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Insurance

Insurance Europe's 8th Annual International Insurance Conference gathers over 600 professionals
The 8th Annual International Insurance Conference organized by Insurance Europe, brings into debate global economy and the world of tomorrow. The theme of the event is "Serving our customer in tomorrow's world", and it provides approximately 600 delegates from around 50 countries with the chance to join the debate on several serious issues facing both the insurance industry and wider society.(25.05.2016)
VIG, 1Q2016: Premium growth of 3.2% excluding single-premium business
Vienna Insurance Group (VIG) performed as expected in the 1Q 2016, as shown by the Group's press release of May 24th. A premium volume of EUR 2.7 billion was recorded, representing a 3.2% increase excluding single-premium business. Overall, premiums decreased by 1.8% y-o-y due to continued selective sales of single-premium products. The Group combined ratio after reinsurance (not including investment income) remained significantly below the 100% mark at 97.8% for the reporting period.(24.05.2016)
Cooperation, solidarity and sharing - the central themes of the International Agricultural Insurance Symposium organized for the TARSIM's 10th anniversary
"One of the main effects of TARSİM is seen in the agricultural sector as moving from crisis management to the risk management," stated Yusuf SATOGLU, General Manager, TARSIM - Agricultural Insurance Pool, Turkey for XPRIMM.(24.05.2016)
Sompo Canopius ready to provide political risk and terrorism coverage for the Russian market
Russia is a growing market and the demand for terrorism risk reinsurance is certainly increasing, while Sompo Canopius is ready to provide the Russian insurance market "with our extensive experience and expertise on crisis management, political risk and terrorism coverage", as the company's representatives have recently stated.(24.05.2016)
Turkish ANADOLU's strategic relationship with SAPIENS International Corporation expanding on the motor lines
ANADOLU Insurance Company (ANADOLU), the second largest Turkish insurer in GWP terms, has expanded its strategic relationship with SAPIENS International Corporation, a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, to support its motor insurance line of business.(24.05.2016)

The Russian Actuarial Forum and IAA Council's and Committee meetings to be held in St. Petersburg, on May 24th- 29th
On May 24th- 29th, 2016 the Russian Actuarial Forum and the IAA Council and Committee meetings will be held in Saint Petersburg, Russia, demonstrating the actuarial profession's achievements in the country and its integration into the international community.(23.05.2016)
AUDATEX survey: What challenges did the top management of the insurance industry in Romania identify?
75% of the top management of the insurance and brokerage companies in Romania identified the interconnectivity generated by technology as being the most important challenge in the near future, according to an AUDATEX survey conducted with the help of XPRIMM.(19.05.2016)
XPRIMM Circle of Debates: Is direct compensation a viable solution for the Romanian insurance market?
The new MTPL law in Romania brings a lot of changes on the market. One of these is the introduction of a direct compensation system between companies selling MTPL policies. The effects of this change were debated during the XPRIMM Circle of Debates organized at the Motor Insurance Conference taking place at FIAR 2016.(19.05.2016)
AIR Worldwide: The earthquake risk remains high in Vrancea area
In the Vrancea area - Romania, the earthquake risks remains high, since no mjor earthquake has been reported in the region for a long time, said Shane LATCHMAN, CCM, Assistant Vice President, Research and Client Groups, AIR Worldwide, UK, at the NatCat &Reinsurance Conference taking place at FIAR 2016.(19.05.2016)
CCN introduced the i-Report Claims aggregator for insurance
Whether it's buying the right insurance product or finding the best credit card, people want an easy way to understand and compare financial products online. But, when it comes to submitting an insurance claim, 80% of people find it difficult, time-consuming and complicated, Cees WERFF, President and CEO, Claims Corporation Network explained during the Motor Insurance Conference at FIAR 2016.(18.05.2016)
How can "big data" help life insurers?
"Our research shows that within the first 5 years, on average 35% of life insurance policies typically lapse and 20% of life insurance policies are cancelled due to unpaid premiums. More than 50% of contracts lapse", explained Richard KOLARIK, Head of Sales, LIMEWOOD, during the Life and Health Insurance Conference at FIAR 2016.(18.05.2016)
What do health insurers need from a modern software platform?
"When it comes to software platforms, health insurers need a flexible solution that integrates into the existing application architecture and that offers them speed to market, which is a key point for innovation. To obtain it, systems must be fully configurable without any IT development", Olivier PERRARD, International Sales Executive, CEGEDIM, said during the Life and Health Insurance Conference at FIAR 2016.(18.05.2016)
Bernard RETALI: The insurance companies are really at the very beginning of the collaborative trend
"If we compare traditional business models to the new collaborative business models, there are visible differences. In a traditional business you need a lot of money, a lot of capital to start, while collaborative implies trust", Bernard RETALI, President of Europe, Middle East & Africa, LIMRA, explained during the Life and Health Insurance Conference at FIAR 2016.(18.05.2016)
Ted GREGORY: We must understand Millennials and adapt to their needs
Technology has an impact on the global insurance market and on the relationship between insurers and their clients. Thus, the tendency is that of digitalization, especially as far as Millennials are concerned, Ted GREGORY, Operations Manager, Property Claim Services (PCS) explained.(17.05.2016)
Kurt KARL: 70% of the global natural catastrophe losses in the last decade were uninsured
In the last 10 years, the global natural catastrophe losses totaled USD 1.7 trillion, out of which 70% were uninsured, Kurt KARL, Chief Economist, SWISS Re, declared during the Nat Cat & Reinsurance Conference at FIAR 2016.(17.05.2016)

