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XPRIMM News No. 230, October 3, 2013

Insurance Newsletter, No. 230, October 3, 2013

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img_lead_4154Turkey: New insurance and pension laws led to significant growth
by, 2013-10-03
In the first half of 2013, the Turkish insurance market continued its ascending path, the volume of GWP increasing by almost 25%, to approximately EUR 5 billion, according to the figures presented by Mehmet KALKAVAN, General Secretary of the Association of Insurers, Reinsurers and Pensions Companies of Turkey during the 5th Edition of the International Istanbul Insurance Conference. Despite this positive trend, the share of the insurance market in the GDP remained at a low level: 1.37%. For FY2013, the market authority estimates that this indicator will improve to approximately 1.45%.
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icar_120Storms, floods and mini-earthquakes hit Romania over the last few weeks
by, 2013-10-03
Storms, floods, mini-earthquakes are just some of the recent events that hit Romania over the last few weeks. At the middle of September, the Romanian county of Galati was affected by heavy floods, causing damage to almost 3.500 homes and completely destroying 227 of them. Even more, nine persons died and 8.000 had to be evacuated.

img_lead_4110JLT to acquire Towers Watson's reinsurance brokerage business. JLT Towers Re will become a new force in the international reinsurance market
by, 2013-09-20
Jardine Lloyd Thompson Group (JLT) announced on September 20 that it will acquire the reinsurance brokerage business of TOWERS Watson for a cash consideration of USD 250 million. Upon completion, TOWERS Watson's reinsurance brokerage business will be merged with JLT's reinsurance business, JLT Re, to create a new force in the international reinsurance market, with combined revenues of USD 266 million and 700 people in 35 locations in 17 countries. The combined business will be branded for a transitional period as JLT Towers Re.
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img_lead_4109SWISS Re: The changes of the medical malpractice regulation could lead to a situation similar to that on the MTPL segment
by, 2013-09-20
The future changes of the regulation regarding the medical malpractice insurance in Romania would lead to a situation similar to the one experienced on the MTPL segment, according to SWISS Re's representatives who participated in an event organized in Bucharest on September 19.
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certasig_150_nou1CertAsig officially launched the office in Bulgaria
by, 2013-10-03
CertAsig has announced the official launch o its office in Sofia, the Bulgarian capital, on the 25th of September. The Romanian insurer owned by ROYALTON Capital Investors II, an investment fund backed by financial institutions like ALPHA Associates, the European Bank for Reconstruction and Development, is targeting niche products like liabilities, guarantees, and commercial property.
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img_lead_4137RUSSIA: insurance market supervision goes to the Central Bank
by, 2013-10-03
Starting September 1st, 2013 the Federal Financial Markets Service of Russia was integrated in the Russian Federation Central Bank's structure. Therefore, all reports, information, notices and documents issued by the entities subjected to the former federal service authority will be submitted to and analyzed by the Financial Markets Service of Bank of Russia.
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img_lead_4157GOTHAER is weighing its options to expand in the CEE
by, 2013-10-03
After entering the Romanian and Polish markets, German insurance group GOTHAER is weighing the opportunities to further expand in Central and Eastern Europe. The group has started its expansion in 2010 after acquiring PTU in Poland and PLATINUM Insurance in Romania.
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img_lead_4144BiH 1H2013: 4.2% market growth fostered by the life business
by, 2013-10-03
The Bosnian insurance market went up by 4.23%, to almost EUR 132.65 million, in the first half of 2013, primarily as a result of an increase of over 6.36% recorded by its smaller segment, namely the insurers domiciled in the Republika Srpska (RS), according to data published by the Insurance Agency in the Republika Srpska (AZORS). At the same time, the GWP volume reported by the FBiH insurers increased slightly by 3.5% y-o-y, the Insurance Supervisory Agency of the Federation of Bosnia and Herzegovina (NADOS) reported. In absolute terms, it is worth mentioning that half of the additional non-life premium production recorded by the entire Bosnian market in 1H2013 was provided by the RS market, while in the structure of the total premiums, the share of the 12 companies domiciled in FBiH amounted to 74.2% (EUR 98.41 million), while the 11 RS-based companies accounted for the remaining 25.8% (EUR 34.25 million).
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img_lead_4155Romania: Part of the MTPL Premiums might go to the emergency medical services
by, 2013-10-03
A percentage of the MTPL premiums in Romania may be allocated for the emergency medical services, according to Eugen NICOLAESCU, the Romanian Health Minister. Although he hasn't spoken about a precise number, he said that the transfer could be perfected until the year's end.
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marsh_mclennan_nouMARSH acquires majority stake in INSIA
by, 2013-10-03
On October 3rd, MARSH announced that it had acquired a majority stake in INSIA, the insurance broker network headquartered in Prague, Czech Republic. This acquisition further strengthens the partnership between the firms in the Czech Republic and Slovakia and supports the growth of its network across Central and Eastern Europe (CEE). MARSH now holds a 60% stake in INSIA.

