Back to

XPRIMM News No. 226, August 8, 2013

Insurance Newsletter, No. 226, August 8, 2013

Click here to subscribe!
Click here to unsubscribe!
img_lead_3927BELARUS Re has been implementing the IFRS system
by, 2013-08-08
At the present time in Belarus there has been a convergence of the national public accounting concepts and International Financial Reporting Standards (IFRS). The transition of Belarus business entities to IFRS should be completed by 2017.
More Продолжение

transsibreTRANSSIBERIAN Re: 35% growth for net written premiums in 1H2013
by, 2013-08-08
TRANSSIBERIAN Re reported reinsurance premiums of RUB 368.4 million in 1H2013, up 18.5% over the same period of last year, out of which 38% came from foreign partners, according to the report of the Russian reinsurance company.
More Продолжение

img_lead_3931ALLIANZ 1H2013: The record Central European floods didn't change the upward trend of the group
by, 2013-08-08
"We can look back on a very successful first half year overall," said Michael DIEKMANN, CEO of Allianz SE on the occasion of the half year results presentation. "Although we faced record floods in Central Europe, persistent low interest rates and erratic capital markets, our business continued to grow profitably." Quarterly revenues of EUR 26.8 billion were 6.3% above the EUR 25.2 billion achieved in the second quarter of 2012, while operating profit rose by 5.2% y-o-y, to EUR 2.4 billion.
More Продолжение

img_lead_3930GENERALI, 1H2013: The ongoing restructuring process already show the first results
by, 2013-08-08
The first half of 2013 ended for the Italian group GENERALI with "the best half-year result for the last five years", according to Mario GRECO, GENERALI Group CEO. Net profit over passed the EUR 1 billion threshold (+28.4% to EUR 1,081 million, as compared to EUR 842 million in 1H2012), while the operating result stood at EUR 2,378 million (+5.3%) sustained by the excellent premium income in Life and P&C and higher business margins.
More Продолжение

img_lead_3932CZECH Rep 1Q2013: a calm quarter before the spring flooding
by, 2013-08-08
The Czech insurance market showed in 1Q2013 its traditional quiet evolution, recording a 3.30% growth of the GWP volume, to CZK 41 billion, a positive evolution common to both life and non-life insurance lines. However, denominated in euro, the figures look somehow different, due to the 4% Croon's exchange rate depreciation y-o-y. Thus, the total GWP volume calculated in euro amounted to EUR 1.59 billion, 0.7% less than in 1Q2012.
More Продолжение

img_lead_3933HUNGARY 1Q2013: market trend "reversed" by the currency depreciation
by, 2013-08-08
The volatility of the national currency exchange rate is once again affecting the market results when denominated in euro - thus, the almost 1% growth in the total GWP volume turns into an almost 2% fall when the market results are denominated in European currency. Yet, the situation is not changing so drastically when looking separately to the two main business line: the life insurance segment recorded a positive trend regardless the currency used, while the fall in non-life insurance premiums is visible both in HUF and euro.
More Продолжение

img_lead_3936SLOVENIA 1Q2013: Health insurance balances the non-life segment
by, 2013-08-08
The first quarter of 2013 confirmed the slightly downward trend installed on the Slovenian insurance market in 2012. Thus, local insurers ended the first three months of the current year with underwritings of EUR 567.6 million, 1.12% down as compared with the same period of 2012. In fact, the negative trend was driven by the continuous decreasing underwritings on the life insurance side, while on the non-life segment the overall business volume remained stable, at a comparable level with the one recorded in 1Q2012.
More Продолжение

img_lead_3937SLOVAKIA, 1Q2013: Insurance market increased slightly due a 6% growth on life
by, 2013-08-08
In the first quarter of 2013, Slovak insurance market totaled almost EUR 573 million, representing an increase of 1.7%, according to the financial figures published by the National Bank of Slovakia (NBS). The positive market trend was determined by the increase of 6% in the volume of life insurance, to EUR 286 million, this type of policies generating 49.97% of the total insurance market. The non-life insurance segment accounted for about EUR 286.5 million (or 50.03%), 2.4% less y-o-y.
More Продолжение

