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XPRIMM News No. 261, January 22, 2015

Insurance Newsletter, No. 261, January 22, 2015

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CEE INSURANCE IN 3Q2014: Poland loses 1pp of its regional market share but remains the unchallenged CEE insurance leader
by, 2015-01-22
The first three quarters of 2014 ended for the CEE insurers with an aggregated negative result in terms of GWP. Thus, underwritten premiums decreased by 2.85%, to EUR 24.1 billion. In absolute terms, the CEE market shrank by some EUR 706 million, the largest part of this reduction (EUR 504 million) belonging to the Polish market. The second largest fall in GWP came from the Czech market, almost entirely representing the effects of the local currency devaluation.

CEE LIFE INSURANCE, 3Q2014: Five of the 10 largest markets pushed down the regional results
by, 2015-01-22
In 3Q2014, the CEE life insurance market decreased y-o-y by 4% to EUR 10.5 billion, due to decreases reported by five of the 10 largest markets in the region. Out of the total life GWP, the unit-linked sub-segment accounted for about EUR 4.6 billion (1.6% less y-o-y), the remaining EUR 5.9 billion representing GWP realized on other life classes: traditional life policies, marriage and birth, and other supplementary insurance.

CEE NON-LIFE INSURANCE, 3Q2014: The big players pushed down the regional results
by, 2015-01-22
The CEE non-life insurance business volume saw an almost 2% decrease in GWP in 3Q2014, driven mostly by the significant fall of the premium production in the Czech, Romanian, Polish and Croatian markets which recorded a total decrease in GWP of almost EUR 340 million. However, it is worth mentioning that in the Czech market's case the strong devaluation of the local currency played a very important role, as the market results denominated in CZK show a slight increase in the non-life business volume.

MOTOR INSURANCE, 3Q2014: Still the arena of fierce competitors
by, 2015-01-22
The CEE MTPL business fell in 3Q2014 by 1.15% y-o-y, in terms of GWP, the East European specialty market remaining highly competitive. However, one should notice that many of the CEE markets recorded a positive change in GWP, but due to difference in market size all these positive trends couldn't offset the effect of the 4% decrease in GWP recorded in Poland.

CEE PROPERTY INSURANCE, 3Q2014: 4.2% fall in GWP despite the increased weather related risks occurred
by, 2015-01-22
In 3Q2014, the 17 markets of the CEE Region reported for the property insurance sub-segments (summing up the "fire and allied perils" and "other damages to property" classes) GWP of about EUR 3.07 billion. The value is 4.2% lower compared with January-September 2013 and represents about 12.7% of total CEE insurance market. At the same time, the value of property claims paid by CEE insurers decreased by 8.5% to EUR 1.14 billion.

CEE GTPL INSURANCE, 3Q2014: Segment accounted for more than 4% of total CEE market in 3Q2014
by, 2015-01-22
By the end of September 2014, the CEE GTPL insurance market totaled EUR 1.06 billion, 2.7% less y-o-y. This value represented about 4.17% of CEE consolidated GWP figure (EUR 24.10 billion). At the same time, paid claims amounted to EUR 13.46 billion, about EUR 1.07 billion less y-o-y.
Credit Europe Asigurari
CROATIA Osiguranje owners may acquire KD holdings in SAVA Re
by, 2015-01-22
Slovenian financial services group KD said last week that multiple buyers are interested in the purchase of its stake in local reinsurer's Sava Re capital. KD owns SAVA Re shares through its insurance subsidiary ADRIATIC Slovenica and mutual funds managed by KD Funds. However, no names were made public at this stage.

Bulgarian EIG reported a 1.65% decrease in GWP in 2014
by, 2015-01-22
Bulgarian-based EUROINS Insurance Group (EIG) reported gross written premiums of EUR 157.73 million during 2014, 1.65% less y-o-y, according to a press release published by the financial holding EUROHOLD. This rate was influenced by the negative dinamic reported by the Romanian subsidiary (the largest subsidiary of the group in terms of GWP), while EUROINS Bulgaria and EUROINS Macedonia reported positive rates.

