XPRIMM News
Insurance Newsletter, No. 331, October 27, 2016

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INTERVIEW - ON THE MOVE - POINT OF VIEW - TOP EVENT - TOP NEWS - CURRENT REPORTS

BADEN-BADEN HIGHLIGHTS

Baden Baden Highlights
by Alexandru CIUNCAN, Mihaela CIRCU
2016-10-27

As another edition of Baden Baden Reinsurance Meeting closes its gates, the re/insurance world had its eyes on the German town, where the current trends and future expectations of the industry are being the focal points of the discussions.
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TOP NEWS
Verisk Analytics acquires Analyze Re
by Mihai CRACEA, 2016-10-25
Verisk Analytics announced it has acquired Analyze Re, a software analytics provider for the reinsurance and insurance industries. Analyze Re will become part of AIR Worldwide (AIR), a Verisk Analytics business, and will enable AIR to provide its clients with additional real-time pricing, exposure management, and enterprise portfolio roll-up capabilities.
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STATISTICS: CEE, 1H2016: The 8% decrease in GWP of the Polish market pushed down the regional GWP by 3%
by Daniela GHETU, 2016-10-27
Apart from the general effort of adapting to the Solvency II requirements, the CEE markets have experienced a rather "peaceful" first half of 2016, apparently with no major events Yet, the economic climate is still volatile and markets remain highly competitive, challenging insurers' profitability.
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STATISTICS: SEE, 1H2016: Turkish market's double digit growth supported the remarkable positive trend recorded in the regional GWP
by Daniela GHETU, 2016-10-27
The three insurance markets considered under the SEE cathegory - Greece, Cyprus and Turkey, have seen an overall positive trend in the first half of 2016, with the aggregated GWP going up by 18% y-o-y, to EUR 8.7 billion.
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STATISTICS: CIS, 1H2016: Insurance markets passing through the storm
by Daniela GHETU, 2016-10-27
After years of positive high dynamics, insurers of the CIS space are confronted with a difficult economical environment: decreasing demand for insurance products and the falling currency exchange rates all over the region are putting a high pressure on the costs and profitability. Overall, GWP in the region went down y-o-y by 3,3% in European currency.
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VIDEO: Andrey UNTON, General Director, Belarus Re: The international cooperation is one of the company's strategic directions
Under the slogan:"10 years inspire your business growth", Belarus Re will celebrate its 10th Anniversary on 4 November, 2016, together with insurance and reinsurance specialists; leading regional and international partners and clients, official representatives of state and financial institutes.
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CROATIA Osiguranje Group's net profit up by 49% in 3Q
by Vlad BOLDIJAR, 2016-10-27
During the first nine months of this year, the CROATIA Osiguranje Group generated a profit before tax in the amount of HRK 199 million (about EUR 26.5 million) vs. HRK 136 million - during the same period last year (47% more y-o-y). At the same time, the net profit increased 49% y-o-y to HRK 159 million (~EUR 21.2 million), as the company announced in a statement published on the Zagreb Stock Exchange web page.
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Credit Europe Asigurari
IIF 2017: Digital technologies, the game changer in the motor insurance industry
by Daniela GHETU, 2016-10-27
"We work in a business which is arguably one of the more exciting ones at this moment in time. It really does have everything to play for and is in the midst of some pretty fundamental changes," recently stated Valter TREVISANI, Group Chief Insurance Officer & Group Management Committee, GENERALI speaking about the role that digital technologies are already playing in the modern insurance business.
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Bulgarian EUROINS Insurance Group's nine months GWP rises 9.4% y-o-y
by Vlad BOLDIJAR, 2016-10-27
The Bulgarian EUROINS Insurance Group - EIG, reported for the nine months of 2016 a 9.4% increase of its aggregate GWP to EUR 185.6 million, according to the preliminary results published by the group. Positive rates were reported by EUROINS Romania (+18.6%) and EUROINS Life (+9.5%), while EUROINS Bulgaria (-14.2%) and EUROINS Macedonia (-3.0%) have seen a downward trend.
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HANNOVER Re subsidiary anticipates premium growth in the German market
by Vlad BOLDIJAR, 2016-10-27
E+S Ruck - which within the HANNOVER Re Group bears responsibility of the German business - expects to see premium growth in its home market for the upcoming treaty renewals as at 1 January 2017: "Along with motor insurance, growth will likely be driven in particular by homeowners' comprehensive insurance, where premium increases are necessary on account of the unsatisfactory business development", as the reinsurer announced on its web site.
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MMC Q3 operating income up by 24% y-o-y
by Vlad BOLDIJAR, 2016-10-27
The MARSH & McLENNAN Companies (MMC) reported Q3 2016 consolidated revenues of USD 3.1 billion, up by 1% y-o-y. The operating income increased by 24%, to USD 572 million, while the net income attributable to the Company was up 17% to USD 379 million. Earnings per share increased 20% to USD 0.73 while adjusted earnings per share rose 10% to USD 0.69 compared with USD 0.63 in last year's third quarter, as MMC announced in a statement published on its web site.
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CROATIA Osiguranje was denied the right to increase its ownership in Slovenian reinsurer SAVA Re
by Daniela GHETU, 2016-10-27
Slovenia's insurance supervisory authority had banned CROATIA Osiguranje from increasing its 20% stake in reinsurer SAVA Re, hindering the Croatian market leader's cross-border expansion plans.
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US Property/Casualty Insurers Facing Increasingly Complex Operating Environment: Guy Carpenter Report
by Mihai CRACEA, 2016-10-24
GUY Carpenter released a study which found that, in a challenging operating environment, only 40 of the top 100 US property/casualty (P&C) insurers reported an underwriting profit over the last five accident years.
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ON THE MOVE
Top FBI cyber expert joins AON's Cyber Solutions Group

