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1 EUR -  7.5713 HRK 1 EUR -  26.098 CZK 1 EUR -  290.42 HUF 1 EUR -  4.1898 PLN 1 EUR -  4.3493 RON 1 EUR -  40.2267 RUB
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Insurance
 TRUST Re, supporting the Romanian insurance market at FIAR 2013
TRUST Re's interest in Romania is to further strengthen its regular presence and to support the insurance market, so the company is supporting as Main Partner the 2013 Edition of FIAR - The International Insurance - Reinsurance Forum. TRUST Re is a closed joint stock company registered in the Kingdom of Bahrain, specialized in all classes of non-life reinsurance with an industry-acknowledged expertise in Energy (Offshore and Onshore). More...
(17.05.2013)
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 Four reasons behind the pull back of reinsurance companies from CEE. JLT Re, SWISS Re and WILLIS Re analyze the problem during the Reinsurance Market Workshop at FIAR 2013
The Romanian catastrophe programmes are believed not to be as well rated as other catastrophe programmes available on the international market - this is one of the main reasons behind some major reinsurance groups' decisions to pull back from Romania, explained Guy HUDSON, Partner, JLT Re. The situation of the reinsurance business in Central and Eastern Europe will be analyzed during the interactive workshop "Buying reinsurance in CEE", at FIAR 2013. The JLT Re representative will moderate the seminar, and the discussions will be initiated by keynote speakers from well-known international reinsurance companies, including SWISS Re, WILLIS Re, TRUST Re, MILLI Re and UNITY Re. More...
(17.05.2013)
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 SERBIA, FY 2012: Currency depreciation pushes market's dynamic under the zero line
With a 1.3% annual decrease in GWP, the Serbian insurance market mirrored the recession challenging the country in 2012. The mentioned decrease rate corresponds to the market figures denominated in European currency and is obviously affected by the 8% depreciation of the Serbian currency in relation to Euro. Thus, in Serbian Dinars, the insurance market showed a positive evolution last year, of 7.2%. More...
(09.05.2013)
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 SLOVAK Rep. FY2012: Premiums up 4%, profit down 20%
The 23 members of the Slovak Insurance Association (SLASPO) reported for the financial year 2012 a total volume of gross written premiums of EUR 2.1 billion. The value is 3.7% higher as compared with audited figures published by The National Bank of Slovakia (NBS) for FY2011. More...
(09.05.2013)
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 BULGARIA, FY 2012: Higher profitability despite the still lowering premium production
The insurance market in Bulgaria ended 2012 with a fourth consecutive year drop, of 0.6%, to a total GWP volume of EUR 820.19 million. In fact, looking back to the last 5 years, one would notice that, although still "in red", the market shows a stabilizing trend, with two consecutive years of falling by 0.6%, after the 3.45% and 7% decreasing rates recorded in 2010 and 2009, respectively. More...
(09.05.2013)
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 UKRAINE is expecting further reduction in the number of insurance companies
At the end of 2012, on the Ukrainian market there were 414 registered and active insurers, which were 28 less than in 2011. Last year, by decision of the State Commission for Regulation of Financial Services Markets in Ukraine were eliminated another 26 non-life and 2 life insurance companies. Moreover, about 200 companies froze their activity (they occupy not more than 1% of the market) and are not able to create any competition on the market. More...
(09.05.2013)
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 MARSH & MCLENNAN's Q1 net profit rises 19%
MARSH & MCLENNAN Companies reported for the first quarter of 2013 an operating income of USD 607 million, representing a 15% increase y-o-y, while the consolidated revenue was USD 3.1 billion, or 2% more y-o-y. The adjusted operating income rose by 16%, to USD 615 million, while the net income attributable to the Company was USD 413 million (or USD 0.74 per share) compared with USD 347 million (or USD 0.63 per share, in 1Q2012). More...
(09.05.2013)
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 Higher revenue and income for AON in Q1
USD 2.9 billion was the total revenue reported by the risk and insurance brokerage service provider AON for the first quarter of 2013. The figure is 2% higher compared with the same period a year earlier. At the same time, AON's net income increased by almost 10% y-o-y, to USD 261 million. More...
(09.05.2013)
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Financial News
HUNGARY: NBH fears the Szell Kalman Plan 2.0 could lead to higher inflation and may increase the "black economy"
The Monetary Council of Hungary's central bank (NBH) has voted on April 24th to leave the key policy rate unchanged at 7.00%. Thus, it will be the fourth consecutive month when the indicator's value is kept at this level, asthe high volatility of risk perceptions and recent trends in underlying inflation continue to warrant a cautious policy stance. One of the main reasons of concern for the MC's members is the possible inflationary trend generated by the measures recently announced by the government with the Szell Kalman Plan 2.0. More...
