Back to

XPRIMM News No. 198, April 12th, 2012

Insurance Newsletter, No. 198, April 12th, 2012

Click here to subscribe!
Click here to unsubscribe!

CZECH REP., FY2011: Insurance market declined slightly, Central Bank
by, 2012-04-12
Czech Republic gross written insurance premiums decrease slightly last year, to CZK 155.08 billion (EUR 6.01 billion), according to the financial indicators published by the Czech National Bank (CNB). These results confirm the market trend resulting from data collected by the insurers' association (CAP).
More Продолжение

GREECE, FY 2011: Insurance market has been reduced by 7%
by, 2012-04-03
Last year, the Greek insurance market registered a decrease in insurance GWP of 7.1% to EUR 4.7 billion, as compared to 2010, according with the research conducted by the EAEE - (Hellenic Association of Insurance Companies).
More Продолжение

PZU FY 2011 results: Massive restructuring and targeting the absolute leadership position in CEE
by, 2012-04-04
PZU Group ended 2011 with a PLN 15.28 billion GWP volume, 5.1% up as compared to 2010, and a PLN 2.3 billion net profit, 3.9% less than on year before, according to the Group's annual financial statement. While the significant volatility of the capital markets in 2011 impacted negatively impacted profitability, the pricing policy on the motor insurance lines - putting an end to the long lasting price war -, was one the main drivers of the premium growth. The swich to a customer centered operation model and a massive expansion in the CEE region are the main lines of the PZU's development strategy for the following three years.
More Продолжение

IFC buys stake in TRIGLAV INT, supporting the Group's international expansion
by, 2012-04-03
A Subscription Agreement and a Shareholders Agreement, worth EUR 25 million was signed yesterday between IFC, a member of the World Bank Group and TRIGLAV INT, a subsidiary of Zavarovalnica TRIGLAV through which is the international arm of the TRIGLAV Group and owns several insurance companies in the Western Balkans. As contractually agreed, IFC will gain a 16.68% equity stake of the company.
More Продолжение

POLAND: The European Commission approves acquisition of joint control over WARTA by TALANX and MEIJI YASUDA
by, 2012-04-10
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of joint control over the Polish insurance company WARTA by TALANX International AG of Germany and MEIJI YASUDA Life Insurance of Japan. The Commission concluded that the proposed transaction would not raise competition concerns because of the merged entity's moderate market position and the presence of strong competitors. The transaction was notified to the Commission on 1 March 2012.
More Продолжение

LIBERTY MUTUAL Insurance Group acquires Russian company KIT Finance Insurance
by, 2012-04-10
Boston-based insurer LIBERTY MUTUAL Insurance Group, the third largest property and casualty insurer in the U.S. announced at the end of March the acquisition of Russian insurance company KIT Finance Insurance from KIT Finance Holding Company LLC, a subsidiary of Joint Stock Company Russian Railways and its Non-State Pension Fund Blagosostoyanie. "The acquisition enables LIBERTY MUTUAL to enter Russia's USD 21 billion property and casualty insurance market", informed the U.S. insurance group.
More Продолжение

VIENNA Insurance Group leaves the Russian market
by, 2012-04-10
Austrian VIENNA Insurance Group intends to sell its shares in two insurance companies from Russia, MSK and MSK Life, to the Russian VTB Bank. VIG now holds a minority share of 25% in MSK Life and of 3.45% in MSK.
More Продолжение

MOLDOVA, FY2011: Estimates confirmed: 10% growth in GWP led the market over the first MDL billion threshold
by, 2012-04-12
MDL one billion (EUR 61.6 million) wrote in premiums the Moldavian insurers in 2011, 10% more than a year earlier, according to the final financial data centralized by the National Commission of Financial Market (NCFM). Claims reached MDL 348.4 million (EUR 21.3 million), an 8% increase in comparison to previous year. "Last year, the share of insurance market in GDP was 1.3%. If this indicator will reach 3%, as in developed countries, it is clear that doubling the market (MDL 2 billion) is a possibility for the next years", said Vladimir STIRBU, Director of Insurance Department of NCFM.
More Продолжение

