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XPRIMM News No. 186, September 29, 2011

Insurance Newsletter, No. 186, September 29, 2011

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Despite the crisis, huge rise in profit for TRIGLAV Group
by, 2011-09-29
Despite the financial crisis, the TRIGLAV Group ended 1H/2011 in the black. Also, according to the unaudited interim report, profit before tax was EUR 49 million, up by 101% compared to first half of 2010, while net profit totaled EUR 34.1 million, which was 90% more than in the previous year.
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The Parliament voted the new componence of the ISC Council. Constantin BUZOIANU is the new President
by, 2011-09-28
The reunited Finance Budget Commissions' proposals were confirmed on September 27th, by the Plenum of Parliament. Thus, with a total of 230 votes, Constantin BUZOIANU, favorably approved for this position on September 27th, during the meeting of the reunited Finance Bugdet Commissions, was appointed ISC President for the next five years.
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The largest CEE insurance market increased by EUR 1 billion in the first six months
by, 2011-09-27
Polish insurance market totaled, in the first six months of the year, a total volume of underwritings of EUR 7.4 billion, up by 16% compared to 1H/2010. On the other hand, the claims value increased by about 3 percentage points, to EUR 4.8 billion, according to XPRIMM INSURANCE REPORT 1H/2011.
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VIG enters Bosnia and Herzegovina through the acquisition of JAHORINA Osiguranje
by, 2011-09-23
The VIENNA Insurance Group has signed a contract to acquire a majority stake in the insurer JAHORINA Osiguranje in the Republic of Bosnia-Herzegovina; thus, the Austrian insurance group will be represented in 25 markets in the region.

ERGO sell Portuguese subsidiaries
by, 2011-09-23
The ERGO Insurance Group has sold its Portuguese subsidiaries (VICTORIA Seguros and VICTORIA Seguros de Vida) to SMABTP Group. Representatives of both companies have signed a sale agreement last week.
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4% - the share of claims solved through the amicable report in Russia
by, 2011-09-22
The share of claims approved by the amicable report in Russia represents 4% of the total paid claims, according to statistics presented by Pavel BUNIN, President of Motor Insurers Bureau in Russia, at the International Financial Forum in Yalta.
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The amicable report was introduced in Ukraine
by, 2011-09-21
The amicable report of damages due to road accidents can be used in Ukraine starting September the 19th, current year. "This corresponds with European standards in the field and provides that road accidents which resulted only in material damage and in which only two vehicles were involved will be solved without the Police finding documents, by using the amicable report", stated for XPRIMM News Vladimir ROMANISHIN, the Director of Motor Insurers Bureau in Ukraine, during the International Financial Forum in Yalta.
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50% of Russian insurers may leave the market in 2012
by, 2011-09-21
Over 50% of Russian insurers did not increase their share capital by September 1st of this year, said Andrei KIGIM, President of Insurers Association of Russia, during the International Forum in Yalta. According to him, out of 600 companies, a total of 368 did not raise their capital, and since 2012 come into force new rules on minimum share capital requirements.
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42% increase for Uzbek insurers in the first half
by, 2011-09-21
Uzbek insurers recorded an increase of 42.1% in the first half of this year compared to the same period in 2010, totaling EUR 50.8 million in gross written premiums, said Olimzhon IKRAMOV, Director of the Insurance Supervisory Authority of Uzbekistan.
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15% increase for Ukrainian insurers in the first half
by, 2011-09-20
In 1H/2011, insurance companies in Ukraine have increased their underwritings by 14.6% compared with 1H/2010, totaling UAH 11 billion (EUR 1 billion), said on the 20th of September Alexandr FILONIUK, President of the LIOU Council, in the opening of the works of the 11th Edition of the International Financial Forum in Yalta, held during September 19th-23rd.
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50% increase for the Belarusian insurance market in first half
by, 2011-09-20
Insurance companies from Belarus registered a 44.7% increase in underwritings in the first quarter, reporting gross premiums worth RUB 887.2 billion, said, for XPRIMM News, Irina MERZLYAKOVA, President of Belarus Insurers Association, during the International Financial Forum in Yalta.
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EUR 12.1 million - the underwritings of Ukrainian insurers on agricultural insurance, in 2011
by, 2011-09-23
Agricultural insurance market in Ukraine has seen a positive growth in 2011, 1,978 insurance contracts being concluded in the spring-summer season, according to the analysis presented in the seminar dedicated to this field at the International Financial Forum in Yalta.
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EUR 1.7 billion paid in Europe for Green Card claims
by, 2011-09-28
With a population of approximately 715 million people, in Europe travel 350 million cars, according to Mariusz WICHTOWSKI, President of the Council of Green Card Bureaux. Under these circumstances, only last year drivers who traveled by car outside the borders of their country of residence have generated over 380,000 claims on Green Card, up from 2009, when their number had not exceeded 350,000.
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Motor insurers from South-Eastern Europe, face to face in Sofia
by, 2011-09-27
Today, on September 27th, Bulgaria's capital hosts the first edition of the Motor Insurance Conference - Bulgaria 2011, titled "Cross-border Cooperation", organized by Media XPRIMM and INSMARKET.BG. The main subject of the event is even more important under the circumstances of the increasing number of accidents caused on Romanian territory by vehicles registered in Bulgaria and of the existent unclarities regarding the way of compensation.
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Cars registered in Bulgaria caused 1,800 accidents in 6 months
by, 2011-09-28
In the first six months of 2011, the number of claims files approved as a result of road accidents caused on the Romanian territory by vehicles registered in Bulgaria has increased by 31% compared to the same period last year, reaching 1,798 files, said Mona CUCU, Director of Mandatory Insurance Department of the ISC. Meanwhile, in 2010, over 10,000 claims on Green Card have been accounted for, of which 3,155 were produced by cars from Bulgaria.
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Konstantin VELEV: Figures presented by ISC reveal very clearly the severity of the problem
by, 2011-09-27
Vehicle registrations in Bulgaria are made either by Romanian citizens or by Bulgarian citizens or specialized entities that act as intermediaries. This violates some Bulgarian laws and it also means taking advantage of some "loopholes" in the local laws, according to Bulgarian officials.
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Bulgarian authorities are preparing changes of the vehicle registration regime
by, 2011-09-27
Due to problems generated by cars registered by Romanian citizens in Bulgaria and that are driven on Romanian territory, the authorities in Sofia are preparing a set of changes of the vehicle registration legal framework. These include the introduction of a period of 45 days for the transfer of ownership of the vehicle, to eliminate the possibility of driving it in Romania based on the mandate that is currently used.
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A new editorial premiere: INSURANCE Profile - Bulgaria 1H/2011
by, 2011-09-27
INSURANCE Profile - Bulgaria 1H/2011 meets its first readers today, in Sofia. The new Report published by Media XPRIMM group offers a comprehensive image of the Bulgarian insurance market and its evolution in the past years, as well as the most recent data, as at June 31st 2011. Market portfolios, analysis, charts, rankings and classifications for each insurance class, as well as other indicators are available both in print version and online, at
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Alexandra STORR, SWISS Re: Compensations for body injuries will increase
by, 2011-09-28
"There are expected larger and larger increases of compensations for body injuries or death. Also, their share in total claims on motor classes will increase", explained Alexandra STORR, Vice President, SWISS Re Europe S.A.
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Credit Europe Asigurari
Economic Expectations for the CEE Region Decrease
by, 2011-09-29
The ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe including Turkey (CEE) has declined by 11.6 points in September 2011 for the fourth consecutive month.

