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Insurance

Swiss Re reported FY2016 net income of USD 3.6 billion and proposes new share buy-back
Global reinsurer Swiss Re announced its FY2016 net income was down to USD 3.6 billion (USD 4.6 billion for 2015), while the Group premiums earned and fee income increased by 10.0% y-o-y to USD 33.2 billion. Swiss Re's Board of Directors will propose to the Annual General Meeting a higher dividend of CHF 4.85 (vs. CHF 4.6) and the authorisation of a new public share buy-back programme of up to CHF 1.0 billion.(23.02.2017)
STATISTICS: The Turkish market exceeded TRY 40 billion in GWP last year
Total GWP in the Turkish insurance market exceeded TRY 40 billion (about EUR 11 billion) last year, an increase of more than 30% compared to the previous year, according to preliminary data from the Insurance Association of Turkey - TSB. The TSB figures also show that Turkey's insurance sector grew by 20.2% in real terms last year when the annual inflation rate was 8.5%.(23.02.2017)
SAVE THE DATE for Conference on Inclusive Insurance and Microinsurance
At the end of May, the Institute for Strategic Solutions together with XPRIMM invite you to attend  the Conference on Inclusive Insurance and Microinsurance: Opportunities and Challenges for CEE and the Transcaucasian Region, which will be held in Ljubljana, Slovenia on 17 May 2017.(23.02.2017)
European Commission: The price cap of MTPL premiums in ROMANIA is not in line with EU law
The European Commission pointed out in the most recent Country Report that the Romanian Government decision regarding the maximum tariffs for the mandatory car insurance premiums (MTPL) is not in line with the EU legislation, including the provisions of the Solvency II Directive.(23.02.2017)
Bruce CARNEGIE-BROWN set confirmed as next Chairman of Lloyd's
Bruce CARNEGIE-BROWN is to become the Chairman of Lloyd's following a meeting of the Council of Lloyd's where his appointment as successor to John NELSON was approved unanimously. This appointment also had the unanimous support of the Lloyd's Franchise Board.(23.02.2017)

Romania: CertAsig identifies 3 micro-trends for specialised corporate insurance products in 2017
Corporate insurer CertAsig, which has over a decade of experience in insuring corporate clients in a wide range of diverse fields, in Romania and several other CEE countries, identifies 3 types of specialised insurance products that companies in Romania will discover in 2017.(23.02.2017)
Swiss Re proposes to elect Jay Ralph and Joerg Reinhardt to the Board
Swiss Re Group announced that the Board of Directors proposes to elect Jay Ralph and Joerg Reinhardt as new, non-executive and independent members at the Annual General Meeting of shareholders on 21 April 2017. At the same time, as it had already announced, Swiss Re also proposes to elect Jacques de Vaucleroy to its Board of Directors. Carlos E. Represas, who has been a member of Swiss Re's Board since 2010, will not stand for re-election.(23.02.2017)
SCOR, FY2016: Strong results, supported by the life business positive trend
GWP by the French reinsurer SCOR reached EUR 13,826 million in 2016, up 5.3% at constant exchange rates compared to 2015 (+3.0% at current exchange rates), with a strong contribution from SCOR Global Life - GWP of EUR 8,187 (+8.3% at constant exchange rates and +6.4% at current exchange rates) -, and increasing in SCOR Global P&C's GWP, which stood at EUR 5,639 million, up 1.2% at constant exchange rates (-1.5% at current exchange rates).(23.02.2017)
VIDEO: BERNARDINO, EIOPA: Making a difference for European consumers
"For EIOPA consumer protection is and will continue to be a key strategic priority. It is at the centre of our work through both prudential and conduct of business regulation and supervision," stated Gabriel BERNARDINO, Chairman of EIOPA - European Insurance and Occupational Pensions Authority, on the occasion of the European Consumer Protection Conference, organized last week in Vienna.(23.02.2017)
Willis Towers Watson: Exclusive negotiations to acquire OAAGC, the top French aviation brokerage
Willis Towers Watson (NASDAQ: WLTW) has entered into exclusive negotiations with OAAGC, the top French aviation brokerage, to acquire its team and book of business, a WTW press release reads.(23.02.2017)
The GENERALI deal: Background preparations expecting the first overt moves
"No request to date from insurer GENERALI for a seat on the Intesa board," says Intesa Sanpaolo Chairman Gian Maria GROS-PIETRO, Reuters reports. The statement follows to the recent acquisition by GENERALI of a 3.04% participation in Intesa Sanpaolo, which makes the Trieste Lion the fourth shareholder of the largest Italian bank.(23.02.2017)
SOMPO Holdings, 3Q2016: 23.9% rise in net income
SOMPO Holdings Inc., the Japanese insurance group which operates in several European countries, mostly under the SOMPO Canopius brand, saw a 23.9% rise in net income to JPY 110 billion (USD 968 million) on a consolidated basis in the third quarter of the 2016 fiscal year ended Dec. 31, 2016, according to a statement. SOMPO businesses are currently present in the insurance markets of U.K., Guernsey, Ireland, Germany, Belgium, France, Netherlands, Italy, Spain, Switzerland, and Russia.(23.02.2017)
Record strong profit in 2016 for the Norwegian GJENSIDIGE Group
For the full year 2016, the Norwegian GJENSIDIGE Group, one of leading players in the Northern Europe, delivered a record-strong profit before tax of EUR 676.2 million, 21.5% up y-o-y. The underwriting result was EUR 411.3 million, corresponding to a combined ratio of 83.4% (83.7% in 2015). The underwriting result was positively influenced by solid premium growth of 5.5% compared with the year before, leading to earned premiums totalling EUR 2.47 billion.(23.02.2017)
Romanian FSA's head, Misu NEGRITOIU exchanged views with the Austrian insurers' representatives in Vienna
Misu NEGRITOIU, President of the Romanian Financial Supervisory Authority (ASF), met last week in Vienna representatives of the Insurers' Association of Austria (VVO), the meeting focusing on the latest developments on the insurance markets in the two countries, as well as specific aspects related to the MTPL business line or Austria's experience in managing the high-risk insured persons.(23.02.2017)
UK: Motor re/insurers may see a reserve charge of about GBP 4.9 billion if the Ogden discount rate will be decreased to 0.5%
The British motor insurance industry, in particular the reinsurers of this market, would likely experience a material one-off reserve charge of approximately GBP 4.9 billion, if the Lord Chancellor will agree with the Association of Personal Injury Lawyers (APIL) and revise the Ogden discount rate from 2.5% to negative 0.5%, an analysis by Willis Towers Watson says. In addition, there would be a roughly GBP 700 million per annum increase in the cost of providing motor insurance in the future.(23.02.2017)

