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XPRIMM News No. 221, April 25, 2013

Insurance Newsletter, No. 221, April 25, 2013

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img_lead_35609 Conferences and Workshops at FIAR 2013
by, 2013-04-25
The 16th edition of FIAR - International Insurance-Reinsurance Forum, taking place in Sinaia, Romania, will officially begin in less than a month. This year's edition will include a series of surprises regarding the events' Conferences and Workshops debating on the most important issues affecting the re/insurance companies.
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img_lead_3568The ASF Council starting the integrated financial supervision in Romania
by, 2013-04-25
On the 24th of April, the Romanian Parliament ratified, in the common assembly of the two Chambers, the management of ASF - the Financial Supervisory Authority. The new structure will begin its activity in May and it will take over the attributions and functions of CNVM - the Romanian National Securities Commission, CSA - the Insurance Supervisory Commission and CSSPP - The Private Pension System Supervisory Commission, authorities that will be dissolved.

img_lead_3566Are you interested in the insurance market of the Caucasus Region? Do not miss AIIF 2013!
by, 2013-04-25
Join the event that sets the trends and the new business lines on the insurance markets of the Caucasus Region. You can register now for the IV Azerbaijan International Insurance Forum (AIIF 2013), an important event in the insurance industry's calendar that brings together international audiences to showcase the opportunities and challenges facing industry practitioners. The event takes place in Baku, Republic of Azerbaijan between 20th - 21st of June 2013.
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img_lead_3510Sergei SARKISOV: A unique financial market will be created for Russia, Belarus and Kazakhstan
by, 2013-04-15
The unique economic market for Russia, Belarus and Kazakhstan must be functional until 2019, according to the authorities' plan. In this same period of time, various aspects connected to the unique financial market will also be unified, said Sergei SARKISOV, the President of the Congress of Eurasian Insurance Companies - EUROASIAN Insurance Union, during the Insurance Conference in Central Asia.
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img_lead_3561CYPRUS, FY 2012: Current economic status drives insurance companies over the cliff
by, 2013-04-25
According to data published by The Insurance Association of Cyprus, the 2012 total amount of GWP reached EUR 819.06 million - 2.65% less compared with the same period in 2011.
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img_lead_3563FYROM, FY 2012: Life and property, the 2012 stars of the insurance market
by, 2013-04-25
An almost 3% growth in GWP, to EUR 113.95 million, driven by the positive development of the property insurance and life insurance lines - these are the main 2012 coordinates of one of the smallest CEE markets, FYROM. According to data provided by the supervising authority, the main growth factors were: introduction of new innovative products, enlargement of the risk coverage, development of alternative distribution channels and broader insurance awareness of the potential policy holders.
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img_lead_3564SLOVENIA, FY 2012: Unit-Linked products push down the market figures
by, 2013-04-25
The Slovenian insurance market ended 2012 with a 2.6% decrease in written premiums, to EUR 2.03 billion, while the amount of paid claims grew by 7.6%, to 1.38 billion. The unit-linked life insurance line was the main driver of this negative evolution, recording a 14.9% decrease in GWP and an almost 54% augmentation of the paid indemnities volume. Moreover, the life insurance weight in the market portfolio decreased by 2pp, to 28.45%.
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img_lead_3556LATVIA: One month after its UK operations ban, BALVA's license temporarily suspended
by, 2013-04-25
A note published on the Latvian Financial and Capital Market Commission's website informs that FCMC decided to temporarily suspend, starting 16 April 2013, all operating licenses issued to the insurance joint stock company BALVA. The decision was made because of infringements of the law established in the activities of IJSC BALVA. According to the FCMC decision, the company will continue to fulfil the terms of contracts entered into with existing customers; however, it is not permitted to enter into new insurance contracts, to increase the insured sums or prolong the insurance contracts.
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img_lead_3509AZERBAIJAN: 15% of the buildings are insured through mandatory insurance
by, 2013-04-15
In 2012, the mandatory property insurance coverage in Azerbaijan reached 15%, Orkhan BAYRAMOV, President of the Azerbaijan Insurers Association, declared during the international insurance conference in Alma-Ata. The obligation to insure the buildings owned by natural and legal persons, including those owned by the State, was introduced in the legislation a year ago. Until now, this insurance segment reached EUR 11 million in underwritings.
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img_lead_3558UZBEKISTAN: How will the legislative changes contribute to the market's evolution?
by, 2013-04-25
In March 2013, the authorities in Uzbekistan discussed the insurance draft law regarding the necessary amendments in order to allow the authorized State organizations to participate in the capital of insurance companies that are strategically important to the country.
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isbAZERBAIJAN could become a member of the Green Card system in 2014-2015
by, 2013-04-25
The Ministry of Finance and the Compulsory Insurance Bureau in Azerbaijan (CIB) finished the first steps necessary for making Azerbaijan part of the Green Card System, according to the news portal Forinsurer. "During this past year, we studied, together with the Ministry of Finance, the way the entire system works and the conditions necessary to become a member"," said Elkhan GULIYEV, Executive Director, Compulsory Insurance Bureau in Azerbaijan, in an interview for the local press.
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img_lead_3557ARMENIA is not ready for the compulsory health insurance
by, 2013-04-25
Vache GABRIELYAN, the Armenian Minister of Finance, affirms that Armenia is not yet ready for the compulsory health insurance, thus explaining the reason for postponing the introduction of this type of insurance, planned for 2013, according to the news portal ArmInfo.
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AZERBAIJAN insurance sector profit for 2012 totaled AZN 48.05 million and assets exceeded AZN 600 million

