Unfortunately, for different reasons, the financial discipline is not always the priority of the insurers. In all countries there are the provisions regarding the rules and timing of the payment of the compensations, and such rules exist in the Green Card System too. In my opinion, supervision is not always sufficient in this area. Nobody likes to be controlled, but we should remember that the insurance business has a specific character related directly to the stability of the system.

Prioritising insurance sector as one of vital contribution to the economy, we are therefore committed to developing Montenegrin insurance market to one of most competitive in the region. The presence of renowned international groups already proves the stable and favourable business environment and regulatory framework in Montenegrin insurance market.

Besides mastering the crisis, perhaps the main challenges would be developing new tailored products to address the changing needs of the Croatian consumers and achieving satisfying growth figures. The focus of the insurers is gradually shifting to life insurance products, as the consumers finally recognize that they cannot rely on the state to secure a decent retirement income and are aware of the importance of saving for the future. New health and lifecare assistance products are developed tailored for customers aiming to achieve better quality of life through prevention. Real growth, however, depends on a healthy economic environment.

FINACCORD does not see any structural differences in bancassurance per se between Western and Eastern insurance markets in Europe. In fact, in a number of Eastern countries such as Poland and Turkey, bancassurance has been one of the main success stories in recent years. Moreover, in countries where foreign banking groups have a large share of the market (e.g. in the Czech Republic), bancassurance markets look quite similar to Western countries.

UNITY Re has confirmed its leading position among specialist reinsurers, with its 2013 financial results. Igor SHEKHOVTSOV, Deputy CEO of the company, talks about the economic context, financial results and risk transfers in an interview for XPRIMM Publications.

In 2014, GENERALI Romania will pursue the same strategy: quality products and services for its customers, which mean maintaining a balanced portfolio and very good servicing, especially for claims.

ALLIANZ has been present in the CEE countries for long term and we are the largest player in the region in terms of gross revenues on the property and casualty side. This is a position we are very proud of and that we intend to protect. At the same time, our goal is to grow, at least in line with the market. Still, we are not willing to take risks that can affect our profitability.

The strong economic growth in the country, the increase of production of goods and services, and the population's increased incomes contributed to the rapid growth of the insurance market. So, for the past 10 years, the amount of insurance premiums has grown more than 10 times. After a relative slow down during the crisis, starting in 2010, there has been a positive trend in all the financial indicators of Kazakh insurance companies: in terms of total assets, total liabilities, capital, insurance premiums and insurance claims.

Incorporated in 2002, as Swiss and Italian joint FDI, EUROLINK Insurance Inc. Skopje was bought in 2009 by Group of Finance & Investment SA. Since 2011, the company has ranked second on the Macedonian insurance market.
"Our company focuses on and invests in the development of property lines of business and alternative distribution channels, which is a great competitive advantage".

The Turkish insurance sector that records a growth rate above the inflation level every year thanks to the positive progress achieved by the economy and the stable growth period during the last years, has gained experience due to previous financial crises. However, the last crisis was hardly manageable due to its global scale. Postponement of new investments, the drop in the export volume, the recession in car and property sales, and contraction in the economy and the reinsurance market are the major threats the sector is facing in periods of financial crisis.

The insurance Market in Montenegro is very similar in the some aspects with the markets from ex YU, except for Slovenia. These markets are dominated by the compulsory insurance classes, among which MTPL is the most important.
What makes us unique is the size of the market. Montenegro has only 625,000 inhabitants. This means our market is very small, but flexible. In addition ... no big risks, no big cat exposure.

As already said, the biggest part of the total insurance portfolio is still related to motor insurance, which according to the latest statistics makes 61 % (MOD and MTPL together) of the total gross non- life insurance premium volume. The most realistic boost foreseen in the future for the time being is coming from the second pillar pension in the life and health area, where in a long run the total wolume will grow up to the levels exceeding our current market volumes in times.

The most important product sold in the market is the motor third party liability insurance. On the life side, debtors' life is the main product, where banks are the beneficiaries. In terms of potential for future growth, health and life insurance have shown to have a high dynamic for growth in the last years.

Turkish insurance industry, although not such a profitable market as it should have been, is gradually developing and showing real growth every year. On the other hand, it represents a greater attraction for the foreigners as it is increasing national productivity and national income, developing insurance awareness of the public, improving the legal infrastructure and positively impacting several economic and social factors which affect the insurance activities positively.

Long term positive trends have persisted, but with evidence of a slowdown in 1H 2013. In total, 28 insurance companies are present on the market, so the number of participants remained unchanged and the concentration, measured by the Herfindahl Hirschman index, remained moderate. At the end of 1H 2013 insurance companies in Serbia had 11,604 employees.

I am glad that the 4.73% increase in the non-life insurance is due to voluntary insurance, especially property insurance. That is why I think that 2013 will end with in a positive trend in both segments of the insurance. Also, we expect the insurance companies to improve profitability during 2013, given that in the previous 3 years, most of the companies showed losses in their operations due to undertaking major reforms in order to comply with legal requirements imposed by ISA.

We are expecting a growth of approximately 20% by the end of the year. It is also expected that the role of the individual customers in the market will increase and insurance companies will try to sell more individual products rather than corporate products.

To run a good and sustainable business in insurance the key word shouldn't be "premium volume", but "combined ratio"

As a rule, the process of attracting foreign investments into the Republic of Belarus is supplemented by an objective requirement of any investor to be provided with reliable protection. Foreign investors consider insurance and further reinsurance of major risks to be one of the main guarantees to protect their interests.

With the introduction of the "bonus-malus" system in Armenia, insurance companies are expecting to "save" the unprofitable MTPL segment, which seems to be very unlikely to independent insurance experts, given the presence of a number of unresolved problems related to the system of vehicle inspection, which in Armenia is considered to be very bureaucratic. It should be noted that the "bonus" of conscientious drivers will grow annually, and its maximum size reaches 50% of the insurance premium for a specific driver.