HUNGARIA: 2 Pillars' asstes for sale to reach the deficit target by the end of the year
by, 2011-09-29
Hungary's general government deficit stood at HUF 1,544.6 billion (~ EUR 5.3 billion) at the end of August 2011, which corresponds to 130.4% of the full-year target, the Economy Ministry said in a detailed budget report on Thursday, quoted by

ARMENIA: RESO insurance company launches a new product 'APPA-PLUS'

AZERBAIJAN: "Eurovision 2011" Nigar Jamal insures her face for AZN 1 million

BULGARIA: Bulgaria 7-mo General Insurance Market Edges down 0.5%

CROATIA: Gross premiums of €0.85 billion

CZECH REPUBLIC: Czech CSOB owner in debt rating downgrade

HUNGARY: CIG Pannonia Life Insurance injects HUF 550m in non-life-insurance unit

POLAND: MEDICOVER wants to strengthen its market position

SERBIA: Serbia's government is preparing a law that would require farm insurance from all agriculture producers who receive subsidies

Check your agenda!

Less than 1 month to the forthcoming issue of the XPRIMM Insurance Report official release!
Those of you attending the 2011 Baden-Baden Meeting will have the chance to be the first getting in contact with CEE and CIS insurance markets results for the first half of 2011. To capitalize on this opportunity, you just need to answer the invitation to attend the reception organized by the Media XPRIMM and its partners on October 23rd, at Kurhaus Casino, Runder Saal, in Baden-Baden. Read more

BCR Asigurari de Viata


Cristian FUGACIU
General Manager
MARSH Romania

The role of insurance brokers is increasing, shown by the fact that, while the insurance market has declined, mediation has had an ascending evolution. We invite you to discover how the brokers managed this performance, and what are the main trends in this industry's development, in an interview with the leader of MARSH Romania. Read more

Karina MELIKYAN, Head of Financial Analysis and Rating Agency
Insurance Specialist
ArmInfo News Agency

Increased competition in the insurance market of Armenia involves increasing use of marketing tools in management of the insurance activity. In recent years, the insurance market is evolving, and a competition is taking place between corporate clients and private insurance companies. 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!


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

President of the Council
Insurance Supervision Agency of Montenegro

Aimed at improving regulatory framework of the Montenegrin insurance market, during first six months of 2011 the Insurance Supervision Agency adopted two new enabling regulations: The Rulebook on Detailed Criteria and the Manner of Calculation of Technical Reserves for Outstanding Claims and the Guidelines for Money Laundering and Terrorism Financing Risk Analysis in Insurance Companies. Read more


Kunden Broker
OXYGEN Insurance

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Macedonia Ukraine
Montenegro Uzbekistan



President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN
New Media Director: Mihaela CIRCU

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IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


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