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

UKRAINE: Zurich leads USD 120 million civil war loss
Zurich is the lead insurer on a USD 120mn political risk claim caused by the conflict in Ukraine, The Insurance Insider understands. The insured is food conglomerate Cargill, one of the world's largest privately held corporations.
(23.02.2017)
ARMENIA-based insurers earned AMD 4.058 billion in net profit in 2016
Armenia-based six insurance companies earned a total of 4.058 billion drams in net profit in 2016, up from 2.672.8 billion drams they had earned in 2015 (51.8% increase), according to ARKA news agency's bulletin "Insurance Companies of Armenia" for the fourth quarter of 2016. All six companies closed the past year with a profit, whereas in 2015 two companies reported losses.(23.02.2017)
MACEDONIA: Osiguruvanje Makedonija signs insurance contracts worth 6.7 mln euro with ELEM
Osiguruvanje Makedonija, a subsidiary of Vienna Insurance Group, said on Tuesday it has signed eight insurance services contracts with Macedonian state-owned power producer ELEM.(22.02.2017)
BULGARIA's Starcom Holding boosts stake in insurer Eurohold
Bulgarian financial and insurance group Starcom Holding raised its stake in local peer Eurohold Bulgaria to 60.58% from 50.05% following a capital hike, Eurohold said on Monday.(22.02.2017)
UKRAINE: "PZU Ukraine" has entered techassistance abroad for car owners with travel policy and "Green card"
Insurance company "PZU Ukraine" (Kiev) has developed a package proposal, including the policy of international compulsory insurance of civil liability of owners of ground vehicles "Green card" and insurance going abroad (program "Elite") with the option of technical assistance, according to a press release of the insurer.(22.02.2017)

