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XPRIMM News No. 222, May 9, 2013

Insurance Newsletter, No. 222, May 9, 2013

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img_lead_3619Eugene GURENKO - World Bank, Artur BOROWINSKI - VIG and Ajeet PHATAK - SWISS Re Europe are keynote speakers at FIAR 2013
by, 2013-05-09
The World Bank, VIENNA Insurance Group, SWISS Re, MILLI Re, WILLIS Re, JLT Re and ORACLE are among the international companies delivering industry experts on the keynote speakers line-up at the 16th edition of FIAR - International Insurance-Reinsurance Forum. The event takes place between the 19th and 23rd of May in Sinaia, Romania and includes 9 conferences and workshops dedicated to the insurance and reinsurance industry.

img_lead_3615BULGARIA, FY 2012: Higher profitability despite the still lowering premium production
by, 2013-05-09
The insurance market in Bulgaria ended 2012 with a fourth consecutive year drop, of 0.6%, to a total GWP volume of EUR 820.19 million. In fact, looking back to the last 5 years, one would notice that, although still "in red", the market shows a stabilizing trend, with two consecutive years of falling by 0.6%, after the 3.45% and 7% decreasing rates recorded in 2010 and 2009, respectively.
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img_lead_3616SLOVAK Rep. FY2012: Premiums up 4%, profit down 20%
by, 2013-05-09
The 23 members of the Slovak Insurance Association (SLASPO) reported for the financial year 2012 a total volume of gross written premiums of EUR 2.1 billion. The value is 3.7% higher as compared with audited figures published by The National Bank of Slovakia (NBS) for FY2011.

img_lead_3600James GRINDLEY: For the corporate insurance market I do not predict much online development
by, 2013-05-09
The online insurance market has a larger development potential on the retail segment, compared to the corporate sector. "Online selling and quoting is increasing for certain retail insurance products such as motor or household where the products, terms and conditions are fairly standard and commoditized. For the corporate insurance market, I do not predict much online development", James GRINDLEY, CEO and President of the CertAsig Managing Board, explained.
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img_lead_3603ALLIANZ reported increasing profits in 2013's first quarter
by, 2013-05-09
For the first quarter of 2013, ALLIANZ achieved total revenues of around EUR 32 billion, announced the German insurance group. This represents an increase of 6.6% compared with the revenues in the previous year's first quarter, of EUR 30.1 billion.
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img_lead_3606SAVA Re reported for FY2012 a tripling of the net profit and an increase of 5% in GWP
by, 2013-05-09
The SAVA Re Group earned a net profit of EUR 11.8 million in 2012, which is almost three times the 2011 figure, while the GWP of EUR 270.7 million was up by almost 5% over/since 2011.
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img_lead_3599ASTRA Asigurari could pay the largest D&O claim in Romania due to OLTCHIM's collapse
by, 2013-05-09
The Romanian chemical company OLTCHIM Ramnicu Valcea will demand from ASTRA Asigurari indemnities worth EUR 10 million on a directors and officers liability insurance (D&O) policy contracted by the former management team, declared the lawyer Gheorghe PIPEREA, one of the insolvent company's judicial administrators.
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img_lead_3612UKRAINE is expecting further reduction in the number of insurance companies
by, 2013-05-09
At the end of 2012, on the Ukrainian market there were 414 registered and active insurers, which were 28 less than in 2011. Last year, by decision of the State Commission for Regulation of Financial Services Markets in Ukraine were eliminated another 26 non-life and 2 life insurance companies. Moreover, about 200 companies froze their activity (they occupy not more than 1% of the market) and are not able to create any competition on the market.
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img_lead_3621SERBIA, FY 2012: Currency depreciation pushes market's dynamic under the zero line
by, 2013-05-09
With a 1.3% annual decrease in GWP, the Serbian insurance market mirrored the recession challenging the country in 2012. The mentioned decrease rate corresponds to the market figures denominated in European currency and is obviously affected by the 8% depreciation of the Serbian currency in relation to Euro. Thus, in Serbian Dinars, the insurance market showed a positive evolution last year, of 7.2%.

