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Insurance

VIG, 1H2016: Right on track to achieve its financial targets for 2016; "A+" rating with stable outlook confirmed again
VIENNA Insurance Group's half year results for 2016 are right on target, according to Group's latest press release. VIG generated EUR 4.9 billion in consolidated premiums, 0.4% up y-o-y. The restrictive underwriting policy used for single-premium life insurance in many markets continued to have an effect on total premium income. When adjusted for single premium business, total premiums even grew by 4.5% in the first six months of the current year.(23.08.2016)
PCS Announces Launch of Historical Catastrophe Database for Turkey; Access Available for Events Going Back to the 1999 Earthquakes
Property Claim Services® (PCS®), a Verisk Analytics (Nasdaq:VRSK) business, today announced the launch of its historical database of industrywide catastrophe loss estimates for Turkey. In conjunction with the Istanbul Underwriting Center (IUC), PCS Turkey delivers insured loss estimates for catastrophe and noteworthy noncatastrophe events going back to the tragic earthquakes of 1999.(18.08.2016)
P&C insurers need to get faster and more precise to address the challenges raised by the climate change
"Things that grow rapidly and are of meaning to the P&C insurance companies are actually two. One is the data which are available to try to drive insight in terms of anticipating loss, preparing for it etc., and the other are a couple of types of risk that are just becoming more important: one would be that the climate instability mounts and the other are the cyber attacks. There are definitely two categories that will be in the future more important that they are today," said Scott STEPHENSON, President and CEO of Verisk, in an interview to AM Best TV.(18.08.2016)
Solvency II first lessons under debate in Ljubljana; registration still available until August 26th
Nine months after Solvency II had officially come into force within the EU, the conference "SII Lessons Learned", organized in Ljubljana, on September 6th, by the Insurance Supervision Agency of Slovenia under the honorary patronage of the President of Slovenia, Borut PAHOR, will try to explore the first lessons learned from regulatory change of a very significant magnitude. XPRIMM Publications support the event as Media Partners.(18.08.2016)
SWISS Re: Insured losses accounted for 44% of the total economic losses from disaster events in 1H2016
Total economic losses from disaster events in 1H2016 rise by 38% to USD 71 billion, primarily due to natural catastrophes, the preliminary sigma estimates show. The global insurance industry covered a total of USD 31 billion, or 44%, of the total losses. Around 6 000 people lost their lives in natural catastrophes and man-made events in the first half of the year, compared to12.000 in 1H2015.(18.08.2016)

