Back to

XPRIMM News No. 245, May 8, 2014

Insurance Newsletter, No. 245, May 8, 2014

Click here to subscribe!
Click here to unsubscribe!
img_lead_4991VIDEO: 11 conferences and workshops are waiting for you at FIAR, in Brasov
by, 2014-05-08
The 17th edition of FIAR - The International Insurance-Reinsurance Forum, the most important European spring event dedicated to the insurance, reinsurance and private pensions markets, takes place for the first time in Brasov, between the 25th and the 29th of May, at the ARO Hotel. The 11 conferences and workshops are focusing on the most important problems of the industry. The dynamic format, the interactive debates and the international specialists participating from all over the world are well-known trademarks of all the Forum's editions.
More ПроÐ?олженÐ?е

img_lead_4976Up to one quarter of the ING's insurance arm is going under Asian ownership
by, 2014-05-08
An Asian consortium of three companies formed by TEMASEK Holding, a state owned investment company from Singapore, its subsidiary SEATOWN Holdings International and RRJ Capital - a private investment fund owned by the Malaysian businessman Richard ONG - will invest about EUR 1.3 billion in NN Group, the insurance arm of ING Group for Europe and Japan. According to Financial Times analysts, depending on the total value sales price of NN Group, which can vary between 5 and 8 billion Euros, the investment could secure for the Asian consortium a share of 15 to 25% of the Dutch insurance group.
More ПроÐ?олженÐ?е

img_lead_4986SLOVAKIA FY2013: Moderate growth in GWP, with no significant changes
by, 2014-05-08
2013 was year stability for the Slovak insurance market, with no major changes. The market continued to increase its business volume at a slow pace, recording a 2.7% growth in GWP, to EUR 2.17 billion. However, looking at its two main segments, it is obvious that life insurance performed better, ending the year with a 5.9% growth in premiums, while on the non-life sector almost all the main business lines recorded a slightly negative trend.
More ПроÐ?олженÐ?е

img_lead_4985SERBIA FY2013: Life insurance gains weight
by daniela.ghet, 2014-05-08
Serbian insurance market ended 2013 on a positive trend, recording a 4.2% growth rate in GWP terms, to RSD 64 billion (~ EUR 559 million). Due to an impressive increase, of over 18%, life insurance gained a larger share of the market portfolio, reaching a share of almost 22% of the GWP. On the other hand, although still strongly dominating the market, non-life insurance lines' evolution in 2013 may be defined at best as stagnant.
More ПроÐ?олженÐ?е
Ongoing registration for AIIF 2014! Book your place at the most important event in the Caucasus Region
by, 2014-05-08
The fifth edition of the Azerbaijan International Insurance Forum - AIIF 2014, the most important event dedicated to the insurance and reinsurance markets in the Caucasus and Middle Asia will be held in a modern and interactive format on June 19-20, in Baku, Azerbaijan.
More ПроÐ?олженÐ?е

img_lead_4980TALANX shares now listed at the Warsaw Stock Exchange
by, 2014-05-08
Germany's third largest insurance group - TALANX AG is now listed at the Warsaw Stock Exchange. The insurance group started trading there on April 23, 2014 at a price of PLN 120.00 (~EUR 28.5). The TALANX shares are already listed at the stock exchanges in Frankfurt and Hannover.
More ПроÐ?олженÐ?е

img_lead_4990ALLIANZ 1Q2014 preview: the best quarter in the company's history
by, 2014-05-08
ALLIANZ Group has released the 1Q2014 preliminary figures according to which the total revenues for the first quarter of 2014 reached around EUR 34 billion, the highest quarterly revenues in the company's history (6.25% up y-o-y).
More ПроÐ?олженÐ?е

img_lead_4982REP. MACEDONIA, FY2013: Insurance market returns to profit after two years of losses
by, 2014-05-08
The Macedonian insurance market totaled MKD 7.19 billion (~EUR 117 million) at the end of December 2013, 2.6% up y-o-y, according to the data provided by the Insurance Supervisory Authority. Regarding the profit-loss account, "I would like to emphasize that after two years of showing losses at industry level, in 2013 the insurance sector achieved profits in the amount of MKD 211.70 million (~EUR 3.44 million)", has declared exclusively for XPRIMM, Mr. Klime POPOSKI, President, Insurance Supervision Agency Macedonia.
More ПроÐ?олженÐ?е

img_lead_4983GEORGIA, FY2013: Insurers ended the year with a slump
by, 2014-05-08
The Georgian insurance market ended the financial year 2013 with a slump, as gross written premiums decreased by 16.50% in European currency, to EUR 197.21 million (GEL 471.15 million), according to the reports of the Georgian State Insurance Supervisory Service. Since April 15, 2013 the state supervision over insurance activities has been carried out by the Service for the state insurance supervision and not by the National Bank of Georgia, as was the case before.
More ПроÐ?олженÐ?е
if_estoniaFourfold profit for the Estonian IF and its Baltic subsidiaries in 1Q2014
by, 2014-05-08
The Estonian insurer IF and its subsidiaries in Latvia and Lithuania recorded in 1Q2014 a consolidated profit of EUR 5.3 million, a figure 4 times higher compared to 1Q2013, informs LETA.
More ПроÐ?олженÐ?е

