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XPRIMM News No. 193, February 2nd, 2012

Insurance Newsletter, No. 193, February 2nd, 2012

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How do you anticipate the CEE insurance market evolution in 2012?
- All markets will register a positive trend
- Mixed results across the region, but average positive trend
- Steady evolution
- Mixed results across the region, with an average negative trend
- Prevalent negative evolution

Cast your vote.
Add a comment.

ROMANIA: The insurance market will record a minor growth in 2012
by, 2012-02-02
Monday the 30th of January took place the 5th edition of the XPRIMM Annual Forecast Meeting, event that brought the Romanian insurance and private pension leaders together to draw the market's 2012 development and evolution lines and trends.

CEE 3Q2011: Currency depreciation pushed the regional growth rate "in red"
by, 2012-01-25
We are finally looking to the "big CEE picture" for 3Q2011. Denominated in European currency, the total figures show a decrease of 0.7% in written premiums, to EUR 24.72 billion. Beside the obvious market shrinking registered in Croatia, Hungary and Romania, most of the negative regional trend came from the significant depreciation of the national currencies in countries as Poland and Hungary, which affected the results' conversion in Euro. A rough estimate shows that the weighted nominal growth of the CEE insurance market - calculated in local currencies - stood at about 4.28%.
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AVIVA announces sale of Czech Republic, Hungary and Romania businesses
by, 2012-01-31
MetLife has acquired from AVIVA its life insurance businesses in the Czech Republic (AVIVA Czech Life) and Hungary (AVIVA Hungary Life), and its life insurance and pension businesses in Romania (AVIVA Romania Life and Pensions). "This transaction is consistent with AVIVA's strategy to focus on markets where it has strength and scale", the company announced in a press release.
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VIG: 2011 written premiums up 3.4%
by, 2012-01-24
According to the preliminary results, in the financial year 2011 VIENNA INSURANCE Group earned premiums written of EUR 9 billion, representing an increase of 3.4% compared to 2010. In the non-life insurance segment VIG increased premiums written by 4.9% to EUR 5.1 billion. Despite the difficult economic environment, in the life insurance business the Austrian Group reported a total of EUR 3.9 billion, achieving a growth of 1.4%.
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POLAND: KBC sold WARTA for EUR 770 million to TALANX
by, 2012-01-20
KBC Group has reached an agreement with TALANX International AG for the sale of 100% of the shares of KBC's Polish insurance subsidiary TUiR WARTA S.A. for a total consideration of EUR 770 million, announced both insurance groups. According to the press release, the transaction is subject to the usual regulatory approvals and is expected to be completed in the second half of 2012.
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SWISS Re: BoD appoints Michel LIES as new Group CEO
by, 2012-01-30
SWISS Re's Board of Directors appoints Michel LIES, currently Chairman Global Partnerships at SWISS Re, as new Group Chief Executive Officer as of 1 February 2012. Michel LIES succeeds Stefan LIPPE.
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SLOVAKIA, 3Q2011: Market grows by 2.8% y-o-y
by, 2012-01-25
Slovak insurance market grew by 2.8% y-o-y in 3Q2011 in terms of gross written premiums, the Slovak Insurance Association (SLASPO) reported. During the analyzed period, 24 SLASPO members operated in the profile market. These companies showed a total insurance premium of EUR 1.6 billion.
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ACE opens new office in UKRAINE
by, 2012-01-20
ACE announced on Thursday, 19th that it has opened a representative office in Kiev, as the latest step in its expansion across Europe. According to the press-release "this will enable ACE to build its profile and relationships with the Ukraine insurance market locally for the first time".
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by, 2012-01-29
WILLIS Group Holdings, the global insurance broker, announced the appointment of John CAVANAGH as CEO Willis Re, the reinsurance broking arm of WILLIS Group. CAVANAGH succeeds Steve HEARN, who was appointed Chairman and CEO WILLIS Global last December.
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TURKEY, YAPI KREDI: Rumor of sale were not true
by, 2012-01-20
YAPI KREDI officials said yesterday, quoted by REUTERS, "that media reports regarding ZURICH Insurance's interest in the acquisition of the bank's insurance unit were not true". The bank said in a statement it had not taken a decision on the sale and thus no sale process was under way for YAPI KREDI Sigorta.
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XVI All-Russian Reinsurance Conference: Year 2012. Reset. Ways of Development
by, 2012-01-27
2010 and 2011 were years of great changes for the Russian insurance and reinsurance markets. Thus, 2012 will become the 'reference point' to many of market members. This is the context for the XVI All-Russian Reinsurance Conference, which is going to be held on March 22-23, 2012 at President-Hotel in Moscow, having as main theme "Year 2012. Reset. Ways of Development". The event is organized by Reinsurance Committee of the All-Russian Insurance Association, together with DELOVOY Format Group and is supported by PRIMM Magazine - Insurance & Pensions as Media Partner.
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EUR 17.7 mil. GWP for Eastern Insurance and Reinsurance Company subscribed in 2011
by, 2012-02-02
The gross written premiums (GWP) of Eastern Insurance and Reinsurance Company (EIRC) reached EUR 17.7 million in 2011. Moreover, the reinsurance business generated 53% of the total income, while 47% came from direct insurance.
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Azerbaijan: The number of insured person increased by 40% in 2011
by, 2012-02-02
The number of insured persons in Azerbaijan has increased by 30 - 40 % compared to 2010, according to Namik KHALILOV, Head of Insurance Supervision Service of the Ministry of Finance.
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BULGARIA, UNIQA: Impressive growth in the first ten months of 2011
by, 2012-01-24
In the first ten months of 2011, UNIQA achieved excellent growth of 20.7% in Bulgaria, while, in the same period, the entire insurance market increased by 0.6%. Together, UNIQA Insurance and UNIQA Life Insurance improved the premium volume by around EUR 7.4 million (around BGN 14.5 million) to more than EUR 43 million (over BGN 84 million) compared to the same period of 2010 and thus secured 7th place.
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The 8th Edition of the International Risk Management Conference to take place in Alma-Ata, Kazakhstan
by, 2012-02-02
Alma-Ata, in the heart of Eurasia, will be the host for the eighth International Risk Management Conference, which will take place on 19-20 April 2012.
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Credit Europe Asigurari
Ernst&Young: Flexibility, speed and unconventional thinking are the prerequisites of a successful expansion
by, 2012-02-02
"Betting the future on rapid-growth markets simply because they have the right economic and demographic conditions is not enough" says Ernst&Young in its most recent report "The world is bumpy: globalization and new strategies for growth".

