XPRIMM News
Insurance Newsletter, No. 342, 2 February, 2017

Click here to subscribe!
Click here to unsubscribe!
www.xprimm.com
ON THE MOVE - INTERVIEW - TOP EVENT - TOP NEWS - CURRENT REPORTS

TOP NEWS
Insurance Europe: Solvency II successfully implemented, but excessive conservativeness risks harming consumers, long-term investment and economy
by Daniela GHETU, 2017-02-02
While regulatory framework brings benefits, several issues must be addressed, says a recent statement released by the European re/insurers' federation, Insurance Europe. The many layers of conservativeness built into the design of Solvency II and its tendency to treat insurers like traders instead of long-term investors could harm consumers, long-term investment and the economy.
More

STATISTICS: ESTONIA, FY2016: Non-life lines saw the best results, driving up the market results
by Vlad BOLDIJAR, 2017-02-02
Insurers operating on the Estonian market reported total GWP of EUR 388 million for the financial year 2016, up by 7.4% y-o-y, according to the market data published by the Estonian National Statistics Board. The value of life GWP increased by 3.9% y-o-y, to EUR 85.7 million (22.1% of the total market), while Estonian general insurers posted GWP of EUR 302.3 million, 8.5% more y-o-y.
More

STATISTICS: ALBANIA, FY2016: Double-digit increasing MTPL premiums maintained the market "in black"
by Vlad BOLDIJAR, 2017-02-02
At the end of 2016, the Albanian insurance market totaled about ALL 15,466 million (about EUR 114 million), or 9.64% y-o-y, according to the figures published by the local market authority. The total value of paid claims was about ALL 4,276 million (EUR 31.6 million) or 17.54% more y-o-y, of which more than half (about 52%) were related to Compulsory MTPL insurance.
More

Romanian MTPL market prepared to sit on solid foundations
by Daniela GHETU, 2017-02-02
After a stormy 2016, the Romanian MTPL market is prepared to sit on solid foundations in 2017, with sound operators and a more coherent structure, said yesterday Misu NEGRITOIU, the Romanian Financial Supervisory Authority head speaking at a market forecast meeting.
More

BOSNA Re gave up its shareholding in the Bosnian unit of the TRIGLAV Group
by Daniela GHETU, 2017-01-27
BOSNA Reinsurance dd Sarajevo gave up its stake in TRIGLAV Osiguranje dd Sarajevo, the Bosnian subsidiary of the Slovene TRIGLAV Group, reads osiguranje.hr. BOSNA Reinsurance Company sold the package of 20.28% of the shares on the Sarajevo Stock Exchange on 18 January.
More

Montenegro: Grawe acquires the local unit of Merkur International
by Daniela GHETU, 2017-01-27
Grawe has confirmed for the local financial press the acquisition of Merkur Insurance Podgorica, the Austrian Merkur International Holding 100% owned subsidiary from Montenegro, in a deal worth EUR 1.39 million.
More

Insurtech is transforming the traditionally rigid insurance space in response to modern consumer needs, says GlobalData
by Daniela GHETU, 2017-02-02
Many propositions stemming from the insurance technology (or 'insurtech') space are designed to reinvigorate some of the most traditional methods and practices within the insurance industry, including product purchasing and distribution, according to research and consulting firm GlobalData.
More

Swiss Re and SAP co-innovate for financial reporting and business steering in reinsurance and insurance
by Daniela GHETU, 2017-02-02
Swiss Re announced on 02 February 2017 a strategic co-innovation initiative with SAP SE, market leader in enterprise application software. The two companies plan to develop a solution to address the increasingly complex demands related to financial steering and reporting of insurance companies from regulators across the globe.
More

GERMANY: 2016 results meet expectations, confirming the market stability; Insurers expect further premium growth
The German insurance industry will most probably stay on a growth path in 2017. The industry expects an increase of at least 1% across all lines. While life insurance revenues are expected to fall slightly by only 0.5%, P&C insurance may see a 2.1% GWP growth , representatives of the German Insurance Association (GDV) said yesteday to the press.
More

HANNOVER Re raises its premium target for 2017 following treaty renewals
by Daniela GHETU, 2017-02-02
Markets continue to see significant competition as a result of which the anticipated stabilisation in rates has not as yet set in across the board, said HANNOVER Re, yet emphasizing that the company is satisfied overall with the outcome of the treaty renewals as at 1 January 2017.
More

QBE rumoured sale to ALLIANZ denied by the Autralian insurer
by Vlad BOLDIJAR, 2017-02-02
Australian insurer QBE has denied in a statement that it has received an acquisition proposal from German insurer ALLIANZ, Europe's largest insurer by market capitalization and number two by booked premiums, following several press reports about informal talks over a possible deal.
More

British insurers support travelers affected by Trump's refugee and immigration ban
by Daniela GHETU, 2017-02-02
AXA, AVIVA and DIRECT Line, UK's most important travel insurers, said on Monday that they will pay out on the eventual claims filed by customers affected by US President's refugee and immigration ban, even though this type of circumstance is not "technically" covered by the insurance policies.
More

KAZAKHSTAN, FY2016: Market return to growth, up by 24%
by Olesea ADONEV, 2017-02-02
FY2016 saw a spectacular GWP boost in the Kazakh market, by 24%, as compared with FY2015 when insurers struggled to return on the growth path, achieving a 8% growth after the fall of 4.64% seen in FY2014.
More

