance sector's profitability remains largely driven by the performance of the motor insurance segment, says a report released by Fitch at the end of 2015, indicating the rising bodily injury claims and a significant increase in reserves as the main challenges that Turkish insurers have to deal with.

Trust Re Net Profit up 100% in 2015
by Mihai CRACEA, 2016-03-29
In the twelve months ended 31st December 2015, Trust Re achieved Gross Written Premiums of USD 475.9 million, up 5.1% compared to the previous reporting period (2014: US$ 452.6 million).
The Group's profits rose significantly, by 100%, to USD 30.8 million (2014: 15.4 million) primarily due to very strong non-technical income, in particular a one-off realised gain on sale of shares during the first half of the year.
More Продолжение

VISTA Equity Partners finalizes the acquisition of SOLERA Holdings
by Adina TUDOR, 2016-03-31
The acquisition of SOLERA Holdings by an affiliate of VISTA Equity Partners was officially finalized this month. Other key investors include an affiliate of Koch Equity Development LLC, the investment and acquisition subsidiary of Koch Industries, Inc., and an affiliate of Goldman, Sachs & Co. The acquisition strategically combines SOLERA's world-class risk and asset management solutions with VISTA's technology-focused operational and financial expertise.

STATISTICS: TURKEY, FY 2015: MTPL insurance segment drives the non-life business' profitability in negative territory
by Daniela GHETU, 2016-03-31
The Turkish insurance sector ended 2015 with GWP of EUR 9.7 billion, 6% up y-o-y. In local currency, given the Turkish Lira depreciation throughout the year, the market dynamic seems even better, with a GWP y-o-y increase of over 19%, to TR 31.02 billion.

Update: Best performances in the Romanian insurance market awarded by XPRIMM
by Daniela GHETU, 2016-03-25
The best Romanian insurers and insurance brokers were awarded at the Insurance Market Awards Gala. The awards granted by the XPRIMM Publications have highlighted the achievements of companies and insurance brokers in 2015.
The Romanian subsidiary of ALLIANZ, ALLIANZ-TIRIAC Asigurari was named the Company of the Year 2015.

STATISTICS: BULGARIA: Insurance market's net profit up by 82% last year
by Vlad BOLDIJAR, 2016-03-31
The Bulgarian insurance market closed the financial year 2015 with a 10.6% y-o-y growth in GWP, to BGN 1.96 billion (EUR 1.00 billion), according to the preliminary data published by the Financial Supervisory Commision. Paid claims amounted to BGN 1.03 billion (EUR 525.41 million), or 6.46% more y-o-y, while the whole market's net profit reached BGN 83.76 million, or EUR 42.82 million vs. EUR 23.58 million a year before.

NTT DATA to Acquire Dell Services
by Mihai CRACEA, 2016-03-29
NTT DATA and Dell announced they have entered into a definitive agreement for NTT DATA to acquire Dell Services, an IT services provider recognized for its depth in vertical industries and for its offerings around infrastructure services, cloud services, application services, and business process outsourcing.

Digital technologies in support of the property insurance business, discussed in Munich
by Daniela GHETU, 2016-03-31
"A 1% rise in insurance penetration translates into a 13% reduction in uninsured losses, a 22% reduction in the taxpayers' contribution following a major disaster, and increased investment equivalent to 2% of national GDP," says a Lloyd's report*. Still, increasing insurance penetration rates still lags behind the real need in many countries, especially in the less wealthy ones, which threatens even more their economic stability in case of a major natural catastrophe.

Credit Europe Asigurari
HUNGARY: Commissions cashed by agents on investment-linked sales may be limited further by a new law
by Daniela GHETU, 2016-03-31
Commissions cashed by insurance agents on investment-linked (i.e. unit-linked and mixed) insurance policies may substantially decrease in the near future if the new bill demanding cost reduction and increased transparency proposed by the National Bank of Hungary will be adopted, informs potfolio.hu.

EIOPA issues Guidelines to assure the customers' protection in relation with the third-country insurance undertakings
by Daniela GHETU, 2016-03-31
The European Insurance and Occupational Pensions Authority (EIOPA) issued today its Guidelines on the supervision of branches of third-country insurance undertakings under Solvency II in all the official languages of the EU.

