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XPRIMM News No. 196, March 15th, 2012

Insurance Newsletter, No. 196, March 15th, 2012

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FIAR 2012 - The last two days for the SPECIAL OFFER
by, 2012-03-15
Friday, March 16th, is the last day in which you can benefit from the DISCOUNTED REGISTRATION FEE of EUR 1,200 for FIAR 2012 - The International Insurance-Reinsurance Forum (May, 20th - 24th).
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Romania: Mediated premiums exceeded RON 3.1 billion in 2011, down by 3%
by, 2012-03-09
The value of premiums mediated by insurance brokers last year exceeded RON 3.1 billion, according to data sent to the Romanian Insurance Supervisory Commission (ISC) by 495 organizations, a 2.99% decrease compared to 2010, when the volume reached RON 3.2 billion. By comparing mediated premiums to the total underwritings volume, in 2011, brokers made up 39.05% of the total RON 7.9 billion gross written premiums, a slight increase compared to the 38.5% level in 2010.
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EUR 3.5 billion - the value of claims for insured houses in Romania in case of an earthquake similar to that in 1977
by, 2012-03-09
The claims for the houses presently insured in Romania would reach EUR 3.5 billion in case of an earthquake similar to the one in 1977, according to a study implemented by PAID - The Romanian Natural Disaster Insurance Pool together with an international broker.
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Today starts the 6th International Conference "Insurance in Central Asia"
by, 2012-03-15
During two days, between 15th and 16th of March 2012 in Almaty, Kazakhstan will take place The 6th International Conference "Insurance in Central Asia", which has become a tradition for leaders in insurance and reinsurance in Central Asia, CIS countries and Central and Eastern Europe. PRIMM Insurance & Pensions Magazine supports the event as Media Partner.
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POLAND joined in 2011 "the game" of currency devaluation
by, 2012-03-15
Analyzing the market figures of 2011, recently published by the Polish Financial Supervision Authority (KNF), very good results have been reported in PLN by both life and non-life segments regarding the volume of gross written premiums. The Polish insurers operating last year collected PLN 57.15 billion. This result was 5.5% better than the year before. In European currency, due the devaluation of PLN in relation to EUR, the insurance market did not show growth in terms of written premiums: EUR 12.9 billion, representing a decrease of 5.4%.
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ESTONIA, FY 2011: Again "in the red" after joining the Euro zone
by, 2012-03-15
Maybe it has nothing in common, but after joining the Euro zone in 2011, as its 17th member, the Estonian insurance market re-entered on a descend path, with its GWP volume dropping by 6% in comparison with the previous year. In 2010, Estonian insurers managed to place a positive result, with a 16% growth in GWP, a quite impressive result following to 1.3% decrease registered in 2009. On the claims side, Estonian insurers paid EUR 269.4 million in 2011.
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HUNGARY, FY2011: PSZAF confirmed that the insurance market is in recession
by, 2012-03-15
Hungary's insurance market suffered a decline in HUF by 3.3% in 2011, according to Hungarian Financial Supervision Authority (PSZAF). In European currency, the decrease was, due the devaluation of HUF, 13.3% to EUR 2.62 billion, confirming the figures published last month by the Association of Hungarian Insurance Companies (MABISZ).
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GENERALI gross premiums written down 5.5% for 2011
by, 2012-03-12
In 2011, GENERALI Group recorded gross premiums written of EUR 69.2 billion, 5.5% down compared to 2010, according to preliminary figures published by the insurance group. "In an extremely difficult environment in Europe, and in Italy in particular, GENERALI has demonstrated its ability to achieve significant production results, with strong growth in the Non-Life segment and a Life premium income that confirms our position as a leader in Europe", said Giovanni PERISSINOTTO, CEO, GENERALI Group.
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Year 2012 for the reinsurance companies in Russia: Reset. Ways of Development
by, 2012-03-14
2010 and 2011 were years of great changes for Russian insurance and reinsurance markets so what are they expecting of 2012? Results of market transformation (market players, pricing policies), as well as the tendencies of the market development and the way changes on the international reinsurance markets have reflected over the reinsurance industry in Russia represent the context for the XVI All-Russian Reinsurance Conference.
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SWISS Re Conference
The currently used risk models are not enough for a correct evaluation of claims
by,, 2012-03-13
"Each and every earthquake in the last few years surprised us all, generating economic losses and insured claims exceeding the ones initially estimated".
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Floods claims three times over last ten year average
by,, 2012-03-13
