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Insurance

RENOMIA's European Conference dedicated to its partners gathers brokerage companies from 28 countries
Between the 26th and the 28th of March, Prague hosted the first European conference organized by RENOMIA for its partner companies. The event celebrated the launch of the largest network of independent brokers activating in CEE and CIS - REP.(27.03.2017)
VIG preliminary results for 2016 show business stability and improved profitability; over 100% y-o-y increase in profit before taxes
Vienna Insurance Group (VIG) expects all-around positive results based on the preliminary figures for 2016. "We have achieved all our major targets for 2016. This sends a clear signal of the stability we feel is important to be a reliable partner in times of dynamic change," emphasised today Elisabeth STADLER, CEO of Vienna Insurance Group at a press conference in Vienna.(23.03.2017)
STATISTICS: HUNGARY, FY2016: the MTPL tariffs increase sustained the market GWP volume evolution
Hungarian insurance market ended 2016 with GWP of HUF 886 billion (EUR 2.85 billion), about 6% up y-o-y, benefitting especially from the positive effect exerted by the MTPL premium increase on the underwriting volume.(23.03.2017)
STATISTICS: Poland FY2016: life insurance falling GWP offset by the MTPL premiums' increase
Polish insurers' business remained stable in 2016, with total GWP of PLN 56.04 billion (EUR 12.7 billion), 2.25% up y-o-y in local currency, but slightly decreasing (-1.5%) when denominated in European currency. Life insurance continued to witness a falling trend, especially on the UL products line, which saw a 23% reduction in premiums.(23.03.2017)
Giulio TERZARIOL appointed to ALLIANZ SE Supervisory Board
Giulio TERZARIOL (45) has been appointed to the ALLIANZ SE Board of Management as of January 1, 2018. He takes over responsibility for the Finance, Controlling and Risk Management division. He is succeeding Dieter WEMMER (60), whose contract ends at the end of 2017 upon reaching the Board's designated age limit.(23.03.2017)

Niran PEIRIS appointed to the ALLIANZ SE Board of Management; Christof Mascher's contract extended until 2020
Niran PEIRIS (55) is appointed to the Board of Management of ALLIANZ SE as of January 1, 2018 until December 31, 2020. Niran PEIRIS has been with ALLIANZ for 16 years in various management positions at ALLIANZ Australia, where he has served as the Chief Executive Officer since the beginning of 2013. He will take over responsibility for the Global Insurance Lines, Anglo Markets, Russia, ESG from Axel THEIS (58).(23.03.2017)
James TUPLIN appointed as Head of Cyber & Technology, Media and Telecoms, International at XL Catlin
XL Catlin's insurance operations today announced the appointment of James TUPLIN as Head of Cyber & Technology, Media and Telecoms, International. In this role, Mr. TUPLIN is responsible for the underwriting of Cyber insurance, as well as Professional Indemnity insurance for the Technology and Media sectors. He is based in London.(23.03.2017)
Inclusive insurance and Microinsurance for the CEE and Transcaucasian regions - under discussion in Ljubljana
Inclusive insurance and Microinsurance, as a more specific tool for enabling the inclusion into insurance services of low-income population, play a major role in providing financial safety-net for large parts of population and thus providing a framework for prosperity and stability of their daily lives and businesses. This is concept that underlies the "Inclusive Insurance and Microinsurance" Conference, to take place in Ljubljana, on May 17, 2017.(22.03.2017)
Austria, FY2016: Life insurance remains on a downward trend, affecting the overall market size
According to the Austrian Insurers Association - VVO, the preliminary figures for 2016 show an overall drop in the premium income of 2.1%, to EUR 17 billion, the main driver of the downward trend being the life insurance segment. The total insurance benefits for the year 2016 amounted to 14.8 billion euros - a drop of 3.9% y-o-y.(22.03.2017)
RNRC has launched a website in the Chinese language
Russian National Reinsurance Company is the first Russian reinsurer, whose Internet site became available in the Chinese language, which is the key language of South-East Asia. The Chinese language is the official language of China, Taiwan and Singapore, it is spoken worldwide by over 1.3 billion people.(22.03.2017)
Hannover Re acquires Lloyd's syndicate ARGENTA
HANNOVER Re has reached an agreement to acquire the UK holding company ARGENTA Holdings plc ("Argenta"), which owns the companies ARGENTA Syndicate Management and ARGENTA Private Capital, as well as a pro rata share of the Lloyd's syndicate ARGENTA Syndicate 2121. The parties have agreed to maintain confidentiality regarding the purchase price.(22.03.2017)
SAVA Re announced the early repaiment of its subordinated debt
SAVA Re has announced today the repaiment of the first transche of EUR 12 million of the subordinated debt contracted in 2006 and 2007, to finance the Group's expansion the markets of the former Yugoslavia and to improve its capital adequacy position in accordance with the then applicable insurance laws and the Standard & Poor's model.(22.03.2017)
M&A deals expected to remain a widely used tool by insurers in search of growth
The number of completed M&A in the global insurance industry fell to 387 in 2016, 13% down from the 444 transactions recorded in 2015, said Clyde & Co's in a recent report*. KPMG International describes the trend as a come back to normal, after the blowout performance of 2015**.(22.03.2017)
GROUPAMA net profit down by 12% in 2016
French insurer GROUPAMA reported a EUR 46 million decrease in its 2016 net profit, to EUR 322 million (EUR 368 million in 2015), a EUR 10 million decrease in its economic operating income (to EUR 153 million), a non-life combined ratio of 100.3% (vs. 99.2% as at 31 December 2015) and stable premium income of EUR 13.57 billion (+0.1% y-o-y).(22.03.2017)
Combating the insurance fraud - under scrutiny in Moscow with the Russian market's experts
On March 28th will take place in Moscow the International Roundtable Meeting "Boundary-2017. Methods and instruments to combat unlawful developments in insurance", organized by ARIA - the All-Russian Insurance Association.(20.03.2017)

