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Insurance

Chicago Insurance Forum to emphasize shifting the cultural mind-set of the industry to a data-centric approach
The insurance sector has been grappling with data for decades and is perhaps one of the oldest institutions to practice what it would now be considered Data Science and analytics. The inherently risk averse nature of Insurance has historically demanded Actuaries to implement rigorous statistical and mathematical processes to enable the quantification of risk into a packaged, saleable product. Although insurance organisations have long been aware of the applications of data for business gain, there has been renewed interest in Big Data given the diversification of new sources now available through the exponential growth in technology.(27.07.2016)
The new KID in town is here. Or...
Starting 31 December 2016 European consumers will get a chance at comparing complex products, such as insurance-based investment products, namely PRIIPs, by consulting a Key Information Document (KID) before making any decision - as a new EU piece of legislation is scheduled to come into force. This is designed to help retail investors - consumers - in making this complex products more easily comparable. However, as it seems that not all stakeholders are on the same page with the KID, the story is yet to be written...(13.07.2016)
ICAR 2016: Managing catastrophic risks in the challenging framework drawn by the climate change
While losses caused by natural catastrophes in the first half of 2016 were significantly higher than the corresponding figures for the previous year, only 38% of the total amount was insured, demonstrating once again the important dimensions of the property insurance gap worldwide.(14.07.2016)
STATISTICS: AZERBAIJAN, 4M2016: 16.10% GWP growth in local currency
During the first fourth months of 2016, the Azerbaijani insurance industry grew, in local currency, by 16.10%, to AZN 192.73 million. Due to strong devaluation of the local currency (AZN) against USD/EUR, by almost 45%, in the European currency the insurance market decreased by 21.29%, to EUR 112.22 million.(14.07.2016)
STATISTICS: KAZAKHSTAN, 1Q2016: Insurance industry grew by 31.54%
In the first quarter of 2016, the local insurance industry grew by 31.54%, totaling KZT 95,367.46 million, according to official data provided by the National Bank of Kazakhstan.(14.07.2016)

STATISTICS: BELARUS, 1Q2016: Local market maintained its positive evolution despite the currency devaluation's negative impact
According to data published by the Ministry of Finance of Belarus, in the first quarter of 2016 the local insurance market reached to BYR 2,349,922.06 million, up by 24.94%. To main driver of the positive market evolution was the life insurance segment, which increased by 63.94%, while non-life insurance went up by 22.18%.(14.07.2016)
STATISTICS: GEORGIA, 1Q2016: Insurance business grew by 12.71%; a positive trend was seen on almost all types of insurance
In January-March 2016, the Georgian insurance market increased by 12.71% y-o-y in local currency to GEL 130.66 million (EUR 48.76 million), according to the data published by the Insurance Supervisory Office - ISO.(14.07.2016)
Ukraine: The reinsurance structure has changed. See what countries-partners have become more preferential for local insurers
In the first quarter of 2016, the total volume of risks ceded in reinsurance by Ukrainian insurance companies have reached to UAH 3.2 billion, comparing to UAH 1.6 billion in the similar period of 2015, according to ForInsurer.(13.07.2016)
AVIVA Canada completes the acquisition of RBC General Insurance
Insurer Aviva Canada Inc. has completed the acquisition of Royal Bank of Canada's RBC General Insurance Company. The previously-announced transaction includes a 15-year strategic agreement with RBC Insurance through which AVIVA Canada will provide policy administration and claims services, and RBC Insurance customers will access AVIVA Canada's full suite of property and casualty (P&C) products. RBC Insurance will continue to market and sell these products under the RBC Insurance brand.(13.07.2016)
Decision of the Paris administrative court in favour of the opening up of the natural catastrophe reinsurance market in France welcomed by SCOR
A recent decision of the Paris administrative court, made public this week, requiring the State to "terminate the agreement regarding the State's guarantee of the Caisse centrale de reassurance, [....] insofar as the CCR's natural catastrophe reinsurance business is concerned, within one year", or, failing this, to notify the European Commission of the natural catastrophe reinsurance scheme within the same timefame. The European Commission will then have to rule on the scheme's compliance with European law. (13.07.2016)
Extreme weather to push ACHMEA into the red
Insurance company ACHMEA says it expects to post a "limited" loss over the first six months of this year, due in part to the impact of the heavy storms over the past few weeks.(13.07.2016)
ZURICH Insurance Company South Africa to be acquired by FAIRFAX Financial
Following the expansion in the CEE Region, FAIRFAX Financial Holdings Limited announced that it has entered into an agreement with ZURICH Insurance Company Ltd to acquire 100% of ZURICH Insurance Company South Africa Limited ("ZICSA"). The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close by the end of the fourth quarter of 2016.(13.07.2016)
Rosgosstrakh Armenia 's CASCO and MTPL policies financed by a dedicated VTB Bank loan
VTB Bank (Armenia) and the Armenian subsidiary of Rosgosstrakh have launched a co-branded, 'exclusive' product consisting in a loan granted by the bank specifically for the purchase of mandatory motor car and  CASCO insurance policies provided by Rosgosstrakh Armenia, the bank's press service said in a press release.(13.07.2016)
CHUBB announces catastrophe loss estimates for Q2
CHUBB Limited projects catastrophe loss of USD 315 million (USD 390 million pre-tax) net of reinsurance and including reinstatement premiums in the second quarter. In fact, the loss estimate is more than USD 280 million, pretax, earlier expected.(14.07.2016)
QATAR Re announces senior appointments to further strengthen its governance and operations
QATAR Re today announced the appointments of Andrew SMITH as the Group's Chief Risk Officer, Adam YOUNG as Head of Compliance and Steve TIDD as Chief Operating Officer. These appointments further strengthen QATAR Re's risk and corporate governance and oversight while also enhancing its internal systems, processes and operating efficiency.(13.07.2016)