Damages caused by floods last year were over three times the average of the last ten years. This was the main subject of the conference organized today in Zurich by SWISS Re, one of the world's leading reinsurers. Among the participants there are insurers and reinsurance brokers from across Europe.
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SWISS Re launches CatNet for the detection of catastrophic risks
by,, 2012-03-13
Reinsurer SWISS Re will launch by the end of March an improved version of the CatNet system, which allows the detection, location and online analysis of catastrophic risks on a global scale.
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IIF 2012
Mariusz WICHTOWSKI: 50,000 EU citizens die yearly in car accidents
by, 2012-03-05
"In EU area, 50 thousand citizens yearly died in car accidents", stated Mariusz WICHTOWSKI, President, Council of Bureaux, at The International Insurance Forum 2012 organized by XPRIMM Group and Istanbul Underwriting Center.
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TRIGLAV: Despite increases in population and vehicles, number of claims decreased in Slovenia
by, 2012-03-05
In the last years, the volume of GWP on the Slovenian insurance market increased from EUR 50 million in 1992-1993 to over half EUR billion in 2010, said Matjaz RAKOVEC, President of the Management Board, Zavarovalnica TRIGLAV. "For example, on MTPL segment, the number of claims decreased from 65,000 in 2007 to 60,000 in 2010. According to RAKOVEC, the "changes in the motor legislation for a safer traffic, the development of road infrastructure, and safer motor vehicles" have contributed to this situation.
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Azerbaijan is trying to follow the European experience
by, 2012-03-05
"Last three years have been the best in changes for the Azeri insurance market", said Azer ALIYEV, Executive Director, Azerbaijan Insurance Association. "As you know, my country was a part of the Soviet Union. This period was followed by a period of construction of the economy and industry. Today we try to follow Europe", added Mr. ALIYEV.
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VIDEO: AVUS Group opened the International Insurance Forum in Istanbul with a welcoming cocktail
by, 2012-03-05
The former night marked the official opening of this year's International Insurance Forum in Istanbul, organized by XPRIMM Group and Istanbul Underwriting Center. This consisted in a welcoming cocktail offered by AVUS Group, one of the Main Partners of the event.
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Periodic motor vehicle inspection (PMVI) - the major problem on the Serbian insurance market
by, 2012-03-05
In Serbia, more than 85% of the MTPL insurance policies are sold via periodic motor vehicle inspection (PMVI) Agencies, "hence the sale is practically relocated from insurance companies", declared Vladan MANIC, Secretary General, Association of Serbian Insurers.
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The financial crisis - the possible cause for the increase of the number of uninsured vehicles
by, 2012-03-05
According to Atanas TABOV, Chairman, National Bureau of Bulgarian Motor Insurers (NBBMI), the number of accidents in Bulgaria in which vehicles without Green Card insurance were involved almost doubled since 2010. Thus, the number of cases solved by NBBMI increased from 360 in 2010 to 673 in 2011. It should also be mentioned that the number of accidents caused by uninsured vehicles has been continuously increasing since 2008, when only 140 cases were registered.
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Claims management is not only the insurers' concern
by, 2012-03-05
Claims management is not only the insurers' concern anymore, but of all entities involved in the compensation process, according to Gheorghe AXINTE, Country Manager, AUDATEX Romania, present at the International Insurance Forum 2012 on March 4th-5th, in Istanbul. He also pointed out that insurers must get even more involved in this process.
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Mariusz WICHTOWSKI: The financial crisis did not affect the stability of insurance companies, but it changed their behavior
by, 2012-03-05
"From our perspective, the financial crisis didn't affect the stability of insurance companies, but, on a secondary level, it did change their behavior. We noticed that insurers delay the claims payment for victims of motor accidents as much as possible", declared Mariusz WICHTOWSKI, President of the Council of Bureaux, during the International Insurance Forum held on March 4-5 in Istanbul.
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ROMANIA: The biggest insurance merger was approved by shareholders: BCR Asigurari increases its share capital and takes over OMNIASIG's name
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SLOVAKIA: Gunter GEYER awarded honorary doctorate
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New CEO at GENERALI Bulgaria Holding
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Johan THIJS appointed as new CEO of KBC Group
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Credit Europe Asigurari
HUNGARY: EU freezes 2013 aid funds under the excessive deficit procedure
by, 2012-03-15
ECOFIN adopted Tuesday, March 13th, a decision suspending EUR 495.2 million in scheduled commitments for Hungary under the EU's cohesion fund, taking effect as of 1 January 2013. It also issued a recommendation1 under the EU's excessive deficit procedure, setting 2012 as the target year for correction of Hungary's deficit.