STATISTICS: ALBANIA, 1H2016: 3% increase in GWP and 30% growth rate in claims in the first half year
At the end of June 2016, the Albanian insurance market totalled ALL 6.62 billion (~EUR 48 million), 3% up y-o-y, while the total amount of paid claims was of ALL 1.89 billion (~EUR 14 million) - or 30% more y-o-y, according to the figures published by the local market authority.(18.08.2016)
STATISTICS: CROATIA, 1H2016: The market remained relatively at the 1H2015 level
According to the half year report on insurers' performance published by the Croatian Insurance Bureau - HUO, in 1H2016 the local insurance industry fairly remained at the 1H2015 level, the GWP volume by the 23 active insurers totalling EUR 640.7 million (HRK 4.81 billion) - 0.12% more y-o-y. Per segments, life GWP went down by 2.3% y-o-y to EUR 202.7 million, while the 18 non-life insurers wrote premiums of EUR 438 million, up by 1.3% y-o-y.(18.08.2016)
STATISTICS: MONTENEGRO 1H2016: GRAWE and LOVCEN are holding the largest shares on the life and non-life GWP
Montenegro insurers' GWP increased by 4.50% y-o-y to EUR 38.65 million in the first half of the year, according to the figures published by the Insurance Supervision Agency. The aggregate value of gross claims paid was EUR 14.73 million, 1.60% more y-o-y.(18.08.2016)
STATISTICS: Rep. of Moldova, 1H2016: GWP up by more than 9.5%, while claims increased by over 40%
The Moldavian insurance market has recorded in 1H2016, total GWP of MDL 628 million (EUR 28,2 million), increasing by 9,5% as compared with 1H2015, according to the official data published by the National Commission of the Financial Market in Moldova (CNPF). In the European currency, company's GWP have seen a decrease of 0,49%, as a consequence of the national currency depreciation against the European one.(18.08.2016)
STATISTICS: KOSOVO, 1H2016: insurers posted GWP of EUR 40 million in 1H2016
The Kosovo insurers' GWP increased by 1.68% y-o-y to EUR 39.96 million in the first half of 2016, as shown by the Central Bank's data. Gross written premiums from Motor TPL insurance increased by 5.28% to EUR 22.57 million, generating about 56.48% of total GWP. The total gross claims paid were down by more than 8% to EUR 17.81 million.(18.08.2016)
Igor STEBERNAK is the new Chairman of the Supervisory Board of the Company of Zavarovalnica TRIGLAV
Igor STEBERNAK was appointed today Chairman of the Supervisory Board of the Company of Zavarovalnica TRIGLAV. The term of office of the former Supervisory Board Chairman and Members has expired following the submission of his resignation letter on 31 May 2016.(18.08.2016)
AON names Jin-Yong CAI to the company's Board of Directors
The risk and insurance brokerage services provider AON announced that Jin-Yong CAI, a TPG Capital partner and the former CEO of IFC - the World Bank's investment arm, has been appointed to the Company's Board of Directors effective August 10, 2016. Jin-Yong CAI will also serve on AON's Finance and Organization and Compensation Committees.(18.08.2016)
TALANX reported net income of EUR 401 million and confirmed its annual target
German insurer TALANX posted 1H2016 net income of EUR 401 million, substantially higher than previous year when it totaled EUR 311 million and reaffirmed its outlook for 2016 of around EUR 750 million, "despite the impact of natural disasters and currency effects".(18.08.2016)
ARMENIA: Insurers' consolidated net profit 74% up y-o-y
Net profit achieved by the six insurance companies operating on the Armenian market amounted to AMD 2.6 billion (EUR 4.9 million) in 1H2016, up by 74% y-o-y in local currency, according to ArmInfo Rating Agency. GWP grew by 4.2% to AMD 15.8 billion (EUR 29.8 million), while claims paid rose by 0.7% to AMD 6.2 billion (EUR 11.7 million).(18.08.2016)
Macedonia in need of aid after the severe flooding of August 6th
Macedonia's Ministry of Interior said that at least 21 people have died in flooding that hit the capital, Skopje and its surroundings last week. At least 6 are still missing and it is feared that the death toll could rise further. Police in Macedonia said that over 50 people have been injured in the floods.(10.08.2016)

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

HUNGARY's CIG Pannonia posts record Q2 profit
Insurance company CIG Pannonia has posted a HUF 218 million net profit for the second quarter according to HAS, its best quarterly result to date.
(24.08.2016)
SLOVENIA: Zavarovalnica Triglav develops free mobile application Triglav Weather
Following the hailstorms that ravaged north-eastern Slovenia at the beginning of last week, Zavarovalnica Triglav has set up a mobile appraisal unit in Maribor. It is designed to inspect and appraise the value of car damage in the event of massive loss events. To arrange a visit with the mobile unit call the free on-duty number 080 555 555 or 080 2864.(24.08.2016)
BULGARIAN insurer Euroins 7-mo premium income falls 15.6% y/y
The premium income of Bulgarian insurer Euroins [BUL:5IC] fell 15.6% on the year to 31.1 million euro in the first seven months of 2016, its parent company, Eurohold Bulgaria said.(23.08.2016)
POLISH regulator seeks capital buffer for Commerzbank unit
Poland's financial regulator KNF has asked the country's macroeconomic stability body KSF to give an opinion on whether to recognise Polish mBank as a "systemically important institution" and require it hold a capital buffer equal to 0.5 percent of its risk exposure, the bank said late on Wednesday.(23.08.2016)
RUSSIA: Central Bank revoked the licenses of two insurance companies and five brokers
The Bank of Russia revoked the license to conduct insurance company "Angarant" and license for the mandatory liability insurance carrier for causing transportation of harm to life, health and property of passengers at PJSC "HBC "Zhasko", according to the regulator of the site.
(23.08.2016)