Interviews

Nicola RAUTMANN
Market Executive Austria & CEE
Swiss Re

Christian ENGELN
Head of Client Management
Russia & CIS
Swiss Re

No question, this is the hardest time for most of the Russian insurers since they exist. The growth model does not work anymore in an environment, where everybody - business, private consumers, state - cut back insurance expenditure. On the other hand, shareholders run out of patience to support low margin insurance assets, and the regulator urges for more transparency and improvement of the capital base. However, we believe that this is also the time when insurers usually adapt and streamline processes, decrease costs, but at the same time embrace new technologies and develop new products. Our job at Swiss Re is it to exchange with our partners on new ideas, make them see what is working in Australia, France, the U.S., start-ups successful in Japan and Germany.
(16.06.2016)
Damian JAWORSKI
Director, Analyses and International Cooperation Department
Polish Financial Supervision Authority

The average expenses on insurance products in Poland are 5 times lower than of the average European Union resident. In this sense one can say that the Polish market is still developing and highly dependent on the welfare of the society.
(09.06.2016)
Mehmet Akif EROGLU
Secretary General
TSB - Insurance Association of Turkey

As the overall insurance penetration is not yet at the desired level, the motor lines are still the market drivers in Turkey. "As a country, as an industry, we have to increase the insurance penetration rate. The motor line has already grown, so our focus now is on other lines of business. Health is one of them. We believe in complementary health products because right now just 2 million people benefit from private health policies and we are 80 million in total."(02.06.2016)
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)

Press Cuttings

Eurohold turns to cons net profit in Q1
Financial and insurance group Eurohold Bulgaria [BUL:4EH] said it turned to a consolidated net profit of 21,000 levs ($11,900/ 10,700 euro) in the first three months of the year, from a consolidated net loss of 5.5 million levs in the same period last year.(12.07.2016)
BULGARIA to appoint financial regulator head by end-July
Bulgaria should appoint a new chairman of the financial regulator by the end of July as the term of the current head has expired, the country's finance minister said on Monday.(12.07.2016)
BULGARIA: More than 500,000 vehicles lack third-party liability insurance
More than 500,000 vehicles in Bulgaria lack the obligatory third-party liability insurance. This is what Vladimir Todorov, Chairperson of the Association of Victims of Road Accidents, said speaking for Radio FOCUS.(12.07.2016)
AZERBAIJAN's Financial Market Supervisory Body names new department heads
Imran Mammadov has been appointed the head of the Banking Activity Supervision Department at Azerbaijan's Financial Market Supervisory Body, according to the Supervisory Body's decision.(12.07.2016)
RUSSIA: It will be possible to enter Azerbaijan from 1 August by "Green Card"
On August 1, 2016 Russian car owners will be able to enter the territory of Azerbaijan with the Russian insurance certificate "Green Card". The relevant agreement within the international motor third party liability insurance "Green Card" was signed by the Russian Union of Insurers and the Bureau of compulsory insurance of the Republic of Azerbaijan, informs banki.ru.(07.07.2016)

