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XPRIMM News No. 218, March 14, 2013

Insurance Newsletter, No. 218, March 14, 2013

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img_lead_3380PZU 2012: Net profit up by 38.8%
by, 2013-03-14
The net profit of the PZU Group (according to IFRS) in 2012 amounted to EUR 795.6 million, 38.8% up y-o-y, while ROE's indicator value was of 24.0%, 5.7 p.p. higher than in 2011. Gross written premiums from direct and indirect insurance for 2012 amounted to EUR 3.97 billion (PLN 16,243.1 million), 6.3% up y-o-y in national currency. The increase in GWP resulted from the growth in sales, especially of life insurance products (+10.4%).

img_lead_3382TRIGLAV 2012: 55% increase in profit despite the poor economic environment of Slovenia
by, 2013-03-14
Both TRIGLAV Group, as a whole, and Zavarovalnica TRIGLAV, the Group's main company, posted higher profits for 2012 than for 2011. While TRIGLAV Group earned EUR 89.7 million in profit before tax (55% more y-o-y), Zavarovalnica TRIGLAV reported a EUR 65.6 million gross profit (21% up y-o-y).

img_lead_3376Unaffected by recession, the Bosnian market increased 3.5% y-o-y
by, 2013-03-14
In FY 2012, the total GWP of BiH insurers totaled EUR 258 million, which is 3.5% more than in FY2011. By insurance classes, "on the life segment, the premiums growth was of about 8%, while on the general insurance segment it was of nearly 2.7%," pointed out Samir OMERHODZIC, Director, Insurance Agency of Bosnia and Herzegovina (AZOBIH) at the International Insurance Forum 2013.
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img_lead_3377Montenegrin market continued its upward trend: over 3% growth in 2012
by, 2013-03-14
In the financial year 2012, the gross premiums written by the Montenegrin insurers amounted to EUR 66.8 million, representing a very slight increase, of only 3% y-o-y, as the Insurance Supervision Agency reported. Compared with FY2011, non-life insurance premiums grew by almost 3 % (to EUR 57.3 million), while the total life insurance premiums grew by 5% (to EUR 9.5 million).
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img_lead_3383TURKEY: Shaping the insurance and pensions market in a 10-year plan
by, 2013-03-14
According to a 10-year growth plan presented by the Insurance Association of Turkey, the Turkish market should become until 2023 one of the top insurance and pension markets in the world and the biggest in the region. The plan envisions a quadruplication of the non-life insurance market, to about EUR 26.6 billion, and a raise of the life and pensions market up to EUR 174 billion.
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img_lead_3384UNIQA Group returned to profit in 2012
by, 2013-03-14
According to the FY 2012 preliminary results, the Austrian insurance group UNIQA recorded earnings before taxes of EUR 205.4 million, "marking a return to profitability after a loss due to significant non-recurring effects in the previous year (EUR -322.3 million in 2011)", while the consolidated profit (after taxes and minority interests) amounted to EUR 130.2 million (EUR -245.6 million in 2011).
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img_lead_3386VIDEO: The Croatian insurance market is almost ready for the EU accession
by, 2013-03-14
"Although we are witnessing a slight decrease in premium production for forth consecutive year, the Croatian insurance market remains sound and stable. Considering the general economic perspectives, we are not really projecting growth for 2013, but there are some signs of recovery and we are expecting a steady evolution," stated Hrvoje PAUKOVIC, Director of the Croatian Insurance Bureau for XPRIMM.TV.
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img_lead_3387VIDEO: Insurers should be aware that maintaining low tariffs for MTPL is very risky in the long run
by, 2013-03-14
"The Turkish insurance market is not doing so well as the country's economy as a whole, although it is usually expected that the growth dynamics should be similar," Muzaffer AKTAS, Managing Director with WILLIS Re told XPRIMM.TV at Istanbul. "Yet, the market's perspectives are huge, which is why over 70% of the share capital of Turkish insurers is now foreign-owned. There is a tremendous growth field for the foreign, European giants which have already exhausted the growth resources in their own markets," explained AKTAS.

img_lead_3392Romania: ALLIANZ-TIRIAC business stabilized in 2012, while the investment result saved its profit
by, 2013-03-14
After double-digit drops in premiums in 2010 and 2011, ALLIANZ-TIRIAC revenues stabilized in 2012, managing even a slight increase of 0.3%, helped by the positive evolution of life insurance and retail sales on all non-life lines. The company ended the year with gross written premiums worth RON 908.9 million.