RUSSIA: A.M. Best Places Ratings of Unity Reinsurance Company Ltd Under Review With Negative Implications
A.M. Best has placed under review with negative implications the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of Unity Reinsurance Company Ltd (Unity Re) (Russia).(23.08.2016)
RUSSIA: A.M. Best Affirms Ratings of Insurance Company of Gaz Industry SOGAZ
A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of "bbb" of INSURANCE COMPANY OF GAZ INDUSTRY SOGAZ (SOGAZ) (Russia). The outlook for each rating remains negative. SOGAZ is the ultimate operating parent of the SOGAZ Group, which provides a range of insurance and non-insurance related services.(23.08.2016)
NN Group reports 2Q16 results
"With a Solvency II ratio of 252% and a cash capital position of EUR 2.3 billion, NN Group's capital position remained strong and resilient during the second quarter of 2016, allowing us to weather severe market volatility and pay an interim dividend in line with our dividend policy", said Lard Friese, CEO, NN Group.
(18.08.2016)
BITE LITHUANIA offers insurance for handset screens
Mobile operator Bite Lithuania has introduced insurance for mobile handset screens. According to a poll carried out by the operator, customers usually don't use handset screen repair services due to the high price. The operator offers the insurance to all customers buying handsets in its shops. The service is free during the first month and then costs EUR 1.99 per month. Subscribers choosing some new tariffs from the operator are offered the insurance free for three to 12 months.
(17.08.2016)
ARMENIAN insurers increased their net profit by 74% y-o-y in 1H
In Jan-June 2016, the net profit of Armenian insurance companies amounted to 2.6 bln AMD or USD 5.5 mln, with a 74% growth versus Jan-June 2015. In Q2 alone, the net profit of insurance companies totaled 1.3 bln AMD, or USD 2.8 mln, with a 0.5% growth versus Q1 due to 42-58% increase in three companies amid 4-53% decrease in the remaining three companies.(17.08.2016)
AZERBAIJANI insurers hope for aid of Supervision Chamber
The insurance market of Azerbaijan, which is undergoing hard times, hopes for urgent and effective assistance of the regulator.(17.08.2016)
A.M. Best Affirms Ratings of Polish Re
A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Polskie Towarzystwo Reasekuracji S.A. (Polish Re) (Poland). The outlook for each rating is stable.(17.08.2016)
CROATIA's Olderst Insurance Company Enters Slovenian Market
Adris Group and Croatia osiguranje, the insurance company owned by Adris, have received permission from the Slovenian Agency for Supervision of Insurers (AZN) for a direct access to the Slovenian market, reports Poslovni.hr on August 13, 2016.
(17.08.2016)
AZERBAIJAN's PASHA Life insurance company increases payments
Azerbaijan's PASHA Life insurance company collected premiums of 49.58 million manats in January-July 2016 that is by 38 percent more than in the same period of 2015, said the company's message issued Aug. 15.(17.08.2016)
KOSOVO insurers total net loss deepens sharply in H1
Kosovo's insurance companies posted a combined net loss of 11 million euro for the first half of the year, as compared to a net loss 2.5 million euro net loss a year ago, data from the country's central bank indicated.(17.08.2016)
BOSNIA's insurer Sarajevo Osiguranje H1 net profit halves
The net profit of Bosnian insurer Sarajevo Osiguranje halved to 50,300 marka (25,700 euro) in the first half of 2016 from 105,000 marka a year earlier, the company said on Monday.(17.08.2016)
RZB Sold 17.6 Percent Stake of Uniqa
Raiffeisen Zentralbank (RZB) is selling a larger part of its stake in insurance company Uniqa. The bank will part with 17.64 percent of the insurer's shares, thus reducing its stake to 8.64 percent.(17.08.2016)
KBC Group: Strong first half profit of 1.1 billion euros
Against a background of persisting low interest rates, modest economic growth in Belgium and firmer growth in Central Europe, KBC posted a strong net profit figure  of 721 million euros in the second quarter of 2016, up on the 392 million euros recorded in the preceding quarter and above the 666 million euros returned in the second quarter of 2015.
(17.08.2016)
Aegon maintains solid capital ratio despite volatile markets in Q2 2016
"While I am pleased with the development of our capital position, our second quarter results did not meet our expectations. Earnings were affected by exceptionally low interest rates, adverse claims experience in our life and health businesses in the US, and the book loss from the divestment of our UK annuity portfolio. We are implementing further measures to improve earnings going forward - including accelerating our ambitious expense savings program currently under way across our company", said Alex Wynaendts Aegon CEO.(11.08.2016)
Achmea Interim Results 2016
"Around 30,000 of our customers were affected by severe weather conditions (including storms, hail and flooding) in June of this year, with many suffering both material damage and considerable mental distress. Our employees and partners have done everything - and continue to do everything - within their powers to help our policyholders get back on track. As an insurer founded as a cooperative organisation, we believe it is important to be there for our customers when they need us - that is why our organisation was established in the first place", said Willem van Duin, Achmea CEO and Executive Board Chairman.(11.08.2016)
Osiguruvanje Makedonija's net profit shrinks 6.8% y/y in H1
Macedonian non-life insurer Osiguruvanje Makedonija [MSE:KJUBI], a subsidiary of Vienna Insurance Group (VIG), said on Thursday its first-half net profit declined 6.8% on the year to 74.4 million denars (1.2 million euro) on the back of increased costs.(08.08.2016)
AZERBAIJAN: Information on insurance companies to be transferred to Financial Market Supervisory Body
Information on insurance companies and list of companies that are required to publish their financial statements and consolidated financial statements will be transferred to Azerbaijan's Financial Market Supervisory Body.
(08.08.2016)
KYRGYZSTAN: Mandatory car insurance will be introduced from February 7, 2019
Kyrgyz President Almazbek Atambayev signed the Law "On Amendments to the Law" On mandatory insurance of civil liability of vehicle owners", the Kyrgyz President's press service reports.(08.08.2016)
ARMENIA: VTB Bank along with ROSGOSSTRAKH offers 'Family' new accident insurance contracts
An accident insurance contract with ROSGOSSTRAKH ARMENIA already can be signed in VTB Bank (Armenia).(08.08.2016)
ARMENIA: Rosgosstrakh paid AMD 2.5 billion in compensation claims for 1H2016
