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XPRIMM News No. 188, October 27, 2011

Insurance Newsletter, No. 188, October 27, 2011

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Jean AZEMA left the management of GROUPAMA. His place was taken by Thierry MARTEL
by, 2011-10-26
Jean AZEMA, the CEO of the French insurer GROUPAMA, has left the company's management, Thierry MARTEL being appointed in his place.
Jean AZEMA, who has held this position since June 2000, left the group due to the depreciation of the long term credit rating, granted both by STANDARD & POOR's and by FITCH, from 'BBB+' to 'BBB' with negative outlook. At the same time, the group suffered losses in its investment portfolio held at SOCIETE GENERALE and VEOLIA Environment.
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The transaction of acquisition of WARTA (Poland) could reach EUR 350 million
by, 2011-10-20
The aquisition price of Polish insurer WARTA (third insurer in the market), owned by Belgium's KBC, is estimated at about EUR 233 million - EUR 350 million, according to Polish financial daily PARKIET. According to the quoted source, many renowned international insurance groups are interested in the acquisition of the Polish insurer: ZURICH (Switzerland), SAMPO (Japan), VIENNA Insurance Group (Austria), ALLIANZ and TALANX (Germany), GENERALI (Italy) and AXA (France).
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Armenian parliamentarians proposed reduction of MTPL tariffs. Insurers do not agree
by, 2011-10-20
Less than a year since the implementation of the law regarding mandatory MTPL insurance for Armenian drivers, the regulation rises controversies, members of Parliament proposing the reduction of the price of the policy: "Our main task is to ensure the system's security, on the one hand, and the citizen's "wallet", on the other hand", said Artsvik MINASYAN, DASHNAKTSUTYUN opposition party representative, quoted by
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POLAND: KNF, Polish Financial Supervision Authority, has a new Chairman
by, 2011-10-25
On October 12th, 2011, Prime Minister Donald TUSK appointed Andrzej JAKUBIAK, former central bank NBP Deputy, as Chairman of the KNF - Polish Financial Supervision Authority, replacing Stanislaw KLUZA, whose term has just expired.
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EBRD bought a quarter of the shares of UNIVERSALNA (Ukraine)
by, 2011-10-25
The European Bank for Reconstruction and Development (EBRD) has become a shareholder in the Ukrainian insurance company UNIVERSALNA with an equity investment of UAH 85 million (approximately USD 10.6 million), announced the insurer. Also, with a 23% stake, the EBRD is now the second largest shareholder in the company. Besides the founders and EBRD, UNIVERSALNA's existing shareholders include GOLDMAN SACHS, Emerging Europe Growth Fund (managed by HORIZON CAPITAL), GENESIS, and others.
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SBERBANK will buy ALLIANZ Life (Russia) before the end of 2011
by, 2011-10-25
SBERBANK announced the signing of an agreement for the acquisition of 100% stake of Insurance Company ALLIANZ Life, according to The current shareholder of the Company is ISC ALLIANZ. The parties agreed to close the transaction before the end of 2011. The price of the transaction is not disclosed.
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Reinsurers of the Pool in Turkey can "escape" from claims payment
by, 2011-10-25
Reinsurers from the insurance program against earthquakes in Turkey could be exempted from the claims payment due to the high degree of risk retention that the Pool has in case of an earthquake. According to sources from WILLIS Re, the broker who mediated the reinsurance program, the limit of retention of EUR 175 million has not been reached.
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KBC launches tender offer on Bulgarian company DZI Insurance
by, 2011-10-20
Belgian financial services group KBC will launch a public tender offer on its Bulgarian insurance subsidiary DZI, in which it currently holds 90.35%. According to the press release, the bid price is set at BGN 71 per share, while the maximum total consideration amounts to BGN 26.5 million (approximately EUR 13.5 million). The tender offer is expected to start in the fourth quarter of 2011 and to expire at the beginning of 2012.
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MOLDASIG in Top 50 CIS insurers
by, 2011-10-19
The leader of the insurance market in the Republic of Moldova was, after the first six months of the year, on the 30th position in the hierarchy of CIS insurance companies, by the underwritings criterion, shows XPRIMM INSURANCE REPORT 1H 2011. The second company, by size, from Moldova, ASITO, has occupied the 51st position in the same ranking, while GRAWE CARAT Asigurari was ranked 65th. The presented ranking does not include insurers from Russia, Ukraine, Tajikistan and Turkmenistan.
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VIG now active in 25 markets. Acquisition of JAHORINA (BiH) closed
by, 2011-10-20