GENERALI CEE - the new identity of GPH after the 100% aqusition by GENERALI Group
by, 2015-01-22
GENERALI reached 100% ownership of GENERALI PPF Holding (GPH) by acquiring the remaining 24% minority shareholding held by PPF Group for a final price of EUR 1.25 billion. This transaction was in line with the agreements signed on January 8, 2013, the Trieste-based insurer announced in a press release. "With the acquisition of the full ownership of GPH, the holding company operating in Central-Eastern Europe changes its name into GENERALI CEE Holding".

The Czech credit insurer KUPEG enters Poland
by, 2015-01-22
KUPEG, a leader on the Czech market for commercial credit insurance, has opened an office in Warsaw - the capital of Poland. According to the press release published by the company, the Polish office will offer a portfolio of services which includes insurance against the risk of non-payment of receivables from both domestic and foreign customers, as well as enforcement of insured receivables.

MOLDOVA: The market capitalization exceeded half billion MDL at the end of 2014
by, 2015-01-22
In December 2014, two Moldavian insurers increased their capital by more than 100%, according to a press release published by the National Commission of Financial Market (NCFM). The two capital increases led the total market capitalization from over a half million MDL at the end of 2014 to MDL 505.5 million (about EUR 26.6 million).

Insurance sector in the Middle East and Africa, analyzed by industry specialists
by, 2015-01-22
The 5th Annual Middle East and Africa Insurance Summit, which took place between the 19th and the 20th of January, focused on the immense potential of the insurance sector in the Middle East and Africa region.
XPRIMM Publications supported the event as Media Partner.

ALBANIAN Parliament approves the nominations for Board members of the FSA

ESTONIAN Air to offer ticket and travel insurance in cooperation with If P&C Insurance

HUNGARY: MNB sells stakes in MKB insurance units for EUR 1 mln

MACEDONIA's Winner premium income exceeds 700 mln denars in 2014

ROMANIA: EUROINS has completed the second stage of capital increase

RUSSIA: CTP Insurance can be increased by Quarter

RUSSIA: Moody's downgrades AHML Insurance Company to Ba2

RUSSIA: SOGAZ to insure three Gazprom spacecraft for USD 561 million

RUSSIA: The Central Bank introduced a temporary administration in the "Russian transport insurance company"

SLOVENIA's lender NLB rejects talk of exit from insurer Skupna

TURKISH HALK insurance units' privatisation tender details unveiled

US insurance giant to create hundreds jobs in LITHUANIA


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



kairat_kelimbetov80Kairat N. KELIMBETOV
President of the National Bank of the Republic of Kazakhstan

The creation of the National Office of Motor Bureau is taken into consideration in order to improve the cross-border MTPL insurance coverage, as well as for the integration of the Republic of Kazakhstan in the framework of the EEA.


3Q2014 CEE Overall Market Data
3Q2014 CEE Life Insurance Indicators
3Q2014 Life Unit-Linked Indicators
3Q2014 Non-Life Insurance Indicators
3Q2014 Motor Hull Indicators
3Q2014 MTPL Indicators
3Q2014 Property Indicators
3Q2014 GTPL Indicators


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
3rd Annual Claims Forum
March 11-13, 2015
Munich, Germany
Organizer: FLEMING Europe
Media partner: XPRIMM Publications
For details:
IX International Conference "Insurance in Central Asia"
April 14-15, 2015
Almaty, Kazakhstan
Organizer: InterConsult Info
With the support of the Kazakhstan Association of Insurers
Media Partner: XPRIMM Publications
For details:

Russian Reinsurance Conference
XIX Edition
April 16-17, 2015
Moscow, Russia
Organizers: All-Russia Insurance Association & DELEVOY Format Group
Media coverage: XPRIMM Publications
For details:
International Insurance Forum 2015
April 19-20, 2015
Istanbul, Turkey
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
For details:
7th International Insurance Conference
May 27, 2015
Luxembourg Congres Conference Centre
Organizer: Insurance Europe



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