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XPRIMM News No. 249, July 10, 2014

Insurance Newsletter, No. 249, July 10, 2014

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img_lead_5324ROMANIA: Record losses on the insurance market in 2013
by, 2014-07-10
The Romanian insurance market registered, in 2013, a record aggregate loss amounting to RON 1.28 billion (EUR 290.52 million), according to the annual report published by the Financial Supervisory Authority (FSA).

img_lead_5312CMV is the new member of the GrECo JLT Group
by, 2014-07-10
The Austrian based aviation broker CMV and the GrECo JLT Group combined their longstanding expertise and market presence and plan to roll out the specialized know how in all 17 countries of the Group. Friedrich NEUBRAND, CEO of the GrECo JLT Group (foto) explains: "With CMV we strengthen our competence in the area of aviation insurance and further grow our strategy of specialization. The renowned company will be positioned as a specialty broker for the aviation business of the entire GrECo JLT Group, and is in line with our strategy to prioritize investments where we can build distinctive positions. The brand CMV will continue to exist."

aon_logoThe bill for severe weather events in Europe in the first half of 2014 could reach USD 10.8 billion
by, 2014-07-10
The first half of 2014 came with a consistent bill for Europe, following an outbreak of severe weather: winter storms, heavy rains and thunderstorms during the spring etc. caused a high damage all over Europe, amounting to more than USD 10.8 billion in economic losses, according to the June 2014 AON Benfield's June Cat Report. About 53% of the losses were recorded in Western Europe, although in terms of human victims, the Central and Eastern Europe was hit much stronger.
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img_lead_5308TURKEY 1Q2014: Increase by more than 6% in GWP, but negative dynamic on the life segment
by, 2014-07-10
In Q1 2014 the Turkish insurance sector's GWP recorded a 6.12% y-o-y increase in local currency and reached almost TRY 7 billion (~EUR 2.4 billion), according to the data collected by the Insurance Association of Turkey - TSB. In European currency, the results show a negative change as a result of the strong devaluation of the Turkish Lira.
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img_lead_5306GREECE, 1Q2014: GWP down by 2.4% y-o-y
by, 2014-07-10
The Greek insurers reported gross written premiums of EUR 986 million in the first quarter of 2014, as compared with EUR 1.01 billion a year earlier, according to the 1Q2014 Report published by the Hellenic Association of Insurance Companies (HAIC).
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img_lead_5307CYPRUS 1Q2014: The insurance market fell by 6.3%, below EUR 200 million
by, 2014-07-10
The insurance market of Cyprus reported a volume of GWP of about EUR 196 million in the first quarter of 2014, representing an annual decrease of 6.3%, according to the figures published by the Insurance Association of Cyprus. In the case of life insurance, the local insurers reported a negative dynamic of -9.7% y-o-y, to EUR 80 million, while the non-life insurance segment decreased by ~3.9% y-o-y to EUR 116 million.
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Credit Europe Asigurari
rsaLATVIA: RSA announced completion of AAS BALTA sale
by, 2014-07-10
RSA Insurance Group plc (RSA) announced at the end of June the completion of the sale of its Latvian business, AAS BALTA, to the Polish insurance group PZU, after receiving the formal regulatory approval.
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img_lead_5318RUSSIA: OLMA Group to acquire ZURICH non-life retail unit for USD 30 million
by, 2014-07-10
ZURICH Insurance Group announced that it has signed an agreement with OLMA Group (a domestic brokerage and investment-services company) so that the latter will acquire ZURICH's general insurance retail business in Russia. The price amounts to about RUB 1 billion (USD 30 million). The transaction is expected to be closed in the third quarter of 2014.
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img_lead_5315MOLDOVA: VIG seeks to secure full control over DONARIS Group
by, 2014-07-10
VIENNA Insurance Group (VIG) announced their intention to take over the remaining 6.214% stake in the Moldavian insurer DONARIS Group, after previous acquisition of around 94% stake of its shares, according to the official publication of the supervisory authority.
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img_lead_5316UZBEKISTAN: Higher minimum capital requirements in place starting July 1st
by, 2014-07-10
Starting July 1st, new minimum capital requirements were enforced in Uzbekistan, informs the UZREPORT Information agency. The change was due to a Presidential Resolution on "Additional measures to further improve the financial stability of insurers" which was dated May 31, 2011.
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rosgosstrakh_armeniaROSGOSSTRAKH Armenia prevented over 30 attempts of fraud
by, 2014-07-10
The security service of ROSGOSSTRAKH Armenia prevented over 30 attempts of fraud worth about AMD 19 million over the first months of 2014, according to ARMINFO, the Armenian Agency of Rating Marketing Information.
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img_lead_5309The credit rating of the TRIGLAV Group by S&P remains high, at A-
by, 2014-07-10
Zavarovalnica TRIGLAV and Pozavarovalnica TRIGLAV RE maintained stable medium-term outlooks despite a negative outlook on the sovereign debt. Thus, Standard & Poor's affirmed the TRIGLAV Group's existing long-term credit rating and financial strength credit rating at 'A-'.
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img_lead_5317Odessa will host the XIV International Black Sea Finance Forum
by, 2014-07-10
The condition of the international financial market, current legislation and regulation issues, developing problems of certain types of insurance (motor, medical), cooperation between financial institutions (banks, insurance companies, investment funds), reinsurance activities of insurance intermediaries and strategic tools management are the main topics of the XIV International Black Sea Finance Forum which will take place on September 10 - 13, 2014, in Odessa, Ukraine.
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img_lead_5314Antoine PARISI is the new CEO of Europ Assistance starting from September
by, 2014-07-10
From September, 9 Antoine PARISI will be the new CEO of Europ Assistance. PARISI (46) has gained a strong international experience in the insurance and assistance sectors, holding important positions in the AXA Group over the past years.