VIG announced on October 20th, 2011, that it is the new majority shareholder in the JAHORINA insurance company in the Republic of Bosnia and Herzegovina. VIG has acquired approximately 91.7% of the company's overall capital and approximately 96.6% of the voting shares in the company, which results in the entry of VIG on its 25th market. "VIENNA Insurance Group will subsequently issue a takeover bid to all remaining voting shareholders of the company in accordance with local legislation", stated the press release.
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ISC gives green light for the taking over of ASITO Kapital by MOLDASIG
by, 2011-10-12
The company MOLDASIG received the approval of the Insurance Supervisory Commission (ISC) for the acquisition of 99.9% of the shares of ASITO Kapital in Romania, according to the Moldavian insurer's officials. The decision comes after four months ago, the supervisory authority in Moldova - National Commission of Financial Markets - had also approved this transaction, the documents having been sent to ISC.
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Russia: Prices for Green Card policies are increasing by about 9%
by, 2011-10-18
As of October 15th, the Motor Insurers' Union in Russia announced an increase of about 9% of tariffs for international Green Card policies. Prices for Green Card policies are reviewed quarterly and are reported to the exchange rate EUR/RUB, according to Forinsurer portal.
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Anton RIBNIKAR is the new President of the TRIGLAV Group Supervisory Board
by, 2011-10-20
The Supervisory Board of TRIGLAV Group elected on October 17th, 2011, Anton RIBNIKAR as the President of the TRIGLAV Group Supervisory Board, following the resignation of Borut JAMNIK from the position on September 19th, 2011, announced the company.
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VIG made new appointments in the Managing Boards of companies from the Czech Republic and Slovakia
by, 2011-10-24
VIENNA Insurance Group announced important changes in the Managing Boards of the companies KOOPERATIVA poistovna, active in the insurance markets in the Czech Republic and Slovakia, respectively.
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VIDEO: The Azeri insurance market presented at BADEN-Baden XPRIMM Reception
by, 2011-10-24
"We are proud to present you our insurance market, as we strongly believe that it offers you an interesting business perspective. We are working to develop our market on modern and sustainable basis and, in this respect, the European expertise is a valuable one. I believe the event organized by Media XPRIMM builds an effective bridge between our markets and this is why we decided to be part of it", stated Azer ALIEV, Executive Director Azerbaijan Insurers Association, Yesterday evening, at the third edition of Baden - Baden XPRIMM Reception, organized by Media XPRIMM.
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INSURANCE Profile - Azerbaijan 1H 2011, a young market confirms its promises
by, 2011-10-24
The Azeri insurance market showed a 10% growth in written premium in 1H 2011, up to about USD118 million, according to the second special issue of INSURANCE Profile, dedicated to Azerbaijan's insurance market. The publication was launched yesterday, October 23rd, on the occasion of the third edition of Baden-Baden XPRIMM Reception, by Media XPRIMM in cooperation with AIA, the Association of Azeri Insurers.
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GUY CARPENTER: Reinsurance market hasn't turned corner yet
by, 2011-10-24
The global reinsurance market has not yet turned the corner into an upturn, a panel of speakers at the GUY CARPENTER symposium at the annual Baden-Baden Rendez-Vous has agreed.
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European insurers will be hard hit if debt contagion spreads to Italy and Spain
by, 2011-10-24
European insurers will be hard hit if debt contagion spreads to Italy and Spain according to MOODY's. The rating agency said most rated European insurers could sustain further weakening in the creditworthiness of the Irish and Portuguese sovereigns as well as higher-than-expected losses on Greek sovereign debt.
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MUNICH Re bets on the CEE potential
by, 2011-10-24
MUNICH Re has an active and stable presence in the Central and Eastern Europe, being aware of the potential of this region, told Ludger ARNOLDUSSEN, Member of Munich Re's Board of Management to XPRIMM Insurance Newsletters.
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MUNICH Re: 2011, the most expensive year in terms of natural catastrophes
by, 2011-10-24
Given the large number of catastrophic events this year, 2011 is proving to be the most expensive year ever in terms of paid claims volume. This already has effects on the reinsurance price, in the current renewals season.
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Mergers and acquisitions, USD 3.4 billion in the first six months
by, 2011-10-26
Extremely high volatility of financial markets and an unfavorable economic climate continue to impede the development of mergers and acquisitions market in insurance and reinsurance industry, according to a report presented in Baden-Baden by GUY CARPENTER. Thus, the activity in this field in the first six months of 2011 stood at a level similar to the one from the corresponding periods in 2010 and 2009. From January to June 2011, a total of 22 major transactions were announced and completed, whose aggregated value amounts to over USD 3.4 billion.