(26.04.2012)
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Press Cuttings
POLAND: KBC sells pension business to ALLIANZ
Belgian banking and insurance group KBC sold its Polish pension asset
management business to a unit of German insurer Allianz, the companies
said in a joint statement on Thursday. The companies did not reveal the
price of the sale.
More...
(14.05.2013)
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BELARUS: BELARUS Re to positive from stable
Standard & Poor's Ratings Services said today that it had revised
its outlook on Belarusian National Reinsurance Organization (Belarus Re)
to positive from stable. At the same time we affirmed the 'B-'
counterparty credit and insurance financial strength ratings on Belarus
Re. More...
(08.05.2013)
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SLOVAKIA: Over 7% of cars have no insurance
More than 183,000 motor vehicles are not covered by liability car
insurance, which is compulsory in Slovakia. The Slovak Insurers' Bureau
(SKP) registered at the end of 2012 a total of 2.355 million insured
vehicles; however the total number of motor vehicles in Slovakia based
on the statistics of the Interior Ministry is 2.538 million. More...
(08.05.2013)
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SLOVAKIA: Insurance sector profits down 20%
THE PROFITS of insurance companies operating in Slovakia amounted to EUR
155 million in 2012, which was a 20-percent drop compared to the
previous year. The National Bank of Slovakia (NBS) ascribes this
decrease to particularly high profits earned by the insurers in 2011. More...
(08.05.2013)
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BULGARIA: Kosta CHOLAKOV resigns as CEO INTERAMERICAN
With effect from 1 May 2013 Kosta Cholakov (41) has decided to step down
as CEO of Interamerican Bulgaria. Cholakov found a new challenge with
KBC Group where, pending regulatory approval, he will become CEO of DZI
Insurance in Bulgaria. More...
(08.05.2013)
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TURKEY: Bosphorus catastrophe bond a real success story, says TCIP
As we wrote earlier this week, the Bosphorus 1 Re Ltd. catastrophe bond
completed recently, successfully securing its sponsor the Turkish
Catastrophe Insurance Pool (TCIP) a source of fully-collateralized,
multi-year reinsurance protection against Turkish earthquake risks using
a parametric trigger. Now the usual press releases on the deals
completion have emerged and it's clear that the TCIP sees the cat bond
deal as a huge success. More...
(02.05.2013)
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RUSSIA is considering mandatory insurance for architectural monuments
Russian Ministry of Culture plans to introduce compulsory insurance of
architectural monuments in the country. This announced,cited by
asn-news, the Deputy Minister of Culture Gregory Pirumov. "In order to
preserve the integrity of the monuments we have to come up with
legislative initiative go change legislation", stated Pirumov and
pointed the Insurance Act. More...
(30.04.2013)
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BELARUS: FITCH affirms BELGOSSTRAKH and EXIMGARANT
Fitch Ratings has affirmed Belarusian Republican Unitary Insurance
Company's (Belgosstrakh) and Export-Import Insurance Company of the
Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS)
ratings at 'B-'. The Outlooks are Stable. More...
(30.04.2013)
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Life insurance market growing in AZERBAIJAN
In coming years, experts forecast the fastest growth in Azerbaijan's
financial services sector in the insurance sector -- a projection
supported by the recent introduction of numerous compulsory insurance
mechanisms as well as changes in the attitude of people and businesses
to insurance.
More...
(24.04.2013)
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Next Events
Press Cuttings
POLAND: KBC sells pension business to ALLIANZ
Belgian banking and insurance group KBC sold its Polish pension asset
management business to a unit of German insurer Allianz, the companies
said in a joint statement on Thursday. The companies did not reveal the
price of the sale.
More...
(14.05.2013)
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INTERVIEW |
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 Guy HUDSON, Partner, JLT Re
The main reasons that some reinsurers are reducing or withdrawing from the Romanian reinsurance market are: a) the worsening of results in motor third party liability portfolios caused by heavy original term competition, large moral damage awards and low original Insurance Company retentions b) a belief that Romanian catastrophe programmes are not as well rated as other catastrophe programmes that are available on the international market c) concern over original property rates d) a perceived increase in large property loss activity. (2013-05-13) More |
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Point of View |
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 Juris STENGREVICS, Chairman of the Board, Motor Insurers' Bureau of Latvia
Despite the fact that the MTPL insurance is quite a small part of the
whole non-life insurance market in Latvia (in the year 2012, holding
about 13% of it, according to The Financial and Capital Market
Commission statistics), we see the MTPL insurance as a significant part
of the Latvian non-life insurance market. This insurance mode is
compulsory according to the national law and attracting customers is
essential, thus, interesting for insurance companies. (2013-05-09) More |
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Русский
May 19-23, 2013
AIIF - 2013 Azerbaijan International Insurance Forum