Fairfax reports 2016 combined ratio for insurance and reinsurance operations of 92.5%
Toronto-based Fairfax Financial Holdings has released its most recent financial results for the fourth quarter and full-year 2016 ending Dec. 31, reporting a combined ratio for its insurance and reinsurance operations of 92.5% on a consolidated basis.(22.02.2017)
TURKEY: MetLife Pension and Life Insurance, one of Turkey's successful pension and life insurance companies, announced their results for 2016...
Making a difference in the sector with its innovative approach, MetLife has announced its results for 2016. The company has increased its total premium production in life and personal accident insurances by 49% in one year adding up to TL477 million by the end of 2016 and listed among the first 3 companies in the market. MetLife preserved its leading position in personal accident field among all pension and life insurance companies with its market share of 36.6%. On the other hand, the company has grown in personal pension insurance at a higher rate when compared to the sector and reached at a cumulative fund value of more than TL1.18 billion.(22.02.2017)
TURKEY: Campaign by Generali Insurance brings a FIAT Egea to Mersin
Drawing attention with its projects building on the company's mentality of Easy Insurance, Generali Insurance announced the winner of its campaign which offered a FIAT Egea Hatchback to any vehicle owners who received a quote for either one of the traffic insurance or Casco products in a minute without any charges.(22.02.2017)
TURKEY: Aksigorta Pioneers in Turkey and in its Sector with the Automation Project
Aksigorta pioneers in Turkey and in its sector with the automation project which is introduced as part of the company's digitalization program. Virtual employees assigned as part of the Automation Project are providing 24/7 services while increasing the efficiency more than 8-fold.(22.02.2017)
SLOVENIA's Generali Insurance Deploys Metastorm BPM Software
"Like many insurance companies, our customer facing processes are critical to our business," stated Sonja Leban Gogala, director of sales channel, Generali Insurance Slovenia. "By automating our core processes using Metastorm BPM, we will be able to quickly realise its value, especially in terms of overall competitiveness."(22.02.2017)
Aegon reports strong net income in Q4 2016
"During 2016, we made good progress...growing our business, realizing major expense savings and increasing our returns", said Alex Wynaendts, Aegon CEO.(22.02.2017)
NN Group reports 4Q16 and 2016 results
"2016 was an eventful and important year for NN Group, a year in which we made considerable steps. We invested in accelerating change and innovating our customer experience, and worked on new and improved products and services", said Lard Friese, CEO.(16.02.2017)
AIG Reports Fourth Quarter 2016 Results
American International Group, Inc. today announced results for the quarter and fiscal year ended December 31, 2016. "We took decisive actions in 2016 to dramatically reduce uncertainty and deliver higher quality, more sustainable earnings in the future," said Peter D. Hancock, AIG President and Chief Executive Officer.(15.02.2017)
AZERBAIJAN: PASHA Insurance has moved their head office to a new location
PASHA Insurance company is ready to serve its customers in new location. PASHA Insurance announces that they have moved their head office to a new location - "Sahil Plaza" which is in 61, avenue M. Useynov, in front of Dalga Plaza. All of the departments and/or divisions (such as, board of directors, customer services, claims and legal services department) are located in head office.(13.02.2017)
POLAND: UNIQA - New insurance available with SkyCash application
UNIQA TPL insurance is available with SkyCash since December 2016. This is another product, after a tourist cover, developed with the application users in mind. What is more, payments can be spread over as many as 12 instalments. Customers paying their instalments on time can also take advantage of a special promotion.(13.02.2017)
HUNGARY: KBC books Q4 net income of EUR 23 mln
Belgium's KBC Group booked net income of EUR 23 million at its business in Hungary in the fourth quarter, down from EUR 42 mln in the same period a year earlier as income tax expenses jumped, state news agency MTI has reported, citing an earnings report released today.
(13.02.2017)
UZBEKISTAN: Investments by insurance companies increase
The total volume of investments of Uzbek insurers amounted to 867.547 billion soums (1 USD =3294.74 soums on Feb. 8) in 2016, that is, by 19.3 percent more compared to 2015, the country's Finance Ministry told Trend Feb. 8.(13.02.2017)
KAZAKHSTAN insurance firm to compensate USD 38 million for Boeing 747 crash near Bishkek
Kazakhstan insurance company Eurasia is ready to compensate USD 38 million for the damages caused by the Boeing 747 plane crash near Bishkek on January 16, reports the company.(13.02.2017)
KAZAKHSTAN: A.M. Best Revises Outlooks to Negative for Nomad Insurance Company JSC
A.M. Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B- (Fair) and the Long-Term Issuer Credit Rating of "bb-"for Nomad Insurance Company JSC (Nomad), the wholly owned subsidiary of Nomad Insurance Group Limited, a private non-operating company (both entities are domiciled in Kazakhstan).
(13.02.2017)
ARMENIA, IRAN sign MOU on insurance co-op
Iran and Armenia signed a Memorandum of Understanding (MOU) to expand bilateral insurance cooperation in Yerevan on Thursday, IRNA reported.(13.02.2017)
KBC Group: Strong fourth-quarter result of EUR 685 m, leading to a full-year profit of EUR 2.4 bn
In an environment of persisting low interest rates, firm economic growth in Central Europe and Ireland, and more modest growth in Belgium, KBC turned in a strong performance by posting net profit of 685 million euros in the fourth quarter of 2016, compared with 629 million euros in the preceding quarter and an exceptional 862 million euros in the fourth quarter of 2015 (or 441 million euros excluding two major one-off items in that quarter).