Interviews

Thomas SCHOLLKOPF
Member of the Board, Responsible for Europe
ERGO International AG

We have no interest to be number 1 in Romania in a mid-term, neither on life nor non-life sectors, and that's not our target. I want us to be a profitable company and the best choice for brokers. That's our target: to be the best in class. 
(02.02.2017)
Michael J. MORRISSEY
President and CEO
IIS - International Insurance Society

Young buyers don't care if the insurance company has been in business for a hundred years. They don't care if the company has a multibillion dollar balance sheet or not. They are spoiled by an entirely different level of customer experience. People who buy products from Apple or people who go to Starbucks have a different expectation of what they get for the money they spend. They want something different, they want something better. And it's hard for legacy companies to adjust. It's hard from the change of computer systems, it's hard from the change of their attitudes ... but however, traditional carriers will have to adjust in the future so it is tough for legacy companies.(20.12.2016)
Assen CHRISTOV
Chairman of the Supervisory Board
EUROHOLD - the majority shareholder of EUROINS Insurance Group

EUROINS Insurance Group operates in 7 European countries and is a well-recognized brand in 4 of them: Bulgaria, Romania, Macedonia and the Ukraine. Our market share in Romania is almost 15%, in Bulgaria - about 7% and in Macedonia - 9%. As part of its international growth, EIG will expand its operations further within the CEE and SEE countries and continue to consolidate its position in the region and to develop itself as the leading independent insurance group in the region.(15.12.2016)
Valter TREVISANI
Group Chief Insurance Officer & Group Management Committee
GENERALI

We work in a business which is arguably one of the more exciting ones at this moment in time. It really does have everything to play for and is in the midst of some pretty fundamental changes.
Telematics has been and will continue to be a game-changer. This trend is now expanding with demotics, which is capturing the so-called 'Internet of Things' within home connectivity. It's an interesting area in rapid development.(08.12.2016)
Adrian MARIN
CEO
Generali Romania

Our strategy remains unchanged - we want to focus our efforts on the non-motor segment, which ensures our stability, and we want to increase the retail business in our portfolio. However, in a market dominated by motor insurance, you must also take this segment into account. Generali Romania is growing on motor while carefully monitoring profitability indicators.(24.11.2016)

Igor YURGENS
President, All-Russian Insurance Association (ARIA)
President, Russian Association of Motor Insurers (RAMI)

Most probably, the Russian insurance market will increase by 5-7% in 2016. The main market drivers for 2016 will be the non-credit life insurance and MTPL. Compared with the results of the 1st quarter of 2016 there was a slight revival of corporate property insurance segments, accident and liability insurance. But in fact all business segments, except for life insurance and MTPL, begin to stagnate and probably soon will move into a phase of recession.(17.11.2016)
Kaan ACUN
Deputy General Manager
MILLI Re

