Insurance Newsletter, No. 322, August 25, 2016

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ITALY: At least 241 people killed by earthquake; over USD 1 billion in losses expected
by Daniela GHETU, 2016-08-25
According to the latest report of the Civil Protection Department, the strong Italian earthquake's death toll stands at 241, while thousand of rescuers and volunteers are still struggling to search other possible survivors under the rubble and the ground continues to tremble. The 6.2-magnitude quake hit at 03:36 (01:36 GMT) on Wednesday, August 24th, 100km (65 miles) north-east of Rome. Based on the previous experiences, economical loss may hit over USD 1 billion, according to some sources.
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VIG, 1H2016: Right on track to achieve its financial targets for 2016; "A+" rating with stable outlook confirmed again
by Daniela GHETU, 2016-08-23
VIENNA Insurance Group's half year results for 2016 are right on target, according to Group's latest press release. VIG generated EUR 4.9 billion in consolidated premiums, 0.4% up y-o-y. The restrictive underwriting policy used for single-premium life insurance in many markets continued to have an effect on total premium income. When adjusted for single premium business, total premiums even grew by 4.5% in the first six months of the current year.

PZU, 1H2016: Significant rise in GWP; lower profitability driven by the higher claims ratio in agricultural insurance and the poor investments result
by Daniela GHETU, 2016-08-25
PZU Group generated non-life GWP of PLN 5,335 million, 19.9% up y-o-y, significantly increasing its market share in non-life segment of the Polish market, to 37.3%. Consolidated group's GWP in H1 2016 rose by 8.1% to PLN 9,862 million, while administrative expenses simultaneously fell 7.8% to PLN 758 million (net of Alior Bank).

SAVA Re, 1H2016: Slightly increasing GWP and 16.2% decrease in net profit; 2016 targets still achievable
by Daniela GHETU, 2016-08-24
Slovenian SAVA Re Group ended the first half of 2016 with GWP of EUR 280.0 million, 1.5% up y-o-y. Slovenian non-life insurance business (2.4% growth) and non-Slovenian life insurance business (14.8%) contributed most to the GWP growth. Reinsurance premiums declined by 1.3%.

Credit Europe Asigurari
TRIGLAV Group, H1 2016: Solid business results; S&P Global Ratings credit rating for the Group raised from "A-" to "A"
by Daniela GHETU, 2016-08-24
The TRIGLAV Group operated under challenging market conditions and in a record-low interest rate environment on international financial markets in 1H2016, achieving despite the unfavourable economic environment solid business results which entitle Group's management to expect a Group's annual profit before tax in the budgeted range.
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STATISTICS: GWP in ESTONIA's insurance market up 6.3% in H1
by Vlad BOLDIJAR, 2016-08-25
Estonian insurers reported H1 GWP of EUR 190 million, 6.3% more compared with January-June 2015, according to the market figures published by the Estonian National Statistics Board. At the same time, the value of paid claims increased by 13.7% y-o-y, to EUR 112 million.

STATISTICS: LITHUANIA's H1 market grows 5.74% to EUR 330.20 million
by Vlad BOLDIJAR, 2016-08-25
Lithuania's insurance market (including branches of foreign companies), totalled EUR 330.20 million at the end of June 2016, up by 5.74% y-o-y, according to data published by the Central Bank of Lithuania. Non-life insurance market grew by 11.85% to EUR 230.08 million (69.68 of total GWP), while life insurance market lost 6.05 % to EUR 100.12 million (30.32% of total market).

ERGO in the Baltic States: GWP growth above the market average and a positive bottom line result despite increasing claims paid
by Daniela GHETU, 2016-08-25
ERGO companies operating in the Baltic countries ended the first half of 2016 with consolidated GWP amounting to almost EUR 99 million, 10.7% up y-o-y, outperforming the average growth rate recorded in the Baltic markets, of 5.6%. In the same period, claims totalling over EUR 66 million were paid, with the P&C volume claims raising by about 40% y-o-y.


PZU's updated Strategy 2020: Stronger position on the insurance market and a place among the Top 5 banking groups in Poland are the main targets
by Daniela GHETU, 2016-08-25
The aim of PZU is to achieve the ambitious growth initiatives in the areas of PZU Health Investment and the construction of a strong and profitable market position in banking, reveals the updated Strategy 2020 recently adopted by the Group's top management. The main focus will be on the area, cost, innovation and growth, with a particular attention to profitability and customer service.