Rosgosstrakh Armenia insurance company paid 2.5 billion drams in insurance compensation claims for the first six months of 2016. The bulk of the amount- about 1.39 billion drams- were paid as car insurance compensation claims, the company said in a press release.(08.08.2016)
MACEDONIA's Triglav H1 net profit more than triples y/y
Macedonian non-life insurer Triglav Osiguruvanje [MSE:VROS] said on Friday its first-half net profit more than tripled to 58.7 million denars (952,740 euro) from 18.5 million denars a year ago mainly due to higher net premium income.(08.08.2016)
Fitch Affirms Belarus at 'B-'; Outlook Stable
Fitch Ratings has affirmed Belarus's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B-' with a Stable Outlook. The Short-Term Foreign-Currency and Local-Currency IDRs are affirmed at 'B' and the Country Ceiling at 'B-'.
(08.08.2016)
MetLife Announces Second Quarter 2016 Results
MetLife, Inc. (NYSE:MET) today announced the following results for the second quarter 2016.(08.08.2016)
Aviva plc 2016 Interim Results Announcement
"Operating profits are up 13% and the dividend is up 10%. We are delivering consistent, stable and predictable growth despite challenging market conditions", said Mark Wilson, Group Chief Executive Officer.(08.08.2016)
AIG Reports Second Quarter 2016 Results
American International Group, Inc. (NYSE:AIG) today reported net income of USD 1.9 billion, or USD 1.68 per diluted share, for the second quarter of 2016, compared to USD 1.8 billion, or USD 1.32 per diluted share, in the prior-year quarter.(08.08.2016)
AZERBAIJAN's insurance sector expects forced reduction in insurer ranks
The insurance sector of Azerbaijan expects the forced reduction in the number of insurance companies. A representative of the sector, who requested anonymity, has stated that the reduction of the number of insurers is going to be inevitable in the current environment.(04.08.2016)
ARMENIA's financial and insurance sectors boasted highest gross monthly salary in 2016 may
Armenia's financial and insurance sectors boasted the highest gross monthly salary in 2016 May -393,102 drams, which was up 4.3% when compared to May 2015, the National Statistical Service (NSS) said.(04.08.2016)
AZERBAIJAN begins compensating within Green Card system
Azerbaijan's accession to international system Green Card starts increasing the loss ratio of compulsory motor insurance in the country. The Compulsory Insurers Bureau informs that in July Azerbaijan paid compensations for 6,323 manat on two insurance cases occurred in Turkey within the Green Card system.(02.08.2016)
ARMENIA: 2.2% year-on-year growth in financial sector services
Services in Armenia's finance and insurance sectors totaled AMD 118.6 billion in Jan-June 2016 showing a 2.2 percent year-on-year growth.(02.08.2016)
Chubb Reports Second Quarter Net and Operating Income of USD 1.54 and USD 2.25 per Share, Respectively
Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2016, of USD 726 million, or USD 1.54 per share, compared with USD 942 million, or USD 2.86 per share, for the same quarter last year.(01.08.2016)
Vienna Insurance Group receives TUV quality management award
VIG's International Processes and Methods Department has secured quality management certification in accordance with the EN ISO 9001:2015 standard from TUV Austria. The department is headed by Christian Walter, and VIG is now the only insurance company in Austria to have received this quality seal for a department of this kind.(01.08.2016)
Chubb Names Michael Kessler Chief Reinsurance Officer
Chubb Limited (NYSE: CB) today announced that Michael Kessler has been appointed Vice President, Chubb Group and Chief Reinsurance Officer.  Currently, Mr. Kessler is Chief Actuary of Chubb Overseas General, the company's international general insurance business.  Mr. Kessler succeeds William O'Farrell, who has served as the company's Chief Reinsurance Officer since 2005 and is leaving Chubb to pursue other business opportunities.
(01.08.2016)
Standard & Poor's revised rating of Achmea insurance entities to 'A'
Following our trading update of July 11-th, 2016 Standard & Poor's has announced that it revised the financial strength rating of the Achmea insurance entities from A+ / negative outlook to A / stable outlook. Achmea took notice of the rating action and respects the independent opinion of the rating agency.
(01.08.2016)
Turkey in a state of emergency: the political outlook
The after-effects of the failed coup will add further uncertainties to Turkey's already fragile political environment, which has been steadily deteriorating in recent years. Michael Heise, Allianz chief economist, shares his opinion.(01.08.2016)
AXA, Alibaba and Ant Financial Services announce global strategic partnership
AXA, Alibaba and Ant Financial Services have agreed to engage in a global strategic partnership to jointly explore opportunities to distribute AXA's insurance products and services through Alibaba's global ecommerce ecosystem, benefitting the businesses and consumers that transact via Alibaba's marketplaces. The companies will seek to work together to co-innovate and to develop value-added products and services to customers around the world as well as to mutually support each other in developing and exploring new markets and segments.
(01.08.2016)
SERBIAN insurers post 16.6% growth in premium income in 2015
The combined total premium income of Serbian insurance companies rose 16.6% last year to of 80.9 billion dinars ($720 million/656 million euro), central bank data showed. Non-life insurance made up 76.1% of the total premium income, down from 76.9% in 2014, while life insurance accounted for 23.9%, up from 23.1% in 2014, the data, published by the National Bank of Serbia (NBS) last week, indicated. The premium income of the non-life insurance segment rose 15.3% last year, while that of the life insurance segment climbed 21%.(01.08.2016)
BOSNIAN regulator appoints interim administrator at insurer Krajina Osiguranje
The Insurance Agency of Bosnia's Serb Republic said on Wednesday that it has instated an interim administrator at local insurer Krajina Osiguranje for a period of three months. All insurance contracts signed with Krajina Osiguranje, remain valid, the agency said in a statement on its website.(01.08.2016)
CROATIA: Adris Group nets HRK 151m in profits
In the first half of 2016, the Adris tourism and insurance group netted HRK 151 million in profits which, despite the sale of its tobacco business, is the same as at the same time in 2015, when net profits were HRK 150 million, the group said on Friday.
(01.08.2016)
AZERBAIJANI insurers still wait launch of automatic fining
The insurance sector of Azerbaijan still hopes for external forces to avoid its failure in the field of compulsory liability insurance of motor vehicle owners. Market source say that the unprofitability of this type of insurance goes through the roof.