img_lead_3609MARSH & MCLENNAN's Q1 net profit up 19%
by, 2013-05-09
MARSH & MCLENNAN Companies reported for the first quarter of 2013 an operating income of USD 607 million, representing a 15% increase y-o-y, while the consolidated revenue was USD 3.1 billion, or 2% more y-o-y. The adjusted operating income rose by 16%, to USD 615 million, while the net income attributable to the Company was USD 413 million (or USD 0.74 per share) compared with USD 347 million (or USD 0.63 per share, in 1Q2012).
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img_lead_3608Higher revenue and income for AON in Q1
by, 2013-05-09
USD 2.9 billion was the total revenue reported by the risk and insurance brokerage service provider AON for the first quarter of 2013. The figure is 2% higher compared with the same period a year earlier. At the same time, AON's net income increased by almost 10% y-o-y, to USD 261 million.
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img_lead_3607EUROINS, 1Q2013: The Romanian market maintained the EIG figures "in black"
by, 2013-05-09
For the first three months of the current year the GWP of the Bulgarian insurance group EUROINS registered a 5.7% growth, reaching EUR 40.9 million compared with EUR 38.7 million for January-March 2012, according to preliminary data published by the group.
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img_lead_3605SGPC premiums up by 6% on 1 April
by, 2013-05-09
The French reinsurer SCOR Global P&C (SGPC) has recorded a premium growth of 6% at constant exchange rates with regard to the EUR 386 million of premiums up for renewal on 1 April 2013.
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img_lead_3604Profit up by 9.6% for CROATIA Osiguranje Group in 1Q2013
by, 2013-05-09
CROATIA Osiguranje reported a gross profit amounting to HRK 35.6 million (cca. EUR 4.7 million) for 1Q2013, which is an increase of 34.5% as compared with the same period of the previous year, according to the press release published by the insurance group on The Zagreb Stock Exchange web-site.
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AZERBAIJAN: Parliament to mull changes to law on compulsory insurance

BELARUS: BELARUS Re to positive from stable

BULGARIAN financial regulator to strike off Intel K from register of insurance brokers

HUNGARY: Watchdog fines Austrian-owned companies who wooed life insurance policy holders

LATVIA: Floods - the most powerful and destructive in the last two decades

LATVIA: Insurer If achieves EUR 1.4 mln in profit in Baltics in Q1

RUSSIA is considering mandatory insurance for architectural monuments

SLOVAKIA: Fraudulent activities in insurance sector rising, say insurers

SLOVAKIA: Insurance sector profits down 20%

SLOVAKIA: Over 7% of cars have no insurance

TURKEY: Bosphorus catastrophe bond a real success story, says TCIP

UKRAINE: ASKA posts 35% rise in first quarter premium volume

Credit Europe Asigurari

A challenged reputation

In the years before the crisis, the CEE countries have built a strong reputation in what the insurance business was concerned. They were clearly and without any doubt recognized as a growing reservoir of the European insurance industry. How much of this reputation has survived to the five years of economic hardship? Should one expect an equivalent delay in reaching the region's potential or maybe the changes determined by the crisis were deeper, totally changing the course of evolution in the region? Read More


samir_omerhodzic80Samir OMERHODZIC
Insurance Agency of Bosnia and Herzegovina

The last quarter of 2012 confirmed that in the last year Bosnia and Herzegovina found itself in a recession for the first time since the global financial crisis of 2009. In this context, the most important factors that influenced the insurance market's development would be the absence of major capital investment, slower economic growth and rising of unemployment.
BCR Asigurari de Viata
Metropolitan Life

Bulgaria FY2012
Serbia FY2012
Slovakia FY2012
Ukraine FY2012


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

Are you interested in the insurance market of the Caucasus Region? Do not miss AIIF 2013!
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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juris_stengrevics_80Juris STENGREVICS
Chairman of the Board
Motor Insurers' Bureau of Latvia

Despite the fact that the MTPL insurance is quite a small part of the whole non-life insurance market in Latvia (in the year 2012, holding about 13% of it, according to The Financial and Capital Market Commission statistics), we see the MTPL insurance as a significant part of the Latvian non-life insurance market. This insurance mode is compulsory according to the national law and attracting customers is essential, thus, interesting for insurance companies.


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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