(09.02.2017)
METLIFE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2016 RESULTS
On a GAAP basis, MetLife reported a fourth quarter 2016 net loss of USD 2.1 billion, compared to net income of USD 785 million in the fourth quarter of 2015. On a per share basis, the net loss was USD 1.94, compared to net income of USD 0.70 per share in the prioryear period.(07.02.2017)
NN Group acquires 5.3% stake in Delta Lloyd
NN Group announces today that, NN Group acquired 24,618,525 Shares held by Talpa Beheer B.V. through a private transaction against a consideration of EUR 5.36 per Share, representing a total value of EUR 131,955,294. The consideration was paid from the cash capital available at the holding company.(07.02.2017)
Statement on the Death of John R. Cox, Founding Chairman of ACE Limited
The Chubb family is saddened by the passing of John R. Cox, the founding Chairman and first employee of ACE Limited, which was established in 1985 and last year acquired The Chubb Corporation, adopting its name.  Mr. Cox, a giant in the property and casualty insurance industry, was 84.(07.02.2017)
Chubb Reports Fourth Quarter Net Income Per Share of USD 3.41, up 63.9%, and Operating Income Per Share of USD 2.72, up 14.3%
Chubb Limited (NYSE: CB) today reported net income for the quarter ended December 31, 2016 of USD 1,610 million, or USD 3.41 per share, compared with USD 683 million, or USD 2.08 per share, for the same quarter last year.  Operating income was USD 1,283 million, or USD 2.72 per share, compared with USD 780 million, or USD 2.38 per share, for the same quarter last year. The property and casualty (P&C) combined ratio was 87.8% for the quarter, or 87.6% on an "As If" basis.(07.02.2017)
SLOVENIA's Triglav sets up alternative investments firm with Germany's KGAL
Slovenia's biggest insurer, Zavarovalnica Triglav, said on Thursday it signed a deal with Germany's KGAL Beteiligungsverwaltungs to establish a new company, Trigal, as a regional platform for alternative investments.(07.02.2017)
BULGARIA: Eurohold hikes Romanian unit's capital, to merge two Bulgarian arms
Financial and insurance group Eurohold Bulgaria said on Friday Euroins Romania's capital has been raised to 530 million lei ($126 million/117.4 million euro).(07.02.2017)
CROATIA's mandatory pension fund returns strengthened in 2016
Croatia's four mandatory second-pillar fund returns for 2016 outperformed the previous year's strong results.(07.02.2017)
MACEDONIANS Spent EUR 20 Million on Life Insurance Policies in 2016
Over EUR 20 million have been paid by citizens who bought life insurance policies in one of the four insurance companies which offer this type of insurance in Macedonia in 2016. Around 10,000 new clients insured their lives which is a 20% rise as compared with 2015.(07.02.2017)
ARMENIAN iinsurers paid over AMD 2 billion in taxes in 2016
The list of Armenia's 1000 largest corporate taxpayers in 2016 includes all six insurance companies, operating in the country, which paid about 2.09 billion drams in taxes, up from 1.77 billion drams they had paid in 2015, the State Revenue Committee said. Some 93% of that amount were direct taxes, the Committee said.(02.02.2017)
TURKEY: Vodafone offers insurance payments via m-wallet
Vodafone Turkey started offering an alternative to paying for work or home insurance premiums via its 'Cep cuzdan' mobile payment service. Anyone working with a mobile wallet can pay for his daily insurance premiums by text messaging a text corresponding to an insurance to a specific number and receive its insurance in less than 10 days. Vodafone enables the payment of insurance premiums through its e-payments system VPAS. The system enables the payment of an insurance premium of TRY 1.19 per day which is obligatory to pay for work accidents and damages to homes.
(01.02.2017)
ARMENIA's median gross monthly salary in 2016 was AMD 187,850
The median gross monthly salary in Armenia in 2016 amounted to 187,850 drams ($391 or 26,127 Russian rubles), which was by 1.7% more than in 2015, according to the figures, released today by the National Statistical Service (NSS).(01.02.2017)
AZERBAIJAN: PASHA Insurance are moving its head office to a new location
PASHA Insurance announces that they are moving their head office to a new location - "Sahil Plaza" which is in M. Useynov, 61 address.(in front of Dalga Plaza) All of the departments and/or divisions (such as, board of directors, customer services, claims and legal services department) will be located in head office.(01.02.2017)
ALBANIA: Over 15,000 new businesses registered in 2016
There are about 15,600 businesses registered for the first time in Albania's fiscal administration during 2016, the data published by the General Taxation Directorate showed Thursday.
(30.01.2017)
RUSSIA: Insurance Company Ingosstrakh Life concludes new reinsurance treaty
Insurance Company Ingosstrakh Life has concluded an obligatory reinsurance treaty for 2017 with VIG RE and MAPFRE RE as well as with Ingosstrakh Insurance Company, the leader of the Russian insurance market, Insurance Company Ingosstrakh Life informed.
(30.01.2017)
RUSSIA: In Russia proposed to establish the priority of repair of the car over insurance payout
The government has proposed amendments to the law on compulsory motor insurance (CTP) on the priority of the repair of the car over insurance payments, the relevant document published on the website of the Cabinet of Ministers.(30.01.2017)
RUSSIA: SOGAZ And Ingosstrakh Insurance Company Are to Insure Valuable Cargoes of Russian Post at RUB 5.8 Trillion
The joint application of the two companies was recognized the best in the tender for a general agreement for the insurance of valuable cargoes of Russian Post.
(30.01.2017)
IFJ unveils new global insurance coverage for journalists
The International Federation of Journalists (IFJ) has collaborated with Insurance for Journalists to launch a scheme of flexible, low-cost protection plans for freelance reporters and media personnel who struggle to find insurance when reporting at home or abroad.


