Back to

XPRIMM News No. 228, September 5, 2013

Insurance Newsletter, No. 228, September 5, 2013

Click here to subscribe!
Click here to unsubscribe!
img_lead_4034CROATIA Osiguranje's sale under dispute
by, 2013-09-05
Up to the August 31st official deadline, seven bidders have announced their intention to participate in the process of the top Croatian insurer sale. According to the local financial journal Poslovni Dnevnik, among the bidders there are the domestic financial group ADRIS, the American group AIG, the Austrian Vienna Insurance Group, the German ERGO, the Polish PZU as well as the Slovenian group TRIGLAV. The deadline for submission of non-binding offers is September 20th, 2013. Yet, the decision to sell CROATIA Osiguranje (CO) itself, as well as the figures which already circulated about this topic, has raised lively discussions in Croatia.

img_lead_4033VIG, 1H2013: a EUR 205 million profit despite tripling of severe weather claims
by, 2013-09-05
With an operating result increase of 9.5% y-o-y in 1H2013, to EUR 330.7 million, VIENNA Insurance Group showed a "continuing sound performance", proving the Group's ability to cope with difficult market conditions, as Peter HAGEN, Chairman of the Managing Board and CEO of VIENNA Insurance Group recently stated. VIG's profit before tax amounted to EUR 205.7 million (-31.9%) due to precautions and impairments, while the Austrian group reported premiums of more than EUR 5 billion. Despite precautions and severe weather claims, the combined ratio remained below 100%.
More Продолжение

img_lead_4030PZU, 1H2013: high profitability maintained due to bancassurance growth, costs control and good weather
by, 2013-09-05
"Our results - the net profit and the amount of premiums collected - showed that the strategy of focusing on the business profitability and the high cost discipline are delivering the expected results," stated Andrzej KLESYK, CEO, PZU on the occasion of the Polish Group's 1H2013 results presentation. Thus, the net consolidated profit amounted to EUR 387 million while collected premiums grew by 3% y-o-y, to about EUR 1.73 billion, whereas the net income of the Group decreased by about 2.4% y-o-y. Return on equity, despite a decline of 2.5pp, remained at a high level of 24.3%.
More Продолжение

img_lead_4040ROMANIA 1H2013: First half-year increase for the insurance market since 2008
by, 2013-09-05
The Romanian insurance market is again getting close to EUR 1 billion in half-year gross written premiums, recording the first half-year increase since 2008. According to preliminary data, in 1H2013 underwritings reached approximately EUR 990 million, up by 3.9% compared with 1H2012. However, compared with January-June 2008 - the peak period of the Romanian insurance market - the companies have yet to regain EUR 200 million in GWP.
More Продолжение

img_lead_4035CROATIA 1H2013: life insurance gives the upward trend of the market
by, 2013-09-05
The first half of 2013 ended for the Croatian insurers with a total GWP premium fairly equal to the one recorded in 1H2012, of HRK 4.9 billion (0.35% up y-o-y). Denominated in European currency, due to a minor appreciation of the Croatian Kuna, the figures show a slightly better image, with a nominal y-o-y growth rate of 1.14%, to EUR 659.5 million. The life insurance segment deserves all the credit for this positive trend, showing a 5.9% growth in local currency, while GWP for the non-life business lines decreased by 1.4%.
More Продолжение

img_lead_4042Team JLT Re is pedaling 1,300 km from London to Monte Carlo
by, 2013-09-05
"Team JLT Re", represented by Emma BIGGS, Paul HARRIS, David IBESON, Barry KEEGAN, Chris MEDLOCK, Harry OWEN and Andrew SAINSBURY have entered a team into the Inaugural Lime Street to Monte Carlo Charity Cycle Ride in order to raise funds for The Wooden Spoon Charity and Action on Addiction. A target of GBP 50,000 has been set. The inaugural event left LLOYD's of London, Lime Street on the 30th August 2013 and involves a 1,300 km journey over 9 days. Team JLT Re arrives in Casino Square, Monte Carlo on the 7th September 2013 in time for the annual Reinsurance conference.

img_lead_4027UNIQA reports profits up by 85% to EUR 197 million
by, 2013-09-05
In the first half of 2013, the Austrian insurance group UNIQA increased its profit on ordinary activities by 84.5%, to EUR 196.6 million, "despite net costs of around EUR 30 million as a result of flood damage," while the consolidated net profit increased by 162.7% to EUR 150.6 million, according to the 1H2013 Report, recently published by the company. At the same time, the value of GWP increased by 7.4% y-o-y to EUR 3.07 billion, the total amount of retained insurance benefits rose by 5.9% to EUR 2 billion, while the combined ratio improved to 99.4% (100.7% in 1H2012).
More Продолжение

img_lead_4026CARPATICA Asig's GWP increased by 77% in the first 6 months of 2013. Non-motor segments up by 135%
by, 2013-09-05
In the first semester of 2013, CARPATICA Asig reported gross written premiums of EUR 52.1 million (RON 229 million), increasing by 77% compared to the same period last year (EUR 28.9 million / RON 128.75 million).
More Продолжение

img_lead_4036MOLDOVA 1H2013: Insurance market up by 14% in the first half year
by, 2013-09-05
The Moldavian insurers in 1H2013 wrote premiums worth MDL 571.5 million (EUR 35.4 million, 14% more than a year earlier, according to the preliminary financial data centralized by the National Commission for Financial Markets (NCFM). Also, the companies have paid claims totaling MDL 196.6 million (EUR 12.2 million), 5% up y-o-y.
More Продолжение