Date set for the XIth Int'l Conference "Insurance in Central Asia". Insurance Profile Kazakhstan will be available at the event's stands
by Olesea ADONEV, 2017-02-02
The XIth International Conference "Insurance in Central Asia" will take place on 13-14 April 2017 in Almaty, Kazakhstan. The event represents a platform for the insurance and reinsurance leaders from Central Asia, CIS and CEE countries.
More

MARSH: Multinational organizations must be aware of the political risks in 2017
by Daniela GHETU, 2017-02-02
After the twin surprises experienced by the Western world in 2016 - the UK's vote to leave the European Union (EU) and Donald Trump's victory in the US presidential election -, geopolitics will play out in 2017 through numerous elections, the possibility of succession in several countries, continued economic polarization, and more, reads the Global Geopolitical Risk Concerns for Businesses in 2017 report released by MARSH.
More

QIC Group reports premium growth of 19% to USD 2.7 billion for 2016; net profit of USD 289 million; RoE at 14.7%
by Daniela GHETU, 2017-02-02
Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African region announced strong financial results for the full year 2016. The Group reported robust growth and resilient profitability in the financial year 2016, with GWP amounting to USD 2.72 billion, up 19% y-o-y.
More

ON THE MOVE
AON Group's President, Steve McGill to step down
The global brokerage firm AON announced that Group President Steve McGill is leaving the company "to explore new opportunities". No replacement was named, but company said in a statement that Eric ANDERSEN, CEO of AON Benfield and Mike O'CONNOR, CEO of AON Risk Solutions, "will work together to jointly build AON's global risk business".
More

ACHMEA appoints Ronald BUWALDA as Director of Financial Management
Dutch insurer ACHMEA announced Ronald BUWALDA has been appointed as Group Director of Financial Management effective March 1st 2017. Ronald BUWALDA has been Statutory Director and Chief Financial Officer at ACHMEA Bank NV since 2014.
More

MMC names Susan A. STONE General Counsel of Risk and Insurance Services
Marsh & McLennan Companies (MMC) announced that Susan A. STONE has been appointed General Counsel of the Company's Risk and Insurance Services (RIS) segment, which includes MARSH and GUY CARPENTER. She succeeds James J. McNasby, who has served as General Counsel of MARSH since 2007 and as General Counsel of RIS since 2015.
More

PRESS CUTTINGS
ALBANIA: Over 15,000 new businesses registered in 2016

ARMENIA's median gross monthly salary in 2016 was AMD 187,850

ARMENIAN iinsurers paid over AMD 2 billion in taxes in 2016

AZERBAIJAN: PASHA Insurance are moving its head office to a new location

IFJ unveils new global insurance coverage for journalists

RUSSIA: In Russia proposed to establish the priority of repair of the car over insurance payout

RUSSIA: Insurance Company Ingosstrakh Life concludes new reinsurance treaty

RUSSIA: SOGAZ And Ingosstrakh Insurance Company Are to Insure Valuable Cargoes of Russian Post at RUB 5.8 Trillion

TURKEY: Vodafone offers insurance payments via m-wallet
TOP EVENT
IIF 2017: Meet European motor insurers in Vienna!
by Daniela GHETU, 2017-02-02
Over 90 re/insurance professionals, market supervisors and IT experts from 24 countries have already registered for the 2017 edition of the International Insurance Forum, "New challenges for the CEE motor insurance industry", to take place in Vienna, on February 15th.
More

OMNIASIG

INTERVIEW
Thomas SCHOLLKOPF
Member of the Board, Responsible for Europe ERGO International AG

We have no interest to be number 1 in Romania in a mid-term, neither on life nor non-life sectors, and that's not our target. I want us to be a profitable company and the best choice for brokers. That's our target: to be the best in class.
More

Consumer protection – how to deal with the main challenges? Find the answers in Vienna.
by Daniela GHETU, 2017-01-26
In an era of increased complexity of the financial products, consumer protection issues are a key concern for financial supervisory authorities all over the world, as well as for the market players, in need to improve their reputation in front of the clients.
More

VIG
JLT

STATISTIC UPDATES
Estonia FY2016
Albania FY2016

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, Istanbul, Turkey
FIAR 2017 - The International Insurance-Reinsurance Forum
21-25 May 2017, Brasov, Romania
AIIF - Azerbaijan International Insurance Forum
June 2017 Baku, Azerbaijan
IIF 2017 - PROPERTY Insurance Conference
26-27 June 2017, Munchen, Germany

MARSH
EUROINS

PARTNER EVENTS
10th Annual BancAssurance Forum
7-8 February 2017, Amsterdam
Insurance Fraud Forum
16-17 February 2017, Rome, Italy
European Motor Insurance Summit
16-17 February 2017, Rome, Italy
5th Edition Nordic Asset Allocation: Investing in Alternative Asset Classes
23-24 February 2017, Elite Hotel Marina Tower, Stockholm, Sweden
3rd Annual Credit Risk Management Forum
2-3 March, 2017, Berlin, Germany
3rd Annual African Insurance Forum
9-10 March 2017, Johannesburg, South Africa
Insurance Innovations 2017
13-14 March 2017, Dubai, United Arab Emirates
Energy and Industrial Insurance in Russia and CIS
16-17 March 2017, Moscow, Russia
The Winning Digital Marketing Financial Services Conference
21 March 2017, London, United Kingdom
XXI Annual Conference on Reinsurance
5-6 April 2017, Moscow, Russia
XI International Conference "Insurance in Central Asia"
13-14 April 2017, Almaty, Kazakhstan
International Risk Management Conference
27-28 April 2017, Almaty, Kazakhstan

GLOBASIG

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