Lloyd's, 2015: Decreasing profitability despite the 6% increase in the business' volume
by Daniela GHETU, 2016-03-31
Lloyd's has announced a pre-tax profit of GBP 2.1 billion for 2015, about 30% lower as compared with the previous year. "In a market undeniably tougher than seen for many years, we have had to demonstrate our ability to adapt and take action. In these conditions, these results are creditable and a tribute to the continued skill and professionalism of the Lloyd's market underwriting community," said Lloyd's Chairman, John Nelson.


Anton USTINOV, Ex-adviser of Russian President Vladimir PUTIN, will be the new head of SOGAZ

SOGAZ's Board of Directors announces that Anton USTINOV, Ex-adviser of the President of the Russian Federation, will replaces Sergey IVANOV, as the Chairman of the Board of SOGAZ JSC.
Sergei IVANOV is leaving SOGAZ for a new position in Sberbank.

ALBANIA sells insurer Insig to local peer Eurosig

GREEK insurance market is taking a dive

Insurance market wanes in GREECE

KAZAKHSTAN: A.M. Best Revises Issuer Credit Rating Outlook to Negative for Eurasia Insurance

RUSSIAN companies don't want to insure the Kerch bridge

Total assets of ARMENIA's pension funds stand now at 35.5 billion drams

Insurance Agency of Bosnia and Herzegovina

Increased supervision and activities of the entity agencies for insurance supervision on the adequate application of the premium system in Bosnia and Herzegovina has led to an increase in total premium of compulsory motor third-party liability insurance of 8.29% and an increase in the share of this type of insurance in total premium in non-life insurance of 3.41%.

AZERBAIJAN FY 2014 & 1H2015
KAZAKHSTAN FY2014 & 1H2015
RUSSIA FY 2014 & 1H2015
TURKEY FY2014 & 1H2015
Ins. Report CEE, SEE & CIS – FY2014 & 1H2015
Motor Ins. Report FY2014 & 1H2015
Property Ins. Report FY2014


Vice President of the Aviation Insurance Department
Russian Association of Aviation and Space Insurers

The main challenges of aviation insurers are linked with the state of aviation industry in Russia, which are founded into a structural crisis, characterized by a decline in traffic, large losses, changes in structure of traffic and the structure of cost. During 2015 the crisis grew and the passenger traffic declined.
More Продолжение

Turkey FY2015
Bulgaria FY2015

Russian Reinsurance Conference
XX Edition
April 6-7, 2016
President Hotel, Moscow
Organizers: All-Russia Insurance Association & DELOVOY Format Group
Media coverage: XPRIMM Publications
For details: ins-df.com
3rd International Conference "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia"
April 11-13, 2016
Marriott Courtyard Hotel, Tbilisi, Georgia
Organizer: AgroInsurance International LLC.
Official Publication: XPRIMM Publications
For details: www.agroinsconf.com


X International Conference "Insurance in Central Asia"
April 12-13, 2016
Almaty, Kazakhstan
Organizer: InterConsult Info with the support of the Kazakhstan Association of Insurers
Official Publication: XPRIMM Publications
For details: www.allinsurance.kz


The 12th International Risk Management Conference
April 14-15, 2016
Almaty, Kazakhstan
Organizer: Eurasia Insurance Company JSC
Official Publication: XPRIMM Publications
For details: www.IRMC.kz
IIF 2016 - Motor Insurance - The Road towards profitability
April 17-19, 2016
Istanbul, Turkey
Organizers: Media XPRIMM and IUC
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com
Motor Insurance Conference
April 28-29, 2016
Budapest, Sofitel Budapest Chain Bridge Hotel
Organizers: Croatian Institute for Insurance & XPRIMM
Media coverage: XPRIMM Publications, Svijet Osiguranja
For details: www.xprimm.com
2nd Annual Global Insurance Distribution & Bancassurance Conference
May 12-13, 2016
Munich, Germany
Organizer: C-parity
Media Partner: XPRIMM Publications
For details: www.c-parity.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
2nd Annual Credit Risk Management Forum
May 19-20, 2016
Amsterdam, the Netherlands
Organizer: GLC Europe
Media Partner: XPRIMM Publications
For details: www.glceurope.com
TARSIM International Agricultural Insurance Symposium
June 2-3, 2016
Istanbul, Turkey
Organizer: TARSIM - Agricultural Insurance Pool of Turkey
For details: iais.tarsim.gov.tr