Turkish market remains to be our major operating market and MILLI Re aims to continue its leadership of the market. On the other hand, as part of the strategy of transforming from a local reinsurance leader into an international player, MILLI Re has actively engaged in accepting business from emerging markets including Middle East, Asia, Northern and Continental Africa, CIS and Eastern Europe as well as from some developed markets such as Continental Europe and Lloyd's(17.11.2016)
Enkeleda SHEHI
Executive General Director
Albanian FSA

The MTPL market still hasn't reached the equilibrium point as it is expected a rise in the gross premium volume during the next years. This rise can be driven by many factors such as: the number of uninsured cars, which is still high, the difference of average premium between Albania and the region, the collaboration of AFSA with the universities in promoting the insurance sector.(10.11.2016)
Javier San BASILIO
Regional Manager for Europe
MAPFRE

Client orientation is one of the strategic key elements for us. We have launched a series of internal initiatives that place the interests and needs of the client in the centre of all our activities. In addition, we have to be more flexible in the way we adapt our own organization to special client segments. Operational excellence and efficiency are other key elements in this respect.(03.11.2016)
Tadej COROLI
Member of the Management Board
Zavarovalnica TRIGLAV

It is highly likely that in some markets the insurance sector will have to be further consolidated, since the present structure is too fragmented. As a consequence of the already implemented and the upcoming legislative changes in the medium term, a certain impact can be expected on the ability of the insurance industry as a whole, and especially of some individual players in terms of underwriting.(27.10.2016)

Press Cuttings

TURKEY: GM of Groupama Insurance, is retiring from office
Having been assigned as the Assistant General Manager of Groupama in 2008 following the acquisition of Guven Insurance and reassigned as the General Manager of Groupama Insurance Inc. and Groupama Pension Inc., Ramazan Ulger will be retiring from office on April 30th, 2017 as a result of the mutual decision made with the Group Management. Recruitment process is continuing for the new General Manager and will be announced briefly.(23.03.2017)
LATVIA: Baltikums VIG renamed to InterRisk VIG
Non-life insurer Baltikums Vienna Insurance Group has been renamed to InterRisk Vienna Insurance Group, information from Firmas.lv suggests LETA.(23.03.2017)
CROATIAN insurers end-Feb gross written premiums up 2.59% y/y
The combined gross written premiums of Croatian insurers totalled 1.7 billion kuna (229.5 million euro) at the end of February, up 2.59% on the year, official figures show.(23.03.2017)
LITHUANIA:Telia introduces travel insurance
Mobile operator Telia Lithuania has started offering a travel insurance service for customers taking trips to foreign countries. The offer was launched in cooperation with insurance company Compensa and insurance broker Edrauda.(23.03.2017)
BELARUS: Eximgarant of Belarus, China's Sinosure sign cooperation agreement
Eximgarant of Belarus and the Chinese company Sinosure signed an agreement on cooperation, BelTA has learned.(23.03.2017)

