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XPRIMM News No. 243, April 10, 2014

Insurance Newsletter, No. 243, April 10, 2014

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Russian Reinsurance Conference
img_lead_4881Russia: Reinsurance and insurance - two parts of one unit
by,, 2014-04-09
The XVIII edition of the Russian Reinsurance Conference, organized in Moscow by the Russian Insurance Association Committee on Reinsurance and DELOVOY Format Group, began on Tuesday, April 8th. XPRIMM Publications supports the event as Media Partner, being represented in Russia by Adriana PANCIU, CEO, Media XPRIMM and Oleg DORONCEANU, International Relations Director.
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img_lead_4858INSURANCE Profile Russia - The first specialized magazine dedicated to the Russian insurance market
by, 2014-04-07
In the first attempt to publish an overview of the Russian insurance market, Media XPRIMM and Informational Group "Insurance Today" - one of the main insurance information channels in Russia - have launched the first issue of INSURANCE Profile Russia. The specialized magazine, published in English and Russian, presents the main aspects of the local insurance industry, along with its current status and perspectives.
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IIF 2014
img_lead_4856IIF 2014, Istanbul: The motor insurance business' profitability under scrutiny
by, 2014-04-07
The 2014 edition of IIF - the International Insurance Forum took place on April 7, in Istanbul, hosting for the third time the conference dedicated to the most actual issues in motor insurance. Organized under the "MOTOR INSURANCE - the road towards profitability" headings, the event was co-produced by XPRIMM and IUC - Istanbul Underwriting Center.
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img_lead_4857Is profitability in contradiction with consumer protection?
by, 2014-04-07
If the insurance companies can adequately establish reserves and profits, then "there would be no problem in providing an optimal level of protection for policyholders," Mariusz WICHTOWSKI, President, Council of Bureaux, declared during IIF 2014.
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img_lead_4859Motor insurance in 32 states, under scrutiny: MOTOR Insurance Report 2013 was launched at Istanbul
by, 2014-04-07
On April 7th, during the International Insurance Forum 2014 - "MOTOR INSURANCE - the road towards profitability", the second issue of MOTOR Insurance Report was officially launched. The magazine includes financial data for 32 countries in CEE, SEE and CIS, updated for 2013.
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img_lead_4860IIF 2014 - Welcome Cocktail: The event that kicked off discussions about auto insurance in Istanbul
by, 2014-04-07
The 4th International Insurance Forum - "IIF 2014 - Motor insurance - the road towards profitability" was officially opened through a Welcome Cocktail offered by Inter Europe. The networking event gave the specialists from the local and international insurance industry the chance to socialize before the official debates taking place during IIF.
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img_lead_4873The voice, the banking account or a person's address can be used to identify insurance fraud cases
by, 2014-04-07
Nowadays, for identifying and preventing insurance fraud, one can use client profiles, projections and statistics based on client type, driver, location, address and even banking accounts used for payments, according to Leetha SPYROPOULOU, International Sales Manager, FRISS Fraud&Risk Solutions.

img_lead_4862Over 350,000 accidents registered in Green Card system in 2012
by, 2014-04-07
The number of cross-border accidents recorded in the Green Card system in 2012 exceeded 350,000 cases, according to the latest statistics presented by Cees WERFF, Senior Executive Vice-President, InterEurope AG during the International Insurance Forum 2014. Various factors have contributed to a decrease of the number of road traffic accidents: the reduction of traffic as a result of the financial crisis, the implementation of certain road safety measures and the development of technology embedded in vehicles.
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img_lead_4871BUNIN: The MTPL segment was the engine of the Russian insurance market
by, 2014-04-07
According to statistical data, in 2013, the gross premiums written by the Russian insurance companies on the MTPL segment reached RUB 135.1 billion. At the same time, the paid claims totalized RUB 78.1 billion, Pavel BUNIN, President of Russian Association of Motor Insurers (RAMI), declared during the International Insurance Forum 2014.
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img_lead_4874SOLERA pursues the other 50 million manually performed calculations worldwide
by, 2014-04-07
Currently, about 100 million car repair calculations are performed worldwide. However, approximately half of them are still manually performed, according to a research by SOLERA - the American company specialized in the automotive industry. Thus, there is a high growth potential on this segment, this being one of the company's short-term objectives.

img_lead_4861TURKEY: The bodily injuries claims cannot exceed EUR 90,000 per person
by, 2014-04-07
Currently, EUR 9,000 per vehicle is the compensation limit for material claims under MTPL policies in Turkey (EUR 18,000 per event), while the maximum compensation for bodily injuries or death cannot exceed EUR 90,000 per person, or EUR 2.77 million per event.
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img_lead_4870Turkish MTPL market: Authorities aim to implement the direct compensation system
by, 2014-04-07
Except 2013, when due to the increasing tariffs on MTPL policies the Turkish motor insurance market reported profits, in the past eight years, this market segment was affected by losses, according to Alper TAN, Director, Association of Insurance, Reinsurance and Pension Companies of Turkey.
Credit Europe Asigurari
img_lead_48451 year of GOTHAER in Romania: Solid growth and ambitious plans for the future
by, 2014-03-31
In 2013, GOTHAER Asigurari Reasigurari achieved an increase of over 75% in GWP (from EUR 8.5 million to EUR 14.8 million), doubled the number of clients (from 25,000 to 52,000) and built a portfolio with an increase of 140% in the number of policies to 98,000, the company's representatives explained during a press conference which took place on the 31st of March, in Bucharest.

