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XPRIMM News No. 183, August 18, 2011

Insurance Newsletter, No. 183, August 18, 2011

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VIG's GWP increased by 3.1% in 1H/2011. CEE markets account for more than 50% of premiums
by, 2011-08-17
In first six months of 2011, VIENNA Insurance Group (VIG) earned a total of EUR 4.7 billion premiums written, up 3,1% compared to January-June 2010. Also, the profit (before taxes) amounted to EUR 282.2 million, representing an 10.4% increase compared to 1H/2010. According to the press release, the group combined ratio after reinsurance came in at 97.1% for the first half-year of 2011, following 98.3% for 1H/2010.

ALLIANZ in CEE: Revenues increase to EUR 2.1 billion, while operating profit improves strongly to EUR 144 million in 1H2011
by, 2011-08-15
ALLIANZ reported solid results in Central and Eastern Europe for the first six months of 2011. Total revenues amounted to EUR 2.07 billion compared to EUR 2.04 billion in the first half of 2010. Operating profit increased by 54 percent to EUR 144 million while net income doubled to EUR 120 million from EUR 60 million in the year before.
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2% growth in non-life insurance and 9.8% decrease in life insurance for GENERALI
by, 2011-08-17
GENERALI Group posted gross written premiums of EUR 12 billion on the non-life segment, which represents a 2% growth compared to 1H/2010. "This reflected the increase in the motor and non-motor segments in all business lines, with the exception of the Corporate segment, which was more greatly affected by the difficult macroeconomic situation", according to the group's press release.

GROUPAMA: profitability remains the main target, but growth is still on the agenda
by, 2011-08-17
"One of the most important development projects of GROUPAMA, in the near future, involves launching a direct sales insurance offer in Poland, almost certainly in early 2012", Christian COLLIN, GROUPAMA Chief Financial & Risk Officer, revealed in a recent interview published by EuroBusiness Media. The Polish project comes along with the other measures taken by the French Group in order to sustain business and organic growth, both through distribution networks and online.

unsarUNSAR: 12% general insurance decline and slight increase of life insurance after the first six months
by, 2011-08-16
The 23 companies members of UNSAR - The National Union of Insurance Companies in Romania have cumulated in the first 6 months of 2011 a total of underwritings of about RON 3.3 billion, down by 8.7% in nominal terms, compared to the same period of last year. The share of Union's member companies in total underwritings of the insurance market is about 80%.
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chisinau4_micInsurance market in Moldova has reached EUR 28 million
by, 2011-08-17
Insurance market in Moldova registered in the first six months of the current year about EUR 28.07 million (MDL 466.21 million), a nominal increase in European currency of 7.32% compared to January-June 2010. In national currency, the nominal evolution of the insurance industry in Moldova was lower, of 6.24%, due to appreciation of MDL against EUR.
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bulgaria1_150Bulgaria: 2.8% underwritings increase in the first five months of 2011
by, 2011-08-08
According to data published by the Financial Supervisory Commission of Bulgaria, insurance companies registered, during the period January - May 2011, a total of gross written premiums worth BGN 678.71 million (EUR 374.02 million), up by 2.8% compared to the similar period of 2010 - BGN 659.92 million (EUR 337.41 million) - and claims paid by insurers fell by 7.0%, to BGN 308.25 million (EUR 157.61 million).
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Kazakhstan: The insurance market grew by 22%, to EUR 488.95 million, in 1H/2011
by, 2011-08-10
Gross written premiums of insurance companies in Kazakhstan increased by 22%, reaching KZT 102.19 billion (EUR 488.95 million) in the first half of 2011, compared with total underwritings in the correspondent period of 2010 - KZT 83.62 billion (EUR 400 million).
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Armenia: EUR 3.61 million paid claims on MTPL in 1H2011
by, 2011-08-16
According to data published on the official site of Motor Insurers Bureau, in the first half of 2011, insurance companies in Armenia have paid, on the MTPL policy segment, claims in the amount of AMD 1.9 billion (EUR 3.61 million) and 9,574 claims files have been solved.
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EUREKO - 100% owner in EUREKO Sigorta
by, 2011-08-15
EUREKO and GARANTI Bank closed in early June the sale of 20% shares in EUREKO SIGORTA to EUREKO, the insurance Group announced. EUREKO is now 100% owner of the leading Turkish insurance company. Regulatory authorities approved the transaction.
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EUR 6.6 million underwritings and a 14% share for the life insurance market in Azerbaijan in the first half of 2011
by,, 2011-08-08
Specialized societies on the life insurance segment in Azerbaijan underwrote in the first half of 2011 premiums worth EUR 6.6 million, owing 14% of the total underwritings, according to the data presented today within the section dedicated to life insurance and bancassurance at AIIF - 2011 and the issued claims reached EUR 8.6 million.
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RUSSIA: ALLIANZ P/C business units' merger approved
by, 2011-08-18
The Federal Anti-Monopoly Service and Federal Service for Financial Markets from Russia recently issued the official approval for the merger of ALLIANZ Russia and IC Progress Garant with OJSC IC ROSNO.
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VIG operates top management changes in Hungary and Bulgaria
by, 2011-08-18
Gabor LEHEL (34) is taking over leadership of the UNION Biztosito as CEO and Chairman of the Board with immediate effect. He has been a member of the Board of the Vienna Insurance Group's largest Hungarian Group company since 2008.
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Azerbaijan: Reinsurers are hoping to revive the market through mandatory insurance
by,, 2011-08-08
After two years of downfall as a consequence of the economical crisis, the introduction of mandatory insurance will determine the profile market to increase, considered AZ Re, the main player on the reinsurance market in this country, within the International Insurance Forum in Azerbaijan (July 7-8, 2011).
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New owners for KBC Securities in Serbia and Romania
by, 2011-08-15
According to the group press release, KBC Securities has recently completed the divestments of its operations in Serbia and Romania, reaching an agreement on management buy-outs with local management. The impact of the transactions on KBC's earnings and capital is negligible given the size of the activities.
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HUNGARY - Analysts less optimistics about the GDP growth in the following quarters
by, 2011-08-18
A recent survey runned by among some of the most reputed Hungarian financial analysts showed less optimistic estimates with regard to the 2011 and 2012 growth of the Hungarian economy. The analysts have lowered their GDP forecasts for Hungary both for this year and 2012, as a result of the swiftly deteriorating external economic environment and the local growth that has not even started yet. The consensus estimate shows a 2.3% year-on-year output increase for the second quarter of 2011, but the projections for later periods have come considerably lower. The market expects Hungary's consumer price index at 3.3% in July, but the deceleration of the economy will rewrite CPI estimates sooner or later.