img_lead_3941BELARUS: Insurance up 96% in 1Q2013
by, 2013-08-08
Belarusian insurance market totaled BRY 1,749 billion (equivalent of EUR 157 million) during the first three months of 2013, up by 95.8%, compared to January-March 2012, The Belarusian Association of Insurers reported. Meanwhile, the total value of claims paid by the insurance companies during January-March 2013 period reached BYR 580 billion or EUR 52 million.
More Продолжение

img_lead_3939ESTONIA, 1Q2013: The double-digit growth rate pushed the market to EUR 110 million
by, 2013-08-08
In January-March 2013, the gross written premiums of insurance companies in Estonia increased by 23.75%, reaching EUR 110 million, compared with total volume of premiums in the correspondent period of 1Q2012. Claims paid by insurers amounted to EUR 61.30 million according to official data published by the Financial Supervision Authority of Estonia.
More Продолжение

img_lead_3943Business of EUR 106 million for ALLIANZ-TIRIAC; the portfolio's claim rate improved in the first semester
by, 2013-08-08
ALLIANZ Group's business in Romania maintains its tendency of stabilization after the first half of 2013, ALLIANZ-TIRIAC Asigurari closing the first semester with underwritings reaching EUR 106 million, EUR 1 million more compared to the same period last year. The operational profit in the first six months remained at EUR 3 million - EUR 1 million on life insurance and EUR 2 million on non-life insurance, indicating the improving of the underwritings results and of the claim rate on the non-life insurance segment.
More Продолжение

img_lead_3925SCOR net income down 8% for 1H2013
by, 2013-08-08
The French reinsurer SCOR posted net income of EUR 189 million during the January-June 2013, as compared with EUR 206 million in the first half 2012, while the reinsurance group's gross premium written increased 7.5% to EUR 4.98 billion.
More Продолжение

img_lead_3926GROUPAMA returned to profitability in 1H2013
by, 2013-08-08
The French insurer GROUPAMA reported for 1H2013, a positive net result of EUR 187 million, compared with EUR -589 million at the end of 2012, or with EUR -87 million at 30 June 2012. "GROUPAMA returns to profitability after two difficult fiscal periods. Everyone's dedication and commitment are hence rewarded. Our strategy ensuring our policyholders' satisfaction is actually driving the group into a new dynamism", stated GROUPAMA's CEO Thierry MARTEL.
More Продолжение

img_lead_3944ROMANIA FY2012: the seventh year in a row with negative financial results - EUR 72 million losses
by, 2013-08-08
The Romanian insurance market closed 2012 with a negative financial result of RON 322.6 million (EUR 72.2 million), according to the Annual Report of former CSA, now integrated in the Financial Supervisory Authority Council (ASF). Thus, 2012 becomes the 7th year in a row in which the Romanian insurance market reports losses, with the third largest loss in the past 12 years, after 2008, when the market reported losses reaching RON 582.5 million (EUR 158.2 million) and 2011 (losses of RON 325.9 million/ EUR 76.9 million).
More Продолжение

img_lead_394243% of the houses in Romania were insured at the end of 2012
by, 2013-08-08
As a result of the multiple regulatory changes which generated confusion among the consumers, over 1.3 million home insurance policies were not renewed at the end of 2012, thus the number of active contracts decreasing by 1.06 million on the voluntary household insurance segment and by 243,000 on the mandatory household insurance segment, compared to 2011. At the end of 2012, only 43% of the Romanian houses were insured, after 2011, when this percentage had reached a maximum value, of 60% (The National Statistics Institute estimates that Romania's housing stock includes 8.5 million houses).
More Продолжение

img_lead_3923AXA Group increases its stake in Azerbaijani insurer AXA Mbask to 84%
by, 2013-08-08
French AXA Group has increased its stake in the Azerbaijani AXA MBASK insurance company, according to the informational portal Trend.
More Продолжение

img_lead_3924Increases in insurance activity and decreases in motor sales for EUROHOLD in 1H2013
by, 2013-08-08
For the first six months of the current year, the value of gross written premiums of Bulgarian insurance group EUROINS (member of EUROHOLD) - recorded a 12.9% growth, reaching EUR 84.4 million compared with EUR 74.8 million for January-June 2012, according to preliminary data published by the group.
More Продолжение

Credit Europe Asigurari

What comes after the hot summer?

