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XPRIMM News No. 216, February 14, 2013

Insurance Newsletter, No. 216, February 14, 2013

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img_lead_3268Profitability in motor insurance - under debate in Istanbul, at IIF2013
Only 9 days left for late registrations!

by, 2013-02-14
Every time the non-life insurers’ profitability issue comes under debate in the emerging markets of the CEE and CIS regions, discussion inevitably focuses on the profitability, or the lack of it, on the motor insurance lines. Considering their over 50% share in the regional portfolio, it is obvious that motor insurance classes need a special attention. IIF 2013 will bring into the spotlight this issue, benefitting from the presence of a large array of reputed speakers, as well as of a new editorial premiere branded XPRIMM: the Motor Insurance Report – CEE, Turkey & CIS.

img_lead_3256Torbjorn MAGNUSSON elected Vice-president of INSURANCE EUROPE
by, 2013-02-14
Torbjorn MAGNUSSON, President and CEO of Sweden's If P&C Insurance, has been elected, for a period of three years, vice-president of INSURANCE EUROPE, the European insurance and reinsurance federation.

img_lead_3261PZU: Over 3,000 jobs put in question until June 2013
by, 2013-02-14
Over 3,000 PZU employees will see their job put under the question mark in the first half of 2013, as according to the previously announced restructuring plan, PZU SA and PZU Zycie SA will reduce their staff by 630 positions, while for other 2,515 employees the company intends to change the working conditions and wages.

img_lead_3259VIDEO: In 2013, GOTHAER will invest EUR 8 million in Romania
by, 2013-02-14
Last week, GOTHAER Group officially announced their entrance on the Romanian insurance market, after buying the majority stake of PLATINUM Asigurari Reasigurari. For the company's development, the Germans will invest EUR 15 million on a medium term, starting with EUR 8 million this year. For the next 5 years, GOTHAER Asigurari Reasigurari, as the company was rebranded, aims at reaching a business volume of EUR 60 million, at extending its activity in the main urban areas and at creating 250 new jobs. The company will focus on the retail segment and SMEs, with insurance products and services clearly differentiated from the classic ones and pioneer products for the emerging markets, such as renewable energy.

img_lead_3253CZECH REP., 2012: CP unveiled insurance frauds in amount of EUR 17 million
by, 2013-02-14
CESKA Pojistovna (CP), the largest insurance company in the Czech Republic, reported insurance frauds amounting to almost CZK 422 million (close to EUR 17 million) last year.

img_lead_3254MUNICH Re, FY2012: Profit up 4.5 times to EUR 3.2 billion
by, 2013-02-14
MUNICH Re, the world's biggest reinsurer, reported that its profit increased by almost fivefold in 2012, to EUR 3.2 billion (previous year: EUR 0.71billion) on lower losses from natural catastrophes. This value exceeds the estimate made by the company in November last year - EUR 3 billion.

img_lead_3262CROATIA, FY2012: The fourth consecutive year-end in red
by, 2013-02-14
As in previous reporting periods, the activity of Croatian insurers is still influenced by the macroeconomic indicators, such as the economic growth, unemployment or the real income. Last year, 12 out of the 27 insurers recorded decreases in GWP. Practically, in 2012, the Croatian insurance market totaled HRK 9.04 billion (EUR 1.19 billion), 1.17% down from a year earlier, according to the financial data published by Croatian Insurance Bureau (HUO).

img_lead_3252AON plc posts 1% rise in net profit in 2012
by, 2013-02-14
AON plc, the global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services, reported for the 2012 financial year, a revenue growth of 2%, to USD 11.5 billion. Organic revenue growth was 4%, partially offset by a 2% hit from foreign currency exchange rates. By divisions, Risk Solutions total revenue increased 1% to USD 7.6 billion and HR Solutions total revenue increased 4% to USD 3.9 billion.

img_lead_3251ACE FY2012: Profit rises despite SANDY losses
by, 2013-02-14
The Swiss-based P&C insurer ACE increased its profit by 13% to USD 2.6 billion (USD 2.5 billion) in 2012, despite USD 502 million (USD 480.5 million) of pre-tax losses due to super-storm SANDY paid in the fourth quarter.

img_lead_3264LITHUANIA, FY2012: Spurt in life insurance raised the entire market
by, 2013-02-14
After shrinking in the first quarters of 2012, Lithuania's life insurance sector gained momentum and recorded an annual increase of 2.5% towards the end of the year. Last year the entire insurance market grew by 5.2%.

img_lead_3255 EUROINS Insurance Group sees GWP growth of 27.1% in 2012
by, 2013-02-14
For the financial year 2012, the Bulgarian insurance group EUROINS reported a 27.1% increase in GWP, to EUR 151.4 million, as shown by the preliminary non-audited data published by the group.

img_lead_3260REP. MOLDOVA: "From the 1st of February, MTPL and Green Card insurance policies will be issued online. Those with claims will pay up to two times and half more."
by,, 2013-02-14
From the 1st February, the compulsory MTPL and Green Card insurance policies will be issued only in electronic form, according to the decision taken by the Supervisory Authorities of Moldova. Discussions for the implementation of such a system began in 2009 due to several delays provoked by technical and institutional aspects. According to Vladimir STIRBU, General Director of the Insurance Supervisory Authority of CNPF, the processing of an insurance contract in normal conditions takes about one minute. Also, those who buy the MTPL insurance policy will pay according to their risk profile which will be determined by the number of accidents they produced over the previous year.