OECD: Hungary must stabilise its economy for a durable recovery
by, 2012-03-15
The OECD report, released on Tuesday, March13th, in Budapest, shows that the fragile and highly-indebted Hungarian economy has been hard hit by the global slowdown and heightened financial market stress. It points out that controversial domestic measures have added to the uncertainty that is undermining business, household and market confidence. According to the OECD's latest Economic Survey of Hungary, swift action is needed to stabilise the Hungarian economy and put growth on a sound footing for a durable recovery.

POLAND's short-term debt rating improved by Moody's
by, 2012-03-15
Moody's Investors Service has assigned on March 12, a Prime-1 short-term debt rating to the government of Poland. The government's existing long-term debt rating is A2 and carries a stable outlook.

ALBANIA: Business Consultative Council Meets on Insurance, VAT Draft Laws

ARMENIA: Health insurance makes up 11% of Rosgosstrakh Armenia's portfolio

AZERBAIJAN: Activity of the only state insurance company to be automated by summer

BELARUS: Insurance Companies Yielded $36 Million in January

BOSNIA: Insurer Dunav Osiguranje 2011 Net Profit Shrinks

HUNGARY: Allianz Hungaria premiums revenue falls 12%

POLAND: French insurer Groupama to leave Poland

RUSSIA: Russian Gang Nabbed in NY for $279 Mln Insurance Fraud

SLOVENIA: Zavarovalnica Maribor 2011 Net Profit at 10.6 Mln Euro

TURKEY: Turkey needs to regulate its insurance sector

The Awards' Season

As last year's results are known, the well deserved recognition is granted to the best performing players of the world's insurance markets. Insurers, reinsurers, brokers, consultants are all awaiting the judging panel's decisions and hoping they will enjoy their moment in the spotlight. Read more

BCR Asigurari de Viata


Council of Bureaux

The combined ratio in MTPL is one of the biggest problems in many countries, and in many cases is close or even higher than 100%. During this conference we had the opportunity to some case studies showing that it is possible to have claims ratios of 90% or even better than that and this the direction we should all go. Read more
Managing Director
German Green Card Bureau

We have no longer a higher level of registration of new cars. That means that practically there are no new clients, but only people who are changing the insurance company, looking for a better price. This phenomenon encouraged the companies to lower prices in order to attract more clients for some years, but now everybody saw that this is not the best policy to follow and German insurers started to increase tariffs for MTPL to a more appropriate, technical level. Read more
Ionel DIMA
AVUS Group

The price war is not over, nor in the CEE markets or even in the mature ones. As long as insurers will still fight for market share, we will not reach a price level able to consolidate the system. We will continue to see markets where stability may be questioned. The right answer to this situation is very simple, in fact: technical underwriting, not commercial prices. Read more

Bodily injury claims are probably one of the most important challenges for the Romanian motor insurers, especially when it comes about the compensations to which victims' inheritors are entitled. The minimum limits are now at the same level in the Romanian system as in the Western Europe, but tariffs didn't follow the same ascendant trend. Read more
Foreign Claims Department Manager
Turkish Motor Insurance Bureau

So far, on the Turkish market, we can not speak about technical profit on motor insurance. The market is very competitive and price sensitive, insurers are still fighting to get a bigger market share, but un the long run, there is a lot of growth space, as the market potential is far from being fully exploited. Read more
General Director

I think the Romanian motor insurance market is already showing the first signs of returning to the technical underwriting on MTPL, especially on the corporate segment. Still, there is still a long way to go in this direction. Read more

Eastern Re




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

For all those interested to get in touch and better understand the financial markets of the Central Asian countries, Tashkent International Investment Financial Forum provides a large informative and networking opportunity.
Organized by the Information-rating agency SAIPRO, the Forum hosts several specialized conferences which will allow a direct contact with the banking, leasing, re/insurance and capital markets accross the region.
The quality and richness of the event itself, as well as the huge potential of the local markets, together with the astonishing mix of modernity and millenary persian tradition you will encounter visiting Tashkent and Samarkand are the main arguments for attending TIIFF 2012.

More 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:

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:
WorldPensionSummit 2012
November 14-16, 2012
Amsterdam, Olanda
Media Partner: XPRIMM Publications
For details:



Kunden Broker

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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