Insurance Newsletter, No. 329, October 13, 2016

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sigma 5/2016 - Strategic reinsurance and insurance: the increasing trend of customised solutions
The demand for structured and more strategically-motivated re/insurance programs is growing across the industry. Risk transfer is a fundamental premise of any re/insurance transaction, including customised solutions, but the rationale for the use of such solutions has evolved into three broader motivation areas.

TAKAFUL International and TRUST Re hold joint Surety Bond conference in Bahrain
by Vlad BOLDIJAR, 2016-10-13
TAKAFUL International (TIC) and TRUST Re successfully partnered to hold a Surety Bond conference at the Ritz Carlton Hotel in Bahrain on 6th October 2016. Approximately 60 professionals from the broking and construction fields were in attendance.

ICAR 2016 - Main takeaways
by Andreea RADU, 2016-10-12
Climate change and natural catastrophes were among the main aspects debated during the 13th edition of ICAR - The International CAtastrophic Risks Forum. The international event, which was organized on October 11, 2016, in Bucharest, Romania, gathered professionals from the United States, the United Kingdom, and Germany, as well as Romania, who talked about the management of Nat Cat risks in the current context.

Tom JOHANSMEYER: Romania could become a signifficant contributor of original risc to the global market
by Mihai CRACEA, 2016-10-13
Original risk is the only real, genuine way to grow the global insurance and reinsurance industry, according to Tom JOHANSMEYER, ARM AVP - PCS Strategy and Development, Verisk Insurance Solutions.

STATISTICS: CYPRUS, 1H: A&H, fire and motor policies generated a half of the total market
by Vlad BOLDIJAR, 2016-10-13
According to the figures published by the Insurance Association of Cyprus - IAC, in the first half-year, the total volume of gross written premiums by the member companies totaled EUR 400 million, up by 4.8% y-o-y. According IAC's web-site, there are 29 insurance company members which account for about 95% of the annual GWP.
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STATISTICS: LATVIAN insurance sector reported profit of EUR 5 million in H1
by Vlad BOLDIJAR, 2016-10-13
According to data published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) reported aggregated GWP of EUR 283.6 million in 1H2016, which is 3.7% more compared with the same period last year.
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Credit Europe Asigurari
STATISTICS: POLAND 1H: Severe crop damages caused by frost pushed up claims for damages to property by almost 140% y-o-y
by Daniela GHETU, 2016-10-13
After a quasi stable 2015, the Polish insurance market ended the first half of 2016 with an 8% y-o-y decrease in GWP, entirely driven by the decreasing life insurance business.

STATISTICS: SLOVENIA, 1H2016: GWP of EUR 1 billion, fairly equal to the previous year's result
by Daniela GHETU, 2016-10-13
The first half of 2016 ended for the Slovene insurance market with GWP worth EUR 1.06 billion, a figure which is fairly equal to the one recorded in 1H2015. In comparison with the previous semesters, it seems that timid signs of recovery showed by the local market throughout 2015.

PZU announces its new dividend policy
by Vlad BOLDIJAR, 2016-10-13
The Polish insurer PZU maintains its desire to pay out 50% to 100% of its profit. At the same time, the new dividend policy introduces clear and foreseeable rules for profit distribution.

HUNGARY: MKB to sell its operations to CIG Pannonia
by Vlad BOLDIJAR, 2016-10-13
Hungarian insurer CIG Pannoinia announced that signed an agreement with Versicherungskammer Bayern, through which CIG Pannoinia Life Insurance and CIG Pannonia First Hungarian General Insurance would acquire majority stakes MKB Life Insurance and MKB General Insurance.

Insured losses after Matthew could top USD 8 billion
by Mihai CRACEA, 2016-10-13
Catastrophe modeling firm AIR Worldwide estimates that industry insured losses for the United States resulting from Hurricane Matthew range from USD 2.2 billion to USD 6.8 billion, and for the Caribbean estimated industry insured losses from Hurricane Matthew range from USD 600 million to USD 2.0 billion.