BULGARIA: Almost 800,000 Euros allocated for agricultural insurance
In 2017, the budget allocated for the State Fund scheme for the co-financing of agricultural insurance premiums will amount to 1.5 million Lev (about 766,776 Euro), as decided in a meeting of the Governing Council of the State Fund "Agriculture" (SFA), reports Investor.bg.(23.03.2017)
AZERBAIJAN: FMSB to focus on insurance market development
Insurance companies will bear responsibilities before Azerbaijan's Financial Market Supervisory Body (FMSB) in case of failure to fulfill their obligations under the insurance contracts.(23.03.2017)
BULGARIA's TK Hold sells 15% of Asset Insurance to Bent Oil
Bulgarian diversified holding TK Hold said on Wednesday it sold its 15% stake in Sofia-based Asset Insurance company to current shareholder Bent Oil for 1.57 million levs (800,000 euro).(23.03.2017)
LATVIA: Number of insurance cases against critical disease increases significantly
Insurance claims for cases of critical diseases like cancer, heart attack and stroke have grown by nearly 70% over the course of the past year, according to data from ERGO.(23.03.2017)
TURKEY: Will NN Life and Pension Insurance be affected in case of an economic sanction against the Netherlands?
On March 11th, 2017 it was announced that the landing permit was revoked for Mevlut CAVULOGLU, Minister of Foreign Affairs of Turkish Republic. In this process, the Turkish government announced that they are going to impose sanctions against the Netherlands if such practice continues.(15.03.2017)
TURKEY: Generali Insurance Dr. Gokhan Yildirim:An Entrepreneur who did not Insure his/her Enterprise cannot Succeed
However, there are many definitions for an entrepreneur, we can briefly define it as a person who takes risks. Yet, we should note also that an entrepreneur never takes uncalculated risks. An entrepreneur tries to make his/her desires come true taking the risk at the right time having tracked the opportunities.(15.03.2017)
BULGARIA insurers' assets grow by 8.2% in 2016
The assets managed by Bulgarian insurance companies reachеd 6.6 billion levs (3.37 billion euro) at the end of December, up by 8.2% year-on-year, the country's central bank said on Monday.(15.03.2017)
AZERBAIJAN: In 2016 banks ensured 73.2% of financial sector all assets
Domestic banks' assets occupied a dominant position in total assets of the financial sector of Azerbaijan for the past year. The government's report for 2016 says that the financial sector assets amounted to AZN 43 bn that is equal to 71.1% of the domestic gross product.(15.03.2017)
KOSOVO insurers' net loss triples in 2016
Kosovo's insurance companies posted a combined net loss of 23.9 million euro ($25.4 million), more than three times higher than their aggregate net loss of 7.7 million euro in 2015, data from the country's central bank shows.(15.03.2017)
LATVIA: Balta - insurance market grows more rapidly than the economy
"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.(15.03.2017)
UKRAINE: Sayenko Kharenko - legal counsel on obtaining AMC clearance for MTIBU on new system for claims settlement
Sayenko Kharenko's antitrust team has provided legal assistance to secure Antimonopoly Committee of Ukraine (the "AMC") clearance for the introduction of a new direct claims settlement agreement between the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) and insurer members of the MTIBU.
(15.03.2017)
UKRAINE: ALD Automotive moving corporate car leasing market towards outsourcing and modernity
"When I came to Ukraine almost two years ago, I found a very archaic situation in corporate car fleet management. Most of international companies operating in Ukraine were still buying cars directly and managing their own car fleets: as an evidence for that, we can look to the very tiny size of the car leasing market: only around 25000 vehicles, which also includes volumes from individuals and Ukrainian SMEs!", said Pierre-Vladimir Joliot, General Director, ALD Automotive.(15.03.2017)
ACHMEA: Exceptional items impact result, fundamentals improved
"Achmea closed 2016 with a net loss of €382 million, primarily as a result of extraordinary expenses. The result was influenced by events such as the severe hail storms in June last year, which caused in excess of €300 million damage and affected more than 30,000 of our customers. The use of the Health result to limit the increase in premiums also lowered the result. Looking to the future, we have raised the provisions for personal injury claims and have formed a restructuring provision in connection with further changes to our organisation. Finally, there has been an impairment of goodwill of our Turkish insurance operations. Although it is disappointing to end the year with a loss, over the next few years we expect to benefit from the improvements implemented in recent years", said Willem van Duin, Chairman of Achmea's Executive Board.(15.03.2017)
Aviva plc 2016 Preliminary Results Announcement
"Aviva's results are simple and clear cut: more operating profit, more capital, more cash, more dividend. And there is more to come. Aviva's financial position has been transformed and a distinctly stronger balance sheet and excess capital give Aviva more options. We are now actively planning a capital return to our shareholders and debt reduction in 2017 and will invest further to grow our businesses", said Mark Wilson, Group Chief Executive Officer.(15.03.2017)
BULGARIA: NN Pension Insurance awarded 'Most Significant Corporate Partner'
The first annual SOS Children's Villages Bulgaria awards ceremony took place on 26 January 2017. The organisation honoured its benefactors and partners, and thanked them for the collaboration and support they provided to at-risk children and those deprived of parental care. NN Pension Insurance Bulgaria received the prize for 'The Most Significant Corporate Partner'. Anastas Petrov, CEO of NN Pension Insurance Bulgaria, said NN supports a number of projects that support children and students in Bulgaria. 'Children are our future. We believe that supporting SOS Children's Villages and their cause is an investment in the development of a better and happier tomorrow for our country.'(15.03.2017)
TURKEY: Meliha Yardim is assigned as the Human Resources Director of NN Life Insurance and Pension
Meliha Yardim is assigned as the Human Resources Director of NN Life Insurance and Pension Previously was serving as the Director of Expertise Center and Business Partnership, Meliha Yardım will be responsible for the functions of HR in her new assignment.(09.03.2017)
KAZAKHSTAN: Serious reforms are expected in the insurance sector
 Experts deem provision of transparency and public trust should be restored.
(09.03.2017)
ESTONIA allows self-driving cars on the roads
Estonia has allowed the testing of self-driving cars on the country's roads; however, an additional condition is that the vehicle must also have a driver who can take control if needed.(09.03.2017)
TURKEY: Zurich launches first retail cyber protection insurance product