img_lead_4147BULGARIA 1H2013: positive trend in insurance despite market uncertainties
by, 2013-10-03
In a year of relative economical stagnation, marked by the uncertainties brought about by the appointment of a new government team, Bulgarian insurers closed 1H2013 with a 4.36 growth in GWP, to a total of EUR 424.8 million. Paid claims increased at a similar pace with the premiums, reaching a total of EUR 201.55 million.
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img_lead_4139Serbian reinsurance market may be liberalized soon
by, 2013-10-03
Gross premium written by the four Serbian reinsurance companies amounted to a total of RSD 8 billion (EUR 77 million) in 2012, almost 11% up as compared with the previous year. "Dunav Re, which is owned by the state-owned direct insurer DUNAV, is the leading reinsurer with a market share of 38,21% in 2012. WIENER Re, owned by Prague based VIG Re, is holding a market share of 36.78%," told xprimm, Vidan SLANA, CEO WIENER Re a.d.o. Beograd, member of the Vienna Insurance Group.
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img_lead_4145BELARUS 1H2013: positive prospects for an opening market
by, 2013-10-03
The Belarusian insurance market has accounted for EUR 293.64 million during the first six months of 2013, up by 56.30 %, compared with January-June 2012, according to the Belarusian Association of Insurers. Meanwhile, the total value of claims paid by the insurance companies during January- June 2013 period reached EUR 113.14 million.
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img_lead_4148KOSOVO 1H2013: 16% growth in GWP, 50% increase in claims
by, 2013-10-03
During the period January-June 2013, Kosovo insurance market has continued with an increase. The volume of gross written premium for the above mentioned period has arrived in amount of EUR 40.3 million or 16% more comparing with the same period of previous year.
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img_lead_4141AZERBAIJAN: AZN 10.8 million paid claims submitted to the Compulsory Insurance Bureau in 1H2013
by, 2013-10-03
A recent amendment to the compulsory insurance legislation also gave the Compulsory Insurance Bureau (CIB) of Azerbaijan to register the 5th type of compulsory insurance over accidents during work and professional illnesses. Previously CIB was managing four types of compulsory incurance: MTPL, property insurance, third party liability insurance associated with the use of the property and personal accident insurance.
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img_lead_4140KAZAKHSTAN: A quality change in course on the reinsurance market
by, 2013-10-03
In May 2012, the Kazakh authorities have reinforced the conditions for reinsurance ceding of the local companies, the amendments aiming at the calculation base and the rating and minimum capital requirements. Until these changes took place the insurance companies were assigning the risks to lower rating or to unrated reinsurers, while the minimum requirements for capital increase were calculated according to the underwritings volume.
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img_lead_4160STELLAR Re Europa has a new General Manager
by, 2013-10-03
Viorel GIUGLEA, a professional with more than 10 years of experience in the insurance industry and a strong legal and administrative background, has been appointed General Manager of STELLAR Re Europa.
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nnING announces rebranding of ING Insurance operations to 'NN'
by, 2013-10-03
ING Insurance announced its plans to rebrand in the future as 'NN', a new identity that balances the heritage and Dutch roots with the requirements of an international and future-proof brand. The rebeanding operation is part of ING's preparations for the base case plan to divest the European insurance and investment management businesses through an Initial Public Offering (IPO) starting 2014.
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img_lead_415814% of Bulgarian cars without a MTPL insurance
by, 2013-10-03
86% of the vehicles registered in Bulgaria have valid third-party liability vehicle insurance. 14% of the vehicles, however, do not have the obligatory insurance but are still in motion, the press office of the Financial Supervision Commission announced for FOCUS News Agency.
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img_lead_4142Insurance business opportunities in the MEA region - discussed during the 4th Annual Middle East and Africa Insurance Summit
by, 2013-10-03
The burning issues faced by the insurance industry in the Middle East and Africa region and the business opportunities offered by the impressive double-digit growth rates will be analyzed during the 4th Annual Middle East and Africa Insurance Summit, taking place on 20-21 January 2014 in Dubai. The event represents one of the most important insurance forums in the region and it will bring together senior level decision makers from the insurance, reinsurance and brokerage industries.
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Credit Europe Asigurari

