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XPRIMM News No. 217, February 28, 2013

Insurance Newsletter, No. 217, February 28, 2013

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img_lead_3312The first statistical report on 30 motor insurance markets to be launched at IIF 2013 - Istanbul
by, 2013-02-28
XRPIMM Group will publish a new magazine - XPRIMM Motor Insurance Report - CEE, Turkey & CIS - the first European specialized publication dedicated to the motor insurance markets in 30 countries. The magazine will be officially launched on Monday, March 4, during the "Motor insurance - the road towards profitability" conference in Istanbul. The publication includes a wide array of statistical data regarding the motor insurance segment, presented both regionally and separately for each country, for 2011 and the first half of 2012.

img_lead_3307The first increase of the Romanian insurance market since the crisis has set in
by, 2013-02-28
In 2012, the insurance companies activating on the Romanian market reported business of approximately RON 8.5 billion (the equivalent of EUR 1.9 billion), increasing by RON 560 million in absolute value compared to 2011, according to preliminary data published by INSURANCE Profile. This is the first annual increase of the Romanian insurance market after the beginning of the financial crisis. The market had reached a maximum historical value of RON 8.94 billion (EUR 2.44 billion) in 2008 and it decreased to RON 8.87 billion (EUR 2.09 billion) in 2009, RON 8.3 billion (EUR 1.97 billion) - 2010 and RON 7.8 billion (EUR 1.8 billion) in 2011.

img_lead_3308ALLIANZ: Constant profitability level in CEE, despite the weak economic development across the region
by, 2013-02-28
EUR 3.7 billion in revenues and EUR 296 million operating profit: these are the main coordinates of the ALLIANZ results for 2012 in Central and Eastern Europe, where the German insurer in active on the markets of Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Slovakia and Ukraine. The 2012 results are in line with those of the previous year and with the Group's expectations, "especially considering the slow growth and the economic dependency of CEE on Western Europe," as Manuel BAUER, Member of the Board of Management of ALLIANZ SE commented.

img_lead_3287MARSH & MCLENNAN FY2012: Net income up 18% y-o-y to USD 1.17 billion
by, 2013-02-26
MARSH & MCLENNAN Companies reported for the fourth quarter 2012 a net income of USD 259 million, representing a 1.2% increase y-o-y. For the full year 2012, the same indicator was USD 1.17 billion, up by 18.4%, from USD 993 million reported for the FY2011.The consolidated revenue in 4Q2012 stood at USD 3 billion, representing an increase of 3.2% as compared with 4Q2011. For the FY2012, the total revenue was USD 11.92 billion, up by 3.5% y-o-y.

img_lead_3299RUSSIA: Life insurance companies in Russia earned USD 1.8 billion in 2012
by, 2013-02-28
The life insurance market in Russia has increased by 50% over the past year, reaching USD 1.8 billion, as announced by the local Association of Insurance Companies. Over 57% of the contracts signed during 2012 account for insurance policies associated with bank loans. A percentage set between 60-90% of written premiums for these policies represents bank fees, while the majority of sales came from employees, a factor that allows the insured to negotiate their own terms.

img_lead_3309Steady performance in turbulent times for CROATIA Osiguranje
by, 2013-02-28
CROATIA Osiguranje Group, one of the largest and oldest insurance firm in the Balkans, reported for the financial year 2012 a net profit of HRK 110.3 million (EUR 14.6 million) which is an increase of 0.6% y-o-y. The value of gross written premium amounted to HRK 3.16 billion (EUR 419 million), down 2.5% from the year before.

img_lead_3306The outland business of ten Romanian insurers amounted to EUR 85 million in 2012
by, 2013-02-28
In 2012, ten Romanian insurance companies reported a total underwritings volume of RON 379 million (EUR 85 million) across the border, representing 4.5% of the Romanian insurance market, according to the preliminary results published by INSURANCE Profile. The value increased by RON 100 million (EUR 22.4 million) as compared with 2011.

img_lead_3305AZERBAIJAN: Automated bonus-malus system for MTPL clients
by, 2013-02-28
The Compulsory Insurance Bureau in Azerbaijan announced the elimination of manual entry of the historic of claims in MTPL. Thus, the application of penalty or bonus points for vehicle owners in Azerbaijan will be automated.

