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Insurance

Representatives from LV, AIG, Direct Line, Zurich and AXA join speaker panel for The Claims Transformation Forum
An average of 75% of every premium dollar earned by insurance companies worldwide is being spent on claims and claims related expenses. Therefore, the claims process has been identified as the key area to improve efficiency and reduce costs.(01.07.2016)
STATISTICS: ESTONIA, 1Q2016: GWP up to EUR 92 million, driven by non-life lines
Estonian insurers reported in Q1 2016 GWP of EUR 91.78 million, up 5.21% y-o-y, according to preliminary aggregate market figures published by the Estonian National Statistics Board. Per insurance classes, the total value of GWP on the life segment was down by 4.18% y-o-y to EUR 19 million (20.69% of the total market), while the value of non-life GWP totaled EUR 72.79 million, 7.97% more y-o-y.(30.06.2016)
STATISTICS: TURKEY, 1Q2016: insurance sector shows impressive growth
In the first quarter of 2016, total gross written premiums in the Turkish insurance market reached TRY 10.73 billion (EUR 3.3 billion), a 35.6% increase over the same quarter last year, according to data from the Insurance Association of Turkey (TSB).(30.06.2016)
STATISTICS: POLAND, 1Q2016: maintained profitability in life insurance despite the decreasing GWP volume
The downsize trend of the Polish insurance market continued in Q1, driven by the strongly negative change recorded on the life insurance segment. Thus, total GWP amounted to EUR 3.14 billion, 10.76% less y-o-y, while the GWP decrease in life insurance GWP was of 23.37% y-o-y, to EUR 1.34 billion. The Polish zloti depreciation against euro had also a say in the significant market decrease.(30.06.2016)
STATISTICS: GREECE, 1Q2016: market down by 6% y-o-y
At the end of March 2016, the Greek insurance market totaled EUR 948.57 million, down by 5.7% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). The life insurance segment decreased by 10% y-o-y, to EUR 456.68 million, while the non-life business line dropped by 1.2% to EUR 491.89 million.(30.06.2016)

Requirements Engineering and Legacy Systems
In order to remain competitive in the market, for example by a fast introduction of new insurance products, the legacy systems have to be modernized or replaced sooner or later. For this task, three alternatives were introduced with their advantages and disadvantages. All alternatives rely on a successful IT-Project.
In order to help them to succeed in time, budget, and scope, the professional application of different Requirements Engineering techniques are a key success factor.
(30.06.2016)
Russia: The III-rd Annual Insurance Business Forum "Challenges of the year 2016" will be held on September 26-30, 2016 in Sochi
The III-rd Annual Insurance Business Forum "Challenges of the year 2016" will be held on September 26-30, 2016 in Swissotel Sochi Kamelia 5*, Sochi, Russia. Organizer - Reinsurance Committee of the All-Russian Insurance Association and Co organizer - DELOVOY Format Group. Traditionally, XPRIMM Publications will support the event as Media Partner.(30.06.2016)
Register now for the Pillar III Reporting and Data Quality Conference!
With Solvency II regulations, data validation reports and ORSA work streams, reporting has been a top priority for insurers in the last decade, data sitting at the centre of this activity. The main topic of the Pilar III Reporting and Data Quality Conference will be the drive improvements in reporting and data quality now that Pillar III has gone live in insurance companies. The event, which takes place in London, on September 22-23, 2016, is organized by Marcus Evans. XPRIMM Publications support the conference as Media Partner.(30.06.2016)
FITCH: Eximgarant's Financial Strength (IFS) rating affirmed at 'B-'. The Outlook is Stable.
MOSCOW, June 28 (Fitch) Fitch Ratings has affirmed Export-Import Insurance Company of the Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.(30.06.2016)
GLOBUS VIG reported growth of 13% in 1Q2016
According to the preliminary data published by the Kyiv-based insurer GLOBUS Vienna Insurance Group (VIG), in 1Q2016 the company has earned UAH 43.3 million (about EUR 1.45 million) of insurance premiums, 13.4% more y-o-y, while the number of concluded contracts was about 78,000.(30.06.2016)
TURKEY: takaful insurance sector expected to further develop fuelled by the participation banking growth
"The issuance of new participation banking* licenses and its resultant increase in participation banking market share would spur the growth in the takaful sector in Turkey, as these banks serve as one of the most important distribution channels of the takaful sector," Ramazan Ulger, President, Insurance Association of Turkey stated at a recent professional event organized in Istanbul by The Islamic Financial Services Board (IFSB), The World Bank Group (WBG) and the Undersecretariat of Treasury of the Republic of Turkey.(30.06.2016)
SAVA Re simplifies its group structure by a quadruple merger
Slovenian insurance group SAVA Re has already taken steps to simplify its organisational structure by merging its two domestic subsidiaries - Zavarovalnica Maribor and Zavarovalnica Tilia - and the two Croatian units - Velebit osiguranje and Velebit (30.06.2016)
Bulgarian EIG decided to open its own branch in Greece
In connection with the decision of the Greek Central Bank, which does not approve the acquisition of the life insurance company of CREDIT AGRICOLE Life by EUROINS Insurance Group (EIG), the Bulgarian insurer decided to continue to grow its business in Greece by opening its own branch in the country, as the company announced on its website.(30.06.2016)
ALLIANZ completes AEGON P&C portfolio acquisition
The acquisition of AEGON's commercial P&C portfolio by ALLIANZ has been officially approved by the Dutch central bank and Dutch Authority for Consumers & Markets.(30.06.2016)
Armenia, 1Q2016: GWP growth by 6.7%, while claims decreased by 1.9%
In 1Q2016, GWP by Armenian insurance companies increased by 6.7%, to AMD 9.5 billion compared to the similar period of 2015. At the same time, in the analyzing period the volume of claims paid by the insurers dropped by 1.9% and totaled AMD 3.2 billion, according to the ArmInfo Agency based on the companies' reporting in accordance to the IFRS standards.(30.06.2016)