(01.08.2016)
UKRAINE: INGO sees 17% rise in premiums in H1 2016
INGO Ukraine insurance company (Kyiv) saw a 16.9% rise in collection of insurance premiums, to UAH 424.2 million, the insurer has said in a press release. The company said that the share of voluntary car insurance (KASKO) was 31.9% of the total insurance portfolio (UAH 135.5 million), household insurance - 22.8% (UAH 97.1 million), voluntary medical insurance - 14.7% (UAH 62.6 million) and Green Card - 13.9% (UAH 59.4 million).(01.08.2016)
BELARUS: Fitch Affirms Belgosstrakh at 'B-'; Outlook Stable
Fitch Ratings has affirmed Belarusian Republican Unitary Insurance Company's (Belgosstrakh) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.(01.08.2016)
ESTONIAN introduced to terrorism travel insurance
Alerted by the increase of terrorist attacks in the West, a couple of Estonian insurance companies have added the costs related to risk factor to their basic packages.
(01.08.2016)
SLOVENIA: Fitch Affirms Adriatic Slovenica at IFS 'BBB-'; KD Group at IDR 'BB'; Outlooks Stable
Fitch Ratings has affirmed Slovenian composite insurer Adriatic Slovenica Zavarovalna druzba d.d.'s (Adriatic Slovenica) 'BBB-' Insurer Financial Strength (IFS) Rating and its holding company, KD Group financna druzba, d.d.'s (KD Group) 'BB' Issuer Default Rating (IDR). The Outlooks on both ratings are Stable.(01.08.2016)
AZERBAIJAN: New appointments at Pasha Life insurance company
Lala Jafarova and Rustam Mammadov have become members of the Management Board at Azerbaijani insurance company Pasha Life. The company's Management Board, which is headed by Mursal Rustamov, also includes First Deputy Chairman Niyaz Ismayilov and Deputy Chairman Dilara Babayeva, according to the message posted on Pasha Life's website.(01.08.2016)
TURKEY: Fitch Affirms Anadolu Sigorta's IFS at 'BBB-'; Outlook Stable
Fitch Ratings has affirmed Anadolu Anonim Turk Sigorta Sirketi's (Anadolu Sigorta) Insurer Financial Strength (IFS) rating at 'BBB-' and National IFS rating at 'AA+(tur)'. The Outlooks are Stable.(01.08.2016)
BOSNIA: Agram offers 10.2 mln euro for state stake in Sarajevo Osiguranje
The Agram concern has offered 20 million marka ($11.4 million/10.2 million euro) for 2,108,469 state-held shares in Bosnian insurer Sarajevo Osiguranje, local media reported on Thursday.(01.08.2016)
UKRAINE: Green Card policies cost decreases by 3.7% from July 15
The Motor (Transport) Insurance Bureau of Ukraine (MTIBU) has introduced new tariffs for Green Card policies for travel abroad by road from July 15, 2016.
(01.08.2016)