In 2016 there were a number of huge leaks of personal data of Turkish citizens online. It's created a massive demand for products to insure individuals and businesses from losses caused by cyber crime. Yilmaz Yildiz, CEO of Zurich Turkey, outlines the first product they've brought to market to address this demand.(09.03.2017)
HUNGARY: New Regulation On Unit-Linked Life Insurance
Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator - calculated in line with the rules of Hungarian insurance regulations - showing all costs charged on life insurance policies having a savings element, reflected as a percentage value. The regulation of the TCC in Hungary has been amended effective 1 January 2017.(09.03.2017)
Seesam: global warming effects are noted in LATVIA more and more each year
Natural occurrences caused by climate change create major losses for businesses and private persons in Latvia, according to information compiled by Seesam on insurance claim payments performed in the past decade.(09.03.2017)
RUSSIA: On for two months increased the fees of insurance premiums to 692 billion rubles
Transfer of administration of insurance contributions to the Federal tax service has led to the increase in fees — an increase in revenues of the state budget funds for the first two months of 2017, up 2% compared to the same period last year, said the head of the FTS Mikhail Mishustin, speaking on Tuesday at the Board of tax service.(09.03.2017)
AZERBAIJAN sees rise in insurance assets
Azerbaijan's insurance assets recorded a significant growth in 2016. The total volume of the insurance sector assets in 2016 increased by 1.9 percent and made up 1.031 million manats as of January 1, 2017, according to the Cabinet of Ministers' report on activities for 2016, Day.Az reported.(09.03.2017)
MACEDONIA: Triglav's unit triples after-tax profit in 2016
Macedonian non-life insurer Triglav Osiguruvanje, a unit of Slovenian insurance group Triglav, said its after-tax profit jumped to 54.6 million denars last year from 18.7 million denars in 2015.(02.03.2017)
CZECH REPUBLIC: Unipetrol gets another insurance compensation
Unipetrol received another insurance compensation at USD 40mln (CZK 1bn) related to FCC unit accident at Kralupy. It is the first compensation linked to Kralupy unit that increases total amount received to CZK 8.9bn (CZK 7.9bn received in 2016 linked to Litvinov unit). This increases chances for dividend announcement (setting up official dividend policy) around mid of March when Company plans to publish its new strategy.(02.03.2017)
ARMENIAN insurers collected AMD 17.8 billion in 2016 as GWP for mandatory insurance of vehicles
Six Armenia-based insurance companies collected a total of 17.8 billion drams in 2016 as premiums for mandatory insurance of vehicles and paid 8.8 billion drams in damage compensation claims, according to ARKA news agency's bulletin "Insurance companies of Armenia" for the fourth quarter of 2016.(01.03.2017)
UKRAINE: Busfor Ukraine wants to introduce passenger insurance, food
Busfor Ukraine, the online bus ticket service intends to introduce some new products for bus passengers in 2017, Busfor Ukraine Head Oleksandr Pavlovich has said.(01.03.2017)
AZERBAIJAN: VHI, property insurance and OSAGO determine situation on insurance market in 2016
The Financial Market Supervision Chamber (MNBP/FIMSA) has published insurance statistics saying that Azerbaijan's insurance market was defined by three types of insurance - voluntary health insurance (VHI), voluntary life insurance and OSAGO (compulsory insurance of vehicle owner's civil liability).(01.03.2017)
SLOVENIA: Adriatic Slovenica First in Region to Automate All Steps of Life Insurance Sales and Underwriting
Adriatic Slovenica, whose 15 percent market share propels it into second position among Adriatic life insurance carriers, announces it will soon finalise end-to-end automation. ALLFINANZ Interview Server by Munich Re Automation Solutions Ltd. enables fully electronic client applications while streamlining the carrier's internal processes to reduce costs and retain income.(01.03.2017)
POLAND: AXA expands to over 15,000 sqm in WTT
POLAND Insurance company AXA, one of the biggest tenants of Warsaw Trade Tower (WTT), has expanded its office space by over 3,750 sqm to 15,560 sqm in total.
(01.03.2017)
TURKEY: Mehmet Simsek: 'We are working towards a new model for traffic insurance'
Vice President, Mehmet Simsek, was on the live broadcast of NTV. "Traffic insurance is an obligatory insurance type," said Mr. Simsek, having explained that they are working towards a new model for traffic insurance emphasizing the drawbacks of the current system. "The system is designed to compensate the damage one causes to the other. Therefore, the one needs to be insured is rather the driver, not the vehicle. Say, the vehicle is insured but it was trusted to an inexperienced driver. Such factors are leading to increased premium payments. I instructed the Treasury and they are working on it. There is a similar system in effect in the UK where the driver is insured. Such a system considers not only the risks the vehicle is exposed to but also the risks drivers are exposed to. With this system we believe the number of traffic accidents and damages will be reduced, which in return will lower the premiums," he added.(01.03.2017)
TURKEY: Transfer of Isık Insurance is approved
According to the announcement made by the Competition Authority on its official website, the transfer of the Isık Insurance Corp., once was controlled by the Asia Participation Bank Corp., to Turkish Agricultural Credit Cooperatives Central Association is approved.(01.03.2017)
TURKEY: Fire Hazard is Still the Biggest Threat: Investments are Turning to Dust
As a humane urge to secure one's future, individuals are encouraged to invest as much as their budgets allow. These investments are sometimes involving purchasing real estate or automobiles and other times starting one's own business. The research showed that real estate is still the number one choice of Turkish people as an investment. However, it is important to secure such an investment against the risks as it is the fruit of years of labor.(01.03.2017)
TURKEY: Fast fish will eat the slow fish in Insurance business
As a customer, what do you see when you look at the insurance business? Complex processes, hard to read and hard to understand policies, strict procedures... As a person working in this sector for 16 years, I must admit that this is the picture in my mind.(01.03.2017)
TURKEY: Generali: The Total Number of Fire Incidents in 2016 in Istanbul Adds up to 28,586
Not another day pass without the bad news of fire incidents. We are bound to read a number of big or small fire incidents. These fire hazards are causing significant losses both material and immaterial. The total number of fire incidents only in 2016 in Istanbul adds up to 28,586. According to the statistics of Istanbul Fire Department, among these incidents 5,910 were residential and 153 were manufacturing plants. Almost 40% of all the fire incidents in Istanbul last year were due to smoking. Electrical malfunction follows smoking with a whopping 21.5%. As one may see, it is possible to eliminate at least 40% of the fire hazards if we were to observe the non-smoking warnings in commercial and industrial facilities.(01.03.2017)