img_lead_3379GREECE: Getting insured or handing over the license plates?
by, 2013-03-14
Starting 14th April drivers will have to choose whether they will buy an MTPL insurance policy or give up their vehicles registration plates.
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img_lead_3385SERBIA: Slovenian TRIGLAV would like to buy DDOR COMPANY in Serbia. DDOR representatives say: "We are not for sale"
by lela.sakovic, 2013-03-14
President of the Management Board of the Slovenian TRIGLAV, Matjaz RAKOVEC, said this company was interested in buying the Croatian CROATIA Insurance and the Serbian DDOR. After only several days, this statement caused a stock price jump of TRIGLAV on the Ljubljana Stock Exchange. The General Manager of DDOR Company, Christian Otto NOE, characterized this statement as a "creation of market rumors before serious business intention was expressed" and said that DDOR was not for sale.
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img_lead_3381SCOR's premiums jumped by 25% in 2012
by, 2013-03-14
The French reinsurer SCOR reported a net income of EUR 418 million during the FY2012, up by 26.7% y-o-y, while the gross written premiums increased by 25.2% to EUR 9.51 billion over 2011, helped by a strong property & casualty reinsurance business and by the successful integration of the TRANSAMERICA Re business.
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achmeaACHMEA has booked a net profit of EUR 453 million in 2012. "Efficiency increases and cost savings remain high on our agenda"
by, 2013-03-14
"Despite the continually shifting market and economic circumstances", the Dutch Insurance Group ACHMEA reported for the financial year 2012 a net profit of EUR 453 million, compared with the EUR 208 million losses in 2011. The company has set a target for a EUR 200 million reduction of costs by the end of 2015.

img_lead_3388GREECE: Over EUR 5 million in paid claims after the heavy rainfall in late February
by, 2013-03-14
The paid claims due to the heavy rainfall that devastated the region of Attica and the whole territory of Greece by the end of February 2013 will be more than EUR 5 million, according to the first data published by HAIC.

img_lead_3393Profitability in motor insurance is an achievable goal
by, 2013-03-14
Motor insurance professionals, top representatives of the national professional bodies and supervising authorities from 25 countries joined in Istanbul, on March 3-4, for the 3rd edition of the International Insurance Forum.

BiH, FY2012: 29% of claims paid by insurers in MTPL insurance were non-material. The market will be liberalized
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The Turkish insurance market is facing an explosion of bodily injury claims
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Vladan MANIC: Insurance fraud, a major problem for the Serbian market, with losses of EUR 2-4 million/year
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Russian car crash victims chased for their litigation rights by lawyers
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Macedonian supervisory authority is setting up the MTPL liberalization
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Muzaffer AKTAS: Motor insurance is like sailing in dangerous waters
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Roumen GALABINOV: The MTPL limit of liability increased from BGN 60,000 to BGN 2 milllion since 2002, while the average premiums increased 3 times
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Turkey: Lawyers are looking for road accidents victims to represent
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The MTPL law in Croatia will bring tables of indemnity to the bodily injuries compensation process
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Montenegro is ready for MTPL rates liberalization
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Credit Europe Asigurari
ARMENIA hails GEORGIAN experience in health insurance


AZERBAIJAN: Growth rate of insurance market can fall more than 2 times in 2013

AZERBAIJAN: Insurance premiums up 45.7% in January

EUROHOLD BULGARIA cons after-tax loss widens to EUR 3.8 million in 2012

Foreign capital contribution in RUSSIAN insurers declines

GREEK FinMin considers imposing compulsory property insurance

KAZAKHSTAN: AMANAT Insurance intends to make major transaction worth KZT 3.4 billion

LITHUANIA: Central Bank suspends insurance license of INDUSTRIJOS Garantas

LITHUANIA: ERGO establishes ERGO Insurance SE

MACEDONIA: VIG gets regulatory nod for QBE takeover bid

RUSSIA: BIN Insurance insures antique objects

SLOVENIA: KBC completes sale of 22 pct stake in NLB

TURKEY: Insurance sector under close investor watch

TURKMENISTAN introduced compulsory ecological insurance

What makes a market's attractiveness?

In the emerging insurance markets of the CEE and CIS regions, motor insurance is not only the main non-life business line, but almost without exception, the main component of the entire insurance portfolio. Moreover, besides this regional characteristic, motor insurance remains, because of its large addressability and contribution to the cash flow, a "must have" item for any non-life insurance undertaker. Therefore, analyzing the motor insurance business' status and perspectives may be instrumental for any decision regarding the entrance on a new insurance market.
So, what makes a motor insurance market attractive for the foreign investors?
Read More




marko_culibrk80Dr Marko CULIBRK
General Manager
DUNAV insurance company

There are 28 insurance companies operating in the Serbian insurance market- some of them big foreign insurance companies and financial organisations and funds. Nevertheless, the Serbian insurance market's potential is huge, as insurance premium account for 80 EUR per citizen, which is far below the average in the developed European countries. As such, there is room for further development and appearance of foreign insurance companies can only have a stimulating effect on domestic insurers.
BCR Asigurari de Viata
Metropolitan Life

Bosnia FY2012
Montenegro FY2012


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:
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details:


img_lead_3391Two new members appointed in the PZU Board
by, 2013-03-14
The Supervisory Board of PZU SA appointed on 15 March 2013 Barbara SMALSKA and Darius KRZEWINA as members of the Board of PZU SA."Changes in the composition of the Board of PZU SA are associated with the transformation model of the PZU Group. According to the new strategy PZU 2.0, group should be focused on the customer organization. Strengthening the Management with such experienced managers is the realization of this ambition, "- said Andrzej KLESYK, CEO of PZU SA.

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



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