MUNICH Re sustains fiscal union and a common budgetary policy in EU
by, 2011-10-26
MUNICH Re sustains the introduction of fiscal union and a common budgetary policy at EU level, as a solution to the current macroeconomic situation, caused by the sovereign debt crisis, that threatens to destabilize the entire continent.

RUSSIA: Increased regulation narrows local reinsurance market
by, 2011-10-26
Increased regulations in the insurance industry in Russia have led many companies to cease trading, explained Olga SIGALOVICH, General Director, Eastern Insurance and Reisurance Company (EIRC), for Intelligent Insurer. "New capitalisation requirements for reinsurers have meant that the market has declined sharply, as companies without enough capital to meet the new legislative requirements have left the market", stated Olga SIGALOVICH.
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Reinsurers are seeking niche risks
by, 2011-10-26
The pressure to underwrite more premium income to cover losses from the first half of the year but without reducing rates means reinsurers are increasingly open to writing new business in niche areas and from previously under-developed markets.
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Credit Europe Asigurari
Economic Expectations for the CEE Region Brighten Up
by, 2011-10-27
The ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe including Turkey (CEE) has increased by 13.0 points in October 2011 for the first time in the last five months. The indicator has climbed up to the minus 25.0 points mark. Economic Expectations for the Eurozone have also increased by 18.3 points to a level of minus 49.1 points. The economic sentiment indicator for the CEE region and further financial market data have been surveyed monthly by the Centre for European Economic Research (ZEW), Mannheim, with the support of Erste Group Bank, Vienna, since 2007.

BELKA, NBP: Poland is no longer rushing to enter the Euro-zone
by, 2011-10-27
"The euro has lost some of its in attractiveness and Poland is in no rush to enter the euro-zone", governor of the National Bank of Poland (NBP) Marek BELKA stated recently, on the occasion of the NBP's Conference.

Slovenia's Ratings lowered by S&P as a result of the weakening fiscal position
by, 2011-10-27
Standard & Poor's Ratings Services said on October 20th that it lowered its long and short-term sovereign credit ratings on the Republic of Slovenia to 'AA-/A-1+' from 'AA/A-1+'. The transfer & convertibility (T&C) assessment for Slovenia remains unchanged at 'AAA'. The outlook is stable.

Baden-Baden, a checkpoint on the "silk route"

A few days ago we've met for the third time our readers in Baden-Baden, on the occasion of the third edition of Baden-Baden XPRIMM Reception. Over 250 professionals from the re/insurance companies all over the world took advantage, on October 23rd, of the opportunity to be the first readers of the autumn edition of XPRIMM INSURANCE REPORT, the publication which brings together the insurance statistics of the CEE and CIS regions for 1H 2011. Read more


BCR Asigurari de Viata


No spectacular times in the Slovak market

By the end of September 2011, amid fears of a deceleration in global economic growth, the National Bank of Slovakia lowered its GDP growth estimate for 2011 and 2012 by 0.2 and 0.9 percentage points respectivelly. According NBS, Slovakia's economy is now expected to grow by only 3.4 percent in 2011 and by 3.8 percent in 2012. The main reasons for the less optimistic forecast are the lower expected growth in foreign demand and the below the line household consumption. The new prognosis was also affected by measures associated with the consolidation of public finances. Read more

Information-Rating Agency SAIPRO

The first half of this year marks for the Uzbek insurance market a strengthening of the phenomenon that we have seen in recent years: rapid growth. Read more



EIOPA has the pleasure to invite you to its 1st Annual Conference, which will be held on 16 November 2011 in Frankfurt am Main (Germany).