Interviews

Elisabeth STADLER
General Manager (CEO) & Chairwoman of the Managing Board
VIENNA Insurance Group

How will VIENNA Insurance Group look in 2026? Which is the group's strategy in the CEE region? What are the new management's plans? All these questions are answered by Elisabeth STADLER, CEO & Chairwoman of the Managing Board, VIENNA Insurance Group in an exclusive interview for XPRIMM Publications.

(19.05.2016)
Boris UMANOV
President of the Managing Board
EURASIA Insurance Company

There are lots of rating agencies in the world; there are good agencies in Japan, in Europe and in other countries. But four rating agencies - Standard & Poor's, Fitch Rating's, Moody's and AM Best - are familiar to everybody. To us, a rating from such an agency is a "pass" into the world of international insurance and reinsurance, which allows us to work in all countries from Kazakhstan. These agencies employ highly skilled professionals who understand the situation both in the world economy and in the economy of Kazakhstan.
(12.05.2016)
Guy HUDSON
Partner
JLT Re

Estimates suggest the cyber market alone could triple in size over the next five years. Fresh thinking also needs to be applied to difficult questions surrounding new technologies such as driverless cars, cloud computing, 3D printing, the internet of things, nanotechnology, "sharing economies", drone proliferation and a host of other issues which will require risk-transfer mechanisms.(12.05.2016)
Andrey T. UNTON, General Director, BELARUS Re
Last year there were a positive dynamics of development of BELARUS Re. Thus, in 2015 the total volume of reinsurance premiums reached BYR 488.0 billion, up by 44.6% in the current prices compared to 2014. There has been a significant growth and financial performance. Thus, the net profit of BELARUS Re has grown by 43.2% over the year 2015 and insurance reserves were increased by one-third.
(28.04.2016)
Samir OMERHODZIC
Director
Insurance Agency of Bosnia and Herzegovina

Increased supervision and activities of the entity agencies for insurance supervision on the adequate application of the premium system in Bosnia and Herzegovina has led to an increase in total premium of compulsory motor third-party liability insurance of 8.29% and an increase in the share of this type of insurance in total premium in non-life insurance of 3.41%.(31.03.2016)

Enkeleda SHEHI
Executive General Director
Albanian FSA

The Albanian FSA in cooperation with the World Bank has been working on the draft bill on catastrophe insurance. The purpose of this bill is to regulate the compulsory catastrophe insurance. Compulsory catastrophe insurance will cover the damage, caused by either earthquakes or floods and it will not extend to all types of buildings.(23.03.2016)
Michail SHELIUBSKY
Vice President of the Aviation Insurance Department
Russian Association of Aviation and Space Insurers

The main challenges of aviation insurers are linked with the state of aviation industry in Russia, which are founded into a structural crisis, characterized by a decline in traffic, large losses, changes in structure of traffic and the structure of cost. During 2015 the crisis grew and the passenger traffic declined. Moreover, the loss of profitable international destinations led to an increasing share of unprofitable domestic traffic. According to the Federal Air Transport Agency, the total financial losses of the airlines increased by 70% in 2015.(31.03.2016)
Pavel SHUTOV
President
Russian Association of Aviation and Space Insurers

