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XPRIMM News No. 189, November 10, 2011

Insurance Newsletter, No. 189, November 10, 2011

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Business increased by 9%, but MUNICH Re profit falls by 88% after the first nine months
by, 2011-11-09
Difficult economic conditions in financial markets, great fluctuations of the major exchange rates and huge natural disasters in the beginning of the year have left their mark on the results of MUNICH Re. Thus, the German reinsurance company reported an operating profit of EUR 402 million, down by 88% compared to the same period last year, when the company made a profit of EUR 3.37 billion. Natural disasters from the beginning of the year have cost the Germans from MUNICH Re about EUR 3.6 billion. In the third quarter, the company posted a profit of EUR 290 million, compared to EUR 761 million in 3Q/2010.

MONTENEGRO: Politicians want a national insurer to weigh down the Slovene players
by, 2011-11-09
During a recent session of the Montenegrin Committee for Economy, Finance and Budget, a representative of the main opposition party, the Socialist People's Party (SNP), Dragoslav SCEKIC said that Montenegro should form a national insurance house and prevent the outflow of money through other insurance companies. In his view, "there is monopoly in this sector, which is controlled by Slovenian insurance companies, which is the reason for the outflow of capital".
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POLAND: 50% of life GWP provided by the bancassurance arrangements
by, 2011-11-09
The Polish bancassurance market accounted in the first half of 2011 for about EUR 2.07 billion in GWP, according to the first report on bancassurance activity prepared by the Polish Chamber of Insurance (PIU). In the case of life insurance companies, bancassurance sales account for over 50% of written premium. In non-life insurance it is about 7%. Taking into account the whole insurance market, bancassurance accounts for almost 35% of written premium.
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SLOVENIA: ADRIATIC Slovenica, EUR 17.6 million net profit in 1H/2011
by, 2011-11-03
ADRIATIC Slovenica reported EUR 136.3 million in gross written premiums and paid out EUR 95.1 million in gross losses in 1H/2011. Net profit amounted to EUR 17.6 million. "We have reached our business goals and performed well in the first half of 2011. In the first quarter, we grew faster than most competitors and exceeded last year's sales results", states Gabriel SKOF, CEO of the insurance company.
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VIG has a new Head of Investor Relations
by, 2011-11-04
Nina HIGATZBERGER takes over the position of the Head of Investor Relations at the VIENNA INSURANCE Group (VIG) with effect from 1 January 2012 and succeeds Thomas SCHMEE who as of 1 January 2012 will head the Group Controlling Department of the VIG, announced the Group.
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AZERBAIJAN: Capital requirements create problems for market players
by, 2011-11-03
The first Azerbaijani insurance company with difficulties in complying to the minimum capitalization requirements is THAMES Insurance Group (TIG), which does not rule out its license withdrawal.
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SLOVENIA: EUR 5.2 million profit for MARIBOR in 1H2011
by, 2011-11-01
Zavarovalnica MARIBOR reported EUR 150.7 million in gross premium written in the first half of 2011, 5% more than in the first half of 2010. In the same period, it paid EUR 72.8 million claims, while net profit amounted EUR 5.2 million.
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UKRAINE: Agricultural insurance close to return to the 2008 level, without state support
by, 2011-11-03
Despite the adverse economic conditions, the Ukrainian agricultural insurance market shows a continuous development, slowly recovering after the 2009 market shock determined by the cease of the state subsidies for insurance. According to the International Finance Corporation (IFC) figures, the amount of collected payments reached UAH 133.5 million, of which during the autumn-winter 2010/2011 season -106.3 million UAH, and in the Spring-Summer 2011 season the remaining UAH 27.2 million.
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The underwritings of INGO Group rose by 15.2% in the first nine months
by, 2011-11-02
According to preliminary data, the volume of gross written premiums of the 13 insurance companies that are part of the INGO Group totaled, in the first nine months, RUB 59.0 billion or EUR 1.4 billion, up by 15.2 % compared to the same period in 2010; at the same time, claims paid by insurers increased by 3.4%, to RUB 38.9 billion (EUR 919.6 million).
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ACE and CHUBB lead the new Environmental Liability Consortium
by, 2011-11-09
LLOYD's has just announced the launch of the Environmental Liability Consortium at LLOYD's which has been created to meet the demand for higher levels of environment impairment liability coverage (EIL) and to provide, within the LLOYD's environment, a unique facility for syndicates and brokers for this class of insurance.
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HUNGARY: "Crisis tax" paid by insurers, the heaviest burden on the industry
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Ukraine: 44.7% advance for MTPL market in the first three quarters
ARMENIA: MTPL "increased" the road accidents
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ALLIANZ - Slovenska, best motor insurer in 2011 according SIBAF
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LATVIA: Car theft, the most feared risk, although it only represents 1% of the actual claims
ROMANIA: ASITO KAPITAL sold to MOLDASIG. The decision regarding the transfer of shares was published in the Romanian Official Gazette
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MOLDOVA: Mihai MAZARENCO is the new President of GARANTIE Asigurari
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TURKEY: only 7% of homes from the earthquake affected area covered by the Pool
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BALTA (Latvia): Only 15% of the insured homeowners are also covering their civil liability
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AZERBAIJAN SENAYE Sigorta and PASHA Sigorta will insure the CBA properties. ATESHGAH Life insured US Embassy staff in Azerbaijan
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AXA Group: 3Q 2011 revenues are down 2%
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KAZAKHSTAN: PANA Insurance will merge with ALLIANCE Police
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Online insurance launched in BELARUS
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LATVIA: Property insurance is increasing
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CZECH Rep.: Motor insurance prices hinder market dynamic
BELARUS: The profit has tripled in the first nine months
KYRGYZSTAN: More than 40% increase in 3Q 2011
MONTENEGRO: Housing insurance business slowing down in 3Q
3Q 2011: Azerbaijani insurance market has a new leader
ALBANIA: More than 5% market increase in 3Q 2011
TURKEY: insurance market growing at a high speed
Note: click on the flag to access directly the country statistics page

