XPRIMM News
Insurance Newsletter, No. 323, September 1, 2016

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

TOP NEWS
TRUST Re, 1H2016: Tough market conditions influenced results
by Daniela GHETU, 2016-08-31
TRUST Re achieved Gross Written Premium of USD 290.6 million for the period ended 30 June 2016 (H1 2015: US$ 328.6 million). The Group reported a combined ratio of 93.6% for the period (H1 2015: 92.3%). Net Underwriting profit dropped by 29.2% due to prolonged soft market conditions.
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PCS 's latest Catastrophe Review for the US and Canada released
by Daniela GHETU, 2016-09-01
First-half catastrophe losses in the US are up modestly y-o-y, while event frequency has spiked significantly, shows a recent report presented by Property Claim Services® (PCS®), a Verisk Analytics busines. Second-quarter losses are slightly above the 10 year average of USD 8.4 billion, while frequency is in line with the past decade. But beneath the headline stats of what, in aggregate, has been a mundane first half are significant concentrations of loss.
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VIENNA Insurance Group closes acquisition of BTA Baltic
by Vlad BOLDIJAR, 2016-09-01
VIENNA Insurance Group acquired the majority of shares in BTA Baltic Insurance Company AAS (BTA Baltic), which is headquartered in Latvia and has branch offices in Lithuania and Estonia, the Austrian insurer announced on August 24th: Through the acquisition of BTA Baltic VIENNA Insurance Group becomes one of the top 3 insurers in the non-life market of the Baltic States, having the largest sales network in Latvia, states the Group's press release.
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Claims Corporation Network's clients provided with a FRISS state-of the-art IT solution
by Daniela GHETU, 2016-08-30
FRISS, a global expert in the field of fraud, risk & compliance for the insurance industry has established a partnership with Claims Corporation Network (CCN), European TPA Claims provider offering solutions in the management of national and international (road mobility) claims, aiming at providing CCN clients a state-of the-art IT solution, states a joint press release.
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Credit Europe Asigurari
Re/insurers will be only marginally affected by the last week's eartquake on central Italy
by Daniela GHETU, 2016-09-01
The 6.2-magnitude quake that hit last week 100km north-east of Rome has devastated a number of small medieval towns, causing almost 300 deaths, hundred of injured and thousand people with no house. While the economical will hit over USD 1 billion, insured losses may amount at no more than about USD 200 million, according to several sources.
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Gain insight into the practicalities of the ORSA: Attend the 2nd Annual Practical ORSA Feedback and Risk Appetite Conference
by Adina TUDOR, 2016-09-01
With Solvency II going live in 2016, insurance companies are expected to submit to regulators ORSAs annually. Regulators are now in a position where they are able to give real feedback on the submissions, which firms are very keen to hear. Firms are also interested in getting to grips with the day to day practicalities of embedding the ORSA within not only their risk management framework, but also within their business as a whole, allowing it to make meaningful contributions to the determination and management of risk appetite.
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STATISTICS: BOSNIA, 1H2016: Motor lines generate about 80% of the non-life insurers' expenses for claims
by Vlad BOLDIJAR, 2016-09-01
The aggregate GWP value generated by the Bosnian insurers was up by 7.86% y-o-y to BAM 316.90 million (EUR 162.03 million) in the first half of 2016, according to the figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS). About 71% of total GWP were made by the 12 insurance companies which are registered in the FBiH (or EUR 115 million) the remaining 29% (EUR 47 million) being reported by the 13 RS insurers.
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STATISTICS: TURKEY, 1H: Due to increasing prices, MTPL generates almost one third of the market's GWP
by Vlad BOLDIJAR, 2016-09-01
At the end of June 2016, the Turkish insurance sector totaled TRY 20.66 billion (about EUR 6.4 billion), up by 35.6% y-o-y, according to the preliminary data from the Insurance Association of Turkey (TSB). Non-life insurance GWP was up by 37.83% to TRY 18.14 billion while the life insurance segment reported a 19.52% y-o-y growth-rate.
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6th Annual EIOPA Conference: Registration open until September 12th
by Daniela GHETU, 2016-09-01
The 6th Annual Conference of the European Insurance and Occupational Pensions Authority (EIOPA) will take place on 18 October 2016 at Hotel InterContinental in Frankfurt am Main.
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EUROINS
AEGON

