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XPRIMM News No. 244, April 24, 2014

Insurance Newsletter, No. 244, April 24, 2014

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pzu_80_2014PZU Group acquires RSA's assets in Poland and the Baltic states
by, 2014-04-17
On April 17th, the Polish Group PZU has closed an agreement with RSA regarding the acquisition of RSA' s insurance companies in Poland and the Baltics: Link4 Insurance Company, the Polish direct insurance market leader and Lietuvos Draudimas AB (Lithuania), AAS Balta (Latvia) and Codan Forsikring (Estonia). The total value of the transaction is aprox. EUR 360 million. Transactions are subject to regulatory approval and the relevant antitrust authorities' consent and, according to the schedule, should be finalized by the end of 2014.
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img_lead_4919UKRAINE: Despite the political and economical instability the market grew by 33.26% in local currency
by, 2014-04-24
In 2013 Ukraine insurance market's premium production totaled UAH 28.6 billion (EUR 2.5 billion), 33.26% more in local currency comparing with 2012, according to the figures presented by the local financial authority and Insurance Top Magazine. Claims paid by the insurance companies in the same period have decreased to UAH 4.6 billion, 9.69% less y-o-y.
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img_lead_4915UKRAINE: AXA, GLOBUS VIG, TEKOM, VUSO and PERVAYA stopped their operations in Crimea
by, 2014-04-24
The difficult situation in Crimea has determined several insurance companies - members of the important groups, such as AXA or VIG and local companies as TEKOM, VUSO and PERVAYA - to cease their activity in the peninsula.
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img_lead_4914TURKEY: The national cat pool EUR 17 million "poorer" following the new funds' deposit rules
by, 2014-04-24
The recently imposed regulation forcing unemployment and catastrophe insurance funds to be deposited only in state banks has resulted in a significant decrease of the financial gains of the two entities due to a drop in interest rates in the absence of competition, sources quoted by have said.
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barentsBARENTS Re eyes Middle East and the South and East European regions
by, 2014-04-24
Panama-based reinsurer BARENTS Re will use the USD100 million capital infusion received at the end of 2013 to support its international expansion, especially in Europe, the company said. In fact, the Eastern Europe and the CIS countries are among the most interesting targets for BARENTS Re, as Gerardo GARCIA, Chief Underwriting Officer of the company recently stated in an interview with Global Reinsurer.
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img_lead_4912Okan UTKUERI is the new head of GUY CARPENTER's Turkish operations
by, 2014-04-24
GUY CARPENTER - the leading global risk and reinsurance specialist and member of MARSH & McLennan Companies - announced the appointment of Okan UTKUERI as Managing Director and head of the firm's operations in Turkey. Based in Istanbul, UTKUERI will be responsible for all of the firm's activities in the region and will report to Massimo REINA, the broker's CEO for Continental Europe & MENA.
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img_lead_4918MOLDOVA, FY2013: The insurance market increased by 9.89%
by, 2014-04-24
The Moldavian insurance market remained on a positive trend last year, with a GWP increase of 9.89% to MDL 1.2 billion (EUR 71.6 million), compared with MDL 1.09 billion (EUR 70 million) in 2012, according to the official figures published by the National Commission for Financial Markets of the Republic of Moldova (NCFM).
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img_lead_4911KYRGYZSTAN: Public trust in insurance companies has increased
by, 2014-04-24
According to the data of Kyrgyz Financial Supervisory Commission (FSC), in 2013 total premium written by the local insurance companies amounted to KGS 967.8 million (EUR 14.29 million) which is 15.2%, more, in local currency, than in the previous year, when insurance premiums totaled KGS 840.10 million or EUR 13.41 million. Growth of insurance premiums suggests that population's trust in insurance companies have increased.
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img_lead_4921VIG Re delivers stable results despite the severe flood losses in the summer of 2013
by, 2014-04-24
The Prague-based reinsurer VIG Re, reported for the financial year 2013 a EUR 58 million y-o-y decline in premiums written, while in profit-loss account, the company posted a EUR 18.4 million pre-tax profit compared to EUR 24.3 million in 2012.
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img_lead_4920EUROHOLD Q1 premiums falls 11% while car sales up 121%
by, 2014-04-24
The Bulgarian insurance group EUROINS (EIG) - member of EUROHOLD, reported for the first quarter 2014 an 11% decline of gross written premiums (GWP) to EUR 36.4 million, according to preliminary data published by the group. At the same time, the automotive division - AVTO UNION, registered above 121% growth with 980 sales of new PC and LCV compared to 443 units for the same period in 2013.
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img_lead_4917Madrid: "International Forum Bancassurance" to analyze the keys to success and prospects for Bancassurance
by, 2014-04-24
Which are the keys to success and the most efficent strategies for Bancassurance in different markets? What is your relationship with customers? How to apply governance criteria in the distribution of insurance products through banks in order to achieve sustainable results? What training and training equipment must have the ones who sell insurance through bank networks? These are some of the questions that the first edition of "International Bancassurance Forum", organized by INESE and Community of Insurance, in Madrid, June 5, will attempt to answer.
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img_lead_4913AZERBAIJAN: New capital requirements push insurers on the stock exchange ring
by, 2014-04-24
Following the new capital requirements' implementation in the insurance sector, some of the Azeri insurers must achieve a substantial increase in capital. In this context, several companies went on the stock exchange to place their newly issued shares packages.
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Credit Europe Asigurari
ARMENIAN insurers paid 2.6 billion drams in 13,854 car compensation claims in three months

AZERBAIJAN: Assets of CHARTIS reduced by over 5%

AZERBAIJAN: AUDATEX to introduce a single system of estimate of damage caused to car at time of insured event

POLAND's PZU close to buying RSA's Lithuanian insurer

UKRAINE: Market for non-resident reinsurers improves in 2013
The right lessons in conduct

Under the pressure of the ever closer enforcement of the new European insurance directives in prevention, discussions about transparency, fair sales practices, solvency, customer's protection, risk control etc. were repeated to the point of becoming trivial in recent years.


tomas_sikora80Tomas SIKORA
Executiv Director
Czech Insurance Association (CAP)

Although the insurance market at the end of 2013 did not produce negative figures, we don't expect it to react to the incipient economic recovery this year. General forecasts for 2014 suggest a slight recovery of the economy and a slight increase in the wage bill sector, but we do not expect a radical change in the purchasing behavior of individuals and firms. Full recovery of the insurance market can be most probably anticipated in 2015.

Ukraine FY2013
Moldova FY2013


7th Tashkent International Conference on Insurance and Reinsurance
May 19-23, 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:
International Bancassurance Forum
June 5, 2014
Madrid, Spain
Organizer: INESE and Community of Insurance
Media Partner: XPRIMM Publications
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 13-18, 2014
Monte Carlo, Monaco
For details:
Baden Baden XPRIMM Reception
October 19, 2014
Baden Baden, Germany
Organizer: Media XPRIMM
Azeri Evening - Baden Baden
October 19, 2014
Baden Baden, Germany
Organizer: Azerbaijan Insurers Association
Turkish Evening - Baden Baden
October 21, 2014
Baden Baden, Germany
Organizer: Instanbul Underwriting Center
Baden Baden Meetings 2014
October 19-23, 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


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Development Director: Mihaela CIRCU

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CIS Research Consultant: Olesea ADONEV
Senior Editor: Oleg DORONCEANU
Editors: Oana RADU, Adina TUDOR, Alina CIOBANU, Andreea RADU

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IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


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