AON announced the appointment of James TRAINOR as senior vice president in its Cyber Solutions Group. TRAINOR joins AON after a distinguished career at the Federal Bureau of Investigation (FBI), where he most recently led the Cyber Division at FBI Headquarters. "In his new role, TRAINOR will help shape AON's overall cyber strategy on behalf of clients, working closely with colleagues across technology, system integration, risk transfer and advisory to ensure a holistic and integrated approach".
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AIG names Peter Y. SOLMSSEN Executive Vice President and General Counsel

American International Group (AIG) announced that Peter Y. SOLMSSEN joined AIG as Executive Vice President and General Counsel on October 18. He succeeds Thomas RUSSO (73), who retired.
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AVIVA France appoints Patrick DIXNEUF as CEO

Patrick DIXNEUF has been appointed as CEO of AVIVA France, effective from 1 November 2016. He will succeed Nicolas SCHIMEL who, after four years as the CEO of AVIVA France, will leave the organisation at the end of October.
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MetLife names former AIG CFO to Board

MetLife elected David HERZOG, the former Chief Financial Officer of the American International Group, to its board of directors. The addition brings the total number of directors to 13, with 12 being independent, MetLife said in a statement.
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TOP EVENT
Consumer protection in the light of the changes driven in the insurance industry by the new technologies

Gabriel BERNARDINO, Chairman, EIOPA - European Insurance and Occupational Pensions Authority and Michaela KOLLER, Director General, Insurance Europe will give the keynote speeches at the 3rd edition of the European Consumer Protection Conference, which will take place on February 16, 2017 in Vienna, Austria.
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INTERVIEW
Tadej COROLI
Member of the Management Board
Zavarovalnica TRIGLAV

It is highly likely that in some markets the insurance sector will have to be further consolidated, since the present structure is too fragmented. As a consequence of the already implemented and the upcoming legislative changes in the medium term, a certain impact can be expected on the ability of the insurance industry as a whole, and especially of some individual players in terms of underwriting.
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VIG
JLT

STATISTIC UPDATES
CEE 1H2016
SEE 1H2016
CIS 1H2016

TRUST RE

XPRIMM EVENTS
IIF 2017 - MOTOR Insurance Conference
15 February 2017, Vienna, Austria
European Consumer Protection Conference
16 February 2017, Vienna, Austria
IIF 2017 - MOTOR Insurance Conference
2-3 April 2017, Pera Palace Hotel, Istanbul, Turkey
AIIF - Azerbaijan International Insurance Forum
June 2017 Baku, Azerbaijan
IIF 2017 - PROPERTY Insurance Conference
19-20 June 2017, Munchen, Germany

MARSH
EUROINS

POINT OF VIEW
Insurance Supervision Department
The National Bank of Serbia

Insurance market has a strong solvency ratio indicating a high level of capital adequacy and stability, which we expect will be the case in the following period. Positive premium dynamics in H1 2016 are an encouraging sign to expect a successful year, especially in the life segment as the more dynamic part of the market.
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PARTNER EVENTS
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
Insurance Fraud Forum
16-17 February 2016, Rome, Italy
3rd Annual African Insurance Forum
9-10 March 2017, Johannesburg, South Africa
Insurance Innovations 2017
13-14 March 2017, Dubai, United Arab Emirates


GLOBASIG

PRESS CUTTINGS
Aon Benfield named Reinsurance Broker of the Year at 20th Asia Insurance Industry Awards

SCOR is named "Life Reinsurer of the Year 2016" by Asia Insurance Review

AZERBAIJAN: PASA Hayat payments for one year grew 3.4-fold

BELARUS: The Banking Sector Moving Towards Modernisation Despite Some Challenges

Canadian group Fairfax buys AIG's operations in Eastern Europe

Chubb Reports Strong Third Quarter Net Income Per Share and Record Operating Income Per Share

CZECH Central Bank withdraws licence of Russian bank ERB

KAZAKHSTAN: Fitch Affirms AMANAT Insurance at IFS 'B'; Outlook Stable

Macedonia and Croatia to Sign Agreement on Drivers Insurance

NN Hellas - 'Best Life Insurance Company in Greece'

RUSSIA: New tariffs for carrier liability insurance set (Central Bank)

SLOVENIA bans Adris to boost stake in reinsurer

TURKEY: Aktif Bank starts to operate in Islamic Leasing

CURRENT XPRIMM REPORTS
KAZAKHSTAN FY2015 & 1H2016
RUSSIA FY 2015 & 1H2016
TURKEY FY2015 & 1H2016
ROMANIA 1Q2016 & 1H2016
Ins. Report CEE, SEE & CIS – 1H2016
Motor Ins. Report FY2015 & 1H2016
Property Ins. Report FY2015
AZERBAIJAN FY 2015 & 1H2016

XPRIMM News