Credit Europe Asigurari
HUNGARY: 2012 GDP forecast lowered to 0.9%
by, 2011-11-10
Hungary's government decided on November 9th to lower its initial economic growth forecast for 2012, of 1.5%, to 0.9%. According to Hungarian financial press, the downward adjustment means that previously announced fiscal adjustment measures will need an additional HUF 250 billion package in order to meet the deficit target. This would total an adjustment of about HUF 1,600 billion.

FITCH: Italian insurers cannot pass on all sovereign losses
by, 2011-11-10
Contrary to what many commentators are predicting, Italian insurers may not be able to pass on most of the losses incurred from an unlikely default of Italian government debt, FitchRating says.

S&P: Republic of Kazakhstan FC Ratings Raised To 'BBB+/A-2'; LC Affirmed; Outlook Stable
by, 2011-11-10
Standard & Poor's Ratings Services said on Nov.7th that it raised its long- and short-term foreign currency sovereign credit ratings on the Republic of Kazakhstan to 'BBB+/A-2' from 'BBB/A-3'. The agency affirmed the local currency ratings at 'BBB+/A-2'. The outlook is stable. At the same time, S&P's affirmed the 'KzAAA' national scale rating on Kazakhstan. The 'BBB+' transfer and convertibility assessment remains unchanged.

ALBANIA: Liberalization of MTPL Leads to Lower Revenues for Insurance Companies

ARMENIA: Mandatory car insurance policies in Armenia can be obtained electronically

AZERBAIJAN: New insurer Royal Sigorta applies for a license in Azerbaijan

BOSNIA: Sarajevo osiguranje with highest premium increase

BULGARIA: 8-mo general insurance market edges down 0.7% YoY

CROATIA: Net profit of Croatia osiguranje HRK 82.5m

ESTONIA: Insurance companies start recovering from recession

HUNGARY: CIG Pannonia Life has a new COO

LATVIA: BTA Insurance SE Repeatedly Wins Award by Media Leader World Finance

LITHUANIA: Lithuania's insurance market grows 11.2 pct in Jan-Sept

POLAND: GROUPAMA prepares for the start

ROMANIA: Nine months of strengthening the leadership position, at ASTRA Asigurari

RUSSIA: Strabag sues insurance companies for USD 30 mln

TURKEY: A.M. Best Affirms Ratings of Milli Re

UKRAINE: Insurers calculate USD60 bln on hand with households

Get and share - it's easy!

Information is the most powerful tool ... if relevant, consistent and ... right on time.
Keeping this in mind, we thought that two weeks can sometimes be a too long time for you to get in touch with the novelties of the most dynamic markets in the CEE and CIS countries. Also, a by-annual pace for updating market statistics might be too slow when it comes about the emerging markets. Read more


BCR Asigurari de Viata

Head of the Statistical Analysis and Information Technology Service
Slovenian Insurance Association

"We are going through a period of stagnation in comparison with the market growth during previous years. Still, we can say that our insurance industry is in quite good condition and a further growing of the total gross premiums written by modest rates, of 1.5-2% is predictable for 2011". Read more

General Director
Media-Information Group
"Insurance Today"
Russian Federation

"For the development of the market, the greatest influences were the significant increase in car sales, the revival of the construction market, increasing trade and goods transportation. As a result, the market grew, and grew significantly in almost all segments". Read more


Brainstorming for Bancassurers

fleming_europe120Knowing that Insurance Distribution remains a main concern for both insurance companies and banks; challenged by regulations and changing customer demand, Fleming Europe has decided to open the Bancassurance Forum for the 5th time on 15-16 February 2012 in Barcelona.

The 5th Annual Bancassurance Forum will introduce the 2012 challenges such as modifying pension & Life products with their eventual complex presentation to the customer. Bancassurers will learn how to manage geographical differences between distribution strategies. The pressing question "What are the drivers of future growth in Bancassurance?" will be addressed! For program information request agenda. Read more


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


"The Romanian insurance market is closely linked to the overall economic evolution, and in 2009 we felt even more acutely the effects of the crisis begun in 2008 in the insurance market, by the decreasing volume of gross written premiums and by the decreasing number of clients". Read more

Alexandr ZALETOV
Deputy Chairman of the Council of the LIOU
Editor in Chief Insurance TOP Magazine

"High growth rates registered in industry and constructions, together with gradual increase of other economic activities have led to a positive evolution of the insurance market. For example, property insurance industry recorded an excellent upward dynamic". 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



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