For the time being, the Russian market capacity for spacecraft insurance is about USD 20-25 million. The main capacity for such risks is offered by the first 5 largest insurance companies on the Russian market, including SOGAZ, INGOSSTRAKH and VTB Insurance. It is important to note that the market's total capacity strongly depends on their un/willingness to re/insurance space risks.(17.03.2016)
Joe LOUWAGIE
Assistant Vice President
Property Claim Services

While the exposure to natural or man-made catastrophes in CEE is varied, all countries can benefit from receiving industry-leading cat planning and response data and best practices from PCS benchmarking reports. In addition, PCS would foster education and information sharing by bringing speakers from the global market to the CEE through close work with XPRIMM. PCS is also part of a broader company called VERISK Analytics, and there are numerous VERISK solutions that could have great benefit to CEE insurance markets.
(02.03.2016)
Mauro CANTONI
Vice President Insurance
OCTO Telematics S.p.a.

I would say, particularly for the CEE region, where there is a harsh competition and pressure on prices, that introducing telematics may introduce a variable which allows insurers to no longer compete only in terms of price. At the moment, every proposition is more or less the same, but introducing a variable you shift the competition from a price one to value one, introducing a unique selling proposition, also helping the market to make a step forward.
(10.03.2016)

Press Cuttings

TURKEY: Anadolu Signs a Multi-Million Dollar Agreement with Sapiens
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, announced today that Anadolu Insurance Company (Anadolu), a private insurer operating in Turkey, has expanded its strategic relationship with Sapiens.(23.05.2016)
AZERBAIJAN: Insurance asset of Turkish holding may be liquidated
The issue of liquidation of Buta Insurance OJSC, an asset of Turkey's NAB Holding, will be considered at the general meeting of the insurance company's shareholders, said the company's message published May 12 in Azerbaijani official media outlets.(23.05.2016)
KAZAKHSTAN: A.M. Best Removes From Under Review and Downgrades Ratings of Standard Insurance
A.M. Best has removed from under review with negative implications and downgraded the financial strength rating to C++ (Marginal) from B- (Fair) and the issuer credit rating to "b+" from "bb-" of Standard Insurance Company, JSC (Standard) (Kazakhstan). The outlook assigned to each rating is stable.
(23.05.2016)
AZERBAIJAN to introduce compulsory medical insurance
Azerbaijan is currently drafting a pilot project on the implementation of compulsory health insurance. The final decision on the introduction of compulsory medical insurance will be made after the examining of its positive and negative aspects.(23.05.2016)
SLOVENIA: Pension insurer's profit down
Modra zavarovalnica, Slovenia's largest provider of supplementary pension insurance, posted a net profit of EUR 4.7m for 2015, down from EUR 17.4m in the year before. Assets under management rose to EUR 1.3bn from EUR 1.2bn, the company said on Friday.(23.05.2016)