PZU already paid EUR 0.3 million for claims arising from the train crash tragedy of Szczekociny
by, 2012-04-05
The Polish leading insurer, PZU announced today that PZU Group's companies have so far paid out claims for a total amount exceeding PLN 1.2 million (~EUR 290,000) related to the tragic train crash near Szczekociny, on March 3rd. PZU SA is currently handling 48 cases, while PZU Zycie, the main life insurer of the Group, has registered 43 claims reported by the victims or beneficiaries.
More Продолжение

The 5th Tashkent International Investment Financial Forum
by, 2012-04-04
Between 4th and 8th of April 2012 in Tashkent, Uzbekistan, takes place The 5th Tashkent International Investment Financial Forum, organized by SAIPRO Information-rating agency. PRIMM Insurance & Pensions Magazine supports the event as Media Partner.
More Продолжение

SAVA Re: EUR 8,6 million after tax profit and increased focus on the foreign markets
by, 2012-04-03
SAVA Reinsurance Company recorded an after-tax profit of EUR 8,6 million for 2011, which is almost 20% more than in the prior year. Last year, the company wrote gross premiums of EUR 140,3 million, a drop of about 1,8% from 2010. Both the decrease in premium from Slovenia (in order to avoid double exposure) and the increase in foreign-sourced business are in line with Company strategy.
More Продолжение

KOSOVO, FY2011: Insurance market maintains the ascending path
by, 2012-04-12
According to data published by the Central Bank of the Republic of Kosovo, insurance market continued to grow in 2011, up to EUR 78.1 million in gross written premiums. As compared to the 2010 result, the figure shows a 9.7% increase, most of it generated by the over 605 thousand policies sold in the analyzed period, almost 65 thousand more than in 2010.
More Продолжение

Motor Insurance Workshop - Republic of Moldova
Artur GHERMAN, CNPF: The Supervision Authority is aware of the MTPL insurance' importance for the market
by, 2012-04-12
The second edition of the Seminary dedicated to the motor insurance sector took place at Chisinau, on the 2nd of April, 2012. The event was organized by Media XPRIMM, together with the Moldavian supervision authority - CNPF - The National Commission of the Financial Market.
More Продолжение

STIRBU, CNPF: UAM proposed the postponement of the reform
by, 2012-04-02
According to The Supervision Authority in Chisinau, the eight company members of UAM - The Union of Moldavian Insurers, have proposed the postponement or the extension of the waiver regarding the application of stipulations concerning the elimination of the wear coefficient by three years: "This motion made by UAM members is still in discussion at the highest level - The Parliamentary Commission. If it is not approved, CNPF believes that the insurers can survive this reform without losses", explained Vladimir STIRBU, Director, The Supervision Division, CNPF.
More Продолжение

The Moldavian Information System is on trial
by, 2012-04-12
One of the major challenges that the Chisinau supervision authority must face in 2012 is the completion of the informatic system for MTPL policies: "As far as the implementation process goes, we wish we could have used the electronic issuing system from a while back, but the context didn't allow it", declared Vladimir STIRBU.
More Продолжение

The claims value will increase considerably
by, 2012-04-02
According to Pavel CATER, the President of BNAA - The National Bureau of Motor Insurers in the Republic of Moldova, in the last 5 years, the insurers paid only 60% of the real value of MTPL claims, because of the ageing factor. Thus, after the 6th of April 2012, "the average claim value will increase. We will have more expensive claims to pay. What is the solution? The only possible source is the increase of premiums. The current rates are calculated based on statistics from 2002-2008. We believe that claims will increase considerably, by 40%. Still, taking into account the increase of the services' quality, the rates should also increase", explained Pavel CATER.
More Продолжение

Credit Europe Asigurari
ROMANIA: Annual inflation rate drops to 2.4pct in March, a new historic low
by, 2012-04-12
The annual inflation rate fell to 2.4 percent in March 2012, from the 2.59 percent level in February 2012, thus recording a new historic low of the last 23 years, according to data released by the National Statistics Institute (INS) on April 10th.

POLAND: the NBP interest rates remain unchanged until year end
by, 2012-04-12
The Polish Monetary Policy Council decided on April 4th to keep the NBP interest rates unchanged, namely: reference rate at 4.50% on an annual basis; lombard rate at 6.00% on an annual basis; deposit rate at 3.00% on an annual basis; rediscount rate at 4.75% on an annual basis.