STATISTICS: KAZAKHSTAN, 1H2016: MTPL remains the main source of fraudulent business
by Olesea ADONEV, 2016-08-25
In the first half of 2016, GWP reached KZT 202.01 billion (up by 33.41%), while claims went up by 18.37%, to KZT 46.02 billion.

Russia: SBERBANK Life Insurance endowment policies showed increased profitability in 2015
by Olesea ADONEV, 2016-08-25
The current rate of return on SBERBANK Life Insurance policies grew up to 10.05% (in rubles) and 4.01% (in foreign currency) APR during 2015 (whilst being equal to 8.83% (in rubles) and 3.02% (in foreign currency) APR as of December 31st, 2014).
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Armenia: Changes in the process of concluding MTPL contract
by Olesea ADONEV, 2016-08-25
Starting September 1st, 2016, car owners will no longer be required to declare the names of other drivers they allow to drive the vehicles upon buying MTPL insurance, the Bureau of Motor Insurers of Armenia representatives recently declared (source: ArmInfo).
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Zvonko IVANUSIC steps down from the SAVA Re's Board Chairman position

The supervisory board of SAVA Reinsurance Company recalled Zvonko IVANUSIC from the position of both Chairman and Member of the Company's management board as of August 23rd, 2016. Jost DOLNICAR, also a management board member, was appointed as temporary chairman, while the Board itself will continue to function with only three members.

BULGARIAN insurer Euroins 7-mo premium income falls 15.6% y/y

HUNGARY's CIG Pannonia posts record Q2 profit

POLISH regulator seeks capital buffer for Commerzbank unit

RUSSIA: A.M. Best Affirms Ratings of Insurance Company of Gaz Industry SOGAZ

RUSSIA: A.M. Best Places Ratings of Unity Reinsurance Company Ltd Under Review With Negative Implications

RUSSIA: Central Bank revoked the licenses of two insurance companies and five brokers

SLOVENIA: Zavarovalnica Triglav develops free mobile application Triglav Weather

Global Head of Anti-Fraud
Zurich Insurance Company

Establishing a robust anti-fraud culture and awareness in the company may prove crucial to improving financial indicators, will argue Roland WORNER, Global Head of Anti-Fraud , Zurich Insurance Company speaking at the Insurance Fraud Forum, to be held in Munich, Germany, on October 20-21.

Lithuania 1H2016
Estonia 1H2016
Kazakhstan 1H2016


Solvency 2 - Lessons Learned
September 6, 2016
Hotel Union Ljubljana, Slovenia
Organizer: AZN - Insurance Supervision Agency
For details: www.a-zn.si

POLISH Re's 20th Anniversary Celebration
September 8, 2016
Villa Foksal
Warsaw, Poland
More details: www.polishre.com
6th Annual Managing Insurance Assets Conference
September 8-9, 2016
London, United Kingdom
Organizer: Marcus Evans
Media Partner: XPRIMM Publications
For details: marcusevans-conferences-paneuropean.com


Claims Transformation Forum
September 13-14, 2016
London, United Kingdom
Organizer: IQPC - International Quality and Productivity Center
Media Partner: XPRIMM Publications
For details: claimstransformation.com

Les Rendez-vous de Septembre 2016
September 10-15, 2016
Monte Carlo, Monaco
XPRIMM Publications stand at Fairmont Hotel
For details: www.rvs-monte-carlo.com


Chief Data Officer Forum Insurance 2016
September 15, 2016
Swissotel Chicago, Illinois, USA
Organizer: Corinium Global Intelligence
Media Partner: XPRIMM Publications
For details: www.chiefdataofficerinsurance.com
6th Annual Risk Management Forum
September 22-23, 2016
Vienna, Austria
Organizer: GLC Europe
Media Partner: XPRIMM Publications
For details: glceurope.com
Pillar III Reporting and Data Quality Conference
September 22-23, 2016
London, United Kingdom
Organizer: Marcus Evans
Media Partner: XPRIMM Publications
For details: marcusevans-conferences-paneuropean.com
18th Hydra Meeting
September 21-23, 2016
Hydra Island, Greece
Organizer: Hellenic Association of Insurance Companies
For details: www.eaee.gr

AZERBAIJAN FY 2014 & 1H2015
KAZAKHSTAN FY2014 & 1H2015
TURKEY FY2014 & 1H2015
Ins. Report CEE, SEE & CIS – FY2015
Motor Ins. Report FY2015
Property Ins. Report FY2015