ARMENIA needs liability insurance services

BELARUS: Foreign capital in insurance market on the rise

BULGARIA: The insurance business down 13% with GDP up by 12% for the last four years

CZECH REPUBLIC: Award for CESKA Pojistovna - first place in the category of the "Clients friendliest non-life insurance company''

CZECH REPUBLIC: Health insurer VZP to save CZK 67m by buying IZIP site

HUNGARY: GENERALI, the best in vehicle insurance again

KAZAKHSTAN to introduce mandatory real estate insurance schemes

POLISH insurer PZU interested in Croatian, Slovenian markets

UKRAINE: Cargo insurance market grows nearly 80% in first half
Time for knowledge harvesting ...

Autumn means it's harvesting time in vineyards and orchards and the moment when a cycle ends. For other trades, this season is the time for a fresh start ... For reinsurers autumn is, par excellence, the time to prepare ... the next "crop" of contracts. Monte Carlo and Baden Baden are the traditional autumn "hot spots" in this business, when the field is set for the next renewal season by meeting with the current or potential clients and evaluating the results of the existing reinsurance arrangements or assessing the future business opportunities, reinsurance professionals. In short, it's the time to ask the essential questions regarding the insurance markets' evolution and the time to get the right answers.


mikhail_bulavkin80Mikhail I. BULAVKIN
General Manager
Republican Unitary Enterprise "Belarusian National Reinsurance Organization"

As a rule, the process of attracting foreign investments into the Republic of Belarus is supplemented by an objective requirement of any investor to be provided with reliable protection. Foreign investors consider insurance and further reinsurance of major risks to be one of the main guarantees to protect their interests.
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BCR Asigurari de Viata
Metropolitan Life

Belarus 1H2013
Bosnia & Herzegovina 1H2013
Bulgaria 1H2013
Kosovo 1H2013


andrea_simoncelli80Andrea SIMONCELLI
President and CEO
DELTA GENERALI Osiguranje Serbia

To run a good and sustainable business in insurance the key word shouldn't be "premium volume", but "combined ratio"
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:
STELLAR Re Romanian Evening
October 19, 2013
Kurhaus Restaurant, Kaiseralle
Baden-Baden, Germany
Organizer: STELLAR Re



WorldPensionSummit 2013
November 13-14, 2013
Amsterdam, Netherlands
Media Partner: XPRIMM Publications
For details:
Bancassurance Conference
Friday, November 15th, 2013
Hotel Leogrand, Raut Hall
Chisinau, Republic of Moldova
Organizer: Media XPRIMM
EIOPA Conference
November 20th, 2013
Frankfurt am Main, Germania
Organizer: EIOPA
Solvency II Forum
November 21st-22nd, 2013
Vienna, Austria
Fleming's Deluxe Hotel
Organizer: GLC Europe
Media Partner:
For details:
November Reinsurance Meetings
November 25th - 26th, 2013
New Square, Moscow
Organizer: All-Russian Insurance Association (ARIA) and co-organizer - Business Format Group
Media Partner: XPRIMM Publications
For details:
International Agricultural Finance&Credit Risk Management Forum
November 25-26, 2013
Hotel InterContinental
Kyiv, Ukraine
Organizer: AgroInsurance International
Media Partner: XPRIMM Publications
For details:
FIAR 2014 - The International Insurance - Reinsurance Forum
May 25-29, 2014
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
Middle East and Africa Insurance Summit
20th - 21st of January 2014
Dubai, United Arab Emirates
Organizer: Fleming Gulf
Media Partner:
For details:



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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