S&P's: Poland-based insurer WARTA receives a 'BBB+' ratings following its planned acquisition by TALANX
by, 2012-02-02
Standard & Poor's Ratings Services said on January 30th that it placed its 'BBB+' long-term counterparty credit and insurer financial strength ratings on Poland-based non-life insurer Towarzystwo Ubezpieczen i Reasekuracji WARTA S.A. (WARTA) on CreditWatch with positive implications.

POLAND: Zloty under pressure, but Poland's credit rating remains solid
by, 2012-02-02
Although Poland is one of the fastest growing economies in Europe, the Warsaw Stock Exchange and the zloty have felt tremors after almost every shock in the global or European economy. The main reason is that Poland is seen as an emerging market and lumped in together with other, less healthy economies in the region, writes The Warsaw Voice.

ARMENIA: Over one-fourth of drivers have not yet signed a motor third party liability insurance contract

ARMENIA: Rosgosstrakh controls 27% of insurance market

AZERBAIJAN: 395 insurance intermediaries work in Azerbaijan officially

AZERBAIJAN: Alfa Sigorta got right for compulsory insurance in Azerbaijan

AZERBAIJAN: Atesgah Heyat collected 42% of total receipts on life insurance

AZERBAIJAN: Azerbaijani Alfa Sigorta doubles authorized capital

AZERBAIJAN: The only state company became member of Compulsory Insurance Bureau in Azerbaijan