UNIQA H1 pretax profit down by 44.3% y-o-y to EUR 106.2 million
by Vlad BOLDIJAR, 2016-09-01
Austrian insurance group UNIQA announced its H1 technical result fell by 14.5% y-o-y to EUR 57.6 million, operating earnings declined by 31.7% to EUR 145.8 million, while the pretax profit decreased by 44.3% to EUR 106.2 million, influenced by the low interest rates and the launched investment program, as the company said in a report.
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GROUPAMA: Stable premium income and 74% y-o-y decrease in H1 net profit
by Vlad BOLDIJAR, 2016-09-01
French insurer GROUPAMA reported 74% y-o-y decrease in its H1 net profit, to EUR 69 million (EUR 266 million in 1H2015). The economic operating income was down in absolute values by EUR 24 million to EUR 92 million, while the non-life combined ratio was 99.9% (vs. 98.7%). At the same time, GROUPAMA's aggregate premium income remained stable at EUR 9.15 billion.
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QATAR Re: Improved profitability in the first half of 2016
by Daniela GHETU, 2016-09-01
QATAR Re remained on a growth path despite the tough trading conditions in global reinsurance markets. In 1H 2016, the Company increased its GWP to USD 654 million, up 41% y-o-y. The combined ratio improved to 95.8%, from 97.7% in 1H 2015. Supported by a strong investment performance net profit surged by 79% to USD 23.9 million in 1H 2016.
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Call for Papers/Presentations for the Academic Forum organized by the St. John's University's School of Risk Management, in collaboration with IAIS
by Daniela GHETU, 2016-09-01
The Center for the Study of Insurance Regulation (CSIR) of St. John's University's School of Risk Management, in collaboration with the International Association of Insurance Supervisors (IAIS), hosts a one-day academic forum to discuss the IAIS Risk-based Global Insurance Capital Standard (ICS) and would like to invite academicians for presentation of their research findings.
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Have you registered for the 6th Annual Managing Insurance Assets Conference?
by Adina TUDOR, 2016-09-01
The 6th Annual Managing Insurance Assets Conference, taking place in London on September 8-9, 2016, will provide both insurers and asset managers insights into the strategies by which the optimisation of asset allocation is occurring, including dealing with the technical elements, spotlighting attractive asset classes and looking at the future developments of these regulations and the market environment as a whole.
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ANALYSIS
ABILS for insurance companies as potential investors from CEE region

As mentioned in one of the recent industry articles: "While in recent years the main priority for investors was finding yield, last year the focus turned to preserving capital. One asset class that promises to deliver both good income and decorrelation from the wider financial markets is insurance-linked securities (ILS)".

In a nutshell, ILS is a way for (re-)insurers and specialist ILS Funds to hedge an unwanted risk of a really major (especially when it comes to Industry Loss Warranties), but unlikely catastrophe that could jeopardize a company's continued survival or profitability, while conscious investors are in a position to take this risk and therefore work with a pure transaction unlike insurance debt/equity, which bundles with operational, credit, market, and other issues.
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PRESS CUTTINGS
ALBANIAN insurers' GWP rise 3% y/y in Jan-July

ARMENIA: Mergers and portfolio handovers expected in 2016-2018

ARMENIAN insurance companies' profits expected to double in 2016-2018

AZERBAIJAN: Another company may insure cars abroad

AZERBAIJAN: License of Alfa Insurance revoked

BOSNIA's insurer Krajina Osiguranje turns to 4 mln euro net loss in H1

BOSNIA's insurer Sarajevo Osiguranje completes 3-mo restructuring process

BULGARIA: Eurohold swings into profit in H1

Call for faster development of insurance market in Belarus

SLOVENIA: Sava Re shareholders to receive higher dividends this year
TOP EVENT

INTERVIEW
Ekaterina TROFIMOVA
CEO
Analytical Credit Rating Agency

ACRA's methodology fundamentally differs from the ones used by international peers due to the very fact that it is based on the national scale. This is what distinguishes our approach as a more detailed one allowing for fine tuning, with the local market peculiarities being accounted for.
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STATISTIC UPDATES
Bosnia 1H2016
Turkey 1H2016

VIG
JLT

IN MEMORIAM
In memoriam Rumen YANCHEV, Chairman of the Management Board and CEO of BULSTRAD VIG Bulgaria

On August, 28 Mr. Rumen YANCHEV, Chairman of the Management Board and CEO of BULSTRAD VIG Bulgaria and a well-known insurance specialist has suddently passed away, as stated today the Supervisory Board and Management Board of "Bulstrad Vienna Insurance Group" AD, missing 19 days to his 60th birthday.
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EVENTS
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

BELARUS Re
TRUST RE

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

SRBA

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

ON THE MOVE
ALLIANZ-TIRIAC's new CEO will focus on the company's evolution and continuity

Starting today, the 1st of September, Virgil SONCUTEAN takes over as a General Director of Romanian insurance market's leader, ALLIANZ-TIRIAC Insurance, replacing Remi VRIGNAUD, who will join the ALLIANZ Group's top management, as head of CEO Oliver BATE's chancellery.
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CURRENT XPRIMM REPORTS
AZERBAIJAN FY 2014 & 1H2015
KAZAKHSTAN FY2014 & 1H2015
RUSSIA FY 2015
TURKEY FY2014 & 1H2015
ROMANIA FY2015
Ins. Report CEE, SEE & CIS – FY2015
Motor Ins. Report FY2015
Property Ins. Report FY2015

XPRIMM News