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XPRIMM News No. 181, June 23, 2011

Insurance Newsletter, No. 181, June 23, 2011

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conf_cea_150CEA Conference: Insurance reform - opportunity of threat?
by, 2011-06-23
"Insurance reform - opportunity of threat?" is the theme of the 3rd edition of the International Insurance Conference, the event that CEA, the Federation of European Insurers and Reinsurers, has organized on the 16th of June, in Athens, Greece. The event had as main focus the wave of legislative proposals to reform the regulatory and supervisory activities in financial services, that came amid the turmoil affecting the global economy over the past two years.
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Jan_Grzegorz_PPOLAND: Insurance market has remained stable in 1Q/2011
by, 2011-06-23
According to the data presented by PIU, in the first three months of this year, the Polish non-life insurers paid out over PLN 3.4 billion (EUR 0.85 billion) to their clients. Life claims amounted to nearly PLN 5.8 billion (EUR 1.45 billion). Also, non-life insurers, for the first time in many quarters, recorded a positive technical result (PLN 131.7 million - EUR 32.8 million) and net profit (PLN 314.9 million - EUR 78.49 million).
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uniqa_120New Top Management at UNIQA Group starting next Friday
by, 2011-06-23
According to the company's press release, Konstantin KLIEN, since 1 January 2002 Chairman of the Management Board of UNIQA Versicherungen AG, will leave the company on 30 June 2011, as already announced. Also, Karl UNGER (born 1953), since 1 January 2002 Board Member of UNIQA Versicherungen AG, will leave the Management Board on the same date.
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stefan_tillinger_100GENERALI PPF: New leadership in the Czech Republic and Russia
by, 2011-06-23
According to the company's press release, GENERALI Pojistovna - GENERALI PPF's Czech branch will have from 1st July 2011 a new Chief Executive Officer (CEO): Stefan TILLINGER. Petr KOPECKY (41), the present CEO and member of the GENERALI Pojistovna's Board of Directors, is leaving by his own decision on 30th June 2011, having resigned from all positions and offices held at GENERALI Pojistovna.
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bulgaria1_150Bulgaria: Insurers underwritings fell by 1.5% in 1Q/2011
by, 2011-06-10
Gross premiums underwritten by insurance companies in the first three months of this year totaled EUR 201.90 million, down by 1.5% compared to the same period in 2010, and claims paid by Bulgarian insurers in this period amounted to nearly EUR 93 million, according to the report of the local supervisory authority.
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chisinau_parlament_150Republic of Moldova: Brokers mediated 28% of the total premiums
by, 2011-06-23
The 65 brokerage companies active on the market in the Republic of Moldova mediated MLD 58.38 million - EUR 3.54 million, in the first three months of the current year. The figure represents, according to the data published by the supervisory authorities in Chisinau, 27.53% of the total insurance market. Altogether, in comparison with the period January - March of 2010, the volume of premium mediated by brokers grew, nominal in European currency, by 36.7%.
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conf_sors_150Insurance integration began in the countries of the former Yugoslavia
by,, 2011-06-17
"All those who believe they can succeed alone, they are wrong. Globalization has brought new rules and opportunities, highlighting that the development direction is towards integration and towards improving competitiveness in all areas", said Robert STUDE, President of SorS, in the opening of the event held during June 15th-17th, in Sarajevo. This year's conference focused on integration processes and their impact on competitiveness of the insurance industry.
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uzbekistan_150Uzbekistan: Market capitalization continues during 2012-2014
by, 2011-06-23
In accordance with legislative changes regarding the amendment of the requirements related to the minimum level of share capital of insurers, within three years, starting July 1st, 2012 and until July 1st, 2014, insurance companies in Uzbekistan must increase their share capital as follows:
- for general insurance activity - to EUR 1.125 million,
- for life insurance activity - to EUR 1.5 million,
- for mandatory insurance activity - to EUR 2.25 million,
- for exclusive reinsurance activity - to EUR 5 million.
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rosnoRUSSIA: ROSNO will not pay dividends on outstanding shares in 2010
by,, 2011-06-23
The ROSNO's annual general meeting of shareholders decided, after analizing and approving the company's report for 2010, including the Audit Committee's report, the annual accounts and the profit and loss statement, that no dividents will be paid on the outstanding shares in 2010. The company will allocate a RUB 1.43 million to the surplus fund and retain the remaining profit of RUB 27.24 million.
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sergey_ivanov100RUSSIA: SOGAZ reports 16% premium growth in Q1, but 50% less profit
by, 2011-06-23
In the first quarter of 2011, SOGAZ Insurance Group's underwritings registered a 16% y-o-y growth rate, up to RUB 39.01 billion (EUR 0.97 billion, considering the CBRF's March 31st exchange rate of RUB 40.0223 for 1 EUR), while the paid claims volume grew by 28%, to RUB 18.52 billion. According to the Russian Accounting Standards, net profits went down by 50%, to RUB 1.27 billion. "This deviation is temporary and technical in nature and will not affect the year-end profit. It is noteworthy that the profit according to IFRS remained almost unchanged. As in last year, it exceeded RUB 2 billion", stated Sergey IVANOV, Chairman of SOGAZ Management Board.
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postas1_150Romanian Post is expanding in insurance
by, 2011-06-20
The Minister of Communications and Information Society, Valerian VREME, said Friday, June 17th, current year, that the ministry has prepared a project of Government Resolution through which it wants to establish two new societies, the Romanian Post Bank and the Romanian Post Insurance, where the Post would be 100% shareholder.
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erste_grafic2_150ERSTE Group: CEE countries expected to surpass growth rate of euro zone by 1 percentage point
by, 2011-06-23
The economic recovery in the CEE countries is progressing according to a similar pattern as in the euro area, ERSTE Group analysts said in the beginning of this week. The Group's outlook takes into consideration the economic data of the CEE8 countries: Croatia, Serbia, Romania, Slovakia, Czech Republic, Ukraine, Hungary, Poland.

