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XPRIMM News No. 267, April 16, 2015

Insurance Newsletter, No. 267, April 16, 2015

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MTPL in CEE, 2014: Stable premiums, but scarce profitability and worsening technical results in the big markets
by, 2015-04-16
In 2014, among the motor insurance lines, the compulsory MTPL segment recorded the most stable evolution in CEE, with an almost insignificant y-o-y decrease in premium (EUR 5.46 billion). However, it should be said that the "regional stability" of the MTPL line is only the result of consolidation, at individual level the region's countries showing extremely divergent trends.

The latest issue of Motor Insurance Report, to be launched at "IIF - Motor insurance-the road towards profitability conference"
by, 2015-04-16
The latest issue of XPRIMM Motor Insurance Report - CEE, CIS, SEE, the first specialized publication dedicated to the 32 motor insurance markets from CEE, SEE and CIS regions, will be officially launched on April 20th, during the 5th edition of the "IIF - Motor insurance - the road towards profitability".

Russian market 2014 results available in the latest issue of Insurance Profile Russia
by, 2015-04-16
The complete results of the Russian insurance market in 2014 are now available in the latest issue of the Insurance Profile Russia.

VIENNA Insurance Group: Gross profit increases 46 percent to EUR 518.4 million
by, 2015-04-15
VIENNA Insurance Group earned EUR 9.1 billion in premiums in the financial year 2014, an increase of 0.9 percent when adjusted for currency effects. This performance is underlined by a significant improvement of around 4 percentage points in the combined ratio, reducing it to 96.7 percent. In the CEE region, the combined ratio even amounted to just 93.4%.

STATISTICS: GEORGIA, FY 2014: Excluded from the state health insurance program, insurers have improved profitability
by, 2015-04-16
Georgian insurers were confronted with a challenging year in 2014, mainly because of the health insurance program cessation. "The state health insurance program - initiated by the Government of Georgia in 2007 in order to provide medical insurance to vulnerable groups of Georgian population via private insurance companies -, represented app. 45% the total 2013 GWP. In 2014 the program was canceled. As a result, despite the robust growth in corporate sector, the insurance market shrank by 30%," Vakhtang DEKANOSIDZE, CEO IRAO told XPRIMM.

STATISTICS: SERBIA, FY 2014: Driven by the life insurance growth and slightly affected by the May floods' losses
by, 2015-04-16
The Serbian insurance market ended 2014 with a 8.4% increase in GWP, to RDS 69.4 billion. In European currency, given the about 6% depreciation of the Serbian Dinar, the market growth was of only 2.7%, to EUR 573.8 million. "Serbian insurance market continued exhibiting similar trends identified in the previous period," as stated by the representatives of the Serbian National Bank, the market watchdog. "Overall stability of the insurance market was preserved, while insurance companies continue to face cost pressures in their operations."

Reinsurance through the eyes of the Russian market
by, 2015-04-16
Regardless of the current economic situation in Russia, local re/insurers are powerless to place some 2.000 individual risks with western companies, because of the international sanctions affecting Russia.

Kazakhstan: 2014 has been marked by positive trends
by, 2015-04-14
The insurance market of Kazakhstan is very dynamic and 2014 has been marked by positive trends regarding assets, capital and reserves of insurance companies.

STATISTICS: MOLDAVIAN market down by 10% in 2014 due to the currency depreciation
by, 2015-04-16
Last year the Moldavian insurance market totaled MDL 1.2 billion or 0.4% more y-o-y, according to the official statistics published by the National Commission of Financial Market - NCFM. Denominated in euro, due to the depreciation of the national currency, the local insurance market was down by 9.9% to EUR 64.6 million. The value of claims paid by insurers was up by 6.6% y-o-y to EUR 27.6 million, of which motor insurance classes (hull, MTPL and Green Card, summed) accounted for more than 58% (or EUR 16 million) while financial loss policies represented 30% (or EUR 8.2 million).

Credit Europe Asigurari
Bank of Lithuania: Profits of insurers boosted by more than a third in 2014
by, 2015-04-16
In 2014, insurance undertakings registered in Lithuania, according to unaudited data, earned EUR 24.1 million (LTL 83.2 million) of profits, a year-on-year increase of 36$. The highest profits were generated by the insurance activity; however, the overall result was significantly enhanced by profits from the investing activity. "The result of the previous year is almost record high - higher profits were only earned in 2007. The results varied significantly across insurance branches though - the return on the insurance activity within non-life insurance was almost 6 times lower than that of life assurance undertakings," says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.

Fewer people killed on the CEE roads despite the increasing number of road accidents, in 2013
by, 2015-04-16
Car crashes killed over 9,600 persons and injured about 203 thousand in 2013 on the CEE roads, in a total number of road accidents close to 210 thousand, according the data published by the European Commission and the national statistical offices, collected by XPRIMM. Compared with the previous years it seems that although there is a slight increase in the number of accidents, the tragic consequences have somehow diminished, most probably because of the cars' improved safety characteristics.

After years of chronic problems, MTPL has become the most unprofitable segment of the Russian insurance market
by, 2015-04-16
Gross premiums written by the Russian insurers amounted to RUB 987.8 billion, 9.16% up in nominal terms as compared with 2013, a result which given the 11.36% y-o-y inflation rate recorded by the end of December, means in fact an about 2% decrease in real terms. Motor insurance lines, which represent about 42.4% of the non-life GWP, but generate about 57% of the overall non-life claims expenses, saw mixed results.