ALLIANZ UKRAINE insurer renews voluntary medical insurance program

ARMENIA: RESO offers full insurance package for those going on vacation

AZERBAIJAN bans insurers to refuse in insurance

AZERBAIJAN: IIC to expand branch net on key economic zones of country until end of 2014

AZERBAIJAN: Property insurance decreased by 23.3% for 2014

AZERBAIJANI insurers receive over USD 2 million from workers comp and disability insurance

BULGARIA, FSC: All insurance companies in Bulgaria ready to service their clients

BULGARIA: FSC has started a procedure for license revocation against Global Markets Ltd

ING increases number of offer shares in NN Group IPO

LITHUANIA: BTA generated almost LTL 76 mln of insurance premiums in 5 months

POLAND: new KNF guidelines on distributing insurance products and bancassurance

POLAND: PZU sells debut Eurobonds to finance takeover

RUSSIAN regulator revokes 3 more licenses in banking sector restructuring

SERBIA: Damage from May 2014 floods total EUR 1.5 billion

SLOVAKIA: ORANGE offers free travel insurance with roaming

UKRAINE: Risks ceded to reinsurers falls significantly in 1Q2014
Announcing a rich editorial autumn

There are still many regions in Europe where the summer hasn't really started. However, despite the capricious weather, many of us are on our way or preparing for the summer vacation. Still, preparations for this autumn's newest set of insurance reports are on their way and the studies will be waiting for you upon your return.

enkeleda_shehi2_80Enkeleda SHEHI
Albanian FSA

The insurance business in 2014 will depend on the stability of prices in the MTPL portfolio. If the current prices will be maintained, the market will experience a considerable growth by the end of 2014.

1Q2014 Turkey
1Q2014 Greece
1Q2014 Cyprus


XІV International Black Sea Finance Forum
September 10-13, 2014
Odessa, Ukraine
Media Partner: XPRIMM Publications
Organizer: Business Strategy Center "Perspektiva" with the support of the League of Insurance Organizations of Ukraine
For details:
CASRISK 2014 - Caspian Risk Conference
November 6-7, 2014
Baku, Azerbaijan
Organizers: Azerbaijan Risk Professionals Association (ARPA) and Media XPRIMM
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:
European Life Insurance Forum
September 25-26, 2014
NH Danube Hotel , Vienna
Organizer: Global Leading Conferences
Media Partner: XPRIMM Publications
For details:
IBF - Insurance Business Forum
September 29th - October 3rd 2014
Swissotel Kamelia
Sochi, Russia
Organizers: Delovoi Format and National Insurance Guild
Co-organizer: Media XPRIMM
11th ICAR - International CAtastrophic Risks Forum
October 8th, 2014
Bucharest, Romania
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
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:
FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications


mateja_lamovsek80Mateja LAMOVSEK
Insurance Analyst
Slovenian Insurance Association

In 2013 the market growth was negative for the first time in the last two decades. It was the first time since 2008 that premiums have fallen under EUR 2 billion. This is the result of the crisis in the Slovenian economy, which has been already lasting for the last five years.

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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