Baden Baden

Baden Baden Highlights
As another edition of Baden Baden Reinsurance Meeting closes its gates, the re/insurance world had its eyes on the German town, where the current trends and future expectations of the industry are being the focal points of the discussions.(26.10.2016)
VIDEO: Re/insurance professionals from all over the world gathered at the Baden-Baden XPRIMM Reception
On Sunday, 23 October, over 230 insurers and reinsurers from all over the world met at the 8th edition of the Baden-Baden XPRIMM Reception, the traditional event organized by XPRIMM during the Baden-Baden Meetings.(21.10.2016)
Who were the winners of the XPRIMM international award for outstanding contribution?
SWISS RE, JLT Re, TRUST Re, and CERTASIG were the winners of the 2016 XPRIMM Award for outstanding contribution to the development and evolution of the insurance and reinsurance market. The awards were given during the XPRIMM Insurance Awards Ceremony organized within the Baden-Baden XPRIMM Reception 2016.(21.10.2016)
VIDEO: Business opportunities in Azerbaijan, under the spotlight at Baden-Baden AZERI Evening
An exquisite atmosphere, experience changes between re/insurance specialists and valuable business networking opportunities were key elements of the 5th edition of the AZERI Evening in Baden-Baden, the event which took place on Sunday, 23 October, at the Casino Restaurant Sommergarten.(21.10.2016)
Seven new XPRIMM titles, launched at the Baden-Baden Meeting 2016
Seven new titles of the well-known XPRIMM Publications are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in the main business meeting points. The specialized magazines present the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.(21.10.2016)

MAPFRE: Driving assistance and autonomous driving shift liability from individual drivers to manufacturers or fleet managers
The growing use of technology to collect data and improve risk assessment will transfer business from retail insurers to commercial insurance providers. This will be a process that will bring benefits reinsurers, according to MAPFRE.(25.10.2016)
Big data, key part of innovation processes at Munich Re
Digitalisation and new technologies mean that far greater volumes of data are becoming available for evaluation within a much shorter time frame. Data analysis can be used to examine client portfolios to reveal trends, improve processes, optimise holdings, and provide targeted support to sales. The more global and comprehensive the data basis, the more valuable the data will be. The new dimensions of data and their analysis require some competences that not all insurance companies have. New competitors may be able to analyse data sets more quickly and apply the results in new applications - thus placing traditional insurers under pressure.(25.10.2016)
Baden-Baden meetings to focus on the protection gap
It was a year of turbulences, including "Le Brexit", Nick FRANKLAND, CEO for EMEA of GUY Carpenter stated in the opening remarks of his speech at the Baden-Baden Reinsurance Symposium on Sunday 23 October 2016. The company organized the event for the 8th year in a row and focused this time around on the topics of Bridging the gap and underinsurance.(24.10.2016)