(30.01.2017)

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

UKRAINE: Zurich leads USD 120 million civil war loss
Zurich is the lead insurer on a USD 120mn political risk claim caused by the conflict in Ukraine, The Insurance Insider understands. The insured is food conglomerate Cargill, one of the world's largest privately held corporations.
(23.02.2017)
ARMENIA-based insurers earned AMD 4.058 billion in net profit in 2016
Armenia-based six insurance companies earned a total of 4.058 billion drams in net profit in 2016, up from 2.672.8 billion drams they had earned in 2015 (51.8% increase), according to ARKA news agency's bulletin "Insurance Companies of Armenia" for the fourth quarter of 2016. All six companies closed the past year with a profit, whereas in 2015 two companies reported losses.(23.02.2017)
MACEDONIA: Osiguruvanje Makedonija signs insurance contracts worth 6.7 mln euro with ELEM
Osiguruvanje Makedonija, a subsidiary of Vienna Insurance Group, said on Tuesday it has signed eight insurance services contracts with Macedonian state-owned power producer ELEM.(22.02.2017)
BULGARIA's Starcom Holding boosts stake in insurer Eurohold
Bulgarian financial and insurance group Starcom Holding raised its stake in local peer Eurohold Bulgaria to 60.58% from 50.05% following a capital hike, Eurohold said on Monday.(22.02.2017)
UKRAINE: "PZU Ukraine" has entered techassistance abroad for car owners with travel policy and "Green card"
Insurance company "PZU Ukraine" (Kiev) has developed a package proposal, including the policy of international compulsory insurance of civil liability of owners of ground vehicles "Green card" and insurance going abroad (program "Elite") with the option of technical assistance, according to a press release of the insurer.(22.02.2017)


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
ITALY: Preparing for a mandatory cat insurance solution for real estate properties?

Following the 2016 earthquake sequences, ANIA - the Italian insurers' association is working to a project on household insurance for catastrophic risks. According to ANIA's President, Marina Bianca FARINA, implementing a solution for a better management of the cat risks is a must for Italia and should provide for a public-private partnership. (2017-02-09) 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
Bruce CARNEGIE-BROWN set confirmed as next Chairman of Lloyd's

Swiss Re proposes to elect Jay Ralph and Joerg Reinhardt to the Board

Swiss Re Group's CUO, Matthias Weber, to step down; Edouard Schmid to succeed him

IAIS names Jonathan DIXON as new Secretary General

NN Group appoints Satish BAPAT as CEO NN IP and Member of the Management Board NN Group

QATAR Re promotes internal candidates to CUO positions

TURKEY: Marius POPESCU appointed as NN Hayat ve Emeklilik CEO as of 1 April 2017


EVENTS
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

Date set for the XIth Int'l Conference "Insurance in Central Asia". Insurance Profile Kazakhstan will be available at the event's stands

IIF 2017: Re/insurance professionals from 23 countries to discuss the critical issues in the motor insurance field

The XXI Annual Reinsurance Conference to take place in Moscow on April 5-6, 2017

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