Next Events

Solvency 2 - Lessons Learned
September 6, 2016
Hotel Union Ljubljana, Slovenia
Organizer: AZN - Insurance Supervision Agency
For details: www.a-zn.si
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
AZERI Evening - Baden-Baden
October 23, 2016
Casino Restaurant Sommergarten
Baden Baden, Germany
Organizers: Azerbaijan Insurers Association and Media XPRIMM

Press Cuttings

HUNGARY's CIG Pannonia posts record Q2 profit
Insurance company CIG Pannonia has posted a HUF 218 million net profit for the second quarter according to HAS, its best quarterly result to date.
(24.08.2016)
SLOVENIA: Zavarovalnica Triglav develops free mobile application Triglav Weather
Following the hailstorms that ravaged north-eastern Slovenia at the beginning of last week, Zavarovalnica Triglav has set up a mobile appraisal unit in Maribor. It is designed to inspect and appraise the value of car damage in the event of massive loss events. To arrange a visit with the mobile unit call the free on-duty number 080 555 555 or 080 2864.(24.08.2016)
BULGARIAN insurer Euroins 7-mo premium income falls 15.6% y/y
The premium income of Bulgarian insurer Euroins [BUL:5IC] fell 15.6% on the year to 31.1 million euro in the first seven months of 2016, its parent company, Eurohold Bulgaria said.(23.08.2016)
POLISH regulator seeks capital buffer for Commerzbank unit
Poland's financial regulator KNF has asked the country's macroeconomic stability body KSF to give an opinion on whether to recognise Polish mBank as a "systemically important institution" and require it hold a capital buffer equal to 0.5 percent of its risk exposure, the bank said late on Wednesday.(23.08.2016)
RUSSIA: Central Bank revoked the licenses of two insurance companies and five brokers
The Bank of Russia revoked the license to conduct insurance company "Angarant" and license for the mandatory liability insurance carrier for causing transportation of harm to life, health and property of passengers at PJSC "HBC "Zhasko", according to the regulator of the site.
(23.08.2016)


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
A comeback for mutual insurance? Swiss Re sigma report investigates

The mutual insurance sector has undergone a modest recovery in recent years, says Swiss Re's latest sigma report "Mutual insurance in the 21st century: back to the future?" Mutual insurers' share of the overall insurance market increased from 24% of direct premiums written in 2007 to just over 26% in 2014, reversing some of the declines of previous decades. (2016-08-04) 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
AON names Jin-Yong CAI to the company's Board of Directors

Igor STEBERNAK is the new Chairman of the Supervisory Board of the Company of Zavarovalnica TRIGLAV

RUSSIA: Nikolai GALUSHIN was appointed President of the National State Reinsurance Company

Swiss Re proposes to elect Jacques de VAUCLEROY to the Board

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


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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