FMI-grafic_micIMF: Economic expansion of 4.5% expected in 2011 and 2012 in emerging Europe
by, 2011-06-23
"Emerging Europe returned to growth in 2010, but performance varied widely across the region, reflecting the idiosyncratic legacies of previous boom-bust cycles. For 2011 and 2012, an economic expansion of 4.25 percent is projected with much less disparity in intraregional growth, as domestic demand takes over as the main driving force", states the Regional Economic Outlook: Europe - Strengthening the Recovery, released in May by the International Monetary Fund (IMF).

eurostat_grafic_micEUROSTAT: the lowest labour costs were recorded in the CEE region
by, 2011-06-23
Among the EU Member States for which data are available for the first quarter of 2011, the highest annual increases in hourly labour costs were registered in Bulgaria (+7.8%) and Hungary (+5.6%). Still, both countries belong to 6 CEE countries group recording the lowest labour cost in the European Union. Annual decreases were observed in Greece (-6.8%) and Ireland (-2.2%), the Labour cost index published by EUROSTAT on June 20th states.
Credit Europe Asigurari
ALBANIA: Changes to Formula of Insurance company, INSIG Privatization

AZERBAIJAN: Compulsory Insurance Bureau to be established

AZERBAIJAN: Life insurance companies hold about 15% of the market portfolio

AZERBAIJAN: The only state insurance company is still the market leader

BOSNIA: Insurers suffocated by illegal discounts

BULGARIA: Gross revenues from general insurance premiums declined by 1% y/y

CROATIA: Insurance companies earn 13 percent more

CROATIA: Lower premiums for insurance companies

ESTONIA: Baltic rivalry is tearing insurance giant ERGO apart

HUNGARY: Rising households savings, declining life insurance market

LATVIA: Drivers with two year experience - the most dangerous

MACEDONIA: Croatia Osiguranje's Macedonian Non-life Unit Turns to Profit in 2010

POLAND: Brokers reward insurers

POLAND: Poles savings on the upward trend

ROMANIA: The highest-ranked Romanian insurers in the Central and Eastern Europe

SLOVENIA: Capital increase in Zavarovalnica Maribor

SLOVENIA: EUR 3 mil. profit for Zavarovalnica Maribor in Q1

One click away from 29 insurance markets

We are pleased to introduce you the new series of XPRIMM News: the old brand, with a completely renewed concept.

