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XPRIMM News No. 185, September 15, 2011

Insurance Newsletter, No. 185, September 15, 2011

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AIR Worldwide - new Cat Models offer a broader and unified view of risk across Europe
by, 2011-09-15
Catastrophe risk modeling firm AIR Worldwide (AIR) released, on september 12th, updates to its Extratropical Cyclone and Earthquake Models for Europe. Both models were significantly expanded to include additional European countries and provide a consistent and comprehensive assessment of the extratropical cyclone and earthquake risk throughout Europe.

UNIQA targeting possible acquisitions in CEE
by, 2011-09-15
The Austrian insurance group UNIQA intends to expand its business in Central and Eastern Europe through possible acquisitions in Bulgaria, The Czech Republic, Hungary, Russia, Serbia or The Ukraine. "We believe that these countries have huge mid-term potential for insurance growth", said Kurt SVOBODA, Member of the Board and Chief Risk Officer for UNIQA.

FITCH: Austrian insurers' prospects are closely linked to the Central Eastern and Southern Eastern European markets
by, 2011-09-15
Prospects for Austrian insurers are closely linked to Central Eastern and Southern Eastern Europe (CESEE), as more than one-third of their premium income originates there, sais a recent report released by FITCH Ratings. Austrian insurers' extending engagement in M&A activity across the region, as the local markets offer great growth opportunities, is an additional argument in this respect.