img_lead_4853VIG Ukraine: Double-digit premium growth despite the country's political tensions
by, 2014-04-02
Vienna Insurance Group posted double-digit premium growth in Ukraine in the first two months of the year despite the country's political tensions with Russia, the Austrian group said in a statement.
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img_lead_4893PZU and VIG, competing for the Lithuanian insurance market's leader
by, 2014-04-10
The largest insurer of the Central and Eastern Europe, the Polish company PZU, and the Austrian group VIENNA Insurance Group are the main competitors in the race for the acquisition of DRAUDIMAS Lietuva, the top insurer in Lithuania, in a deal estimated at around EUR 100 million, informs REUTERS, quoting local press.
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img_lead_4889SLOVENIA, FY2013: The decreases in property, motor and life lines pushed down the market by 3.7%
by, 2014-04-10
At the end of 2013, the value of gross written premiums reported by the Slovenian insurance companies totaled EUR 1.98 billion, a drop of 3.73% on the year before, the figures recently published by the Slovenian Insurance Association show.
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img_lead_4890CZECH Rep. FY2013: Steady evolution in premium, significant increase in paid claims after the summer floods
by, 2014-04-10
The Czech insurance market ended 2013 with a modest premium growth of 1.9% y-o-y, to GWP of CZK 156.5 billion, showing an already traditional picture of steadiness. However, in European currency, following the about 9% depreciation of the Czech kroon over the last 12 months, the overall market results show a negative change of 6.6% y-o-y, to a total amount of GWP of EUR 5.7 billion.

img_lead_4892VIG has completed the acquisition of the Moldovan insurer DONARIS
by, 2014-04-10
VIENNA Insurance Group (VIG) has completed the acquisition of around 94% of Moldovan insurer DONARIS Group. VIG group officials have confirmed for the completion of the transaction, but more details in this regard will be communicated at a press conference that will take place in the near future.
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img_lead_4891Today starts the 10th International Risk Management Conference
by, 2014-04-10
For two days, between 10th and 11th of April 2014 in Almaty, Kazakhstan will be holding the 10th International Risk Management Conference, where participants will learn about the steps necessary to revive the economy and how effective the current models of state risk management are. The event is organized and sponsored by EURASIA Insurance Company. PRIMM Insurance & Pensions Magazine supports this event as Media Partner.
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img_lead_4888CYPRUS: Negative dynamics continued in 2013
by, 2014-04-10
Cypriot insurers reported EUR 750 million in gross written premiums last year, an annual decrease of 7.4%, according to the figures published by the Insurance Association of Cyprus.
FIAR 2014 - Just the facts
  • 5 conferences
  • 6 workshops
  • 5 days of networking
  • attendants from over 20 countries
  • a picturesque city

... These are the main facts about the 2014 edition of FIAR - the International Insurance Reinsurance Forum.


mariusz_wichtowski4_80Mariusz WICHTOWSKI
Council of Bureaux

Unfortunately, for different reasons, the financial discipline is not always the priority of the insurers. In all countries there are the provisions regarding the rules and timing of the payment of the compensations, and such rules exist in the Green Card System too. In my opinion, supervision is not always sufficient in this area. Nobody likes to be controlled, but we should remember that the insurance business has a specific character related directly to the stability of the system.

Slovenia FY2013
Czech Rep. FY2013
Cyprus FY2013



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:
2nd Annual Bancassurance Forum 2014
June 5-6, 2014
Budapest, Hungary
Organizer: Global Leading Conferences
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
4th Annual Risk Management Forum 2014
September 11-12, 2014
Vienna, Austria
Media Partner: XPRIMM Publications
Organizer: Global Leading Conferences
For details:
Les Rendez-vous de Septembre 2014
September 13th-18th, 2014
Monte Carlo, Monaco
For details:
Baden Baden XPRIMM Reception
October 19th, 2014
Baden Baden, Germany
Organizer: Media XPRIMM
Azeri Evening - Baden Baden
October 19th, 2014
Baden Baden, Germany
Organizer: Azerbaijan Insurers Association
Turkish Evening - Baden Baden
October 21st, 2014
Baden Baden, Germany
Organizer: Instanbul Underwriting Center
Baden Baden Meetings 2014
October 19th-23rd, 2014
Baden Baden, Germany
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

ARMENIAN insurance companies pay 1.7 billion drams in car insurance claims in two months

AZERBAIJAN to set up a catastrophic risk insurance pool

Commerzbank's POLISH arm to seek partner for insurance business

Foreign insurance companies may not be taxable in RUSSIA under certain conditions

KAZAKHSTAN: A.M. Best Removes Ratings of Halyk-Life from Under Review with Negative Implications

LATVIA: USD 2.32 million Federal Contract Awarded to I.F. P&C Insurance A.S. Latvijas Filiale

Nordea's divestment of its Polish bank, life insurance and finance businesses completed

POLAND: AEGON selects Calastone's transaction network

ROMANIAN insurer ASTRA needs to raise around EUR 110 million

UKRAINE: Agriculture insurance premiums total USD 16.4 million in 2013


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 Editor: Oleg DORONCEANU
Editors: Oana RADU, Adina TUDOR, Alina CIOBANU, Andreea RADU

Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


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