Monte Carlo

Monte Carlo hot topics
As the 60th edition of Les Rendez Vous de Septembre closed its gates on September 15th, the re/insurance world had its eyes on the Monte Carlo, where the current trends future expectations and industry disruptors are being the focal points of the discussions.(12.09.2016)
Autonomous vehicles may reduce US motor premiums by more than 40 percent by 2050
US motor pure premiums could decrease by 20 percent by the year 2035 compared to their 2015 levels - and potentially by more than 40 percent by the time that autonomous vehicles reach full adoption in 2050, according to the annual Global Insurance Market Opportunities (GIMO) report of AON.(13.09.2016)
JLT Re: Sector in danger phase regarding the release of reserves
The re/insurance sector is in a danger phase in which reserves are being released faster than accident year experience would dictate, the situation being similar to the 1998-2000 interval, says JLT in its viewpoint "Enough in Reserve?" released at Monte Carlo.(13.09.2016)
AON: Reinsurance demand increasing as growth opportunities emerge
Reinsurance demand has increased over the past 18 months, with the cession ratio across the global property and casualty insurance industry registering a small rise for the first time in several years, and the trend expected to continue for the remainder of 2016, according to the September 2016 edition of AON's Reinsurance Market Outlook report.(13.09.2016)
HANNOVER Re expects to see greater stability overall in both prices and conditions fopr the January renewal season
In the context of a cvasi unchanged property and casualty reinsurance global market from the previous year, still governed by an intense competition, HANNOVER Re expects to see greater stability in prices and conditions for the treaty renewals as at 1 January 2017, the company's representatives said in Monte Carlo. Also, with Solvency II influencing upon the purchasing behavior of insurers, opportunities for reinsurers should continue to be available.(12.09.2016)

GC: Industry must adapt and innovate to fully grasp opportunities
A series of fundamental disruptive forces are driving monumental changes in the global economy at an unprecedented rate. These forces compel the (re)insurance industry to adjust to the new reality and capitalize on the opportunities created, according to Victoria CARTER, Vice Chairman of International Operations at GUY Carpenter.(12.09.2016)
MUNICH Re EUR 500 million in premium volume from innovative products
Increasing digitalisation and interconnection of the world in almost all areas of the economy means that risks are taking on new dimensions, both private individuals and companies seeking insurance protection for this exposure. Global premium volume for cyber insurance is currently around USD 3 billion, but it is expected to rise to USD 8-10 billion by 2020, said the MUNICH Re's representatives at a press conference in Monte Carlo.(12.09.2016)
Swiss Re: Technological progress will change business models
Even though macroeconomic conditions and the overall industry environment remain challenging, Swiss Re believes that technological advances will create new and valuable efficiencies. The industry can increasingly access new risk pools emerging from the integration of data, analytics, and technology that addresses the insurance protection gap, creating new opportunities for growth.(12.09.2016)
Meet us in Monte Carlo!
Will you be in Monte Carlo at "Les Rendez-vous de Septembre 2016"? Visit our XPRIMM Stand at the Fairmont Hotel! You can find there the latest issues of our XPRIMM Publications specialized magazines and you will also receive a free copy of the XPRIMM Insurance Report!(09.09.2016)
Swiss Re sigma: Demand for customised reinsurance and insurance solutions is growing
The insurance industry's consolidation, as well as globalisation of risks, technological innovations, and regulatory reforms have driven an increasing sophistication in the capital and risk management of insurers and large corporations, shows the latest SWISS Re sigma report released in Monte Carlo. "This has led to higher limits and higher retentions, as well as the substitution of local contracts with larger and more complex solutions", says Swiss Re Chief Economist Kurt KARL, stressing out that. "this goes hand-in-hand with a greater need for tailored re/insurance structures that address unique situations and can sometimes be enhanced with innovative features to meet specific client needs."(12.09.2016)