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

BULGARIAN insurer Euroins eyes acquisitions in Poland, Czechia
Bulgaria-based Euroins Insurance Group (EIG), a subsidiary of Eurohold Bulgaria [BUL:4EH], is looking for acquisitions in key central European markets, like the Czech Republic and Poland, as part of its strategy to become a leading insurer in eastern Europe, Asen Christov, Eurohold Bulgaria's chairman said on Monday.(29.06.2016)
IFC recommends Azerbaijan not to use Ukraine's method of agricultural insurance
The 7th Azerbaijan International Insurance Forum (AIIF) taking place in Baku today allows avoiding the errors committed in some former Soviet states.(29.06.2016)
ARMENIA: VTB Bank and RESO offer new terms for acquisition of MTPL, MTPL+, health insurance, property insurance
VTB Bank (Armenia) and RESO insurance company offer new terms for acquisition of 4 types of insurance products (motor third party liability insurance (MTPL) MTPL, MTPL+, health insurance, property insurance), which have been prepared for the customers of VTB Bank (Armenia), who make use of RESO's services.   
(29.06.2016)
AZERBAIJAN: Local insurance market to stabilize by mid-2017

Insurance market of Azerbaijan will stabilize by late 2016 - mid 2017, Mursal Rustamov, Pasha Life Chairman of the Management Board said.

(29.06.2016)
SLOVENIA: All insurers solvent under new EU rules
All Slovenian insurers are solvent according to the rules of the EU directive Solvency II that became effective in Slovenia in January, the Insurance Supervision Agency said on Monday.(23.06.2016)