RUSSIA: Underwritings on general liability segment increased by 19.5% in 1H/2011
by, 2011-09-09
Gross written premiums for the ten companies that focused on general liability lines, in the first six months of this year, have exceeded RUB 7.7 billion (EUR 185.5 million), up by 19.5% compared to the same period in 2010, according to INTERFAX.
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HUNGARY: The insurance market exceeds EUR 1.6 billion. See the top of the companies
by, 2011-09-09
The total underwritings volume correspondent to the Hungarian insurance market stood, after the first six months of this year, at the value of EUR 1.61 billion, 4.4% more than in 1H/2010 - show data published by the Financial Markets Supervisory Authority in Budapest. Calculated in local currency, the insurance market experienced a recoil of 3.2% (underwritings of HUF 429.5 billion), due to large differences in EUR/HUF exchange rate. Also, for the analyzed period, the total claims approved and paid by Hungarian insurers were about EUR 1.1 billion.
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Croatian market falls by more than 4%. All insurance types - in the red
by, 2011-09-12
Insurance market in Croatia has counted, after the first six months of the year, a total volume of gross written premiums of EUR 671 million, down by 4.4% compared to 1H/2010. On the other hand, claims also fell by about 2 percentage points, to EUR 287.6 million, according to XPRIMM INSURANCE REPORT 1H/2011.
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POLAND: Third Polish insurer, TU EUROPA for sale, rumors say
by, 2011-09-09
GETIN Holding SA, the Polish financial-services group run by billionaire Leszek CZARNECKI, is exploring a sale of insurer TU EUROPA SA, said people familiar with the process, quoted by Bloomberg. According to the same sources, who declined to be identified as talks are private, JPMorgan Chase & Co. is advising on a possible sale. The market value of the insurer, which is 66.5% owned by GETIN, is about PLN 1.52 billion (EUR 380 million). No official statements are available at the moment.
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RUSSIA: ALLIANZ Russia S&P's rating revised to STABLE outlook
by, 2011-09-07
Standard & Poor's Ratings Services said on September 6th that it had revised its outlook on ALLIANZ Insurance JSC (ALLIANZ Russia) to stable from negative. At the same time, S&P's affirmed its 'BBB-' counterparty credit and financial strength and 'ruAA+' Russia national scale ratings on the company. The outlook revision reflects a gradual recovery in ALLIANZ Russia's risk-based capital adequacy to a level commensurate with its stand-alone credit profile.
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Krzysztof JABLONSKI appointed MD of VAN Ameyde CEE
by, 2011-09-08
VAN Ameyde Central Eastern Europe, now a 100% subsidiary of the international claims management organisation VAN Ameyde Group, has appointed Krzysztof JABLONSKI (39) as its Managing Director.
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Moldova's mediation market reached EUR 8.4 million
by, 2011-09-09
EUR 8.4 million (MDL 139.5 million) totaled the brokerage market in Moldova after the first six months of 2011, according to financial data released by the National Commission of Financial Market. Compared with the previous year, when Moldavian brokers registered business of EUR 5.3 million (MDL 89.5 million), the value of mediated premiums increased by over 57%. Also, during January-June this year, brokers have mediated about 30% of gross premiums written by insurers, a degree of mediation by about 10 percentage points higher than in the same period of last year.
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EU Commissioner Michel BARNIER speaks at EIOPA Conference
by, 2011-09-12
Michel BARNIER, the EU Commissioner for Internal Market and Services, accepted the invitation of the European Insurance and Occupational Pensions Authority (EIOPA), which replaced CEIOPS as of 1 January 2011, to speak at the organisation's first annual conference on 16 November 2011 in Frankfurt. The event takes places under the aegis of the EUROPEAN FINANCIAL WEEK and Mr. BARNIER will hold a keynote speech titled "EU Insurance Regulation - Challenges and Opportunities".
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A Polish was appointed as President of ORANTA
by, 2011-09-12
The EUREKO Executive Board has appointed Piotr KOWALCZEWSKI as President at ORANTA, the Russian insurance company controlled by the Dutch group.
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A new member in the Board of Management at ERGO
by, 2011-09-12
The ERGO Versicherungsgruppe AG Supervisory Board appointed Rolf WISWESSER to the company's Board of Management. WISWESSER will be joining the Board of Management on 1 November 2011 and will be in charge of Sales.
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Two Polish VIG companies to merge
by, 2011-09-12
The VIENNA Insurance Group is planning to concentrate its resources in the Polish non-life insurance market by merging the companies InterRisk and PZM. According to the press release, it is expected that the merger - which is still awaiting formal legal and regulatory approval - will be completed during the first half of 2012. Also, the sales power of the two companies will be combined as a result of the merger and their market presence will be strengthened by using a common brand throughout the country: InterRisk.
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Large insurance groups continue to lose market share
by, 2011-09-14
The member companies of the major European insurance groups present in Romania ended the first half with underwritings of EUR 657.1 million, a nominal decrease in EUR of over 8.6% compared to 1H/2010, when they had cumulated EUR 719.4 million. Thus, the contribution of large insurance groups in the total volume of gross written premiums in the first half decreased to the 2009 level, of 68.5%, compared to an year earlier, when the concentration degree was 69.2%.
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Health insurance mentain EUREKO in the black
by, 2011-09-12
In the first half of 2011, the EUREKO Group achieve an increase in gross written premiums of 2%, from EUR 10.71 billion in the first half of 2010 to EUR 10.96 billion in the reporting period. "EUREKO generated good results in the first half of 2011. All business lines - Non-life, Health, Life and Banking - contributed to Group results in spite of challenging market conditions. As financial markets continue turbulent, we have proved to be resilient thanks to the low risk profile of our investment portfolio and our robust financial position", said Willem van DUIN, Chairman of the Executive Board, EUREKO.
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Les Rendez-Vous de Septembre from Monte Carlo opened its gates for the 2011 edition
by, 2011-09-12
For more than 50 years, the beginning of September represents, for the elite of the worlds insurance, reinsurance and brokerage markets, the Meeting from Monte Carlo - Les Rendez-Vous de Septembre. Thus, starting Saturday, September 10th, the best known leaders and experts in these fields met for six days in the capital of the monegasc principality, with the purpose of negotiation and renewal of reinsurance programs for next year.