Although the hot summer days still seduce us into spending some time on the beach, a brief look at the calendar shows that the holiday time is almost over. Thus, it is the right time to ask ourselves what's new on the business ground. But beyond the usual seasonal concerns, a question is uppermost in everyone's mind: where are the growth reservoirs able to feed the future development of the portfolios, especially now, when the financial markets' volatility leaves a very small space for growth in the mature markets? Read More


irina_postnikova80Irina POSTNIKOVA
General Director

The results of the Russian reinsurance market in 2012 can be evaluated as encouraging. After six years of falling and stagnation, the Russian reinsurance companies have collected RUB 42.3 billion, which is 21.6% more than for the last year.
More Продолжение
BCR Asigurari de Viata
Metropolitan Life

Czech Rep. 1Q2013
Hungary 1Q2013
Slovenia 1Q2013
Slovak Rep. 1Q2013
Belarus 1Q2013
Estonia 1Q2013
Kazakhstan 1Q2013
Moldova 1Q2013


Les Rendez-Vous de Septembre
September 7th-13th, 2013
Monte Carlo, Monaco
Organizer: RVS
For details:
13th International Yalta Finance Forum
September 17th-21st, 2013
Yalta, Ukraine
Yalta Intourist Hotel
Organizer: Perspektiva Business Strategy Centre with support of League of Ukrainian Insurance Companies
Media Partner: XPRIMM Publications
For details:
International Istanbul Insurance Conference
October 3rd-4th, 2013
Organizer: Istanbul Underwriting Center
Baden - Baden XPRIMM Reception
5th Edition
October 20th, 2013
Kurhaus Casino, Runder Saal
Baden-Baden, Germany
Organizer: XPRIMM Publications
AZERI Evening
October 20th, 2013, 20:30 - 22:30
Casino Restaurant Sommergarten
Baden-Baden, Germany
Organizer: Azerbaijan Insurers Association & Media XPRIMM
For registration:
October 22nd, 2013, 20:00 - 22:00
Kurhaus Casino, Runder Saal
Baden-Baden, Germany
Organizer: Istanbul Underwriting Center & Media XPRIMM
For registration:
WorldPensionSummit 2013
November 13-14, 2013
Amsterdam, Netherlands
Media Partner: XPRIMM Publications
For details:
EIOPA Conference
November 20th, 2013
Frankfurt am Main, Germania
Organizer: EIOPA


yves_leterme80Yves LETERME
Deputy Secretary General

How to motivate savings in a climate of distrust in the financial sector?
Yves Leterme is key-note speaker at the WorldPensionSummit in Amsterdam on 13 and 14 November. This Summit is the only worldwide platform for pension professionals. In this interview Mr. Leterme addresses a number of current key pension dilemmas. An outlook on future pension developments.

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

ACE reports record quarterly operating income of USD 790 million

AIG reports 2Q2013 net income of USD 2.7 billion

ARMENIA: Rosgosstrakh launches online sale of foreign travel insurance policies

AZERBAIJAN: Almost half million agreements on compulsory types of insurance signed in first six month of 2013

BULGARIA: GENERALI gets FSCs nod to merge units

CROATIA set to sell up to 55 pct stake in insurer CO

GREECE: Life insurers appear to have fared much better in the recent past

If P&C Insurance posts EUR 5.6 million in consolidated profit in BALTICS in H1

KAZAKHSTAN: Natural disasters increase demand for property insurance

MONTENEGRO: Insurer SAVA H1 net profit rises 54%

POLAND: PZU will have a third chance to bid for Slovenian insurer TRIGLAV

TURKEY: 90% stake in ACIBADEM Sigorta sold to Khazanah Nasional Bhd

TURKEY: Abraaj sells 50% stake in insurance firm

UKRAINE: MP proposes to increase fine for insurer for late claim payment under OSAGO policy

UZBEKISTAN: Authorities stipulate penalty rates for errant insurers


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, Adina TUDOR
Junior Editors: Mihai APOSTOL

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2013 Media XPRIMM