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XPRIMM News No. 255, October 16, 2014

Insurance Newsletter, No. 255, October 16, 2014

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BB-20144 special events and the latest statistics at Baden Baden. Last chance to book your seat!
by, 2014-10-02
Only a couple of days until the 2014 Baden Baden Reinsurance Meetings will start, bringing together reinsurance specialists from all over the world. That is why XPRIMM Publications are proud to announce a series of events that will provide the perfect opportunity to bring you closer to your business partner, help you find the latest statistics for the CEE, SEE and CIS insurance markets and network.
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XPRIMM: Young insurance markets of the Adriatic region and CIS, a fertile ground for life insurers
by, 2014-10-16
The small insurance markets of the CEE and CIS regions, especially those of the ex-Yugoslavian area, have seen high, double-digit growth rates in the life insurance GWP. However, the segment still remains fairly underdeveloped, with a rather low share in the market portfolio. On the other hand, in most of the bigger markets of the region, as Poland, Hungary, Slovenia or Romania, life insurance GWP volume went down, in some cases at a high rate.
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Turkey: Intense competition, high stakes
by, 2014-10-16
The competition is intense, but the stakes are also high. A market with more than 75 million people, where the average age is less than 30 years old, gives the term "potential" a whole new meaning.

STATISTICS: SLOVAKIA: No substantial discontinuities during the first six months of 2014
by, 2014-10-16
The Slovak market recorded once again a growth rate of about 2% in GWP, to EUR 1.13 billion. The positive trend was visible both on the life and non-life segments.
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XPRIMM: Russian insurers' profitability still declining after a "stagnant" first half
by, 2014-10-16
Considering last years' evolution of the Russian insurance market, when double digit growth rates were usual, a less than 10% increase in GWP seems really modest. In fact, local players seem rather inclined to refer to 1H2014 as a "stagnation" period. Thus, GWP totalled RUB 507 billion (EUR 11 billion), up by 8.4% in 1H2014, maintaining a positive dynamic, but at a pace which is with 5.3 pp lower than the one recorded in 1H2013. Moreover, it is noteworthy that the growth rate of insurance premiums fairly equalled the level of inflation, of 7.8%, as EXPERT Ra analysts emphasize.
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XPRIMM: Turkish insurers are striving to improve profitability
by, 2014-10-16
"The profitability trend reemerged in the Turkish insurance market in 2013 and seems to continue in 2014, because the motor TPL technical loss is going down and the motor own damage line (Casco) is not producing loss," Ahmet GENC, Undersecretary General Director of Insurance, Turkish Treasury told XPRIMM.
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XPRIMM: Decrease of vehicle sales affected Azeri motor insurance market in the first half of 2014
by, 2014-10-16
In the beginning of 2014, significant changes took place in Azerbaijan that indirectly affected certain types of insurance, especially motor insurance. Among them, the tightening conditions for car loans, the higher standards imposed for the car imports and the new procedures for the technical inspection of vehicles had the strongest influence on the motor insurance market.
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Credit Europe Asigurari
A.M. Best improves the medium-term outlook of Zavarovalnica TRIGLAV from 'stable' to 'positive'
by, 2014-10-16
Following its regular annual revision, on 3 October 2014 the A.M. Best credit rating agency reaffirmed the financial strength rating of "A-" (Excellent) and issuer credit rating of "a-" (Excellent) of Zavarovalnica TRIGLAV. Both credit ratings reflect solid risk-adjusted capitalisation, good business results and dominant competitive position in the Slovene market, the Slovene group has announced.
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PZU received the last required approval for the acquisition of RSA Group business in the CEE
by, 2014-10-16
PZU SA has finally gathered all the required permits for the acquisition of the Group RSA: Link4, LIETUVOS Draudimas AB, AAS Balta Codan Forsikring and A/S Estonia. On October 14, the deadline within which the relevant financial supervision entities of Denmark and Estonia had to submit comments to the acquisition by PZU of the Estonian part of Codan Forsikring A/S, founded in Denmark has expired. As no objection was raised until now, the transaction may proceed as planned.
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EIOPA Conference 2014: Insurance and private pensions' role in the future development of the European financial market
by, 2014-10-16
The European Insurance and Occupational Pensions Authority (EIOPA) has announced that registration for its annual conference is now open. The 4th edition of the EIOPA Conference, taking place on 19 November 2014 in Frankfurt am Main, is organized in the framework of Europe's largest meeting point for the finance and insurance industry: the Euro Finance Week. XPRIMM Publications support the event as Media Partner.
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November Business Meetings of Reinsurers in Moscow to begin soon
by, 2014-10-16
The 13th Edition of November Business Meetings of Reinsurers will be held on November 25nd-26th in Business Center "Novoya Ploshadi", Maliy Cherkasskiy Street no. 2, Moscow, Russia.
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AM Best has affirmed its A-, stable outlook rating for SAVA Re
by, 2014-10-16
A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of "a-" of Pozavarovalnica SAVA d.d. (SAVA Re) (Slovenia), the operating holding company of the SAVA Re Group. The outlook for both ratings is stable.
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AM Best upgrades Generali's outlook to stable and affirms rating at A
by, 2014-10-16
The rating agency AM Best has announced that it has upgraded Italy's Generali outlook to stable from negative and has affirmed the rating at A (Excellent). A.M. Best has revised the outlook to stable from negative and affirmed the financial strength rating of A (Excellent) and the issuer credit ratings (ICR) of "a" of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main subsidiaries. At the same time, A.M. Best has affirmed the ratings of debt instruments issued or guaranteed by Generali.
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AZERBAIJAN approves borrower life insurance rules

