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XPRIMM News No. 208, October 11, 2012

Insurance Newsletter, No. 208, October 11, 2012

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img_lead_2816VIDEO: Consistency lessons on household insurance, live from Istanbul
by, 2012-10-11
TCIP - Turkish Catastrophe Insurance Pool - a project which started 12 years ago, shortly after the Marmara earthquake - benefits from a new law. Enacted in August, this law offers favorable premises for the increase of the mandatory TCIP policies' penetration rate, without changing the pool's work parameters. Thus, the number of households insured by TCIP increased by 300,000 in only 45 days after the enactment of the new law, according to data presented during the International Istanbul Insurance Conference, the largest reunion of the local profile market.
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img_lead_2786GENERALI PPF 1H2012: Robust Performance Despite Continuing Market Challenges In CEE Region
by, 2012-10-08
GENERALI PPF Holding, a leading insurance group in CEE, Russia and CIS, headquartered in Prague, Czech Republic, reported robust underwriting performance and sustainable growth of the operating result. Thus, the total GWP reached EUR 2,070 million, 7% up y-on-y, while the operating result amounted to EUR 263 million (+2.8% y-o-y), driven by the Non-life segment and the Net Combined stable ratio reached 87.5%.
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img_lead_2802CESKA Pojistovna targets the Polish insurance market
by, 2012-10-10
Czech's market leading insurance company CESKA Pojistovna, part of GENERALI PPF Holding, is interested to enter the Polish market with a local branch, a holding representative recently stated. As GENERALI PPF is already present in Poland through GENERALI T.U. S.A. (non-life insurance), GENERALI Zycie T.U. S.A (life insurance) and GENERALI Powszechne Towarzystwo Emerytalne S.A. (pension fund), the new CESKA pojistovna branch would be the forth unit of the group.

img_lead_2807Guy HUDSON: Catastrophe models are products of an evolving science that are continuously undergoing changes
by, 2012-10-10
Catastrophe risks are as real as they get for Romania and for a whole list of other countries. Having in mind that 2011 was one of the least profitable years in history for insurers because of such events, most of the industry went on to revise catastrophe models and reset their prices.
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img_lead_2823RUSSIA, 1H2012: Close to EUR 10 billion
by, 2012-10-11
Despite the negative macroeconomic changes driven by the international crisis, the Russian insurance market totaled RUB 412 billion or EUR 10 billion (except mandatory health insurance), up by 22.92% as compared with 1H2011. "The Russian market is experiencing in 1H2012 as in 2011: gradual market consolidation, quick development of mandatory types of insurance in prejudice of the voluntary lines as well as a higher governmental attention towards the insurance sector", commented Andrey VESELOKOV, General Director, Media - Information Group, "Insurance Today". He also emphasized that "the Russian market is a very specific one. There are almost none similar models in Eastern Europe. Perhaps only the Ukrainian and Kazakh markets, out of the others, have something in common with Russia".
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platinum_asigurariGOTHAER Finanzholding took over 67% of PLATINUM Asigurari
by, 2012-10-11
PLATINUM Asigurari Reasigurari announced the closing of the deal through which GOTHAER Finanzholding bought a 67% stake of the Romanian company. The rest are equally owned by Constantin TOMA and Efraim NAIMER. The transaction is being currently subjected to the regulatory approval of ISC - The Romanian Insurance Supervisory Commission.
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img_lead_2804ARMENIA, 1H2012: Growing by mandatory lines
by, 2012-10-10
According to preliminary financial data provided by ArmInfo News Agency, in the first half of 2012, gross written premiums reported by insurance companies totaled AMD 23.8 billion, up by 65.9.% y-o-y. This significant growth was achieved due to the introduction of two mandatory insurance lines in Armenia, MTPL and mandatory medical insurance.
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img_lead_2803UKRAINE, 1H2012: Changes ahead
by, 2012-10-10
Gross written premiums volume reported by the Ukrainian insurers in 1H2012 amounted to UAH 9.58 billion, 13.2% less y-o-y. Life insurance takes only 7.6% share of the market portfolio, with a GWP volume of UAH 684 million (EUR 68.6 million). Yet, its growth rate during the last 12 months reached a pace of almost 52% (local currency). "Despite the positive macroeconomic developments, the state of the insurance market of Ukraine still does not meet the level of the EU. In particular, the ratio of net insurance premiums (excluding insurance premiums transferred to reinsurance) to GDP, in 1H2012, was recorded at 1.3% (for example, in 2008 - 1.7%). This is much less compared to developed countries, where it hits 8-12%", said Alexandr ZALETOV, Deputy Chairman of the Council of the League of Insurance Organizations of Ukraine and Editor in Chief, Insurance TOP Magazine.
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img_lead_2822Mihnea TOBESCU, about his objectives as CEO of EUROINS Romania
by, 2012-10-11
Starting October 1st, Mihnea TOBESCU is the new CEO of EUROINS Romania, according to the press release published by the company. Among his objectives, the new leader of EUROINS mentions the diversification of business lines and the company's portfolio, which currently consists mainly in motor insurance (94%).
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img_lead_2809KYRGYZSTAN, January-April 2012: Market recovery
by, 2012-10-10
According to the Kyrgyz Financial Supervisory Commission (FSC) data, in January-April 2012 total premium written by the local insurance companies amounted to KGS 106.8 million (EUR 1.54 million) which is 13.5% more, in local currency, than in the corresponding period of the previous year. Claims paid reached KGS 11.3 million (EUR 0.16 million), which in local currency means an y-o-y increase of 7.6%.
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img_lead_2808UZBEKISTAN, 1H2012: Stability above all
by, 2012-10-10
In 1H2012, insurance companies of Uzbekistan increased premiums by 13.4% compared to the total in June 2011, up to UZS 137.8 billion (EUR 57.8 million), according to the market data provided by Information-Rating Agency SAIPRO. Voluntary insurance accounted for 68% of total underwritings, while almost 60% of GWP was reported in Tashkent, the capital of Uzbekistan. The total amount of insurance payments rose by 75% to UZS 24.5 billion (EUR 10.3 million).
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img_lead_2785Serbia: Amendments to the Law postpone the increase in the minimum sum insured for two years
by lela sakovic, 2012-10-10
Serbian Parliament adopted the Law amending the Law on Compulsory Traffic Insurance stipulating that an increase in minimum sum insured, for which the compulsory automobile liability insurance for damage caused to third parties can be contracted, is to be postponed for two years: instead of coming into force starting October 2012, the new sums will be applied from October 2014.