ARMENIA-based insurance companies collect 9.5 billion drams of premiums in Q1
Six Armenia-based insurance companies collected a total of 9.5 billion drams of insurance premiums in the first three months of 2016, a 6.7% year-on-year growth, according to ARKA news agency's 2016 first quarter bulletin "Insurance companies of Armenia."(23.05.2016)
ARMENIAN insurance companies double net profit in quarter one
Six Armenia-based insurance companies earned more than 1.3 billion drams in net profit in the first quarter of 2016, up from  631.6 million drams they had earned in the same time span of 2015, according to ARKA news agency's  bulletin "Insurance Companies of Armenia" for the fourth quarter of 2015.(23.05.2016)
MOLDOVA: "Bomb" under the insurance system Green Card
On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street.(23.05.2016)
KAZAKHSTAN: S&PGR Revises Eurasia Insurance Outlook To Stable
S&P Global Ratings today revised its outlook on Kazakhstan-based Eurasia Insurance Co. to stable from positive. At the same time, we affirmed the 'BB+' long-term counterparty credit and financial strength ratings on the insurer, as well as the 'kzAA-' Kazakhstan national scale rating.(23.05.2016)
Insurance companies in KAZAKHSTAN to likely face further challenges - S&P
S&P Global Ratings international agency revised its outlook on Kazakhstan-based Eurasia Insurance Co. to stable from positive, according to the message of the ratings agency.(23.05.2016)
MACEDONIA's Euroins Osiguruvanje Jan-April premium income falls 1.5% y/y
The premium income of Macedonian insurer Euroins Osiguruvanje decreased by 1.5% year-on-year to 2.56 million euro in January-April, its parent, Eurohold Bulgaria [BUL:4EH], said.(23.05.2016)
Sales of insurance services through Facebook opened in AZERBAIJAN first time
Insurance company AXA MBASK has launched direct sales of insurance policies through Facebook for the first time in Azerbaijan.(23.05.2016)
LATVIA: Balta insurer closes 2015 with audited net profit of EUR 1.2 mln
The audited net profit of Balta insurance company in Latvia in 2015 was EUR 1.2 million, and premiums subscribed grew 22% from 2014, the company said LETA.(23.05.2016)
Head of Insurance department of AZERBAIJAN's Financial Market Supervisory Body named
Fuad Sadikhov has been appointed the director of insurance market supervisory department of Azerbaijan's Financial Market Supervisory Body, a source on the country's insurance market told Trend May 16.(23.05.2016)
RUSSIA: VTB Group announces IFRS results for 1Q 2016
VTB Bank ('VTB' or 'the Bank'), the parent company of VTB Group ('the Group'), today publishes its Interim Condensed Consolidated Financial Statements for the three months ended 31 March 2016, with the Independent Auditor's Report on Review of these Statements.(23.05.2016)
TURKEY NN: New bancassurance product for the insurance market
Our strategy is to deliver an excellent customer experience, based on strong products and services, multi-access distribution and efficient processes. A recent initiatives in Turkey exemplifies this.(23.05.2016)
RUSSIAN bank VTB recommends dividend payments for 2015
The board of Russia's second-largest bank VTB on Friday recommended it pay dividends of 0.00117 roubles per ordinary share on its 2015 results.(23.05.2016)
GREECE: EBRD buys 15% interest in insurer European Reliance
The European Bank for Reconstruction and Development (EBRD) has purchased a 15% stake in the Greek insurance firm European Reliance.(23.05.2016)
AEGON reports lower quarterly profit
Volatile financial markets had a negative affect on first-quarter net income for AEGON, Netherlands-based corporate parent of Transamerica in Cedar Rapids.(23.05.2016)
CROATIA's Adris Grupa seeks regulatory nod to boost stake in Slovenia's Sava Re
Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] confirmed on Thursday that it has requested the permission of Slovenia's insurance regulator to increase its stake in re-insurer Sava Re.(23.05.2016)
ARMENIA: Insurers paid 2.5 billion drams in car insurance compensation claims in 4M2016
Six Armenia-based insurance companies paid a total of 2.5 billion drams in 12,924 car insurance compensation claims in the first four months of 2016, a decrease of 4.2% when compared to the same time span of 2015, a statement posted on the official website of Armenia's Car Insurers' Bureau says.
(23.05.2016)
ARMENIA: Rosgosstrakh retains leadership in terms of insurance payouts in MTPL
Rosgosstrakh Armenia retains leadership in terms of payouts in motor third party liability insurance (MTPL) for the 6th year in a row. In Q1 2016, the company paid out 717 mln AMD in MTPL.(23.05.2016)
CZECH REPUBLIC: CSOB net profit falls 13 percent in Q1
CSOB says Q1 net profit down 13 percent y/y to CZK 3.3 billion (USD 139.03 million), impacted by banking taxes, declining margin, lower fees.(23.05.2016)
ARMENIA: In Q1 2016, cargo transportation grew by 62.9%
In Q1 2016 versus Q1 2015, cargo transportation in Armenia grew by 62.9% to 3 164.9 thsd tons, from which 2091.5 thsd tons (66.1% from the total volume) was transportation by road, the National Statistical Service of Armenia reports.
(23.05.2016)
UKRAINE has changed rates on the Green Card
Motor (Transport) Insurance Bureau of Ukraine (MTIBU) from May 5, 2016 has introduced new tariffs for policies "Green Card" for traveling abroad by car.(23.05.2016)
AZERBAIJAN: One step away from mandatory health insurance
Experts often stress the importance of mandatory health insurance when talking about the solutions to main complaints people make about healthcare. Even though applying this system in our country has been debated for years, we still don"t have mandatory health insurance.(23.05.2016)
Baltic profits of If insurer at EUR 3.1 mln in Q1
If P&C Insurance insurance company in Estonia and its subsidiaries in Latvia and Lithuania made EUR 3.1 million in profit in the first quarter of 2016, the company said LETA.(23.05.2016)
RUSSIA: Major insurance companies have reduced prices for hull
