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XPRIMM News No. 260, January 8, 2015

Insurance Newsletter, No. 260, January 8, 2015

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European insurers paid on average EUR 2.6 billion a day in claims and benefits in 2013
by, 2015-01-08
European insurers paid out an average of EUR 2.6 billion a day in claims and benefits during 2013, according to figures published in a study by Insurance Europe, the European insurance and reinsurance federation.
The study which examined trends in the European insurance market over several years, revealed that during 2013 a total of EUR 952 billion was paid out by insurers to individuals and businesses in Europe.

STATISTICS: POLAND 3Q2014: sharp decrease in the non-life segment profitability
by, 2015-01-08
Total value of gross premiums written by the Polish insurers in the first three quarters of 2014 amounted to PLN 40.8 billion, recording a 5.77% decrease y-o-y. Claims paid amounted to PLN 25.2 billion, about 10.1% less than a year earlier. The aggregated net profit amounted to PLN 2.65 billion on the life insurance side, up 14% y-o-y, and PLN 3 billion for the non-life insurance business (49% down y-o-y). According to a PIU (Polish Chamber of Insurers) release, this difference has to do primarily with the amount of dividends within the largest Polish insurance group.

STATISTICS: CZECH Rep.: Mild recovery, but still dealing with the MTPL line's imbalances
by, 2015-01-08
According to third-quarter figures of the Czech National Bank, the sector's supervising authority, the Czech insurance market development shows no unexpected major changes. Annual premiums totalled CZK 120.23 billion, 2.6% up y-o-y. Both life and non-life insurance segments saw a positive evolution in terms of GWP.

SERBIA: New Insurance Law adopted
by Milica PETROVIC
Near the end of 2014, the Serbian parliament adopted the new Insurance Law that will take effect upon expiry of six months - at the end of June 2015. This finally put an end to the dilemma about the status of composite companies that will not be obliged to separate, strengthened the protection of rights and interests of the insured, and regulated sales channels more flexibly.

AXA announced again its exit from the ROMANIAN life insurance market
by, 2014-12-18
The French insurer AXA announced on December 18, 2014, that it has entered into an agreement with CERTINVEST and SIF Transilvania to sell its Life & Savings insurance operations in Romania and exit the Romanian market. Under the terms of the agreement, CERTINVEST would acquire a stake of 70% in AXA's Romanian subsidiary, AXA Life Insurance, while SIF Transilvania would acquire the remaining 30% stake.
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SOLERA expands its presence in the CZECH Republic and SLOVAKIA
by, 2014-12-18
SOLERA Holdings, a leading provider of risk and asset management software and services for the automotive and property marketplace, including the global P&C insurance industry, announced that it has acquired 100% of the equity interests of IBS Automotive, a leading provider of vehicle valuation data in the Czech Republic and Slovakia.
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Credit Europe Asigurari
FAIRFAX to buy Czech, Hungarian and Slovakian QBE's insurance operations
by, 2014-12-18
Canadian financial services holding FAIRFAX announced that it has entered into an agreement with QBE Insurance (Europe) Limited to acquire QBE's insurance operations in the Czech Republic, Hungary and Slovakia. According to the Toronto-based holding's press release, the existing businesses and renewal rights of QBE's operations in the three CEE countries are expected to be transferred to FAIRFAX by the third quarter of 2015, being subjected to customary closing conditions, including various regulatory approvals.
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STATISTICS: Bank of Lithuania, 3Q2014: Rapid life-assurance growth, moderate non-life insurance expansion and record-high profits
by, 2015-01-08
Over the three quarters of 2014, the Lithuanian insurance market, in terms of premiums written, increased by 6.3% and amounted to almost LTL 1.5 billion (EUR 433 million). Such growth was driven by rapid expansion of the life assurance sector. The non-life insurance sector was distinguished by high competition and more modest growth, the Bank of Lithuania reported.

STATISTICS: EU branches generated almost 30% of LATVIAN market in 3Q2014
by, 2015-01-08
According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled at the end of September 2014 about EUR 378 million, or 7.6% more y-o-y. Of the total, gross premiums written by local insurers increased by EUR 10 million as compared to september 2013 (to EUR 271 million), while the gross premiums written by the EU branches reached more than EUR 107 million, or 28.3% of the total GWP.

STATISTICS: ESTONIAN insurance market up 7.9% y-o-y in 3Q2014
by, 2015-01-08
Insurers active on Estonian market posted total gross written premiums of EUR 253.5 million at the end of September 2014, 7.9% up as compared with the previous year, according to quarterly market figures published by the Estonian National Statistics Board. At the same time, the value of paid claims remained almost unchanged a year ago, reaching EUR 135.7 million.