img_lead_4973KAZAKHSTAN: Motor insurance rates in Russia and Kazakhstan are planned to unify by 2015
by, 2014-05-08
The Chairman of the Competition Protection Agency of the Republic of Kazakhstan, Galym ORAZBAKOV, said during a briefing, that Russia and Kazakhstan intend to unify motor insurance rates by 2015, according to KAZINFORM agency.
More ПроÐ?олженÐ?е

img_lead_4974International law firm to advise KYRGYZSTAN on Takaful and Sukuk finance
by, 2014-05-08
The international law firm SIMMONS & SIMMONS and the Kyrgyz Republic have signed a ground-breaking agreement to provide consultancy services for the development of laws and regulations, supporting the introduction of Takaful (Islamic insurance) and Sukuk (Islamic securities) in the Kyrgyz Republic. The consultancy services to be provided by SIMMONS & SIMMONS are to be funded through a technical assistance grant provided by the Islamic Development Bank (IDB).
More ПроÐ?олженÐ?е

sogazRussia: SOGAZ insures ten local nuclear power plants
by, 2014-05-08
Russian insurance group SOGAZ has again won the annual tender to provide property insurance to all of the country's nuclear power plants. The insurance policy, valid for one year, will cover the properties against various risks including fire, flooding and explosions. The total sum insured under the policy is RUB 1.2 trillion (USD 33.7 billion), said the insurer in a statement.
More ПроÐ?олженÐ?е

eurasiaEURASIA Insurance Company increased its capital to about KZT 54 billion
by, 2014-05-08
The shareholders of the Kazakh insurance company EURASIA approved an increase of the company's share capital to KZT 53.88 billion, which is 48% of the total authorized capital of all insurance companies in Kazakhstan and significantly exceeds the total registered capital of all companies which activate in the general insurance sector.
More ПроÐ?олженÐ?е

swissre_nouSWISS Re quarterly profit dropped 11%, to USD 1.23 billion, in Q1
by, 2014-05-08
SWISS Re reported a net income of USD 1.23 billion for the first quarter of 2014 (vs. USD 1.38 billion in 1Q2013), while the value of earned premiums and fee income increased by 11%, to USD 7.55 billion.
More ПроÐ?олженÐ?е
img_lead_4989SCOR's Q1 premiums up 14.8% due the healthy P&C renewals and the GENERALI US contribution
by, 2014-05-08
The French reinsurer SCOR posted a net income of EUR 135 million during 1Q2014, 21.6% up y-o-y, while the reinsurance group's GWP stood at EUR 2,669 million, 14.8% up at constant exchange rates (+11.8% at current exchange rates). These results were "driven by healthy SCOR Global P&C renewals, major new contracts signed by SCOR Global Life and the GENERALI US contribution", the company stated in a press release.
More ПроÐ?олженÐ?е

img_lead_4988MMC, Q1: Revenue up 4%, to USD 3.3 billion
by, 2014-05-08
MARSH & McLENNAN Companies (MMC) reported for the first quarter 2014 consolidated revenues of USD 3.3 billion, representing an increase of 4% as compared with 1Q2013. At the same time, operating income rose by 11% to USD 673 million, while the net income attributable to the Company was USD 443 million (or USD 0.80 per share) compared with USD 413 million (or USD 0.74 per share), in the previous year.
More ПроÐ?олженÐ?е

img_lead_4987AON reports 1Q revenue of USD 2.9 billion, up 1% y-o-y
by, 2014-05-08
The risk and insurance brokerage services provider AON reported a net income attributable to shareholders of USD 325 million for the first three months of the year, up from USD 261 million in the first quarter of 2013. Total revenue increased by 1%, to USD 2.9 billion during the first quarter (over Q1 in 2013).
More ПроÐ?олженÐ?е

img_lead_4981HANNOVER Re's Q1 net income reached EUR 233 million; the company reaffirmed its target of EUR 850 million for FY2014
by, 2014-05-08
German reinsurer HANNOVER Re reported for the first-quarter a 0.7% increase in net income to EUR 233 million and a 3.6% contraction in gross written premium to EUR 3.6 billion (EUR 3.8 billion in 1Q2013), while after adjustment for exchange rate effects, net premium earned decreased 2.6% to EUR 2.9 billion. Further, HANNOVER Re reaffirmed its net income guidance in the order of EUR 850 million for the full financial year.
More ПроÐ?олженÐ?е

fleming_europe150What does operational excellence in insurance mean?
by, 2014-04-30
What are the benefits and opportunities of emerging technologies and what is the best method of choosing an outsourcing partner represent some of the main subjects that will be discussed during the 2nd annual edition of "Operational Excellence in Insurance" conference.

