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XPRIMM News No. 241, March 13, 2014

Insurance Newsletter, No. 241, March 13, 2014

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LIVE FROM the European Conference on Consumer Protection in Financial Services
img_lead_4779BUCHAREST: About market fairness, consumer trust and supervision at the European Conference on Consumer Protection in Financial Services
by, 2014-03-13
"Restoring customer trust in the financial services is a strategic priority for all of us, market players, national supervisors and European bodies", stated today Gabriel BERNARDINO, Chairman EIOPA, on the occasion of the European Conference on Consumer Protection in Financial Services held in Bucharest. He emphasized that "a strong supervision adds credibility to the market", but "good regulation is only the first step" while enforcement is crucial for providing a real and effective consumer protection. Therefore one of the EIOPA's top priorities is to build a uniform and coherent insurance supervision frame in the EU.

ANALYSISThe share of the brokerage business in CIS accounted for about 1-5%: the main issues, trends and forecasts
by, 2014-03-10
According to experts' opinion, the only member of the insurance process focusing on the development of needs perceived for an insurance service is the insurance broker, who is acting in the interest of its clients. Furthermore, the market's welfare of the broker depends on how professionally and qualitatively it will deliver its services to the customer.

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img_lead_4774TRIGLAV Group 2013: Above the planned level profitability despite the adverse economic climate
by, 2014-03-13
The TRIGLAV Group and it's parent company, Zavarovalnica TRIGLAV ended 2013 with a net profit of EUR 69.9 million and EUR 48.3 million respectively which, even though somewhat lower than in 2012, it is still above the planned level. The Group maintained a strong level of financial stability although its underwriting figures were still impacted by the sustained economic crisis.
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img_lead_4775GROUPAMA posts EUR 283 million annual net profit for 2013
by, 2014-03-13
The French insurer GROUPAMA reported a net profit of EUR 283 million in 2013 (compared with EUR -589 million loss in 2012 or a EUR -1.76 billion loss in 2011), while the value of combined premium income stood at EUR 13.7 billion or 2.3% less y-o-y, reflecting "the Group's strategy emphasis on profitability instead of premiums growth," as stated by the group's press release.
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img_lead_4768ESTONIA FY2013: Strong increase in the business volume, but also high figures for the claims paid
by, 2014-03-13
The upswing trend established in the Estonian market is the previous quarters continued also in the last three months of the previous year. Thus, the market ended 2013 with a 24% y-o-y growth in GWP, to almost EUR 428 million, driven by the non-life insurance lines which recorded impressive double digit growth rates. At the same time, claims paid by the Estonian insurers in 2013 amounted to EUR 238 million, 16% up y-o-y.
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img_lead_4767AZERBAIJAN: In 2013 the market share of life insurance growth was from 11% (2012) to 16.95%
by, 2014-03-13
The insurance market of Azerbaijan totaled, at the end of 2013, AZN 405.67 million or EUR 376.32 million, marking an increase rate of 18.44 y-o-y in local currency, while the payments amounted to AZN 122.80 million (30.84% more), according to data presented by the Ministry of Finance of the Republic of Azerbaijan.
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img_lead_4766BELARUS FY2013: Market up by about 50% in local currency
by, 2014-03-13
In 2013 Belarusian insurers received insurance premiums for direct insurance and coinsurance in the amount of EUR 494.56 million, 29.30% more compared with January-December 2012 (EUR 382.50 million).
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img_lead_4765KAZAKHSTAN FY 2013: Annuity insurance significantly affects overall market results
by, 2014-03-13
The Kazakh insurance companies ended 2013 with a 11% increase in gross written premiums, to EUR 1,322.17 million, as compared with EUR 1,191.15 million a year before. Claims paid by insurers amounted to EUR 291.29 million, down by 23.34% y-o-y, as reported the Regulation and Supervision Authority for Financial Markets and Financial Organizations.
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Credit Europe Asigurari
img_lead_4764UZBEKISTAN FY 2013: Insurance up by 18.40% in national currency in 2013
by, 2014-03-13
The Uzbek insurance market ended 2013 with a total gross written premiums volume of UZS 338,483.34 million (EUR 111.64 million), up by 18.40% in national currency, as compared with 2012, according to the market data provided by Ministry of Finance of the Republic of Uzbekistan.
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img_lead_4771The Russian insurance market went up by 11% in terms of GWP in 2013
by, 2014-03-13
In 2013, the Russian insurance market totaled RUB 904.86 bilion (EUR 20.12 billion*), 11,1% more y-o-y in local currency, while payments for the previous year increased by 12.9 % to RUB 420.77 billion (~EUR 9.36 billion), according to the figures released by The Bank of Russia.
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img_lead_4773UNIQA to increase dividend based on FY2013 figures
by, 2014-03-13
In the 2013 financial year, the Austrian insurance group UNIQA increased its profit on ordinary activities by 49.7%, to EUR 305.6 million, while the consolidated net profit (after taxes and minority interests) increased by 123.0% to EUR 283.4 million (EUR 127.1 million in 2012), according to the FY2013 Preliminary Results, recently published by the company.