Experts of the insurance group "URALSIB" has analyzed how different rates of hull on popular domestic and foreign brand cars for drivers in three groups: a 20-year-old drivers with no experience, 35 years with experience of 15 years, 55-year-old with driving experience 30 years. Experts examined the data of the eight largest in terms of fees, hull insurance companies in 12 cities of Russia. The study shows data on the reduction of the insurance rate in more than a year (from January 2015 to March 2016).(12.05.2016)
TURKEY's Bank Asya sale or liquidation to take place by end May
Turkey's Bank Asya, which was seized by the state last year, will be sold or liquidated by the end of the month, banking watchdog BDDK head Mehmet Ali Akben told reporters on Tuesday.(12.05.2016)
KAZAKHSTAN: A.M. Best Revises Outlook to Negative for Victoria Insurance Company JSC
A.M. Best has revised the outlooks to negative from stable and affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of Victoria Insurance Company JSC (Victoria) (Kazakhstan).
(12.05.2016)
RUSSIA: Four insurance companies remained without the licenses
The Bank of Russia has revoked the licences of the four crystals of the insurance company. Among them is one of the oldest Russian insurers "Gefest". The company has not eliminated within the prescribed period the violations of insurance legislation.(12.05.2016)
RSA Insurance may beat 2016 analyst profit forecasts
RSA Insurance Group P.L.C. is on course to meet or beat analysts' forecasts for profits this year, the firm's chief executive said on Thursday, showing its resilience after an abandoned takeover bid for the company in 2015.
(12.05.2016)
Willis Towers Watson Reports First Quarter Earnings
Willis Towers Watson, a leading global advisory, broking and solutions company, today announced financial results for the first quarter of 2016, which ended March 31, 2016. On January 4, 2016, the merger of Willis Group Holdings (Willis) and Towers Watson & Co. (Towers Watson) was completed. In this release, the Company has presented consolidated financial results and legacy segment results for the quarter ended March 31, 2016 for Willis and Towers Watson.(12.05.2016)
MetLife Announces First Quarter 2016 Results
MetLife reported operating earnings of USD 1.3 billion, down 19 percent from the first quarter of 2015, and 17 percent on a constant currency basis. On a per share basis, operating earnings were USD 1.20, down 17 percent from the prior year quarter. Operating earnings in the Americas decreased 18 percent, and 16 percent on a constant currency basis. Operating earnings in Asia decreased 7 percent, and 5 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 10 percent, and 3 percent on a constant currency basis.(12.05.2016)
Chubb Reports First Quarter Operating EPS of USD 2.26 Versus USD 2.25 Prior Year
CHUBB reports first quarter operating EPS of USD 2.26 versus USD 2.25 prior year, while operating EPS with 14-day stub period is USD 2.29. P&C combined ratio is 90.0% and annualized operating ROE is 10.2%. At he same time, operating return on tangible equity is 18.5%.(12.05.2016)
POLISH insurer WARTA selects Unit4 HR solution for 3,000 employees
Unit4, has announced one of Poland's largest insurance companies, WARTA Group, has selected its enterprise HR software to manage HR processes company-wide and deliver self-service efficiency to its 3,000 employees.(05.05.2016)
GREECE's Piraeus Bank to sell part of European Reliance stake to EBRD
Greece's Piraeus Bank will sell part of its 28 percent stake in insurer European Reliance to the European Bank for Reconstruction and Development, a Piraeus official said on Wednesday. Piraeus, Greece's largest lender by assets, plans to divest the entire stake as part of a restructuring plan which entails the disposal of non-core assets.
(05.05.2016)
MetLife Announces First Quarter 2016 Results
MetLife reported operating earnings of USD 1.3 billion, down 19 percent from the first quarter of 2015, and 17 percent on a constant currency basis*. On a per share basis, operating earnings were USD 1.20, down 17 percent from the prior year quarter. Operating earnings in the Americas decreased 18 percent, and 16 percent on a constant currency basis. Operating earnings in Asia decreased 7 percent, and 5 percent on a constant currency basis. Operating earnings in Europe, the Middle East and Africa (EMEA) decreased 10 percent, and 3 percent on a constant currency basis.(05.05.2016)
AIG reports Q1 net income of USD 773 million
American International Group, Inc. (NYSE: AIG) today reported after-tax operating income of USD 773 million, or USD 0.65 per diluted share, for the first quarter of 2016, compared to USD 1.7 billion, or USD 1.22 per diluted share, in the prior-year quarter, reflecting the negative impact of market volatility on investments that totaled USD 0.48 per diluted share.(04.05.2016)
TURKEY moves to reduce motor vehicle insurer losses
As part of the government's agenda to make financial institutions more profitable, on April 26, 2016, amendments to the Highway Traffic Law were enacted to help reduce insurer losses from motor vehicle third-party insurance ("MTPL Insurance") products through standardized compensation calculations, permitting insurer costs to be more accurately projected.
(03.05.2016)
RUSSIA: Moody's continues its review for downgrade of AHML Insurance
Moody's Investors Service ("Moody's") announced that it is continuing its review for downgrade of AHML Insurance's ("AHMLI") Ba2 insurance financial strength rating. AHMLI is a subsidiary of the Agency for Housing Mortgage Lending JSC ("AHML JSC", Ba1 negative) which in turn is wholly owned by the Russian Federal Government.
(03.05.2016)
ARMENIAN insurance companies pay about 500 million drams in taxes for quarter one
The list of the 1000 largest Armenian corporate taxpayers in the first quarter of 2016 includes all six insurance companies operating in the country which paid a total of 499 million drams in various taxes, up from 457.4 million drams they had paid for the first quarter of 2015, the State Revenue Committee said.

