Years under waters

"It is likely that 2013 will be remembered as the "year of the flood," sais GUY CARPENTER's "Global Catastrophe Review, 2013" report. For the CEE region, though, also 2014 may compete for this unappealing title. Exactly one year after the historical flooding in the Balkans which cause losses of over EUR 17 billion in May-June 2013, Bosnia & Herzegovina and Serbia were drowned by torrential rainfalls which washed away lives, houses and crops causing losses of over EUR 4 billion.

In this context, one could say that the high impacting weather events in the Central and Eastern Europe are not longer isolated phenomenon, but rather seem to set a new risk profile. A recent study published by Nature Climate Change journal sais instances of very extreme floods, occurring up to now about once every 50 years, could shorten to about every 30 years, while cases of extreme damage now occurring once every 16 years could shorten to once every 10 years. As a result, the European's current average losses of EUR 4.9 billion a year could reach EUR 23.5 billion by 2050, a rise of almost 380%. Moreover, considering the socio-economical development pace, the CEE region could account for a larger share of these increased figures.

Still, despite the obvious increased frequency and intensity of the extreme weather phenomenon, nor the governments or the citizens in the region seem very convinced that acting more vigorously for mitigating the effects of such events is necessary. In most of the region's countries property insurance penetration is rather small or even decreasing in the last years.

The 2014 edition of The International CAtastrophic Risks Forum will be focused on the flooding risk issues, trying to asses both the potential effects and the possible solutions to stimulate the property insurance penetration.

The event is co-produced by the Romanian Ministry of Internal Affairs, UNSAR, the APPA foundation and Media XPRIMM and will take place on October 8th, at the Palace of the Parliament. Additional information and registration are available on the event's website.

See you soon,

Daniela GHETU

Related articles

Shopping season about to start!

The above title suggests neither the season's sales ready to begin in the big clothing shops, nor the traditional 'groceries shopping' before the winter. It is all about buying intelligence to feed your future business decisions.

2014-08-21

Preparing for the rising tides

Flood damage could exceed EUR 11 billion a year in Europe by 2080, a study released by the European Commission recently warned, while the number of people affected by droughts could increase sevenfold, and coastal damage from sea level rise could triple. The southern region of Central Europe, where damages could rise from the present EUR 2 billion/year up to EUR 5.2 billion/year and Southern Europe, which would also experienced a considerable increase in damages totaling up to EUR 1.3 billion/year are among the most potentially affected regions under the simulation scenarios used in the EC study.

2014-08-07

Announcing a rich editorial autumn

There are still many regions in Europe where the summer hasn't really started. However, despite the capricious weather, many of us are on our way or preparing for the summer vacation. Still, preparations for this autumn's newest set of insurance reports are on their way and the studies will be waiting for you upon your return.

2014-07-10


More than 250 people representing the top management of insurance, reinsurance and brokerage companies, IT and audit, as well as government agencies and associations from the Caucasus Region, Central Asia, Europe, Turkey, Russia and CIS countries participated in AIIF 2014 - Azerbaijan International Insurance Forum.

2014-06-26

XPRIMM Insurance Report - CEE, SEE & CIS
FY 2013



Order your copy now and save EUR 100!

Regular price EUR 490.-
Special price until June, 15th - EUR 390.-
See the summary
Order

2014-05-22

Is the Eastern potential still there?

At the end of 2013, five of the major Western insurance groups operating on the CEE, CIS and Turkish markets - VIG, GENERALI, ALLIANZ, UNIQA and GROUPAMA -, were harvesting about 30% of total written premium across the region, meaning in absolute terms, about EUR 11.5 billion. At the same time, the three most important "domestic" players in the CEE - PZU, TRIGLAV and CROATIA Osiguranje -, gathered GWP of about EUR 5.3 billion while only on the Russian market, the Top 5 companies - ROSGOSSTRAKH Lyubertsy, SOGAZ, INGOSSTRAKH, RESO-GARANTIA and SOGLASIE -, totalled written premiums of over EUR 7.5 billion. Looking at these figures, it is obvious that the "Westerners" who entered the region in the last 20 years have encountered a strong competition on the Eastern markets.

2014-05-08

The right lessons in conduct

Under the pressure of the ever closer enforcement of the new European insurance directives in prevention, discussions about transparency, fair sales practices, solvency, customer's protection, risk control etc. were repeated to the point of becoming trivial in recent years.

2014-04-24

Consumer's satisfaction keywords

The keywords: trust, fairness, transparency, effectiveness ...
The context: the European Conference on Consumer Protection in Financial Services, Bucharest
The actors: EIOPA, IAIS, European supervisors, relevant insurers
The issue: how to restore the consumers' confidence in the financial markets, especially in the insurance one
The solutions: trust, fairness, transparency, effectiveness ...

2014-03-13

ON THE MOVE

TOP EVENT

The 9th International Istanbul Insurance Conference started today in Istanbul

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.

04.10.2017

61st "Rendez-Vous de Septembre" ends today in Monte Carlo: review

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers ends today in Monte Carlo. The Nat Cat insurance protection gap, as well as the global insurance market readiness to deal with the increasing complexity of the cyber risks were among the most debated topics.

14.09.2017

See all