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XPRIMM News No. 212, December 6, 2012

Insurance Newsletter, No. 212, December 6, 2012

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img_lead_3042BALBINOT: If the new Solvency II fails to address the long-term character of the insurance business, it will hurt a EUR 7.7 trillion investor
by, 2012-11-29
"If appropriate measures will be not put in place to reflect the long-term character of insurers' business - mainly in what life insurance is concerned -, the consequences could be severe for insurance customers and for Europe's economic growth and stability," warned Sergio BALBINOT, President of Insurance Europe, speaking at the EIOPA Conference in Frankfurt.
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img_lead_3068PZU Group 3Q2012: 53% increase of the net financial result
by, 2012-12-06
PZU Group reported for 3Q2012 a consolidated net financial result of PLN 2.8 billion (~ EUR 677 million), 52.9% up y-o-y in local currency. At the same time, ROE's value grew by 8.8 pp y-o-y, to 28.4%. In terms of gross written premiums, the Polish group recorded a 6.5% growth, to PLN 1216 billion (~ EUR 2.9 billion), while net insurance claims amounted to PLN 8.43 billion (EUR 2 billion).

img_lead_3070VIENNA Insurance Group renews the Managing Board members' contracts
by, 2012-12-06
The Supervisory Board of VIENNA Insurance Group AG Wiener Versicherung Gruppe has renewed the Managing Board contracts of Peter HAGEN, Kosyna FRANZ, Martin SIMHANDL, Fuchs FRANZ and Peter HOFINGER for five more years. Thus, their terms of office will run from 1st of July 2013 to 30th of June 2018. Also, Peter HAGEN has been reappointed Chairman of the Managing Board.
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img_lead_3044RUSSIA: Reinsurance market shows signs of stabilization and consolidation; 28.5% growth in 1H2012
by, 2012-11-30
Reinsurance premiums received by the Russian re/insurance companies totalled RUB 22.98 billion (EUR 556 million) in 1H2012, showing a 28.5% y-o-y increase, while claims paid by the same entities reached RUB 6.3 billion (EUR 152 million), 20.9% up as compared to 1H2011. For comparison, it is worth mentioning that the 1H2011 results showed a 3% y-o-y decrease and a 21% fall as compared to 1H2009.
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img_lead_3043KAZAKHSTAN: 25% growth of GWP expected for 2012
by, 2012-11-29
"We expect a market growth of 25% by the end of this year, but the realization of this estimate depends on some volatile factors," recently stated Marina SHIPOVALOVA, General Director of INTERCONSULT Kazakhstan for
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img_lead_3060KOSOVAR insurers reported profit of EUR 2.5 million at the end of September
by, 2012-12-05
Total gross written premiums of the Kosovo insurance industry in the first nine months of 2012 amounted to EUR 63.34 billion, representing an increase of 7.86% over the corresponding period in 2011, while the value of paid claims totaled EUR 21.6 million, or 9.5% more y-o-y, as the Central Bank of Kosovo (CBK) informed. These values were generated by 13 insurers who sold over 578 thousand policies in the analyzed period.
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img_lead_30615.3% growth y-o-y for MOLDAVIAN insurance market
by, 2012-12-05
The first nine months of this year marked for Moldavian insurance market, a total volume of gross written premiums of MDL 785.5 MDL (EUR 50.9 million), up 5.3% compared with January-September 2011 - according to preliminary data centralized by the National Commission of Financial Market (NCFM).
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img_lead_3062SERBIA, 3Q2012: Currency fluctuations affected the market rates
by, 2012-12-05
As in the case of Hungary, Poland, Romania or other insurance markets that are not a part of the Eurozone, or which have pegged the national currencies to the euro - all indicators regarding the Serbian market were affected in 3Q2012 by the devaluation of RSD in relation to EUR.
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img_lead_3046UNITY Re: Strong growth expected in the Russian reinsurance business
by, 2012-11-30
Reinsurance premiums written by the Russian specialized carriers reached RUB 6.12 billion (EUR 149 million) in 1H2012, up by 29.7% y-o-y, show the results published by the Russian Commission for the Supervision of Financial Markets. At the same time, total reinsurance premiums related to inward risks undertaken by the Russian re/insurers reached a total of RUB 22.98 billion (EUR 556 million), increasing by 28.5% y-o-y. "We can expect that by the end of the year reinsurance premiums written will reach RUB 40-45 billion, showing a strong growth," stated Dimitri GARMASH, Deputy CEO, UNITY Re.
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img_lead_3045UKRAINE: Creation of the Life Insurance Guarantee Fund, a step forward for the protection of policyholders
by, 2012-11-30
Last week, the National Commission of Financial Markets in Ukraine put into public debate a draft law for the Life Insurance Guarantee Fund's organization and functioning rules. The structure was established in order to protect policyholders rights in the event of life insurance insolvency.
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img_lead_3067GREECE: Government plans to tax collective pension-saving plans
by, 2012-12-06
The situation regarding the intentions of the Government to tax the premiums paid by an employer to an employee under a collective pension-saving plan as income remains uncertain.

img_lead_3041TRIGLAV awarded for its outstanding communication skills and training system
by, 2012-11-29
Zavarovalnica TRIGLAV won for the fourth consecutive year the The TOP 10 - Training Management award granted every year by Planet GV and the Sofos Institute of Training Management to to ten Slovene companies and organisations which systematically invest in their employees' knowledge, skills and training.

img_lead_3066GREECE: Fear of a new "HAIRCUT" on state bonds sounds the alarm on the Greek insurance market.
by, 2012-12-06
The Association of Insurance Companies in Greece wants to evaluate the impact of repurchasing Greek state bonds in order to create the conditions which will minimize losses.

Credit Europe Asigurari
ARMENIAN insurance companies pay 72% of fees in compensations in 9 months

AZERBAIJAN to pass new capital requirements for insurers in 2013

AZERBAIJAN: Management of AzRe Tekrarsigorta replaced

BULGARIA: GENERALI to merge health insurance unit into general insurer

CROATIA 11-months new car sales drop 23%

Life insurance rates for women to become equal to those for men in ESTONIA

ROMANIA: BCR Asigurari de Viata VIG posts EUR 7.6 million 9 months gross profit

VZP, the third largest company in the CZECH Republic, has new chiefs

Zavarovalnica MARIBOR sale: SLOVENIA under pressure

Long term... short

In this era of global financial crisis, the pressure put on the insurers, whether it is coming from shareholders or is driven by higher costs and falling sales, is set to rapidly change priorities and dilute good intentions in terms of tracking rapid gains at the expense of healthy gradual developments. And to better understand this phenomenon all we need to do is look at how long-term planning works for each and every one of us.
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BCR Asigurari de Viata
Metropolitan Life

alexandr_zaletov1_80Alexandr ZALETOV
Deputy Chairman of the Council of the League of Insurance Organizations in Ukraine and Editor in Chief, Insurance TOP Magazine

A new Law "On insurance" is about to bring radical changes on the insurance market and among the players on the insurance market in 2012. All participants on the insurance market together with representatives of the legislative bodies are discussing the draft of the new law, which will govern the insurance sector in the future. Currently, the law draft is at the second reading in Ukraine's Parliament. The first version of the amendments on the law draft was registered in Parliament on December 19, 2011.
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Kazakhstan 3Q2012
Kosovo 3Q2012
Moldova 3Q2012
Serbia 3Q2012




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