Slovenia prepares two bond issues in 2012 to finance the budget deficit
by, 2012-04-12
Slovenia plans an EUR 1.5 billion sovereign bond to part-finance its budget deficit and make a second issue this year, if market conditions are favourable, the country's finance minister said on April 6th, quoted by Reuters.

ALBANIA: Insurance market down 25% in Jan-Feb 2012

AZERBAIJAN: Only 10% of car owners insured civil liability on new standards

CZECH REPUBLIC: Ceska pojistovna decreased its net profit by two thirds in 2011

HUNGARY: Heaven and hell in insurance sector

KAZAKHSTAN: Insurers are developing the concept of compulsory health insurance

LITHUANIA: Insurance broker Balto Link enters Estonian market

POLAND: PZU Denies Holding Talks On Buying Assets From ING, Others

TURKEY: Earthquake insurance a must in Turkey

UKRAINE: Government to introduce compulsory insurance of sowed crops

A leading part to play for insurers

At the time I was preparing to write this column, a new disaster made the headlines on the news streams: a massive earthquake struck off the coast of the Indonesian island of Sumatra, triggering a tsunami alert for the Indian Ocean. The quake had a magnitude of 8.7 on Richter scale and across a large area the tremor revived fearful memories of the 2004 catastrophic earthquake and tsunami in the region that killed tens of thousands of people. Read more

BCR Asigurari de Viata

Eastern Re

Czech Republic FY 2011
Kosovo FY 2011
Moldova FY 2011


15th FIAR - The International Insurance Reinsurance Forum

FIAR stands as the most important European spring event dedicated to the insurance, reinsurance and private pensions markets.

Every year, for five days, Sinaia becomes the "spring metropolis of insurance" not only for the Romanian market but also for all of CEE, Russia & CIS.

FIAR gathers representatives of all major European insurance and reinsurance companies which use this opportunity to meet with their high level counterparties from Russia & CIS.

FIAR traditionally takes place in Sinaia, Romania during the last decade of May.

More Продолжение


VIII International Risk Management Conference
April 19th-20th, 2012
Almaty, Kazakhstan
Organizer: Eurasia Insurance Company
Media Partner: Revista PRIMM - Asigurari & Pensii
For details:
Kuwait Insurance Forum 2012
May 29-30, 2012
Radisson Blu Hotel, Kuwait City
Organizer: ProMedia International
Media Partner:
For details:
4th CEA International Insurance Conference - "Global market, global risks"
June 1st, 2012
Amsterdam, Netherlands
Organizer: CEA - Comite Europeen des Assurances
For details:
Azerbaijan International Insurance Conference
July 4th-5th, 2012
Kurhaus Casino, Runder Saal
Baku Business Center
Baku, Azerbaijan
Organizers: Azerbaijan Insurers Association and Media XPRIMM
Baden - Baden XPRIMM Reception
4th Edition

October 21st, 2012
Kurhaus Casino, Runder Saal
Baden-Baden, Germany
33rd Baden-Baden Meeting 2012
October 21st-25th, 2012
Baden-Baden, Germania
WorldPensionSummit 2012
November 14th-16th, 2012
Amsterdam, Olanda
Media Partner: XPRIMM Publications
For details:

Member of the board of Ergo International AG and responsible for CEE

In some countries like Czech Republic, Poland, Slovakia and Hungary, life insurance is already playing a significant role. In most of these countries the security provided by the state pension is lower than in Western Europe, so the demand for life insurance and savings products is expected to grow.
One of the opportunities for insurers in CEE is represented by channel and product innovation, as well as comprehensive product offering. In this respect, bancassurance is regarded as the most suitable channel to drive and combine innovation with product offering. Generally, foreign insurance companies have a strong presence in CEE. Read more


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



President: Sergiu COSTACHE CEO: Adriana PANCIU
Managing Partner: Alexandru D. CIUNCAN
Development Director: Mihaela CIRCU

Project Manager XPRIMM.COM: Daniela GHETU
Coordinating Editor: Andreea IONETE
International Column Coordinator: Vlad BOLDIJAR
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Oana RADU, Mihai CRACEA
Junior Editors: Olesea SERGHIESCU, Adina TUDOR

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2012 Media XPRIMM