CCN buys Capita's insurance services business in Denmark
by Mihai CRACEA, 2016-10-13
Claims Network Corporation B.V. (CCN) has acquired as of 30 September 2016 Capita's insurance services business in Denmark. The acquisition of the Copenhagen based business fits in the overall buy-and-build strategy and vision for the future of CCN. With this acquisition, CCN is further building out its position in (Northern) Europe.

Alexander ANKEL to head ERGO International AG

Alexander ANKEL has been appointed as Chief Operating Officer (COO) of ERGO's international business, the German insurance group recently announced. Alexander ANKEL will assume the new responsibility on November 1, replacing Jochen MESSEMER who will leave the company at the end of the year.

Ronnie CARROLL to head Western Europe Structured Solutions at WILLIS Re

WILLIS Re, the reinsurance division of WILLIS TOWERS WATSON, the global advisory, broking and solutions company, announced the appointment of Ronnie CARROLL as Head of Structured Solutions for Europe West and Senior UK Client Advisor. He will report directly to Alkis TSIMARATOS, Managing Director, Head of Europe West.

Yiannis KANTOROS appointed Chief Executive Officer INTERAMERICAN Greece

Yiannis KANTOROS has been appointed Chief Executive Officer (CEO) of INTERAMERICAN, ACHMEA's insurance company in Greece, effective 15 November 2016. Yiannis KANTOROS will take over the position of the current CEO of INTERAMERICAN George KOTSALOS, who announced end of April of this year that he would step down during the course of 2016.

SAVA Re named new Chair of the Supervisory Board and Deputy Chair

Following the notice of resignation of Branko TOMAZIC as Chair and Member of the Supervisory board of SAVA Re, dated 11 October 2016, the Members of the Supervisory Board of the Slovenian Group, elected from among themselves Mateja Lovsin HERIC as Chair of the Supervisory Board and Slaven MICKOVIC as Deputy Chair.

AZERBAIJAN's International Insurance Company getting closed

BELARUS: National Bank devising financial market development strategy up to 2020

BULGARIA: Euroins will expand further in SEE

CZECH insurance companies increasingly focusing on property

LITHUANIA's H1 direct investments to Estonia fall 59%

RUSSIA, Fitch: Motor Liability Insurance Premium Growth to Slow
Register now to Baden - Baden XPRIMM Reception!
The Kurhaus Casino from Baden Baden will host on Sunday, October 23rd the 8th edition of the XPRIMM Reception.
Baden - Baden XPRIMM Reception represents an opportunity for the CEE & CIS insurance industry to make itself known during the annual meetings held in Baden - Baden.
Click here to register.

Seven new XPRIMM titles on the Baden Baden stands

Seven new titles will be available this year on the XPRIMM Baden Baden press stands opened in the Kurhaus Casino, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

Member of the Management Board
Zavarovalnica TRIGLAV

Following the implementation of Solvency II, TRIGLAV Group will continue to strengthen its position in the Adria region and to develop as the insurance hub of South-East Europe through organic growth and potential takeovers, should an appropriate opportunity arise.

Cyprus 1H2016
Latvia 1H2016
Poland 1H2016
Slovenia 1H2016


Baden-Baden XPRIMM Reception
23 October 2016, Baden Baden, Germany
AZERI Evening - Baden-Baden
23 October 2016, Casino Restaurant Sommergarten, Baden Baden, Germany
European Consumer Protection Conference
16 February 2017, Vienna, Austria
IIF 2017 - MOTOR Insurance Conference
17 February 2017, Vienna, Austria


Insurance Fraud Forum
20-21 October 2016, Munich, Germany

Baden Baden Meetings 2016
23-26 October 2016, Baden Baden, Germany
VIII International Conference "Corporate Insurance"
26 October 2016, Moscow, Russia


VIth AIDA Europe Conference
3-4 November 2016, Vienna, Austria
WorldPensionSummit 2016
9-10 November 2016, The Hague, Netherlands
2nd Annual Practical ORSA Feedback and Risk Appetite
24-25 November 2016, London, United Kingdom
Innovating Customer-Centric Insurance Marketing Conference
30 November 2016, London, United Kingdom

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