Press Cuttings

TURKEY: GM of Groupama Insurance, is retiring from office
Having been assigned as the Assistant General Manager of Groupama in 2008 following the acquisition of Guven Insurance and reassigned as the General Manager of Groupama Insurance Inc. and Groupama Pension Inc., Ramazan Ulger will be retiring from office on April 30th, 2017 as a result of the mutual decision made with the Group Management. Recruitment process is continuing for the new General Manager and will be announced briefly.(23.03.2017)
LATVIA: Baltikums VIG renamed to InterRisk VIG
Non-life insurer Baltikums Vienna Insurance Group has been renamed to InterRisk Vienna Insurance Group, information from Firmas.lv suggests LETA.(23.03.2017)
CROATIAN insurers end-Feb gross written premiums up 2.59% y/y
The combined gross written premiums of Croatian insurers totalled 1.7 billion kuna (229.5 million euro) at the end of February, up 2.59% on the year, official figures show.(23.03.2017)
LITHUANIA:Telia introduces travel insurance
Mobile operator Telia Lithuania has started offering a travel insurance service for customers taking trips to foreign countries. The offer was launched in cooperation with insurance company Compensa and insurance broker Edrauda.(23.03.2017)
BELARUS: Eximgarant of Belarus, China's Sinosure sign cooperation agreement
Eximgarant of Belarus and the Chinese company Sinosure signed an agreement on cooperation, BelTA has learned.(23.03.2017)


NEXT EVENT


INTERVIEW
Thomas SCHOLLKOPF
Member of the Board, Responsible for Europe
ERGO International AG


We have no interest to be number 1 in Romania in a mid-term, neither on life nor non-life sectors, and that's not our target. I want us to be a profitable company and the best choice for brokers. That's our target: to be the best in class. 
(2017-02-02) More

INSURANCE & TECHNOLOGY
Reducing the loss ratio by effectively detecting insurance fraud

Insurance fraud is a serious issue for the entire insurance sector. Payment of fraudulent claims has a negative effect on the loss ratio and on insurance premiums, which results into a competitive disadvantage. Moreover, investigating 'false positives' takes a huge amount of time and unnecessary costs. Fraudsters are getting smarter in their attempts to evade the insurer's radar. As a consequence, money flows to the wrong people and thus combined ratios are under pressure. Insurance companies must detect insurance fraud before claims are paid. The best way to reduce the loss ratio is to increase the chances of fraud detection at claims and limit false positives to a minimum.  (2017-01-26) More

ANALYSIS
Global insurance industry: EUR 3.6 trillion in 2016, up 4.4% y-o-y

Initial projections by ALLIANZ Research suggest that total global premium income rose to a new record high of eur 3,650 billion last year (excluding health insurance). In a y-o-y comparison, the nominal increase - after adjustments to reflect foreign currency translation effects - comes to an estimated 4.4%. (2017-03-23) More

POINT OF VIEW
Kaan ACUN
Deputy General Manager
MILLI Re


Turkish market remains to be our major operating market and MILLI Re aims to continue its leadership of the market. On the other hand, as part of the strategy of transforming from a local reinsurance leader into an international player, MILLI Re has actively engaged in accepting business from emerging markets including Middle East, Asia, Northern and Continental Africa, CIS and Eastern Europe as well as from some developed markets such as Continental Europe and Lloyd's (2016-11-17) 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
James TUPLIN appointed as Head of Cyber & Technology, Media and Telecoms, International at XL Catlin

Niran PEIRIS appointed to the ALLIANZ SE Board of Management; Christof Mascher's contract extended until 2020

Giulio TERZARIOL appointed to ALLIANZ SE Supervisory Board

Munich Re: Renata JUNGO BRUNGGER proposed for the Supervisory Board; POHLCHRISTOPH to replace ARNOLDUSSEN in the Board of Management

Walter B. KIELHOLZ to be re-elected to the Swiss Re's Board of Directors as Chairman of the Board; three new entries in the Board

Personnel changes in the Board of Management of TALANX Systeme AG

Aon announces new leadership for AON Risk Solutions in the UK


EVENTS
Inclusive insurance and Microinsurance for the CEE and Transcaucasian regions - under discussion in Ljubljana

Join financial experts from all over the world at the Market Developments within Direct Lending Conference

Key points of digital transformation, analyzed at the Global Summit for Insurance Innovation

SAVE THE DATE for Conference on Inclusive Insurance and Microinsurance

Innovation in insurance, one of the main topics debated during the "Insurance & Reinsurance Days" Conference

Nathalie BERGER to address the European Consumer Protection Conference 2017, in Vienna

Cross-border motor claims on the agenda of IIF 2017, in Vienna, on February 15th

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