img_lead_4039LITHUANIA: In H1 the market grew by 10%; a faster than estimated annual growth rate is expected for the end of year
by, 2013-09-05
In the first half-year the insurance market grew by almost one tenth - insurers registered in Lithuania and local branches of insurance companies from other European Union member states written LTL 940.1 million (or EUR 242 million) in premiums - 9.9% more than in the same period last year.
More Продолжение

img_lead_4029TRIGLAV 1H2013: EUR 45.6 million in net profit and eying a star acquisition
by, 2013-09-05
The Slovenian TRIGLAV Group ended the first half of 2013 with a net profit of EUR 45.6 million, 10% up as compared with 1H2012, the parent company Zavarovalnica TRIGLAV contributing to this result with a share of EUR 37.5 million (50% up y-o-y). With the approval of the interim results, the Group's Supervisory Board gave the green light to Zavarovalnica TRIGLAV's participation in the process of selling off CROATIA Osiguranje.
More Продолжение

img_lead_4031RUSSIA, 1H2013: GWP up 13% to EUR 11.4 billion
by, 2013-09-05
Gross written premiums volume reported by insurers Russia in 1H2013 amounted to RUB 467.5 billion (EUR 10.62 billion), 13% more than a year earlier, according to the financial data from the National Service of Financial Market of Russia (FSFR), reported by
More Продолжение

img_lead_4028TALANX 1H2013: GWP up by 10% to EUR 15 billion. The group sees EUR 700 million net profit at the end of the year
by, 2013-09-05
The gross premiums written by the German insurer TALANX increased by 10% in 1H2013 compared with the previous year, up to EUR 14.97 billion, while net premiums earned increased by 12% y-o-y to EUR 11.49 billion. At the same time, the TALANX Group closed the first six months of 2013 with an operating profit of EUR 1 billion - up 19% y-o-y, the group net income grew by 15% to EUR 407 million, while the combined ratio improved to 96%.
More Продолжение

img_lead_4032ZURICH H1 figures impacted by weather-related events
by, 2013-09-05
Swiss ZURICH Insurance Group posted a 1H2013 business operating profit (BOP) of USD 2.29 billion, 9% less than last year's USD 2.51 billion, while its net income attributable to shareholders (NIAS) fell to USD 1.85 billion, from USD 2.27 billion in 1H2012. At the same time, the combined ratio was 95.6%, representing an increase of 0.7% compared with the prior year.
More Продолжение

Credit Europe Asigurari

AZERBAIJAN: New capital requirement for insurers to be approved these days

BTA written insurance premiums in LATVIA grew by 10% in H1

BULGARIA: Russian banker named buyer of Doverie

CROATIA: VIG, AIG, Ergo file expressions of interest for stake in CO

MACEDONIA: VIG completes integration of former QBE Macedonia

ROMANIA: EUROINS banned from selling RCA policies

ROMANIA: VIG impairs goodwill by EUR 75 million

RUSSIA: FITCH affirms Rossiya Insurance Company at CCC

RUSSIA: Sogaz wins tender to insure Rosenergoatoms nuclear plants

SLOVENIA: TRIGLAV interested in stake in CROATIA Osiguranje insurer

TURKEY: Insurance market ripe for foreign investment

VIG pre-tax loss in ROMANIA triples in H1
5 years in 5 minutes!

How much time do you need to find, gather and review an insurer's history over the last five years? If the insurer you are interested in is doing business in Romania, than the right answer should be ... no more than five minutes! The answer the same if you're interested in the entire market's evolution, regardless of the specific indicators you need to know. How so? It is enough to pay a short visit to the newest and most flexible insurance database available in the Central and Eastern Europe: InsuranceProfile Interactive
Read More


vitaly_garstea80Vitaliy GARSTEA
General Director
Actuarial Bureau of Statistics

The new method used to issue MTPL insurance policies implemented through the United Insurance Database significantly increased the level of coverage for vehicle owners and also reduced fraud. Moreover, recording accident-free drivers through the use of the bonus-malus system has also become very handy because it offers an advantage during the acquisition of insurance policy.
BCR Asigurari de Viata
Metropolitan Life

Romania 1H2013
Moldova 1H2013
Croatia 1H2013
Lithuania 1H2013


Les Rendez-Vous de Septembre
September 7th-13th, 2013
Monte Carlo, Monaco
Organizer: RVS
For details:
SWISS Re Reception - Medical Malpractice Insurance
September 19th, 2013
SOLE Restaurant - Bucharest, Romania
Organizer: SWISS Re
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
10th ICAR - International CAtastrophic Risks Forum
October 15th, 2013
Parliament Palace - Bucharest, Romania
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
For details:
5th Annual Insurance Distribution Strategies Forum
October 17th-18th, 2013
Vienna, Austria
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details:



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
FIAR 2014 - The International Insurance - Reinsurance Forum
May 25-29, 2014
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications



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



President: Sergiu COSTACHE CEO: Adriana PANCIU
Managing Partner: Alexandru D. CIUNCAN
Development Director: Mihaela CIRCU

Project Manager XPRIMM.COM: Daniela GHETU
Coordinating Editor: Mihai CRACEA
International Column Coordinator: Vlad BOLDIJAR
CIS Research Consultant: Olesea ADONEV
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Oana RADU, Adina TUDOR, Alina CIOBANU

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