img_lead_4772SCOR's net profit up 31% in 2013
by, 2014-03-13
The French reinsurer SCOR reported a net income of EUR 549 million in 2013, a 31% increase over 2012, while the gross written premiums totaled EUR 10.25 billion, up 7.8% "driven by healthy SCOR Global P&C renewals, major new contracts signed by SCOR Global Life and the GENERALI US contribution", reported the company.
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img_lead_4783KAZAKHSTAN: "Insurance in Central Asia" International Conference's agenda confirmed! Book your place!
by, 2014-03-13
Between 15th and 16th of April 2014 in Almaty, Kazakhstan will take place the 8th edition of the International Conference "Insurance in Central Asia", with the support of the Association of Insurance Companies of Kazakhstan. The event has become a tradition for leaders in insurance and reinsurance in Central Asia, CIS countries and Central and Eastern Europe. XPRIMM Publications supports the event as Media Partner.
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img_lead_4776HANNOVER Re, 2013: The company posted a record profit in 2013 and expects net income of EUR 850 million in 2014
by, 2014-03-13
According to the company's release, HANNOVER Re comfortably surpassed its year-end profit target for 2013 and posted a new record result of EUR 895.5 million. "This performance was driven by a very good underwriting result in non-life reinsurance, which improved again on the previous year by EUR 63 million. Group net income additionally benefited from a positive tax effect", Chief Executive Officer Ulrich WALLIN explained.

img_lead_4770UKRAINE: International Conference "Agricultural Insurance, Reinsurance and Brokerage in CIS, Europe & Asia" postponed for autumn
by, 2014-03-13
Due to the difficult political situation in Ukraine and upcoming presidential elections which are planned for May 25, 2014, AgroInsurance International decided to portpone the conference date to September-October 2014. The exact date will be announced by the end of May 2014.
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ARMENIA plans to launch agricultural insurance program

AVIVA reverses loss to post GBP 2.2 billion profit

AZERBAIJAN has chosen a scheme of compulsory health insurance through insurance companies and will start its application since 2015

FITCH affirms KAZAKH Alliance-Life at IFS 'B'

Insurance Supervision Service: AZERBAIJANI insurers need local rating agency

Net profit ACHMEA declines 27% to EUR 344 million

POLAND: PKO BP Takes over Nordea's Insurance Division

RUSSIA: Transneft pays USD 19.2 million in insurance payment for 2013 fire

TURKEY has great potential for Islamic insurance

UNIQA: "We Will Not Leave UKRAINE"
Consumer's satisfaction keywords

The keywords: trust, fairness, transparency, effectiveness ...
The context: the European Conference on Consumer Protection in Financial Services, Bucharest
The actors: EIOPA, IAIS, European supervisors, relevant insurers
The issue: how to restore the consumers' confidence in the financial markets, especially in the insurance one
The solutions: trust, fairness, transparency, effectiveness ...

hrvoje_paukovic80Hrvoje PAUKOVIC
Croatian Insurance Bureau

Besides mastering the crisis, perhaps the main challenges would be developing new tailored products to address the changing needs of the Croatian consumers and achieving satisfying growth figures. The focus of the insurers is gradually shifting to life insurance products, as the consumers finally recognize that they cannot rely on the state to secure a decent retirement income and are aware of the importance of saving for the future. New health and lifecare assistance products are developed tailored for customers aiming to achieve better quality of life through prevention. Real growth, however, depends on a healthy economic environment.

Estonia FY2013
Azerbaijan FY2013
Belarus FY2013
Kazakhstan FY2013
Uzbekistan FY2013




2nd Annual Claims Forum
March 27-28, 2014
Prague, Czech Republic
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For 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:
2nd Annual Life Insurance Forum
April 9 - 10, 2014
Amsterdam, Netherlands
Organizer: Fleming Europe
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
Organizer: 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:
Russian Insurance Summit 2014
June 5-6, 2014
Moscow, Russia
Ritz-Carlton Hotel
Organizer: All-Russian Insurance Association (ARIA)
Media Partner: XPRIMM Publications
For details:
4th Annual Africa Insurance & Reinsurance Conference - AIRC 2014
June 10-11, 2014
Nairobi, Kenya
Media Partner: XPRIMM Publications
For details:
AIIF - 2014 Azerbaijan International Insurance Forum
June 19-20, 2014
Baku, Republic of Azerbaijan
International Conference on Agricultural Insurance, Reinsurance and Brokerage for CIS, Europe & Asia
September-October 2014
Kyiv, Ukraine
InterContinental Hotel
Organizer: Agroinsurance International
Media Partner: XPRIMM Publications
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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