transsibreRUSSIA: 9% growth for TRANSSIB Re in 2012
by, 2013-02-28
TRANSSIB Re, one of the top reinsurers from Russia and the CIS region, posted EUR 17.5 million in reinsurance premiums over the past year, according to a press release published by the company. The reinsurer's net reported premiums have reached a value of EUR 13 million, 9% more than in 2011 amid growing retention capacity and lower volume of crediting.

img_lead_3291GREECE FY 2012: Safe investments lead to losses
by, 2013-02-26
With the total GWP reaching EUR 4.3 billion and a 10.71% drop in comparison with the previous year, one can say that the market is in serious trouble also for 2013. The total non-life gross written premiums reached EUR 2.37 billion. From EUR 2.69 billion in 2011 the fall stopped at 11.76%.

img_lead_3290SLOVAKIA, 3Q2012: Insurance market down by 0.7% to EUR 1.58 billion
by, 2013-02-26
The Slovak insurance market continued to slow down in January-September 2012, the total GWP realized by the local insurance companies totaling EUR 1.58 billion, down by 0.67% y-o-y, according to the financial figures published by the Slovak Insurers Association - SLASPO.

img_lead_3289TURKEY: Motor insurance lead the way in 2012
by, 2013-02-26
With motor insurance lines working as a locomotive, the Turkish insurance market will set the course for even higher picks in 2013. The total GWP for the year 2012 was EUR 8.41 billion, a change by 20.36% in comparison with 2011, according with the data published by the Association of Insurance companies in Turkey.

AEGON announced rising profits and focus on CEE
Hurricane Sandy pushed the AIG 4Q2012 figures in red
MetLife FY2012 net income drops 80%
P&C Reinsurance boosted SWISS Re's net profit by 61% to USD 4.2 billion
ING Group to cut 2,400 jobs in Europe by the end of 2015
Lower net income, but higher revenues for AXA in 2012
GROUPAMA posts EUR 589 million full-year loss
Profit of USD 4.1 billion for ZURICH in 2012. FARMERS Re GWP up 24% y-o-y
KBC Group posts strong FY2012 net profit

Credit Europe Asigurari
ACHMEA undertakes legal steps against SLOVAK Republic

AZERBAIJAN may cancel foreign capital limits in insurance market

BULGARIAN companies are "embarrassing" the GREEK insurance market

HUNGARY: Earthquake in Heves - damages in value of HUF 2,5 million

HUNGARY: GENERALI reported almost 26 thousand claims caused by snow and frost in the first two month of this year

KAZAKHSTAN develops 2 laws on natural and manmade disasters insurance

LATVIA: GJENSIDIGE Baltic posts LVL 4.1 mln in profit in 2012

LITHUANIA: Insurance market grows by 13.4% in January

Meteor blast impacts RUSSIA: Insurance coverage?

RUSSIA: Aircraft crash in Moscow will cost SOGAZ USD 28.05 million

RUSSIAN motor insurers demand higher rates as lawmakers look to increase liability coverage

SLOVENIA: S&P lowers ratings on TRIGLAV to BBB+

TURKEY: Three global insurers in bid for YAPI KREDI Sigorta

UK insurance group AVIVA agrees to sell RUSSIAN life and pension arm

UKRAINE: ASKA insures Chernobyl nuclear power plant

The first step

There are only three days to go until the starting date of the International Insurance Forum 2013 in Istanbul. Focusing on the motor insurance issues, the event will offer to its participants the opportunity of being the first readers of a new editorial premiere: the XPRIMM MOTOR INSURANCE REPORT, containing the most relevant information regarding the motor insurance business of 30 emerging markets from the CEE, RUSSIA&CIS and SEE regions.
Read More




guy_hudson80Guy HUDSON

Reinsurers that protect Insurance Companies in CEE on an excess of loss basis are extremely concerned about the rising bodily injury claims since, once the Insurers retention has been exhausted on one claim "event", all further claims burden falls to the reinsurers and, in certain countries these can be claims without limitation.
BCR Asigurari de Viata
Metropolitan Life

Turkey FY2012
Greece FY2012
Slovakia 3Q2012


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
Serbia Cyprus
Slovakia Greece
Slovenia Turkey



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


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