Insurance Information Institute: S&P's downgrade will have no significant impact on the insurance industry
by, 2011-08-18
Standard & Poor's announced on August 5, 2011, that it "downgraded its long-term counterparty credit and financial strength ratings and related issue ratings on all AAA-rated U.S. insurance groups to AA+ with negative implications." Beyond the immediate "storm" raised by the downgrade, The Insurance Information Institute analyses the possible effect on the U.S. insurance industry.
Credit Europe Asigurari
ALBANIA: Insurance Market Grew 8.5% in H1

ARMENIA: Automobile insurance most demanded insurance line in Armenia

AZERBAIJAN: Azerbaijan's only state insurer kept leading position in market

AZERBAIJAN: Azerbaijani insurance company becomes bank's corporate health insurer

AZERBAIJAN: Azerbaijani insurance company increases capital by 4 percent

AZERBAIJAN: Pasha Sigorta extended a contract for insurance of BP energy risks

BOSNIA: Bosnian Insurer Dunav Osiguranje Hikes Capital by 511,000 Euro

BULGARIA: Bulgaria's Jan-May General Insurance Market Edges Up 0.4% Y/Y

BULGARIA: Bulgarian Insurer Bulstrad Gets Regulatory Nod to Raise Capital by 3.1 Mln Euro

BULGARIA: Bulgarian Insurer Euroins July Premium Income Rises 5.6% Y/Y to 2.67 Mln Euro

CROATIA: Insurance premium down 2 percent in H1

CROATIA: Only one in ten small businesses insured

HUNGARY: CIG Pannonia to offer investment, pension fund services

HUNGARY: Hungarian insurers see 5.3% drop in first-half premium revenue

LATVIA: Ergo: insured property average compensation - 1 810 lats

LATVIA: Lightning damages make up most of claims at ERGO

MOLDOVA: Moldovan Insurers' H1 Combined Gross Profit Falls 69.4% Y/Y

POLAND: More drivers have no mptl

POLAND: Poland's insurance business goes under scrutiny

POLAND: Very good results of BZ WBK-Aviva

POLAND: Warta is worth a lot

ROMANIA: Foreign investment in insurance rose almost 9 times in the last five years. French remained the main investors in insurance in Romania