(03.05.2016)
POLISH second-pillar pension funds post negative returns
Poland's second-pillar pension funds (OFEs) generated poor results over the last year, with all the 12 funds recording negative returns. According to the Polish Financial Supervision Authority (KNF), the weighted average 12-month return, as of the end of March 2016, fell from 2.52% in 2015 to minus 6.63%, while the three-year return plunged from 25.13% to 6.34%.(03.05.2016)
Generali: New Life Insurance Product on SERBIAN market
Generali Osiguranje Serbia has developed an innovative and unique product for our market which combines the classic life insurance policy with an investment in investment funds; the so-called unit-linked product.
(03.05.2016)
AZERBAIJAN's insurance companies can undertake risk reinsurance for Iranian companies
Azerbaijan's insurance companies can take upon the reinsurance of risks of Iranian insurance companies, expert in the field of insurance Khayal Mammadkhanli believes. The President of Training and Consulting Center Consultant toldВ TrendВ that Azerbaijan's insurance companies are not so big to take a rightful place in the Iranian market and to collect a large portfolio in a short time.(03.05.2016)
KAZAKHSTAN: A.M. Best Affirms Ratings of Halyk-Life
A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of Halyk-Life, Life Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan). The outlook for each rating remains negative. Halyk-Life is a wholly owned subsidiary of JSC Halyk Bank (Halyk Bank), a leading retail bank also domiciled in Kazakhstan.
(03.05.2016)
UKRAINIAN insurers are switching to direct settlement of losses
Ukraine Starting with the II quarter of 2016 begins to introduce new model of insurance "avtograzhdanki" - Direct claims settlement. This means that in case of an accident for damages do not need to go to the insurance company the originator of incident, and in the company in which the injured party has acquired policy. "This is an innovation that has already been tried in Europe, progressively. To date, I do not know the direct alternative, which would improve the quality of customer service ", - says CEO MTIBU Vladimir Shevchenko.(03.05.2016)
AZERBAIJAN to apply low compulsory health insurance fees in initial stage
A symbolic interest rate for compulsory health insurance will be introduced in Azerbaijan in the first stage, Zaur Aliyev, the Director of the State Agency for Compulsory Health Insurance under the Cabinet of Ministers said.(03.05.2016)
TURKEY: Motor 3rd-party liability insurance reforms passed to curb costs and premiums
Turkey has implemented reform of motor third-party liability (MTPL) insurance to decrease the significant losses incurred by insurers in Turkey over the last 10 years, while lowering insurance premiums for consumers.(03.05.2016)
RUSSIA: CB closed "Soviet" insurance company
The Bank of Russia withdrew the license for implementation of insurance of the insurance company "Soviet". The company has not eliminated in time violations of legislation on the basis of which on 16 March, the site license was suspended. "Soviet" did not comply with the requirements of financial stability and solvency. The organization needs to meet its obligations to the insured entities.(27.04.2016)
Electricity supplier CEZ to also start selling insurance in ROMANIA
Romanian electricity supplier CEZ Vanzare, a company owned by Czech energy group CEZ, plans to expand its activity into insurance brokerage.(27.04.2016)
Aegon Life Ukraine's Financial Results in 2015
In 2015, Aegon Life Ukraine continued to implement its strategy to increase sales and market share in the retail life insurance segment. Despite the unfavorable political and economic conditions, both our retail channels - Brokerage and Agency network - signed insurance premiums amounting to more than UAH 133 million. Number of insured persons in this segment increased to 44 204 (which is 8% more than in 2014). Overall, last year our company signed insurance premiums in the amount of USD 143.1 million, and the size of the customer portfolio reached 65 596 persons.(27.04.2016)
UKRAINE: BROKBUSINESS has paid more than UAH 1,2 m for stolen Lexus
Insurance company «BROKBUSINESS» paid indemnification amounted UAH 1 235 000 due to the Motor vehicle policy (CASCO) on the theft risk. The insured event happened in Kiev on 14th of January 2016. The insured Lexus was parked near one of the city supermarkets at night. While the owner was going shopping the vehicle was stolen.(27.04.2016)
ALBANIA and BOSNIA: Study on Agricultural Insurance
BFC was contracted by EFSE to conduct a feasibility study on the potential for agricultural insurance products and services, particularly in rural areas of Albania and Bosnia.(27.04.2016)
KAZAKHSTAN: Moody's downgrades KazExportGarant's financial strength rating to Baa3 with a negative outlook
Moody's Investors Service has today downgraded the insurance financial strength rating (IFSR) of KazExportGarant JSC (KazExportGarant) by one notch to Baa3 from Baa2. This rating action follows the one notch downgrade of the government of Kazakhstan to Baa3, on 22 April 2016. The outlook on KazExportGarant is negative, which is in line with the negative outlook on the sovereign. This rating action closes the review initiated on 10 March 2016 when Moody's placed KazExportGarant's rating on review for downgrade.
(27.04.2016)

