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XPRIMM News No. 238, January 30, 2014

Insurance Newsletter, No. 238, January 30, 2014

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img_lead_4592VIG 2013: Positive balance significantly affected by the market results in Italy, Poland and Romania
by,, 2014-01-30
According to the preliminary results published by the Austrian group Vienna Insurance Group (VIG), it ended 2013 with a 4.9% decrease in gross written premiums, to EUR 9.4 billion. In profitability terms, VIG's balance shows a positive result, the profit before tax amounting to EUR 350 million, less than the 2012 result (EUR 587 million). The Italian and Romanian motor insurance markets, as well as the Polish life insurance business, are the main causes for both the GWP decline and the profit decrease.
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img_lead_4613Who purchases the most expensive CASCO insurance in the CEE?
by,, 2014-01-30
In addition to the deductible or the number of covered risks, there are other factors - such as the high frequency of damages, the road infrastructure and the high level of the compensation requests - that influence the CASCO insurance premium. In the case of Romanian, Russian and Ukrainian car owners the prices are among the highest in the Central and Eastern Europe region, according to the latest analysis carried out by the XPRIMM Publications.
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img_lead_4596ERNST&YOUNG: Turkey, Russia, Poland and Czech Republic, the most interesting European targets for growth in the insurance industry
by, 2014-01-30
Global insurance companies seeking to expand their businesses are increasingly looking to a new wave of rapid-growth markets (RGMs) as well as the BRICs. According to EY's Waves of Change: The shifting insurance landscape in rapid growth markets report, in the current European landscape Turkey, Russia, Poland and Czech Republic are considered by the EY analyst as the most interesting markets.
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img_lead_4610SLOVENIA 3Q2013: health insurance offsets the fall on the motor insurance business lines
by, 2014-01-30
The 3Q2013 results of the Slovenian insurance market brought no surprise, once again confirming the downward trend installed on the Slovenian insurance market in 2012. Thus, local insurers ended the first nine months of 2013 with underwritings of EUR 1.53 billion, 2.2% down as compared with the same period of 2012. The decreasing trend on the life insurance side was once again the main driver of the overall decrease in GWP, while on the non-life segment the business volume decreased by only 0.7% y-o-y.
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img_lead_4586SERBIA: WIENER Staedtische osiguranje a.d.o. Beograd has acquired the endowment insurance portfolio of MetLife
by, 2014-01-30
The NBS Administration for Supervision of Financial Institutions has approved the transfer of a part of the life insurance portfolio from MetLife to WIENER Staedtische osiguranje. "Our current business operations, results and position on the market guarantee high quality services, adequate profit and prompt benefit payments to clients of MetLife who hereby have become customers of WIENER Staedtische osiguranje," commented Branko KRSTONOSIC, General Manager of WIENER Staedtische osiguranje on this occasion.
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rsaRSA plans to sell its Central and Eastern European business
by, 2014-01-30
RSA Insurance Group (RSA), the second largest insurer in the UK, plans to sell its operations in Central and Eastern Europe in order to increase capital, Bloomberg reported. According to the sources on the local market, RSA is about to begin a collaboration with the UBS AG agency, which will manage the sale of its business in CEE, including LINK4 in Poland and BALTA in Latvia.
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img_lead_4591Traditional life policies pushed up the Slovak market to EUR 1.56 billion
by, 2014-01-30
In the first nine months of 2013, the Slovak insurance market increased by 2.2% y-o-y to EUR 1.56 billion, according to the financial figures published by the National Bank of Slovakia (NBS). The value of claims paid by insurers increased by 5.5% y-o-y, to EUR 910 million.
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img_lead_4611MACEDONIA 3Q2013: life insurance most dynamic segment, but still holding less than 10% of the market GWP
by, 2014-01-30
Although somehow slowed down, the upswing trend of the Macedonian insurance market continued also in the third quarter of 2013. Thus, by the end of September 2013, gross premiums written by the Macedonian insurers amounted to EUR 89.8 million, showing a 6.2% growth y-o-y.
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img_lead_4589The Romanian MTPL segment pushed up the EIG's business volume by 6%
by, 2014-01-30
In 2013, the value of gross written premiums of the Bulgarian insurance group EUROINS (member of EUROHOLD) - recorded a 5.8% growth, reaching EUR 160 million, due to the double digit increase reported by the Romanian subsidiary, according to preliminary data published by the group.
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img_lead_4609BULGARIA: Car thefts increased alarmingly in 2013. BMWs are the cars stolen most frequently
by, 2014-01-30
Car thefts in Bulgaria grew by 50% in 2013, top insurance companies in Bulgaria reported in a letter addressed to the Deputy PM Daniela BOBEVA and the Confederation of Employers and Industrialists, urging the government to take measures for protecting the car owners and the insurance companies.
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ergo2013GREECE: ERGO to take over the Bank of Cyprus' non-life insurer
by, 2014-01-30
General Insurance of Cyprus (GIC) - member of the Bank of Cyprus Group has entered into a cooperation agreement with ERGO in Greece, for the gradual transfer to ERGO of the existing insurance policies which were issued by KYPROU Asfalistiki - the branch of GIC in Greece.
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img_lead_4590UKRAINE: VIG increases its capital on the local market following a USD 25 - 30 million deal
by, 2014-01-30
The Austrian Vienna Insurance Group (VIG) is nearing completion of the UNIVERSALNA Insurance Company acquisition, this way increasing its capital on the Ukrainian market to 5 subsidiaries, informs Forinsurer.
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img_lead_4584AZERBAIJAN: New capital requirements in preparation for insurance / reinsurance companies
by, 2014-01-30
According to the draft decision published by the Azerbaijani Finance Ministry, a few days ago the capital requirements for the insurance/reinsurance companies licensed in Azerbaijan will soon be modified, as follows:
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img_lead_4587CIS: One step forward for the construction of a single insurance market
by, 2014-01-30
A single insurance system can be introduced on the territory of the CU member states, including Kyrgyzstan and Tajikistan, the Eurasian Business Council official website informed.
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Credit Europe Asigurari
ACE record FY2013 operating income of USD 3.2 billion, up 23% y-o-y