Global insurance market down 2.7% in 2010; timid growth in reinsurance
by,, 2011-09-13
Global insurance market amounted to EUR 3.272 billion in 2010, while the reinsurance market volume reached EUR 150 billion, said Jean-Philippe THIERRY, President of the Association Rendez-Vous de Septembre, at the press conference held on the 13th of September during the Monte Carlo Reunion. Also, life insurance held a 58% share of the total insurance market and 27% of the reinsurance market's volume.

VIDEO: MUNICH Re's development strategy eyes the high potential of the CEE markets
by, 2011-09-15
"Eastern Europe is very important for MUNICH Re. In our strategic plans is considered a growth region, both in direct insurance, thru our insurance company ERGO, and in the reinsurance business. We are happy that we can bring a lot of interesting products and risk management know-how in the insurance markets of this region. We also have the ambition to benefit from the significant growth and development in the region", stated Torsten JEWORREK, CEO, Reinsurance Department MUNICH Re for XPRIMM.TV Channel, in Monte Carlo.

Nat Cat caused claims of around EUR 60-70 billion in first half
by,, 2011-09-14
Losses suffered by insurance industry in the first quarter of this year exceeded the total claims suffered by the insurers for the whole year 2010 (including the catastrophe in Japan), stated MUNICH Re officials during SVR. Second quarter was much more "relaxed" in this respect, except for the U.S., where there have been several devastating storms.

VIDEO: President of AON BENFIELD: We are working with the authorities in Romania to provide capacity on the international market to cover the risk of earthquake
by, 2011-09-14
"The most important catastrophe risk in Romania is earthquake. In this respect, we are working with authorities in Romania to provide capacity on the international market to cover these risks", said in an interview for XPRIMM TV Grahame CHILTON, President of AON BENFIELD and Vice President of AON Group.

Reinsurers capital reached USD 445 billion in first half
by,, 2011-09-13
Reinsurers capital reached USD 445 billion at the end of June, according to the latest report AON BENFIELD Aggregate (ABA). According to Mike Van SLOOTEN, Director, International Markets Analysis, AON BENFIELD, "despite rising losses due to natural disasters in the last 18 months, financial stability ratings have remained, mostly, unchanged, reflecting stability of companies in terms of capital".

VIDEO: The reinsurance rates for Romania will remain at a constant level
by,, 2011-09-15
Although the current year has been costly for reinsurers, in the areas where there were no significant events, it seems the reinsurance rates will remain flat or they can even decrease.

VIDEO: Guy HUSDON: There will be an interesting attitude from reinsurers towards pricing
by,, 2011-09-15
"There is a lot of debate whether the market has too much capacity, whether the rates will be remaining flat or there will be some decrease. To try to anticipate the market movements would be difficult at this time. There are a lot of attempts to diversify portfolios and I think reinsurers are looking for business opportunities outside their normal domain", said Guy HUSDON, Partner, JLT Re.

Credit Europe Asigurari
AZERBAIJAN: AXA MBASK predicts 30-percent growth on Azerbaijani insurance market

AZERBAIJAN: Azerbaijan's state insurance company increased premiums by 43% in a month and kept leading position in market

BOSNIA: Bosnia's Republika Srpska Pension fund borrowed 35 million euros

BULGARIA: Bulgarian Insurer Euroins Premium Income Rises 7.3% Y/Y in Aug

CROATIA: Sava Re indirectly recapitalizes Velebit Osiguranje

HUNGARY: CIG Pannonia targets annual savings of HUF 500m through restructuring of Romanian unit