AZERBAIJANI insurance market may triple within 3-4 years

BULGARIAN insurer DZI set for new CEO

Consolidation in POLISH market likely

CROATIA: PZU and TRIGLAV expressed their interest in CROATIA Osiguranje

CYPRUS says insurance firm deposits to take losses

HUNGARY: VARGA meets with insurance association chief

LATVIA records lowest proportion of insurance premiums against GDP in Baltics in 2012

MACEDONIA: Osiguritelna POLISA 2012 audited net profit rises 52%

MONTENEGRO: GRAWE Osiguranje hikes capital to EUR 3.0 million

Number of road accidents increases in ARMENIA

POLAND: BUPA completed the acquisition of LUX MED

ROMANIA: ASTRA net profit falls to RON 6.7 million in 2012

RUSSIA: VTB Bank expands cooperation with EXIAR

RUSSIANS may be insured against doctors mistakes

SLOVENIA: WIENER STADTISCHE sees 11% premium growth in 2012

TURKEY earthquake cat bond Bosphorus grows again to USD400m

UKRAINE: TAS Insurance pays USD791,399 for 2012 cargo ship disaster

Credit Europe Asigurari

What if ...

After five years of crisis, the CEE insurance market managed to get in 2012 back to the 2008 level of gross written premiums. This is the first conclusion drawn from the 2012 figures that we have gathered for the forthcoming issue of XPRIMM Insurance Report - CEE, SEE & CIS. For a region whose markets were booming at the crisis' onset, this seemingly positive news hides in fact a painful reality: 5 years of delay on the development road. What if ... the crisis had not existed? Read More


klime_poposki1_80Klime POPOSKI, Phd
President of the Council of Expert Insurance Supervisory Agency

In 2013 we expect stability on the Macedonian insurance market with indicators for its further development and improvement.
In the non-life insurance segment we expect a slight growth, while in the life-insurance one we expect the trend of two-digit growths to continue.
Also, as a result of the adoption of the Law on Voluntary Insurance in 2012 by the Ministry of Health, we expect a development of the health insurance market because the insurance undertakings will sell policies for the voluntary health insurance.
BCR Asigurari de Viata
Metropolitan Life

Cyprus FY2012
Macedonia FY2012
Slovenia FY2012


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:
See the full Forum's program here
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details:

June 20-21, 2013
Baku, Republic of Azerbaijan
Organizers: Azerbaijan Insurers Association and Media XPRIMM
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denis_tur80Denis TUR
Head of the International Reinsurance Department

One of the tasks for Belarus Re is to acquire the status of regional reinsurer. At present, our company is dynamically developing an international reinsurance segment, where BELARUS Re faces a fierce competition and other phenomena specific to the global reinsurance market.
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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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