Bank of Greece turns down Bulgaria's Euroins attempt to buy Credit Agricole Life
The Bank of Greece has rejected the proposed acquisition of the local life insurance operations of France's Credit Agricole by Bulgaria's Euroins Insurance Group (EIG) due to solvency capital issues of the buyer's subsidiary in Romania.(23.06.2016)
ZAD Bulgaria teams up with UK AXA PPP Healthcare on new product development
Medical insurance company ZAD Bulgaria has signed a partnership agreement with UK-based medical insurer AXA PPP Healthcare to create a new private healthcare insurance product, ZAD Bulgaria's CEO said.(23.06.2016)
BULGARIA's EIG still eyes growth in Greece after Credit Agricole Life takeover rejection
Bulgaria-based Euroins Insurance Group (EIG), a subsidiary of Eurohold Bulgaria [BUL:4EH], said on Wednesday it plans to open a branch in Greece and grow organically in the neighbouring country, after the Greek central bank rejected its application to buy the local life insurance operations of France's Credit Agricole.(23.06.2016)
Kuwait's Gulf Insurance acquires 90% of Turkey's Turins
Gulf Insurance Group announced a 90% acquisition of the Turkish joint-stock company Turins Sigorta A.S, according to a bourse filing Monday.(16.06.2016)
14 claimants for insurance license appear in AZERBAIJAN
The Financial Markets Supervision Chamber of Azerbaijan is considering insurance license applications. The Chamber informs that eight applications for insurance license and six permissions for certain types of insurance services are under consideration.
(16.06.2016)
GREECE residents to see flood insurance policy savings
The state of New York has 1,500 communities that participate in the National Flood Insurance Program, but only 32 currently participate in the Community Rating System and none rank better than Class 7. Supervisor Bill Reilich says the Town of Greece is the only local municipality in Monroe County that participates in the National Flood Insurance Community Rating System Program, and has received a reduction in its Class rating from 8 to 7 providing additional savings for taxpayers.(16.06.2016)
AZERBAIJAN's insurance company plans to increase authorized capital
Shareholders of Azerbaijan's Ateshgah Insurance company will discuss the issue to increase the company's authorized capital in the next month.(16.06.2016)
LATVIAN Motor Insurers' Bureau files for insolvency of Balva insurer
The Motor Insurers' Bureau of Latvia (LTAB) has filed for insolvency of the to-be liquidated Balva non-like insurer, informs LETA.
(16.06.2016)

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

BULGARIAN insurer Euroins eyes acquisitions in Poland, Czechia
Bulgaria-based Euroins Insurance Group (EIG), a subsidiary of Eurohold Bulgaria [BUL:4EH], is looking for acquisitions in key central European markets, like the Czech Republic and Poland, as part of its strategy to become a leading insurer in eastern Europe, Asen Christov, Eurohold Bulgaria's chairman said on Monday.(29.06.2016)
IFC recommends Azerbaijan not to use Ukraine's method of agricultural insurance
The 7th Azerbaijan International Insurance Forum (AIIF) taking place in Baku today allows avoiding the errors committed in some former Soviet states.(29.06.2016)
ARMENIA: VTB Bank and RESO offer new terms for acquisition of MTPL, MTPL+, health insurance, property insurance
VTB Bank (Armenia) and RESO insurance company offer new terms for acquisition of 4 types of insurance products (motor third party liability insurance (MTPL) MTPL, MTPL+, health insurance, property insurance), which have been prepared for the customers of VTB Bank (Armenia), who make use of RESO's services.   
(29.06.2016)
AZERBAIJAN: Local insurance market to stabilize by mid-2017

Insurance market of Azerbaijan will stabilize by late 2016 - mid 2017, Mursal Rustamov, Pasha Life Chairman of the Management Board said.

(29.06.2016)
SLOVENIA: All insurers solvent under new EU rules
All Slovenian insurers are solvent according to the rules of the EU directive Solvency II that became effective in Slovenia in January, the Insurance Supervision Agency said on Monday.(23.06.2016)


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
Global insurance industry grew steadily in 2015 amidst moderate economic growth, but 2016 outlook is mixed

Global insurance premiums grew by 3.8% in real terms in 2015, amidst variations in regional growth rates, Swiss Re's latest sigma report says. The overall performance was steady after a 3.5%-gain in direct insurance premiums written in 2014, and coming in an environment of just moderate (2.5%) global economic growth, the latter a key driver of insurance demand. There was a slight slowdown in the life sector in 2015, with global premium growth dipping to 4.0% from 4.3%, due to weaker performance in the advanced markets. On the non-life side, strong growth in the advanced markets of Asia, and improvement in North America and Western Europe, contributed to a 3.6% increase in global premiums, up from 2.4% growth in 2014. (2016-06-30) 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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