img_lead_4996Russian Insurance Summit 2014 brings together hundreds of participants from Russia and from its neighboring countries
by, 2014-05-08
The 12th International Conference on Insurance (Russian Insurance Summit 2014) organized by the All-Russian Insurance Association will take place in Moscow on June 5-6, 2014. XPRIMM Publications support the event as Media Partner. The International Conference on Insurance (Russian Insurance Summit) is held every year since 2002 and it is a key event of the insurance industry that brings together hundreds of participants from Russia and from its neighboring countries as well as from the countries outside the CIS.
More ПроÐ?олженÐ?е

img_lead_4935Reinsurance professionals from 19 countries discussed the main issues of the Russian market in Moscow
by, 2014-04-28
Russian reinsurers are currently more interested in hearing the opinions of their international counterparts than they were in past years. At the same time, the Russian market probably needs a flow of incoming business, have noted several participants that attended the 18th Edition of the Russian Reinsurance Conference, already a traditional event on the Russian market.
More ПроÐ?олженÐ?е
Credit Europe Asigurari
ACE reports first quarter operating income up 4% to USD 777 million

AIG reports first quarter 2014 net income attributable to AIG of USD 1.6 billion

American insurer CHARTIS closed up its business in AZERBAIJAN

ARMENIA: Some 10.1 billion drams paid as insurance premiums in quarter one

AZERBAIJAN: Monthly premiums on compulsory health insurance to reach 8 manat

BELARUS: Swiss insurance companies, Belarusbank to bolster cooperation

GrECo Group 2013: Organic growth and expansion into new markets

GREECE: Three million vehicles in Greece uninspected

GROUPAMA ROMANIA underwritten premiums were down 11%

KAZAKHSTAN and RUSSIA may unify car insurance rates by 2015

LITHUANIAN insurer LIETUVOS Draudimas earned EUR 5 million in Q1

MetLife reported operating earnings of USD 1.6 billion, down 4 percent over the first quarter of 2013

NN Group 1Q14 operating result ongoing business of EUR 274 million

TURKEY's general insurance market shows improvement

TURKEY: ANADOLU Hayat Q1 cons net profit falls 4.2% y/y

UKRAINE: Nuclear insurance pool signs new contract with Energoatom

Is the Eastern potential still there?

At the end of 2013, five of the major Western insurance groups operating on the CEE, CIS and Turkish markets were harvesting about 30% of total written premium across the region, meaning in absolute terms, about EUR 11.5 billion. At the same time, the three most important "domestic" players in the CEE gathered GWP of about EUR 5.3 billion while only on the Russian market, the Top 5 companies totalled written premiums of over EUR 7.5 billion. Looking at these figures, it is obvious that the "Westerners" who entered the region in the last 20 years have encountered a strong competition on the Eastern markets.


luciano_cirina80Luciano CIRINA
CEO of GPH, the Italian GENERALI group's holding company for the CEE region

Twenty years ago you could read in many economic researches that the CEE markets will align very fast to Western Europe. But we are aware that the potential is proven when bearing in mind that premiums per capita reached in Central and Eastern Europe just USD 223 compared to USD 2,716 in Western Europe. We as GENERALI do not enter markets squeezing them out but developing our business in line with the needs of the local consumers and economies. And this for sure will take some time.

Slovakia FY2013
Serbia FY2013
Macedonia FY2013
Georgia 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:


ivan_podstupka80Ivan PODSTUPKA
Policy Advisor of Communications & PR

The persisting low rates of interest exert a risk worth mentioning. The commercial insurance companies will enter the market with annuities from 2nd pillar of pension fund in 2015, but the insurance companies are already getting ready for it this year.

img_lead_4992Sanel VOLARIC is the new CEO of CROATIA Osiguranje
Starting May 10th, 2014 Sanel VOLARIC will be the new CEO of CROATIA Osiguranje (CO), the Croatian insurance market's leader. The Croatian supervising authority has also approved the appointment of Andrej KOSTOMAJ and Nikola MISETIC as members of the CO Board. The new management team's task is to implement the CO's restructuring plan after the company's purchase by the ADRIS Group.
img_lead_4993Patrick RAAFLAUB to join SWISS Re as Group Chief Risk Officer
SWISS Re's Board of Directors announces that Patrick RAAFLAUB, the former CEO of Switzerland's financial market supervisory authority FINMA, will join SWISS Re and be appointed as member of the Group Executive Committee and new Group Chief Risk Officer (CRO) starting September 1st, 2014.
img_lead_4994TURKEY: Can Akin CAGLAR appointed CEO of EUREKO Sigorta
The ACHMEA Executive Board has appointed Can Akin CAGLAR as CEO of EUREKO Sigorta, ACHMEA's Turkish subsidiary, starting May1st, 2014 pending regulatory approval. He succeeds Okan UTKUERI who filled the position for more than seven years.
achmeaACHMEA appoints three new CFO's within Division International
Over the coming months three new CFO's will be appointed within ACHMEA's Division International, pending regulatory approval, has announced the Dutch Group.
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


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, Andreea RADU
Editors: Oana RADU, Adina TUDOR, Alina CIOBANU
Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2014 Media XPRIMM