img_lead_3258ASTRA aims for Latin America with a higher rating than Romania
by, 2013-02-14
ASTRA Asigurari recently announced that it will continue its plans to enter various foreign markets by expanding its activity in Latin America. The first step will be the Ecuador, and in the next two years, the insurance company will develop its business in Peru, Colombia and Bolivia. Thus, the insurer confirms the strategy it initiated three years ago by entering Ukraine, then Germany and Slovakia. The value of the investments made in ASTRA's foreign branches is approximately EUR 8 million.

img_lead_3263ALBANIAN insurers FY2012 GWP up 7.4% y-o-y
by, 2013-02-14
Albanian insurance companies posted combined gross written premiums of ALL 8.9 billion (EUR 64 million) at the end of 2012, or 7.38% more y-o-y, according to the financial data published by the Albanian Financial Supervisory Authority (FSA). Despite this increase, during FY2012, the number of signed insurance contracts was 1,057,821 or 19% less compared with year 2011.

img_lead_3265KOSOVO, FY2012: CBK reported a 4.4% y-o-y increase in GWP to EUR 81.5 million
by, 2013-02-14
At the end of 2012 Kosovo's insurers posted total gross written premiums of EUR 81.5 million, up 4.4% y-o-y, according to the financial figures published by the Central Bank of the Republic of Kosovo (CBK). During 2012, the number of policies sold by insurance companies was 757.2 thousand, representing an annual increase of 25%.

img_lead_3257Theodoros BARDIS is the new General Manager of GARANTA Asigurari
by, 2013-02-14
Theodoros BARDIS was appointed General Manager of GARANTA Asigurari. He replaces the former leader, Gerasimos GAZIS, who remains a Member of the Managing Board. "GARANTA has always been a company that focused on bank-assurance, good risk management and profitability. We are going to keep all of the above aspects that are of major importance to our business. But at the same time we would like to become more open as a company and more sales oriented," stated Theodoros BARDIS, General Manager, GARANTA Asigurari.

Credit Europe Asigurari
ARMENIA to have export insurance company

AZERBAIJAN: Foreign investors can own 30% of local insurers

Billion-dollar insurance policy taken out for RUSSIAN museum

BOSNIA: ASA Insurance reports 2.2% premium growth in 2012

COFACE transforms BULGARIAN subsidiary into branch

CROATIAN insurers Jan gross written premiums rise 1.8% y/y

CZECH REPUBLIC: Audit in VZP - mistakes worth hundreds of millions

CZECH REPUBLIC: Insurance fraud up 27% at CZK 1 billion in 2012

Eight ARMENIANS arrested in alleged car insurance fraud scheme

Export insurance agency to be set up in ARMENIA

KAZAKHSTAN: insurance companies are introducing IT in business

LIOU wants to develop cooperation with Association of Taxpayers of UKRAINE

New chairman appointed to AZERBAIJAN Insurers Association

ROMANIA: ING Life Insurance unit 2012 gross profit surges

UKRAINE will help agrarians to insure corn, soya and sugar beet

UKRAINE: Insurance market could get mega-regulator

UZBEKISTAN: Insurance sector grows 2.5 times in five years

Love and ... Revenge?

Life insurers could see in Valentine's Day a good occasion for speaking about protecting your loved ones and their future financial stability. But we have chosen to use this opportunity for speaking about a "love - hate" relationship: the one established between motor insurers and their customers.
Read More

BCR Asigurari de Viata
Metropolitan Life




vitalie_bodea2Vitalie BODEA
General Director, MOLDASIG

We have started with 3 and now we are at 800 employees and a 30% share of the market. In the 10 years of the financing, MOLDASIG aims for returns and profit.
Croatia FY2012
Lithuania FY2012
Albania FY2012
Kosovo FY2012


6th Annual Bancassurance Forum
February 19th-20th, 2013
Barcelona, Spain
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
10% discount for XPRIMM Readers
For details:
Russian Insurance Forum 2013
February 20nd-21st, 2013
Marriott Grand Hotel, Moscow, Russia
Organizer: Adam Smith Conferences
Media Partner: XPRIMM Publications
February 27-28, 2013
Marriott Grand Hotel
Moscow, Russia
Organizer: IC ENERGY
Media Partner: XPRIMM Publications - Insurance&Pensions
For details:
International Conference on Agricultural Insurance, Reinsurance and Brokerage on CIS, Europe & Asia
March 4th-6th, 2013
InterContinental Hotel
Kyiv, Ukraine
Organizer: AgroInsurance International
General Media Partner: XPRIMM Publications
For details:
Russian Reinsurance Conference
March 19-20, 2013
President Hotel
Moscow, Russia
Organizers: All-Russian Insurance Association & Group "DELOVOY Format"
Media Partner: XPRIMM Publications - Insurance&Pensions
For details:
VII International Conference "Insurance in Central Asia"
April 11-12, 2013
Holiday Inn Hotel
Almaty, Kazakhstan
Organizer: INTERCONSULT Info
Media Partner: XPRIMM Publications - Insurance&Pensions
For details:
IX Annual International Risk Management Conference
April 18-19, 2013
Almaty, Kazakhstan
Organizer: EURASIA Insurance Company
Media Partner: XPRIMM Publications - Insurance&Pensions
For details:
VI Tashkent International Investment Financial Forum (TIIF 2013)
April 24-28, 2013
Tashkent, Republic of Uzbekistan
Organizer: SAIPRO
Media Partner: XPRIMM Publications - Insurance&Pensions
For details:
FIAR 2013 - The International Insurance - Reinsurance Forum
May 19-23, 2013
Sinaia, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details:


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

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