Preliminary sigma estimates: Global disaster events cost insurers USD 34 billion in 2014
by, 2014-12-18
According to preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters were USD 113 billion in 2014, down from USD 135 billion in 2013. Out of the total economic losses, insurers covered USD 34 billion in 2014, 24% less compared with USD 45 billion in 2013. This year's disaster events have claimed around 11,000 lives.
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Insurance industry in the Middle East, under debate at the 5th Annual. Middle East and Africa Insurance Summit
by, 2015-01-08
With the Middle East witnessing a rapid trend of mandatory health insurance in major countries, along with an increased awareness for product innovations and enhancing the distribution channels, the Middle East and Africa region promises astounding growth and potential in the insurance sector.

STATISTICS: MACEDONIA 3Q2014: life insurance strives to reach 10% market weight
by, 2015-01-08
The Macedonian insurance market ended the first three quarters of 2014 with an almost 6% increase in GWP, to EUR 95 million. In relative terms, life insurance saw the highest growth rate, recording a GWP amount higher by 21.6% as compared with 3Q2013. Yet, in absolute figures, the main source of growth remained the non-life segment, especially the MTPL and damages to property lines.
AUDATEX and Compulsory Insurers Bureau found SOLERA AZERBAIJAN

AZERBAIJAN has prepared new mechanisms of control over compulsory passenger insurance

AZERBAIJAN to introduce compulsory Green Card insurance from 2016

AZERBAIJAN: Ata Insurance insured new residence of SOFAZ

Central Bank of Russia revoked the licence of INS-BROKER

Credit insurance is the leading type of insurance by development rate in AZERBAIJAN

Fitch Affirms ACE Russia at 'BBB'; Outlook Negative

Insurance and reinsurance companies became the shareholders of a local bank for the first time in AZERBAIJAN

Insurance profit tax introduced in UKRAINE from Jan 1, insurance income tax retained

KAZAKHSTAN's insurance market revenues decreased by 10%

KAZAKHSTAN: A.M. Best Downgrades Ratings of Nomad Life Insurance Company JSC

KAZAKHSTAN: Fitch assigns ratings to Insurance Company Kazakhmys; outlook Stable

KAZAKHSTAN: Insurers' premium income expected to fall

Last year AZERBAIJAN insured more than 931,000 cars in compulsory order

Ministry of agriculture and INGO ARMENIA to launch pilot cattle insurance program next year

MONTENEGRIN insurers' Nov gross written premiums edge up 0.4% m/m

RUSSIA: A.M. Best Upgrades and Withdraws Ratings of Transneft Insurance Company, JSC

SLOVENIA's TRIGLAV raises SPD stake to 66.7% after takeover bid

TURKEY: The insurance sector grew 6.4% in the first 11 months of 2014

TURKEY: Vehicle owners paid over USD 1 billion in compensation

UKRAINE: UNIQA insurer introduces mobile app for settling car insurance claims
RUSSIA 1H 2014
TURKEY FY 2013 and 1H2014
KAZAKHSTAN FY 2013 and 1H2014



kemal_cuhaci80Kemal CUHACI
Deputy General Manager

Currently 75% of the premiums in the Turkish non-life sector are generated by top ten insurance companies. This is a significant indicator of the mergers and acquisition in the market in the medium term. Moreover, the vast majority of the companies in the top ten are owned by the foreign insurance group. In the overall market, more than 70% of the paid-up capital belongs to the foreigners. This demonstrates the market is an attractive business environment in which the foreigners can operate with a reasonable profit margin.


3Q2014 Poland
3Q2014 Czech Rep.
3Q2014 Macedonia
3Q2014 Lithuania
3Q2014 Latvia
3Q2014 Estonia

5th Annual Middle East & Africa Insurance Summit
January 19-20, 2015
Dubai, United Arab Emirates
Organizer: FLEMING Gulf
Media Partner: XPRIMM Publications
For details:
African Insurance Forum 2015
February 23-24, 2015
Johannesburg, South Africa
Organizer: FEXTONS
Media Partner: XPRIMM Publications
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
Russian Reinsurance Conference
XX Edition
April 16-17, 2015
President Hotel, Moscow
Organizers: All-Russia Insurance Association & DELEVOY Format Group
Media coverage: XPRIMM Publications
For details:
International Insurance Forum 2015
April 19-20, 2015
Istanbul, Turkey
Pera Palace Hotel
Organizers: Media XPRIMM and Istanbul Underwriting Center
Media coverage: XPRIMM Publications
FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details:
7th International Insurance Conference
May 27, 2015
Luxembourg Congres Conference Centre
Organizer: Insurance Europe
Baden-Baden XPRIMM Reception
18 octombrie 2015
Kurhaus Casino, Runder Saal
AZERI Evening - Baden-Baden
18 octombrie 2015
Casino Restaurant Sommergarten
TURKISH Evening - Baden-Baden
20 octombrie 2015
AIIF - Azerbaijan International Insurance Forum

Marc MULDER, new Sales & Marketing Director with FRISS
by, 2015-01-08
As of 1st of January 2015, FRISS – the international operator within the insurance industry offering a complete solution for fraud and risk management for insurance companies -, has appointed Marc MULDER as new Sales & Marketing Director.



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