XPRIMM News
Insurance Newsletter, No. 369, 31 August, 2017

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TRENDS & MARKETS - TOP NEWS - CURRENT REPORTS

TOP NEWS
PZU, 1H2017: Doubled net profit, thanks to lower claims and improved efficiency on the motor insurance lines
by Daniela GHETU, 2017-08-31
PZU Group's consolidated net profit went up y-o-y by 119%, to PLN 1,733 million (IFRS calculations) in 1H2017, while the growth achieved in underwriting was of 17.7%, to PLN 11.6 billion.
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Serbia: Merger of Wiener Stadtische Osiguranje and the AXA companies successfully concluded
by Vlad BOLDIJAR, 2017-08-31
The merger between the Vienna Insurance Group (VIG) company Wiener Stadtische Osiguranje and the two AXA companies that were acquired in the previous year was concluded in August 2017.
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STATISTICS: Azerbaijan, 1H2017: Local insurers' business going up by 3.22%; PASHA, ATESHGAH and AZERSIGORTA are the market best performers
by Olesea ADONEV, 2017-08-31
In the first half of 2017, GWP written by the Azeri insurance companies totaled AZN 276.16 million, down by 3.22%, while the claims paid increased by 22.67%.
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STATISTICS: Kazakhstan, 1H2017: Total GWP up by 3.28%; motor and property insurance business declining
by Olesea ADONEV, 2017-08-31
The Kazakh insurance market has seen a y-o-y GWP growth of 3.28% in 1H2017, reaching a total of KZT 204.43 billion. On the non-life insurance side, property, motor insurance, carriers' liability and financial losses classes saw decreasing GWP volumes.
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TRUST REA.M. Best affirms credit ratings of Trust Re to A-, stable outlook
by Daniela GHETU, 2017-08-28
A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Trust International Insurance & Reinsurance Company B.S.C. (c) Trust Re (Bahrain). The outlook of these ratings remains stable.
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AIR Worldwide: Harvey's insured losses may amount up to USD 2.3 billion; only about 20% of homeowners have flood insurance in Texas
by Daniela GHETU, 2017-08-31
Insured losses resulting from Hurricane Harvey's winds and storm surge in Texas will range from USD 1.2 billion to USD 2.3 billion, taking into consideration the impact of the ongoing torrential rain and catastrophic flooding, AIR Worldwide estimates.
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HARVEY: USD 70-90 billion economic losses shows the RMS analysis
by Daniela GHETU, 2017-08-31
Economic losses caused by wind, storm surge and inland flood from Hurricane Harvey could be as high as USD 70-90 billion, analysis by RMS, a global risk modeling and analytics firm, has found.
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SAVA Re's H1 net profit up by 19.4% y-o-y
by Vlad BOLDIJAR, 2017-08-31
Slovenian SAVA Re Group announced a 19.4% y-o-y increase in net profit, to EUR 17.1 million, for the first half of 2017, mostly due to good performance in the non-life business.
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DUNAV Osiguranje's profit in decline after the first half of the year
by Daniela GHETU, 2017-08-31
Serbian state-owned insurer DUNAV Osiguranje ended 1H2017 with a profit volume of RSD 53.2 million, despite premium income raising by 5.9%, to RSD 10.7 billion, See News reports.
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The first International Conference dedicated to the insurance claims settling is to be held in Russia
On 20th September 2017 the first international Conference "RISKS&CLAIMS. Assessment of Insurance Risks and Settlement of Claims" will be held in Moscow.
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FITCH: Global reinsurance market still under pressure, yet profitable
Global reinsurers' 1H2017 results provide further evidence of continuing pressure on pricing and earnings, Fitch Ratings says. The rating outlook for the sector remains stable, driven particularly by very strong capitalisation.
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GERMANY: Less claims paid for damages caused by lightning in 2016, but more expensive costs per claim
by Daniela GHETU, 2017-08-31
German household and residential building insurers reported 300,000 damages caused by lightning in 2016, resulting in paid claims of EUR 210 million, according to GDV (the German association of insurers) data.
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ALLIANZ expands its African business footprint
by Vlad BOLDIJAR, 2017-08-31
ALLIANZ Group announced a binding agreement to acquire 98% of Nigerian insurer ENSURE Insurance Plc. from its core shareholder GREENOAKS Global Holdings Ltd.
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French reinsurer SCOR to open a representative office in Kenya
by Vlad BOLDIJAR, 2017-08-31
The Paris-based reinsurer SCOR said the Insurance Regulatory Authority of Kenya has confirmed its approval of the opening of a SCOR Global P&C SE representative office in Nairobi.
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PRESS CUTTINGS
BOSNIAN insurer ASA Osiguranje's H1 net profit rises

CROATIA: Adris unofficially denied clearance to raise interest in Sava Re

Eurohold Bulgaria shareholders to vote on cap hike, bond issue

Euroins Romania cuts stake in Bulgaria's Delta Credit

KAZAKHSTAN: A.M. Best Assigns Credit Ratings to Nomad Life Insurance Company JSC

NN Hellas and Piraeus Bank in Greece renew Bancassurance agreement

SLOVENIA again bans Croatia Osiguranje from raising stake in Sava Re

VIG
JLT

TRENDS & MARKETS
What is happening with the Romanian private pensions' Second Pillar?

The future of the mandatory Second Pillar pensions is among the most disputed subjects, in the last period. After the rumors saying they'll be nationalized, the last discussions show that the participants' contribution will be reduced possibly to 1% from the current 5.1%, which will have a significant impact over the future pensions.
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STATISTIC UPDATES
Azerbaijan 1H2017
Kazakhstan 1H2017

OMNIASIG
MARSH

XPRIMM EVENTS
IIF 2017 - MOTOR Insurance Conference
6 October 2017, Istanbul, Turkey
Insurance Conference - Republic of Moldova
10 October 2017, Chisinau, Republic of Moldova
ICAR 2017 - The International CAtastrophic Risks Forum
18 October 2017, Bucharest, Romania
Baden-Baden XPRIMM Reception
22 October 2017, Baden Baden, Germany
IIF 2017 - Insurance in the Digital World
14 November 2017, Vienna, Austria

TRUST RE

PARTNER EVENTS
Consumer Protection in New Era - Innovation vs. Regulation
4 September, 2017, Ljubljana, Slovenia
#InsuretechSofia
13 September, 2017, Sofia, Bulgaria
Les Rendez-vous de Septembre 2017
9-14 September, 2017, Monte Carlo, Monaco
XVII International Finance Forum
13-16 September, 2017, Odessa, Ukraine
Life Insurance Conference 2017
17-18 September, 2017, Vienna, Austria
7th Annual Risk Management Forum
14-15 September, 2017, Vienna, Austria
International Conference "RISKS & CLAIMS-2017"
20 September, 2017, Moscow, Russian Federation
Pricing in Personal Lines Insurance
21-22 September, 2017, London, United Kingdom
IFRS 9 Implementation and Stress Testing MasterClass
21-22 September, 2017, Vienna, Austria
Baden Baden Meetings 2017
22-26 October 2017, Baden Baden, Germany

EUROINS
GLOBASIG

CURRENT XPRIMM REPORTS
RUSSIA FY 2016
KAZAKHSTAN FY2015 & 1H2016
TURKEY FY2015 & 1H2016
ROMANIA FY2016
Ins. Report CEE, SEE & CIS – 1H2016
Motor Ins. Report FY2015 & 1H2016
Property Ins. Report FY2016

XPRIMM News