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XPRIMM News No. 219, March 28, 2013

Insurance Newsletter, No. 219, March 28, 2013

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img_lead_3440POLAND, FY 2012: New challengers in the market rankings report outstanding high growth rates
by, 2013-03-27
The significant appreciation of the Polish currency in 2012 in relation to the euro (~8%) pushed the y-o-y growth rates of the Polish insurance market in the double digit territory, confirming the trend observed after the first nine months of 2012. Thus, GWP amounted to EUR 15.32 billion, 18.4% up y-o-y. In national currency, the nominal growth rate was of 9.6% y-o-y.

img_lead_3439ROMANIA, FY2012: Timid attempt to return to the upward trend
by, 2013-03-27
After four consecutive years of decline, the insurance sector recorded the first increase in late 2012. Of course, with only EUR 30 million above the insurance business since 2011, we can only speak of a statistical increase because the proper term to characterize the market evolution last year could be 'stabilization'...
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img_lead_3432ROMANIA: In 2012, bodily injuries and death claims increased by 23% to RON 328 million
by, 2013-03-27
Although the number of people which died or suffered severe injuries as a result of car accidents is currently decreasing, the MTPL paid claims are increasing every year in Romania. "Both the sums and the weight in total claims of the indemnities paid for bodily injuries and death continued to increase in the past years, and this tendency is expected to maintain in the future", stated Adrian MARIN, Member of the Managing Board, UNSAR (the Romanian Insurers Association).
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img_lead_3433The average paid claims/income ratio for car accidents' victims is four times higher in Romania than in the EU
by,, 2013-03-27

In Romania, the average claim paid per person in case of death in a car accident reaches EUR 41,000, according to data published in the paperwork "Guide for Solving moral claims", edited by FPVS - the Street Victims Protection Fund in Romania. This sum is requested on average by 3.3 persons. Moreover, in case of bodily injury, the average claim reaches EUR 5,200.
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img_lead_3442HUNGARY, FY2012: Higher aggregate profitability despite the business volume shrinking
by, 2013-03-27
The Hungarian insurance market didn't succeed to maintain the upward trend that seemed to emerge at the end of the first quarter of 2012. Thus, in the next quarters the market volume continuously decreased as compared with the correspondent periods of the previous year, although the appreciation of about 6.5% of the Hungarian currency in relation to the Euro somehow flattened the downward curve.

img_lead_3441MOLDOVA: Insurers ended 2012 with a business volume of EUR 70 million
by, 2013-03-27
For the second year in a row, the Moldovan insurance market reported a business volume exceeding MDL 1 billion. Thus, GWP amounted to MDL 1.09 billion (EUR 69.9 million), an increase of over 8% compared with December 2011, as shows the preliminary data gathered by the market's supervisory authority. In European currency, the insurance market grew by over 13%, statistically helped by the Moldovan currency appreciation related to the euro.
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img_lead_3431ALLIANZ SE acquires YAPI KREDI Sigorta, becoming the number 1 non-life insurer in Turkey
by, 2013-03-27
ALLIANZ SE has officially announced the acquisition of the Turkish YAPI KREDI Sigorta, the 5th largest property and casualty insurer in the country, including its subsidiary YAPI KREDI Emeklilik, the life and pension business, ranked 4th. The deal also includes a 15-year exclusive distribution agreement with the YAPI KREDI Bank. "The transaction with YAPI KREDI is a unique opportunity to move into a market-leading position in one of Europe's key growth markets," said Oliver BATE, member of the board of management of ALLIANZ SE.
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img_lead_3435GENERALI 2012: Operating result in excess of EUR 4.2 billion and total premiums at EUR 70 billion
by, 2013-03-27
Gross premiums written by the GENERALI's subsidiaries across the Central and Eastern Europe region amounted to EUR 4.1 billion in 2012, of which EUR 1.7 billion for life insurance and EUR 2.4 billion for the property & casualty lines. The CEE business represented 4% of the Group's life insurance GWP, while for the property & casualty insurance segment, the region's contribution to the overall GWP volume was of 11%.
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img_lead_3437Serbia - Kosovo: Expensive auto insurance for crossing the administrative line
by, 2013-03-27
According to estimates from the Centre for Regionalism, the cost of goods and passengers transfer across the administrative line between Serbia and Kosovo, only in respect of insurance, amounts to about EUR 35 million per year. This organization monitors the implementation of the agreement on the freedom of movement between Belgrade and Pristina, ratified in late 2011.
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img_lead_3438Retail International Division improved all TALANX's key indicators in FY2012
by, 2013-03-27
The gross premiums written by the Germany's third biggest insurer TALANX increased by 13% in 2012 compared with the previous year, up to EUR 26.7 billion. Net premiums earned also rose by 13 percent to EUR 22.0 billion, while the Group net income went up by 22% y-o-y, to EUR 630 million.