Building on the success of previous CEIOPS Conferences, EIOPA will be offering a platform for distinguished speakers and representatives to exchange views and for participants to acquire a fascinating insight into the future of supervision in the European insurance and occupational pensions sectors. Read more


WorldPensionSummit 2011
November 2nd-4th, 2011
Amsterdam, Olanda
Partener Media: PRIMM Asigurari & Pensii
For details:
Health Insurance Conference - Republic of Moldova
November 14th, 2011
Codru Hotel, Chisinau, Republic of Moldova
Organizer: Media XPRIMM
Fraud Management in Motor Insurance - Conference
November 14th, 2011
Codru Hotel, Chisinau, Republic of Moldova
Organizer: Media XPRIMM
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

Insurance Agency of Republic of Srpska, Bosnia and Herzegovina

The main reasons for which the financial crisis has not had a significant impact on the insurance sector of Republic of Srpska can be allocated as follows: the structure of premium is dominated by MTPL, lack of complex products on the market, conservative investment policies for assets covering technical reserves and low exposure to capital market. Read more

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

For the emerging CEE insurance markets, the need for a better portfolio diversification remains a priority. In this context, KOUTINAS S.A. - Insurance Broker Services, Lloyd's Binding Authority, offers to its Romanian counterparts a new business opportunity for a challenging synergy. We invite you to find out who's your new potential business partner, in an interview with the company's owner ... Read more


Kunden Broker
OXYGEN Insurance

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


ARMENIA: The company "Ingo Armenia" seeks a foreign partner for to enter the market of agricultural insurance

ARMENIA: The share of insurance industry in GDP Armenia could be 7-12% in 7-8 years - "INGO Armenia"

AZERBAIJAN: Atesgah Hеyat made next payment on compulsory insurance against industrial acidents

AZERBAIJAN: Azerbaijan doesn't consider extending tax privileges for banks and insurance companies

AZERBAIJAN: Azerbaijan Insurers Association appoints terms to discuss draft of a new charter

AZERBAIJAN: Top-10 of Azerbaijani insurance companies changes

BOSNIA: FBiH: BAM 710m owed for contributions

BULGARIA: Bulgarian Regulator Allows Local Life Broker To Operate in Romania

CROATIA: Croatian Insurers 9-mo Premiums Fall 1.2%

CROATIA: Merely 10 out of 26 insurance companies with positive results

GEORGIA: Insured People are Dissatisfied with Service Providers

HUNGARY: CIG Pannonia to plug into third-party car insurance market

HUNGARY: Insurers expect 5-10% of life policies to be liquidated because of early FX repayment scheme

HUNGARY: Insurers offer incentives for long-term savings in exchange for supportive regulatory environment

KAZAKHSTAN: Kazakh insurers look for new niches

KAZAKHSTAN: Pana Insurance and Alliance Police planning a merger

POLAND: Nearly 3 million insurance policies over telephone and internet

ROMANIA: ASIROM aims an over 20% increase of general insurance underwritings by the end of the year

RUSSIA: New Law on Compulsory Insurance for Owners of Hazardous Facilities

RUSSIA: Top Managers' Liability Insurance in Russia

TURKEY: AIR Estimates Turkey Insured Quake Losses at $56.5 to $170 Million

TURKEY: Turkish Catastrophe Insurance Pool only covers 7% of homes in earthquake zone

UKRAINE: Insurers calculate USD 60 billion on hand with households


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

Project Manager XPRIMM.COM: Daniela GHETU
Coordinating Editor: Andreea IONETE
International Column Coordinator: Vlad BOLDIJAR
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
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IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


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