ROMANIA: OMNIASIG shareholders have approved the merger with BCR Asigurari

ROMANIA: Profit 7.5 times higher in the first half for ASTRA Asigurari

ROMANIA: The cars registered in Bulgaria generated 31% more claims files compared to the first half of last year

SERBIA: Insurers from Federation expand in Republika Srpska

SLOVENIA: Slovenian lender NKBM is offering to pay in cash 5.72 euro for shares of Zavarovalnica Maribor

SLOVENIA: Vzajemna Supervisors Dismiss Chairman

SLOVENIA: Will NKBM become majority owner of Zavarovalnica Maribor

SLOVENIA: Zavarovalnica Maribor announces higher premiums

TURKEY: All the conditions in Turkey's insurance market are set for growth

TURKEY: British Lloyd's decides to enter the Turkish market

TURKEY: Health, life and accident insurance company, CIGNA, expands to Turkey

TURKEY: Leading names in the global insurance business continue to head to Turkey

Give profitability a push

Central and Eastern Europe remains, in spite of the financial crisis' effects and the weak purchasing power of its citizens, a source of growth for the major European insurance groups operating in the area. Still, the "growth at any cost" era seems to be off the map and replaced by the "give profitability a push" age. As the recently published half year reports show, ALLIANZ, AEGON, GROUPAMA, GENERALI and VIG have seen mixed results across the region in underwriting, but are almost without distinction reporting a increasing contribution of the CEE subsidiaries to the overall groups' financial results. Read more

BCR Asigurari de ViataALICO

General Manager
PIRAEUS Insurance Broker

The companies that will be able to identify some yet unexplored market niches, such as the online segment, have and will keep having great perspectives. If we refer to segments less explored in the past, we can include in our discussions the European funds that have started to be present. Read more

ASTRA ASIGURARI120x120_Generali

3rd Annual Insurance Distribution Strategies Forum
September 21st-22nd, 2011
Hotel Novotel, Barcelona, Spain

Fleming%20_150x102Top insurance companies from 11 EU countries confirmed 17 speakers to share their up-to-date experiences and insights to elevate your insurance business perspectives to another level. Rethink the distribution channel mix of your insurance products and greatly improve its efficiency. Get an innovative real-life insights e.g. on how recent online and social media channels can help you reach potential clients and raise their interest in a more catchy way.
Find speaker biographies, their introductions to the topics, recent delegate list, program agenda and other useful information at the conference website. Read more
Les Rendez-Vous de Septembre
September 10th-15th, 2011
Monte Carlo, Monaco
Organizer: RVS
Media Partner: PRIMM Magazine - Insurance&Pensions
For details:
IUMI Annual Conference
September 18th-21st, 2011
Meridien Montparnasse Hotel, Paris, France
Organizer: IUMI & FFSA
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:
Motor Insurance - Cross-Border Cooperation
September 27th, 2011
Sofia, Bulgaria
Hotel Sheraton
Organizers: Media XPRIMM and INSMARKET.BG
For details:
8th ICAR - International CAtastrophic Risks Forum
October 10th, 2011
Radisson BLU Hotel, Bucharest
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
For details:
32nd Baden-Baden Meeting 2011
October 23rd-27th, 2011
Baden-Baden, Germany
For details:
Baden-Baden XPRIMM Reception
October 23rd, 2011
Kurhaus Casino, Runder Saal
Baden-Baden, Germany
Organizer: PRIMM Magazine - Insurance&Pensions
For details:
European Banking & Insurance Fair 2011
November 15th
IFEMA - Feria de Madrid, Madrid, Spain
6th European Pension Funds Congress
November 15th, Frankfurt am Main
Organizers: EFRP and MALEKI Group
Media Partner: PRIMM Publications
For details:
EIOPA Conference
November 16th, Frankfurt am Main
Organizer: MALEKI Group
Media Partner: PRIMM Publications
For details:

International Insurance Forum 2012
March 5th-6th, 2012
Istanbul, Turkey
Organizer: Media XPRIMM si Istanbul Underwriting Center


Regional CEO of ALLIANZ in CEE

"I am proud to lead this growth region for ALLIANZ and to build on the success to date that has been achieved. Today we have 7.5 million customers in the region, meaning that people see us as a trusted and reliable partner". 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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