BULGARIA: KBC Seeks to Shed Bulgarian Insurer DZI - Report

CZECH REPUBLIC: VZP may end 2012 in Kc 3 bln loss

ESTONIA: Insurers ascertained 327 fraud cases in 2011

HUNGARY: The insurance market: not a life policy

KAZAKHSTAN: Insurers discuss Kazakh President' state of the nation address

POLAND: PZU : Does Not Rule Out Buying Bank in Poland

POLAND: Three new unit-linked insurance funds at SKANDIA

RUSSIA: About 60% of home insurance claims are due to water

RUSSIA: Alfa Group's insurance division contests $3.5 mln award for federal grid

RUSSIA: Order to revoke license from Innogarant insurance company upheld

RUSSIA: S&P revises RESO Garantia outlook to stable

Frostiness or not, engines are hot!

Europe is freezing. The extreme weather condition is largely affecting almost the entire continent. A cold snap that has killed dozens of people in Central, Eastern and Southern Europe in the past week is currently spreading to the Western parts of the continent and will probably last for several days. As temperatures dropped to around minus 30 degrees below zero, deaths were reported in Ukraine, Poland, Romania, Serbia and elsewhere. Read more

BCR Asigurari de Viata


General Director

The International Insurance Company IRAO Ltd. was founded in Georgia in 2004. In 2007, VIENNA INSURANCE GROUP became IRAO’s main shareholder and gradually increased its participation up to 100%, that underlines an exceptional feature of IRAO and its raising potential on the local insurance market. Read more

Eastern Re

CEE Market Data 3Q 2011



Motor insurance in emerging markets - is the price war over?

What do car owners want from their insurer: cheap policies, extended coverage, additional services, big compensations for bodily injuries, fast payment of claims? And what can they really get?
Where is the right balance between satisfying as much of the clients' needs and a sound underwriting in motor insurance? For how much accounts in this equation dealing with trans-border claims, considering not only the possible regulatory differences but also the cultural ones?

Media XPRIMM and Istanbul Underwriting Center invite you to find the right answers and share your views with a group of reputed professionals on the occasion of the IIF 2012.

See you in Istanbul!
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5th Annual Bancassurance Forum
February 15-16, 2012
Barcelona, Spain
Organizer: Fleming Europe
Media Partner: PRIMM Insurance & Pensions Magazine
15% discount for PRIMM Readers
For details:
International Conference Insurance in Central Asia
March 15-16, 2012
Alma-Ata, Kazakhstan
Organizer: InterConsult
Media Partner: PRIMM Insurance & Pensions Magazine
For details:
XVI All-Russian Reinsurance Conference
March 22-23, 2012
Moscow, Russia
Organizer: Reinsurance Committee of the All-Russian Insurance Association and Delovoy Format Group.
Media Partner: PRIMM Magazine - Insurance & Pensions
For details:

Tashkent International Investment Financial Forum
April 4-8, 2012
Tashkent, Uzbekistan
Organizer: SAIPRO
Media Partner: PRIMM Insurance & Pensions Magazine
For details:
FIAR 2012 - International Insurance-Reinsurance Forum
May 20-24, 2012
Sinaia, Romania
Organizer: Media XPRIMM
For details:
Kuwait Insurance Forum 2012
May 29-30, 2012
Radisson Blu Hotel, Kuwait City
Organizer: ProMedia International
Media Partner:
For details:
Rangam BIR

"The challenging economical environment that we are encountering in Europe, in general, means that 2012 will an economically challenging year for all of us and, of course, insurance is following the economical trends, but I hope we will do well, as a market, and see some positive growth this year", recently stated Rangam BIR, CEO ALLIANZ-TIRIAC Asigurari (Romania) for XPRIMM.TV. Read more
President of the Directorate

"2012 will be not an easy year for the insurance market. I expect a very small increase in premium, but I really don't expect any improvement in terms of the industry's profitability", stated Artur BOROWINSKI, President of the Directorate, OMNIASIG - VIG for XPRIMM.TV. 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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