LATVIA: Life insurance sector compensates 8% more

MACEDONIA: Slovenian owner increased capital of Sava Tabak

MACEDONIA: Vardar reported 5-percent growth

POLAND: PZU increases written premium

POLAND: Results of UNIQA Group's in poland

POLAND: Results of VIG Polska after the 1st half of 2011

SLOVENIA: Insurer Triglav Nearly Doubles H1 Profit

SLOVENIA: Slovenian Generali sees profit rise

TURKEY: Turkish insurance sector offers significant growth potential

Reinsurers trust the CEE markets

It is September and, again, the Monte Carlo's Rendez-Vous time. Reinsurers and direct insurers from the entire world are debating this week the global reinsurance market's trends and also assessing the perspectives of the forthcoming renewal season. Is there enough capacity? Is the market hardening? What about the volatile environment? Should we pay more attention to the nuclear risks? Tens of questions out after the right answers... Read more

BCR Asigurari de Viata


Elisabeta GJONI
Albanian FSA

Albanian market prospect is believed to be positive in terms of growth, with the voluntary insurance playing the major role. We also expected further improvements in the market structure, in favour of voluntary insurance, which might even become dominant for the first time. Read more

National Bank of Serbia
Insurance Supervision Department

Insurance brokers and agents gained in significance, and their share in total premium rose from 6% to 12% of total premium during the last two years. Read more


8th ICAR - International CAtastrophic Ricks Forum
Household insurance - The first checkpoint
October 10th, 2011
Radisson BLU Hotel
Bucharest, Romania

icar_120The first checkpoint of the Romanian Nat Cat insurance program – implemented in the summer of 2010 -, including the extent to which it has boosted the voluntary household insurance market, is coming: ICAR 2011 - International CAtastrophic Ricks Forum. The event marks the first year’s review of mandatory household insurance and will take place on October 10th, 2011, at Hotel Radisson BLU in Bucharest. Read more

Click here for details about ICAR 2011!
Click here to register!


IUMI Annual Conference
September 18th-21st, 2011
Meridien Montparnasse Hotel, Paris, France
Organizer: IUMI & FFSA
For details:
3rd Annual Insurance Distribution Strategies Forum
September 21st-22nd, 2011
Barcelona, Spain
Organizer: Fleming Europe
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:
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:
WorldPensionSummit 2011
November 2nd-4th, 2011
Amsterdam, Olanda
Partener Media: PRIMM Asigurari & Pensii
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

KOUTINAS S.A. – Insurance Broker Services, Lloyd's Binding Authority

Errors and omissions are characteristic to the human nature, especially when we are working under the pressure of a deadline, or in a stressful environment. Any Professional assumes responsibilities that might lead to a damage or financial loss. The respective remuneration for claims against him might be "very heavy", even unbearable compared to his professional fee and his financial capacity. Professional Indemnity Insurance is the best safeguard in this respect. Read more

jose_manuel_barroso1_micBARROSO: This is a fight for the economic and political future of Europe. This is a fight for European integration itself
by, 2011-09-15
Addressing the European Parliament, on September 14th, President BARROSO made remarks on the current economic situation and the euro and set out the Commissions' view for the way ahead. He recalled that "solid, feasible and concrete proposals have been made" which now need to be implemented, and pointed out that the "only right way to stop the negative cycle and to strengthen the euro is to deepen integration, namely within the Euro area, based on the Community method". He stressed that a new, unifying impulse - 'un nouveau moment federateur' is indispensable" and confirmed that "the Commission will soon present options for the introduction of Eurobonds."

eu_flag_mic100EU interim forecast: Recovery stalls amid financial market crisis
by, 2011-09-15
- Economic growth in the EU is slowing down. After growing strongly in the first quarter of 2011, GDP expanded less in the second quarter. GDP growth is now expected to remain subdued in the second half of the year, coming close to standstill at year-end. The soft patch predicted in the spring forecast is now likely to deepen but will not result in a double dip. On account of the stronger-than-expected performance in the first quarter, annual growth is still projected at 1.6% in the euro area and 1.7% in the EU, reveals a document released on September 15th, in Brussels, by the Directorate-General for Economic and Financial Affairs of the European Commission.

Kunden Broker
OXYGEN Insurance

Bosnia Azerbaijan
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Hungary Moldova
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