nbm_logo_2012The November Business Meetings of Reinsurers, to take place in Moscow next month
by, 2012-10-11
The November Business Meetings will be held on November 22nd -23rd in Moscow, Russia. The event is organized by All-Russian Insurance Association (ARIA), Reinsurers' Committee, and co-organized by DELOVOY Format Group. PRIMM Insurance & Pensions Magazine supports this event as Media Partner.
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Credit Europe Asigurari
ALBANIA: Insurance companies pay fewer damages to citizens compared to the cashed premiums

ARMENIA: INGO may become a pioneer in offering agricultural insurance

ARMENIA: INGO plans to increase insurance premiums up to 9.2 billion drams in 2012

AZERBAIJAN: First insurer with 100% foreign capital gathered AZN 1.3 million for 3rd quarter

AZERBAIJAN: ATESHGAH actively promotes online-insurance

AZERBAIJAN: Insurers collects more than AZN 6 mln on compulsory vehicle insurance in September

AZERBAIJAN: Life insurance fell below 12.55% of total volume of insurance market

BELARUS: BELEXIMGARANT to provide insurance coverage for Gomselmash export contracts with Kazakhstan

BULGARIA: Insurers 7-mo gross premiums fall 1.8%

BULGARIA: Insurers H1 premium income via brokers up 2.0%

BULGARIA: KBC plans to sell its units

CROATIA: ADRIS Group interested in acquiring insurance giant Triglav

CYPRUS: VAT rules for insurance and finance companies

CZECH REPUBLIC: KOMERCNI Pojistovna wins the title as the "Insurance Company 2012"

GREECE: ETHNIKI, Eurolife merger to create insurance giant

KAZAKHSTAN: Insurance market beats its own record

KOSOVO TERRITORY: Central Bank has penalized all the insurance companies

KOSOVO TERRITORY: Central Bank continues to promote stability

POLAND: GRAS SAVOYE Polska has leased 3,200 sq m in ambassador building in Warsaw