MOLDOVA: Insurance company ASITO closes down!
Shareholders of ASITO insurance company have decided to close the company. The director of ASITO, Andrei Lupyri, has written a request to the Financial Market National Committee, with the request to take away the license.(07.07.2016)
KYRGYZSTAN: Introduction of mandatory liability car insurance delayed for 3 years
The Parliament of Kyrgyzstan on June 30 passed the amendments to the law on mandatory liability car insurance that delay introduction of the requirement for 3 years - until February 7, 2019.(07.07.2016)
AZERBAIJAN: 827 contracts signed on Green Card system in June
The Compulsory Insurance Bureau informs that 783 international insurance contracts were concluded for motor vehicles travelling to Iran and Turkey, 7 contracts for vehicles traveling to Moldova and Ukraine and the rest 37 ones for all the other Green Card participating countries. "Premiums totaled AZN 63,676 within Green Card international system, signed in June," the CIB said.
(07.07.2016)
AZERBAIJAN: Compulsory property insurance reduced by 14%
The Compulsory Insurance Bureau informs that 11,639 contracts for compulsory insurance of real estate were signed in June. "Mandatory insurance premiums totaled AZN 4.2 million by 1 July 2016," the CIB reported. The Bureau points out that the number of policies on compulsory insurance of real estate lowered by 14% for the year, and net premiums by 17%.(07.07.2016)

Next Events

Solvency 2 - Lessons Learned
September 6, 2016
Hotel Union Ljubljana, Slovenia
Organizer: AZN - Insurance Supervision Agency
Les Rendez-vous de Septembre 2016
September 10-15, 2016
Monte Carlo, Monaco
XPRIMM Publications stand at Fairmont Hotel
For details: www.rvs-monte-carlo.com
Baden-Baden XPRIMM Reception
October 23, 2016
Kurhaus Casino, Runder Saal
For details: www.xprimm.com

Press Cuttings

Eurohold turns to cons net profit in Q1
Financial and insurance group Eurohold Bulgaria [BUL:4EH] said it turned to a consolidated net profit of 21,000 levs ($11,900/ 10,700 euro) in the first three months of the year, from a consolidated net loss of 5.5 million levs in the same period last year.(12.07.2016)
BULGARIA to appoint financial regulator head by end-July
Bulgaria should appoint a new chairman of the financial regulator by the end of July as the term of the current head has expired, the country's finance minister said on Monday.(12.07.2016)
BULGARIA: More than 500,000 vehicles lack third-party liability insurance
More than 500,000 vehicles in Bulgaria lack the obligatory third-party liability insurance. This is what Vladimir Todorov, Chairperson of the Association of Victims of Road Accidents, said speaking for Radio FOCUS.(12.07.2016)
AZERBAIJAN's Financial Market Supervisory Body names new department heads
Imran Mammadov has been appointed the head of the Banking Activity Supervision Department at Azerbaijan's Financial Market Supervisory Body, according to the Supervisory Body's decision.(12.07.2016)
RUSSIA: It will be possible to enter Azerbaijan from 1 August by "Green Card"
On August 1, 2016 Russian car owners will be able to enter the territory of Azerbaijan with the Russian insurance certificate "Green Card". The relevant agreement within the international motor third party liability insurance "Green Card" was signed by the Russian Union of Insurers and the Bureau of compulsory insurance of the Republic of Azerbaijan, informs banki.ru.(07.07.2016)


INTERVIEW
Nicola RAUTMANN
Market Executive Austria & CEE
Swiss Re

Christian ENGELN
Head of Client Management
Russia & CIS
Swiss Re


No question, this is the hardest time for most of the Russian insurers since they exist. The growth model does not work anymore in an environment, where everybody - business, private consumers, state - cut back insurance expenditure. On the other hand, shareholders run out of patience to support low margin insurance assets, and the regulator urges for more transparency and improvement of the capital base. However, we believe that this is also the time when insurers usually adapt and streamline processes, decrease costs, but at the same time embrace new technologies and develop new products. Our job at Swiss Re is it to exchange with our partners on new ideas, make them see what is working in Australia, France, the U.S., start-ups successful in Japan and Germany.
(2016-06-16) More

INSURANCE & TECHNOLOGY
Professional Requirements Engineering as a Key Factor for Successful Software Projects

In order to help your IT projects to succeed in time, budget, and scope, Requirements Engineering  is a key success factor. Professional RE employed in a project or compa-ny-wide relies on trained Requirements Engineers. With increasing degree of maturity the use of IT tools built for Requirements Engineering become a critical factor in order to fully profit from automation aspects to save further costs and time.
(2016-06-23) More

ANALYSIS
Terrorism insurance

Heraclitus quoted in nearly in 500 BC, "There is nothing permanent except change". Or in other words, "Everything changes and nothing stands still". In other words, Plato said "You could not step twice into the same river". From time to time, history have proved that the statement of these wise men true. (2016-07-14) 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
NN Group names new chief risk officer

Axel THEIS succeeds Clement B. BOOTH as EULER HERMES Supervisory Board Chairman

Pierre HUURMAN to become new divisional chairman of ACHMEA Bank

Dr. Othmar Ederer is the new President of the Austrian Insurance Association; his mandate will start on July 1st, 2016

Jan Van AUTREVE appointed CEO of NN Belgium as of 1 July 2016

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


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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