AZERBAIJAN Insurance Supervision Service's head to meet with leaders of insurance firms once a quarter

AZERBAIJAN requested technical assistance from SWISS Re for agricultural insurance

AZERBAIJAN to develop mechanism of insurance of citizens' property against natural disasters

AZERBAIJAN: AtaSigorta to increase fees up to USD 18 million

AZERBAIJANI insurers discuss their problems with insurance supervision management

BELARUS, FRANCE set up joint commission for economic cooperation

BELARUS: Belagroprombank receives EUR 18m loan from Austria's VTB Bank

BULGARIA: Insurance companies, investment, pension funds could lose BGN 103 million if Corpbank, Victoria go bankrupt - financial supervisor

CROATIA: More property insurance awareness needed, say Allianz experts

Europe RE begins operations in SERBIA

Europe RE: Flood damage to SERBIA from EUR 1.5 to 2 billion

Eximgarant of Belarus, French COFACE sign memorandum of understanding

LITHUANIA's best employers 2014: Lietuvos Draudimas

POLAND's biggest bank PKO sees net profit growth despite rate cuts

POLAND's PZU says may issue subordinated debt by year-end

POLISH insurer PZU gets watchdog approval for Lithuania takeover

Real estate insurance almost doubled over the year in AZERBAIJAN

ROMANIA: INSIA Broker, launched the mobile application DauneAsig for insurance intermediaries

RUSSIA: Rates for insurance will increase by 23-30%

RUSSIA: Sberbank Insurance receives licence to perform insurance operations

SLOVAK charged with insurance fraud detained in Cuba

SLOVENIA: A.M. Best Affirms the Ratings of Pozavarovalnica SAVA

TURKEY: Aviva and Sabanci weighing IPO of insurance venture

UKRAINE starts receiving insurance compensations

UKRAINE: Insurance company Krayina extends cooperation with Pharmplanet

On the occasion of the Baden Baden meeting (October 19th-23rd, Baden-Baden), Media XPRIMM will launch five new titles. Join our events in Baden Baden and get your complimentary copies of:

- XPRIMM INSURANCE REPORT 1H 2014 – 32 CEE, SEE & CIS markets half year statistics

- XPRIMM INSURANCE PROFILE – In depth market analysis for the following insurance markets/analyzed periods:

RUSSIA 1H 2014
TURKEY FY 2013 and 1H2014
KAZAKHSTAN FY 2013 and 1H2014



klime_poposki2_80Klime POPOSKI
PhD, President of the Council of Expert Insurance Supervisory Agency, Macedonia

We expect 2014 to end with a GWP growth, i.e. we expect the growth seen in the first half of the year to continue until the end of the year. The life insurance segment will keep up its dynamic two-digit growth, but also the non-life insurance segment is expected to maintain its positive growth by the end of the year, with a slower growth rate compared to the growth achieved in the first half of 2014.


1H2014 Slovakia

Romanian Evening - Baden Baden
October 18th, 2014
Kurhaus Restaurant
Baden Baden, Germany
Organizer: STELLAR Re
Baden Baden XPRIMM Reception
October 19, 2014
Organizer: Media XPRIMM
Azeri Evening - Baden Baden
October 19, 2014
Organizer: Azerbaijan Insurers Association
Japanese Evening - Baden Baden
October 19th, 2014
Organizers: NTT Data and Media XPRIMM
For details:
Turkish Evening - Baden Baden
October 21, 2014
Organizer: Istanbul Underwriting Center
Baden Baden Meetings 2014
October 19-23, 2014
For details:
6th Annual Insurance Distribution Strategies Forum
October 29-30, 2014, Rome, Italy
Organizer: Fleming Europe
Media Partner: XPRIMM Publications
For details:
2nd Annual Solvency II Forum
October 30-31, 2014, Vienna, Austria
Organizer: Global Leading Conferences
Media Partner: XPRIMM Publications
For details:
WorldPensionSummit 2014
November 5-6, 2014
The Hague, Netherlands
Media Partner: XPRIMM Publications
For details:
Insurance World Distribution Challenges
November 6, 2014
HESPERIA Hotel, Madrid, Spain
Organizer: Inese & Community of Insurance
Media Partner: XPRIMM Publications
For details:
Conference of MABISZ
November 6, 2014
Corinthia Hotel, Budapest, Hungary
Organizer: Hungarian Insurance Association (MABISZ)
For details:
EIOPA Conference
November 19th, 2014
Frankfurt am Main, Germania
Organizer: EIOPA
For details:
European Conference on Consumer Protection in Financial Services
March 12th 2015
Palace of the Parliament, Romania
Organizers: APPA-The Romanian Association of Insurance Promotion & UNSAR- The National Association of Insurance and Reinsurance Companies in Romania

ismet_gungor80Ismet GUNGOR
Manager of TCIP
(Turkish Natural Catastrophe Insurance Pool)

The Turkish Natural Catastrophe Insurance Pool (DASK) has become one the most renowned insurance brands on the Turkish market. High brand recognition and increasing earthquake insurance awareness in society gives leverage to take up rate in earthquake insurance.



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


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