POLAND: PZU Hits 14-month high as treasury signals delay

ROMANIA: AEGON'S H1 GWP from life insurance rise 350%

ROMANIA: EuroIns has new CEO

ROMANIA: Insurance market has huge potential

RUSSIAN insurance market: today and tomorrow

SERBIA: Sava Re recapitalises Sava Osiguranje

SERBIA: TAKOVO Osiguranje to raise capital

SLOVENIA: KD Group to transform into insurance holding

SLOVENIA: Sale of Zavarovalnica TRIGLAV enters next phase

SLOVENIA: SAVA Re files non-binding bid for Zavarovalnica Maribor stake

SLOVENIA: Zavarovalnica GENERALI reports rise in half-year profit by 34.2%

SLOVENIA: Zavarovalnica TRIGLAV plans to take over Slovenijales

UKRAINE: Agricultural insurance to reduce risks of business in agribusiness

10 days to the Eastern snapshot!

Just 10 days to go until the official release of the 7th edition of the XPRIMM Insurance Report - CEE, RUSSIA & CIS, SEE!
Those of you joining the XPRIMM Team at the 4th Baden-Baden XPRIMM Reception, on October 21st, will be the first beneficiaries of the most recent insurance analysis and statistics concerning the 32 specialty markets under consideration, a snapshot of the insurance business in the region.
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BCR Asigurari de Viata

andrey_unton80Andrey T. UNTON
Deputy Director General
BELARUS Re - Republican Unitary Enterprise "Belarusian National Reinsurance Organization"

The main strategic objective for the next five years is still to receive the amount of reinsurance premiums proportionally to the authorized capital, whose structure, including the inward (from non-residents) and internal (from residents) revenues will be balanced.
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Head of Risk Modelling Division of the Prudential Supervision Department of the Supervision Service of the Bank of Lithuania

After the assessment of the results for the first half and in the presence of similar development trends in the second half of the year, it is likely that at the end of the year the insurance market will maintain a slower market growth of 1 to 2%.

Armenia 1H2012
Kyrgyzstan 4M2012
Russia 1H2012
Ukraine 1H2012
Uzbekistan 1H2012


ICAR - The International CAtastrophic Risks Forum

ICAR - The International CAtastrophic Risks Forum, the most important European event dedicated to catastrophic risks, will take place on October 15th, 2012 in Bucharest, Romania, this year's edition being again officially supported by The World Bank.
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4th Baden Baden XPRIMM Reception

We are inviting you to join us in Baden-Baden, on October 21st, at the Baden Baden XPRIMM Reception's 4th edition. The forthcoming issue of the "XPRIMM Insurance Report 1H2012 - CEE, Russia & CIS, SE" - that just now is getting ready for printing - will wait for you with the most recent regional analysis and 32 country profiles.

RSVP until October 12, 2012

Georgiana OPREA

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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, Germany
WorldPensionSummit 2012
November 14th-16th, 2012
Amsterdam, Netherlands
Media Partner: XPRIMM Publications
For details:
EIOPA Conference
November 21st, 2012
Organizer: EIOPA
November Reinsurance Meetings
November 22nd-23rd, 2012
Trade House, Moscow
Organizer: All-Russian Insurance Association (ARIA), Reinsurers' Committee
Co - organizer: DELOVOY Format Group
Media Partner: PRIMM Magazine - Insurance & Pensions
For details:


President of the Council of Experts
Macedonian ISA

There is a dominant participation of a foreign capital in the Macedonian insurance market. Out of the total number of 15 insurance undertakings, only one is owned by domestic investors.
Policy Advisor of Communications & PR
Slovak Insurance Association

Slovak market is by share of technical premiums to GDP still behind the western countries, however, its 2.9% share doesn't stand behind the countries of Central and Eastern Europe. In spite of that, it has notable insurance capacity in life and non-life insurance, especially in real estate insurance.

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

Kunden Broker


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
CIS Research Consultant: Olesea ADONEV
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Oana RADU, Mihai CRACEA
Junior Editors: Adina TUDOR, Dimitris TSOULIAS, Mihai APOSTOL

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.

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