Next Events

IIF 2016 - Property Insurance in a Stormy Era
June 20-21, 2016
Munich, Germany
Organizers; XPRIMM and NTT Data
Media coverage: XPRIMM Publications
For details: www.internationalinsuranceforum.com
AIIF 2016 - VII Azerbaijan International Insurance Forum
June 23rd - 24th, 2016
Baku, Republic of Azerbaijan
Organizers: Azerbaijan Insurers Association and XPRIMM
AIIF - 2016 Azerbaijan International Insurance Forum
AIIF - 2016 Азербайджанский Международный Страховой Форум
For details: www.xprimm.com

Press Cuttings

TURKEY: Anadolu Signs a Multi-Million Dollar Agreement with Sapiens
Sapiens International Corporation, (NASDAQ and TASE: SPNS), a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, announced today that Anadolu Insurance Company (Anadolu), a private insurer operating in Turkey, has expanded its strategic relationship with Sapiens.(23.05.2016)
AZERBAIJAN: Insurance asset of Turkish holding may be liquidated
The issue of liquidation of Buta Insurance OJSC, an asset of Turkey's NAB Holding, will be considered at the general meeting of the insurance company's shareholders, said the company's message published May 12 in Azerbaijani official media outlets.(23.05.2016)
KAZAKHSTAN: A.M. Best Removes From Under Review and Downgrades Ratings of Standard Insurance
A.M. Best has removed from under review with negative implications and downgraded the financial strength rating to C++ (Marginal) from B- (Fair) and the issuer credit rating to "b+" from "bb-" of Standard Insurance Company, JSC (Standard) (Kazakhstan). The outlook assigned to each rating is stable.
(23.05.2016)
AZERBAIJAN to introduce compulsory medical insurance
Azerbaijan is currently drafting a pilot project on the implementation of compulsory health insurance. The final decision on the introduction of compulsory medical insurance will be made after the examining of its positive and negative aspects.(23.05.2016)
SLOVENIA: Pension insurer's profit down
Modra zavarovalnica, Slovenia's largest provider of supplementary pension insurance, posted a net profit of EUR 4.7m for 2015, down from EUR 17.4m in the year before. Assets under management rose to EUR 1.3bn from EUR 1.2bn, the company said on Friday.(23.05.2016)