ARMENIA: Agriculture insurance likely to start in 2014

AZERBAIJAN and EU develop pension and insurance reform

AZERBAIJAN's leader insurer increases capitalization by 25%

Buyer for BULGARIAN pension fund DOVERIE backs out

GREECE: One mln cars circulating without insurance

RUSSIA's Rosgosstrakh looks to start operations in China

RUSSIA: AK Bars Insurance pays USD 9.5 million for recent Boeing crash in Kazan

SWEDBANK operated with profits in Baltics in 2013

UNIQA MONTENEGRO increases market share

UNIQA SERBIA continues to grow
Snow falls, claims increase

A wave of cold weather and snowstorms has hit parts of Central and Eastern Europe, disrupting the power supply, transportation and school activity, causing traffic jams and spectacular chain accidents. A large part of Romania and Bulgaria were severely hit by winter storms, while snow fell also in the center of the Adriatic region of Croatia - highly unusual considering its Mediterranean climate - and neighboring Montenegro, causing traffic problems. While drivers are hoping the snow will stop falling, insurers are uneasy looking at the motor claims figures.

adrian_marin9_80Adrian MARIN

In 2014, GENERALI Romania will pursue the same strategy: quality products and services for its customers, which mean maintaining a balanced portfolio and very good servicing, especially for claims.

Slovenia 3Q2013
Slovakia 3Q2013
Macedonia 3Q2013




International Forum on Nuclear Insurance - "Nuclear Insurance: Edge of Safety and Tetrahedron of Responsibility"
February 18-19, 2014
Russia, Moscow
Hotel Golden Ring
Organizer: Business Character LLC
Media Partner: XPRIMM Publications
For details:

3rd Annual Insurance Risk Management Forum
February 19-20, 2014
Vienna, Austria
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details:
Risk Management - From theory to practice
March 12th, 2014
Palace of the Parliament, Human Rights Hall
Bucharest, Romania
Organizer: Media XPRIMM
For more details:
European Conference on Consumer Protection in Financial Services
March 13, 2014
Palace of the Parliament, Romania
Keynote Speakers: Mr. Gabriel BERNARDINO, Chairman, EIOPA and Peter BRAUMULLER, Chair,
IAIS Executive Committee
Organizers: UNSAR and APPA
For more details:
IIF 2014 - International Insurance Forum
April 6-7, 2014
Istanbul, Turkey
Pera Palace Hotel
Media coverage: XPRIMM Publications
For details:
XVIII All-Russian Reinsurance Conference - "National peculiarities of Russian reinsurance"
April 8-9, 2014
Russia, Moscow
Organizer: All-Russian Insurance Association (ARIA), Reinsurers' Committee
Media Partner: XPRIMM Publications
For details:
X - Annual International Risk Management Conference
April 10-11, 2014
Almaty, Kazakhstan
Organizer: JSC Eurasia Insurance Company
Media Partner: XPRIMM Publications
For details:
VIII International Conference "Insurance in Central Asia"
April 15-16, 2014
Holiday Inn Hotel
Almaty, Kazakhstan
Organised with the support of the Kazakhstan Association of Insurers
Media Partner: XPRIMM Publications
For details:
7th Tashkent International Conference on Insurance and Reinsurance
May 19th-23rd, 2014
Taskent, Uzbekistan
Organiser: SAIPRO
Media Partner: XPRIMM Publications
For details:
FIAR 2014 - The International Insurance - Reinsurance Forum
May 25-29, 2014
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For more details:
AIIF - 2014 Azerbaijan International Insurance Forum
June 19-20, 2014
Baku, Republic of Azerbaijan


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