XPRIMM News No. 238, January 30, 2014

		Insurance Newsletter, No. 238, January 30, 2014 Click here to subscribe! Click here to unsubscribe!

TOP NEWS VIG 2013: Positive balance significantly affected by the market results in Italy, Poland and Romania by alexandru.ciuncan@mxp.ro, daniela.ghetu@mxp.ro, 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. More Продолжение Who purchases the most expensive CASCO insurance in the CEE? by oleg.doronceanu@mxp.ro, vlad.boldijar@mxp.ro, 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. More Продолжение ERNST&YOUNG: Turkey, Russia, Poland and Czech Republic, the most interesting European targets for growth in the insurance industry by daniela.ghetu@mxp.ro, 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. More Продолжение SLOVENIA 3Q2013: health insurance offsets the fall on the motor insurance business lines by daniela.ghetu@mxp.ro, 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. More Продолжение SERBIA: WIENER Staedtische osiguranje a.d.o. Beograd has acquired the endowment insurance portfolio of MetLife by vlad.boldijar@mxp.ro, 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. More Продолжение RSA plans to sell its Central and Eastern European business by alina.ciobanu@mxp.ro, 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. More Продолжение Traditional life policies pushed up the Slovak market to EUR 1.56 billion by vlad.boldijar@mxp.ro, 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. More Продолжение MACEDONIA 3Q2013: life insurance most dynamic segment, but still holding less than 10% of the market GWP by daniela.ghetu@mxp.ro, 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. More Продолжение The Romanian MTPL segment pushed up the EIG's business volume by 6% by vlad.boldijar@mxp.ro, 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. More Продолжение BULGARIA: Car thefts increased alarmingly in 2013. BMWs are the cars stolen most frequently by vlad.boldijar@mxp.ro, 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. More Продолжение GREECE: ERGO to take over the Bank of Cyprus' non-life insurer by vlad.boldijar@mxp.ro, 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. More Продолжение UKRAINE: VIG increases its capital on the local market following a USD 25 - 30 million deal by alina.ciobanu@mxp.ro, 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. More Продолжение AZERBAIJAN: New capital requirements in preparation for insurance / reinsurance companies by daniela.ghetu@mxp.ro, 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: More Продолжение CIS: One step forward for the construction of a single insurance market by daniela.ghetu@mxp.ro, 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. More Продолжение PRESS CUTTINGS 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

EDITORIAL 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. More INTERVIEW Adrian MARIN CEO GENERALI Romania 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. More STATISTIC UPDATES Slovenia 3Q2013 Slovakia 3Q2013 Macedonia 3Q2013 EVENTS 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: www.ins-df.com/ifnieng 3rd Annual Insurance Risk Management Forum February 19-20, 2014 Vienna, Austria Organizer: Fleming Europe Media Partner: XPRIMM Publications For details: www.flemingeurope.com Risk Management - From theory to practice March 12th, 2014 Palace of the Parliament, Human Rights Hall Bucharest, Romania Organizer: Media XPRIMM For more details: www.xprimm.ro 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: www.xprimm.com IIF 2014 - International Insurance Forum April 6-7, 2014 Istanbul, Turkey Pera Palace Hotel Media coverage: XPRIMM Publications For details: www.internationalinsuranceforum.com XVIII All-Russian Reinsurance Conference - "National peculiarities of Russian reinsurance" April 8-9, 2014 Russia, Moscow President-Hotel Organizer: All-Russian Insurance Association (ARIA), Reinsurers' Committee Media Partner: XPRIMM Publications For details: www.en.re-conference.ru X - Annual International Risk Management Conference April 10-11, 2014 Almaty, Kazakhstan Organizer: JSC Eurasia Insurance Company Media Partner: XPRIMM Publications For details: www.theeurasia.kz 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: www.allinsurance.kz 7th Tashkent International Conference on Insurance and Reinsurance May 19th-23rd, 2014 Taskent, Uzbekistan Organiser: SAIPRO Media Partner: XPRIMM Publications For details: www.saipro.uz FIAR 2014 - The International Insurance - Reinsurance Forum May 25-29, 2014 Brasov, Romania Organizer: Media XPRIMM Media coverage: XPRIMM Publications For more details: www.fiar.ro AIIF - 2014 Azerbaijan International Insurance Forum June 19-20, 2014 Baku, Republic of Azerbaijan STATISTICS Albania Armenia Bosnia Azerbaijan Bulgaria Belarus Croatia Georgia Czech Rep. Kazakhstan Estonia Kyrgyzstan Hungary Moldova Kosovo Russia Latvia Turkmenistan Lithuania Tajikistan Macedonia Ukraine Montenegro Uzbekistan Poland   Romania   Serbia Cyprus Slovakia Greece Slovenia Turkey