Starting today, XPRIMM News will offer you a broader perspective on the CEE and CIS insurance markets: more regional news, interviews and professional opinions, country statistics, regional financial news, forthcoming events, as well as a synthesis of regional insurance headlines. In short, a comprehensive image of the insurance business across the region. Read more

BCR Asigurari de ViataALICO

President of the Directorate
BCR Asigurari de Viata VIG

We have to be innovative, to prepare for future generations of customers. In a few years, we shall strive to attract as clients the today's teenagers and children. These customers will be highly educated, at least compared with current mature generations ... Read more

Elisabeta GJONI
Albanian FSA

The financial crisis did not have a direct impact on the insurance sector in Albania. However due to a slowdown in the economy, the insurance sector in Albania during the financial turmoil experienced a slight decrease in growth rates but managed to maintain a positive growth on average. Read more

ASTRA ASIGURARI120x120_Generali

The Azerbaijan
International Insurance Forum

July 7th-8th, 2011
Baku Business Center, Baku, Republic of Azerbaijan

Mandatory household insurance - a project ready for launch
Ahmet CELEBILER, Member of the Board, Insurance Practitioners' Association, Turkey is one of the Keynote Speakers who confirmed their participation to the second edition of the Azerbaijan International Insurance Forum (July 7th-8th, Baku, Azerbaijan). His contribution, as one of the main architects of the Turkish mandatory household insurance program, is more than relevant considering the latest news in the region. Thus, according to the news website, the draft law regarding the "Compulsory Insurance Types" was adopted by the Azeri Parliament during the second reading, just a few days ago.The new draft law regulates four types of compulsory insurance: real estate, motor vehicles owners' liability, passenger insurance and liability insurance for exploitation of real estate. Read more

Les Rendez-Vous de Septembre
September 10th-15th, 2011
Monte Carlo, Monaco
Organizer: RVS
Media Partner: PRIMM Magazine - Insurance&Pensions
For details:
11th International Yalta Finance Forum
September 19th-23rd, 2011
Yalta, Ukraine
Organizer: The League of Insurance Organizations of Ukraine
Media Partner: PRIMM Magazine - Insurance & Pensions
For details:
32nd Baden-Baden Meeting 2011
October 23rd-27th, 2011
Baden-Baden, Germany
For details:
EIOPA Conference
November 16th, Frankfurt am Main
Organizer: MALEKI Group
Media Partner: PRIMM Publications
For details:

International Insurance Forum 2012
April 22nd-25th 2012
Istanbul, Turkey
Organizers: Media XPRIMM and Istanbul Underwriting Center


Deputy Chairman
Lithuanian ISC

Lithuanian insurance market remained financially stable. Lithuania avoided the problems that the insurance markets in some other economically developed countries have encountered. Trying to adapt to the existing situation, insurers applied preventive measures aimed at reducing the number of contract cancellations. Some insurers offered new products that better meet the needs of the decreasing market; the others improved the existing products by adapting them to the current situation, facilitating payment schedules. Besides, the majority of insurers reduced operating costs and increased the work efficiency by improving the use of human resources as well as paid more attention to risk management. Read more

Kunden BrokerOXYGEN Insurance

Bosnia Azerbaijan
Bulgaria Belarus
Croatia Georgia
Czech Rep. Kazakhstan
Estonia Kyrgyzstan
Hungary Moldova
Kosovo Russia
Latvia Turkmenistan
Lithuania Tajikistan
Macedonia Ukraine
Montenegro Uzbekistan



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