FIAR 2016

INTERVIEW
Elisabeth STADLER
General Manager (CEO) & Chairwoman of the Managing Board
VIENNA Insurance Group


How will VIENNA Insurance Group look in 2026? Which is the group's strategy in the CEE region? What are the new management's plans? All these questions are answered by Elisabeth STADLER, CEO & Chairwoman of the Managing Board, VIENNA Insurance Group in an exclusive interview for XPRIMM Publications.

(2016-05-19) More

INSURANCE & TECHNOLOGY
LIMEWOOD: How to use predictive analytics to fight negative phenomena in life insurance portfolios and monitor the real quality of production in the sales channel

Lapses represent a significant business risk for all life insurance companies, because of their negative impact on the cash flow and costs. Often, lapses even represent fraudulent behaviour of the clients or members of the sales force. (2016-04-28) More

ANALYSIS
Welfare Insurance. The Purpose of Insurance is to reach the last man in society

As we all know the history of insurance, the purpose of insurance was to protect ship-owners in time of difficulty. But we do not have data to validate how much ship-owners population was covered. I received many emails after the first thoughts on welfare insurance were out. While interacting with some intellectuals, a point came up that the penetration of insurance is low, because of the cost. (2016-05-12) More

POINT OF VIEW
Guy HUDSON
Partner
JLT Re


Estimates suggest the cyber market alone could triple in size over the next five years. Fresh thinking also needs to be applied to difficult questions surrounding new technologies such as driverless cars, cloud computing, 3D printing, the internet of things, nanotechnology, "sharing economies", drone proliferation and a host of other issues which will require risk-transfer mechanisms. (2016-05-12) More

COUNTRY PROFILES
Albania
Bosnia
Bulgaria
Croatia
Czech Rep.
Estonia
Hungary
Kosovo
Latvia
Lithuania
Macedonia
Montenegro
Poland
Romania
Serbia
Slovakia
Slovenia
Cyprus
Greece
Turkey


Armenia
Azerbaijan
Belarus
Georgia
Kazakhstan
Kyrgyzstan
Moldova
Russia
Turkmenistan
Tajikistan
Ukraine
Uzbekistan

ON THE MOVE
GREECE: George KOTSALOS steps down as CEO of INTERAMERICAN

Swiss Re: Moses OJEISEKHOBA to become CEO Reinsurance, Jayne PLUNKETT to succeed him as Regional President and CEO Reinsurance, Asia

Cornelia COMAN appointed CEO of Nationale-Nederlanden Spain as of 1 July 2016

Alexander VOLLERT - appointed CEO of AXA Germany

After leading AXA for 17 years, Henri de CASTRIES retires; Thomas BUBERL takes over as CEO and Denis DUVERNE to be appointed Chairman of the Board

Philippe DONNET replaces Mario GRECO as CEO of the GENERALI Group

Joachim WENNING will take on the MUNICH Re's CEO position starting April 2017


EVENTS
Insurance Europe's 6th International Conference analyzes "The challenge of change: global insurance trends"

8th All-Russian Forum "Car loans in Russia" will be held on June 26-27

International Adjusting conference faces up to the communications challenge when dealing with catastrophe claims

Is the African insurance market a strategic one for international players?

In Uzbekistan was held the 7th Tashkent International Conference on Insurance and Reinsurance

The Russian Insurance Summit 2014 began on Thursday

11 conferences and workshops are waiting for you at FIAR, in Brasov

Ongoing registration for AIIF 2014! Book your place at the most important event in the Caucasus Region

Russian Insurance Summit 2014 brings together hundreds of participants from Russia and from its neighboring countries

Reinsurance professionals from 19 countries discussed the main issues of the Russian market in Moscow

Madrid: "International Forum Bancassurance" to analyze the keys to success and prospects for Bancassurance
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