img_lead_3436TRIGLAV - 2012 Advertiser of the Year in Slovenia
by, 2013-03-27
For the second time in a row, Zavarovalnica TRIGLAV won the traditional 'Advertiser of the Year' award presented by the Slovenian Advertiser Association (SAA). One of the key pleas put forward by the jury was innovation in reaching target groups and the use of media, as well as the contribution to the development of the advertising profession and adherence to codes of professional self-regulation.

img_lead_3434Kazakhstan: The unique insurance market turns into reality
by, 2013-03-27
After the three member states (Russia, Belarus and Kazakhstan) founded the Customs Union in the Eurasian Economic Community, one necessity arose: to unify the legislation of these three countries also with regard to the insurance sector.
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img_lead_3401RUSSIA: Higher concentration and less reinsurance companies - the main market trends profile
by,, 2013-03-21
"The increase of the concentration degree and the reduction of the number of companies carrying out exclusively reinsurance operations are among the most important trends in the Russian reinsurance market", said at the opening of the International Reinsurance Conference in Moscow Ela PLATONOV, Deputy Chairman of the Reinsurance Committee of the Russian Union of Insurers.
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img_lead_3400RUSSIAN insurers ceded more premiums to foreign reinsurers than to the domestic undertakers
by, 2013-03-21
The Russian reinsurance market reached a 0.7% share of the global reinsurance market, with a premium volume touching USD 1.4 billion, said at the International Reinsurance Conference in Moscow Victor NIKOLISKII, Deputy Managing Director, STANDARD & POOR'S.
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img_lead_3430GENERALI appoints Luciano CIRINA as new CEO of GPH
by, 2013-03-27
Italy-based Assicurazioni GENERALI has appointed Luciano CIRINA as CEO of GENERALI PPF Holding, the insurer's company for Central and Eastern Europe. Luciano CIRINA will leave his current position (as CEO of GENERALI Holding Vienna), which will be assumed by the company's current CFO, Peter THIRRING.
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comisia_europeanaKlaus WIEDNER replaces Van HULLE at the Pensions and Insurance Unit's leadership
by, 2013-03-27
The European Commission has appointed Klaus WIEDNER as head of its Pensions and Insurance Unit in the Internal Market Directorate General. He will replace Karel Van HULLE who has formally stepped down on February 28.

Credit Europe Asigurari
ARMENIA to adopt pension insurance in 2014

AZERBAIJAN: GUNAY Sigorta insurance company increases capital by half

CROATIAN insurers Jan-Feb gross written premiums down 0.7%

CZECH REPUBLIC: The half of all stolen cars is older than six years

SLOVENIA, 2012: insurance market decreased 2.7% y-o-y

SWEDBANK P&C Insurance written premiums at EUR 42.4 million in Baltics in 2012

TURKEY: Under-insured for earthquakes

UKRAINE to create Life Insurance Payments Guarantee Fund by June, according to action plan

VIG adapts segment reporting by regions

The future begins ... yesterday

A new financial supervisory authority is under construction in Romania. In the CIS countries, an interstate insurers' union was created with the main purpose of improving the Eurasian Economic Community's insurance markets coherence. New insurance laws are on their way to enforcement in the countries of the ex-Yugoslavian space. Across the entire CEE region sustained efforts are made to find legislative solutions to keep under control the moral claims phenomenon. And all these are only some facts picked up from today's news. The number of changes in preparation is much higher. In this context, what can be said about the future of the industry? Read More


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franz_fuchs80Franz FUCHS
Member of the Managing Board VIG
President of the Supervisory Council of ASIROM VIG

I think that when it comes to the MTPL business our objective is the security of our insured because, if we are leaking money due to highly insufficient premiums, sooner or later the financial solidity of the insurance company will become questionable.
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BCR Asigurari de Viata
Metropolitan Life

Poland FY2012
Hungary FY2012
Romania FY2012
Moldova FY2012


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:

AIIF - 2013 Azerbaijan International Insurance Forum
June 20-21, 2013
Baku, Republic of Azerbaijan
Organizers: Azerbaijan Insurers Association and Media XPRIMM
john_turner80John TURNER
Director Life & Health

For a while now there has been additional legislation on planning within the EU to bring together the remaining areas of anti-discrimination legislation, the two key areas which for the insurance industry are age and disability. It is clear to most stakeholders that the industry will survive uni-gender pricing and benefits, even if few, if any, policy holders will benefit, but the loss of age and disability (or health, depending on how you define it) would have catastrophic consequences for the private insurance industry.

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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