UNIQA Embedded Value remained almost unchanged in 2014
by, 2015-04-16
Last year, the market-consistent Embedded Value of the UNIQA Group before minority interests remained almost unchanged at EUR 4.20 billion (EUR 4.21 billion in 2013), the Austrian insurer said in a press release. In the life and health insurance sector, the indicator fell by 8.0% to EUR 1.57 billion (vs. EUR 1.70 billion in 2013), while the adjusted equity applicable rose by 4.0% to EUR 2.60 billion (vs. EUR 2.48 billion a year before).

Want to know more about bancassurance? Register to the Global Bancassurance & Alternative Distribution Channels Conference!
by, 2015-04-16
Bancassurance focuses on creating value by identifying, monitoring, adapting customer-centric approach and establishing a strong partnership between banks and insurance companies for their mutual benefit. The latest business opportunities and innovative solutions in bancassurance and alternative distribution channels will be analyzed during the two-day "Global Bancassurance & Alternative Distribution Channels Conference", event which bring together experts from the Banks and Insurance industries. XPRIMM Publications support de conference as Media Partner.

"The Future of General Insurance in Africa Summit and Expo" focuses on the business potential of the African insurance market
by, 2015-04-16
The general insurance market in Africa has experienced rapid changes in recent times, offering an increasingly attractive business environment for the insurance companies. "The Future of General Insurance in Africa Summit and Expo" offers a comprehensive view of this local insurance segment and its potential for the international players. The event will focus on the opportunities this market it holds and what insurers can anticipate and utilize to better manage their businesses and operations. The Summit is organized by LCI - LANDSBERG Communications International. XPRIMM Publications support the event as Media Partner.



AZERBAIJAN introduces practice of compulsory insurance for tourists

AZERBAIJAN's Presidential Administration concerned about quality of insurance services in country

AZERBAIJAN: Introduction of new compulsory insurance postponed for 2016-17

Central Bank of Russia : On restricting insurance licence

CYPRUS: Progressive launches new motor and home insurance

CZECH REPUBLIC: EGAP insured exports totalling CZK 720bn since 1992

Euler Hermes Turkey again named "The Best Credit Insurance Company in Turkey" in 2015

HUNGARY: Casco insurance sales stay steady at 21% in 2014

KAZAKHSTAN: A.M. Best Affirms Ratings of Victoria Insurance Company JSC

Price for insurance services in AZERBAIJAN unaffected by manat rate change

ROMANIA: GROUPAMA Asigurari ended 2014 with a 3.56 percent increase in gross underwritten premiums

RUSSIA: Ingosstrakh increased VHI insurance premiums

RUSSIA: SOGAZ expects systemic approach to insurance of space risks

TRIGLAV Group consolidates position in region

TURKEY: PartnerRe Wholesale partners with Dubai Starr

Turkish Ziraat Bank receives permission to open a branch office in Montenegro

VIG eyes raising market share in POLAND, mulls acquisitions

Martin DIVIS
President of Czech Insurance Association,
CEO of Kooperativa and VIG CR

Vienna Insurance Group CR seeks to be the biggest and mainly the first-rate insurer of the Czechs, households and companies. What I see as our greatest advantage is both that we are making a high-quality insurance and mainly that we want to make it in long term. We are very much aware that insurance business is a long term affair as we contract insurance policies lasting sometimes over 30 years. And clients apparently know to appreciate it.


MOTOR Insurance Report FY2014
TURKEY FY 2013 and 1H2014
KAZAKHSTAN FY 2013 and 1H2014


Serbia FY2014
Moldova FY2014
Georgia FY2014

NBS-logo-100National Bank of Serbia

The overall stability of the Serbian insurance market was preserved in 2014, while insurance companies continue to face cost pressures in their operations.

IIF 2015 - Motor Insurance - The Road towards profitability
April 19-20, 2015
Istanbul, Turkey
Organizers: Media XPRIMM and IUC
For details:
The Future of General Insurance in Africa
April 23-24, 2015
Organizer: Landsberg Communications International - LCI
Media Partner: XPRIMM Publications
For details:
Bancassurance. Products and Technologies
April 25, 2015
Moscow, Russia
Organizer: ICG "Business Service"
Media Partner: XPRIMM Publications
For details:
Global Forum on Cyber Security for Financial Sector
May 11-12, 2015
Frankfurt, Germany
Organizer: PROSPERO Events
Media Partner: XPRIMM Publications
For details:
FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
For details:
Global Bancassurance & Alternative Distribution Channels Conference
21-22 May, 2015
Prague, Czech Republic
Organizer: Corporate Parity
Media Partner: XPRIMM Publications
For details:
7th International Insurance Conference
May 27, 2015
Luxembourg Congres Conference Centre
Organizer: Insurance Europe
SORS Conference
June 10th-12nd, 2015
Sarajevo, Bosnia and Herzegovina
Organizer: SorS, TECTUS and SVIET Osiguranja
Media Partner: XPRIMM Publications
For details:
IIF 2015 - Property Insurance in a Stormy Era
June 22-23, 2015
Munich, Germany
Organizers: Media XPRIMM and NTT Data
For details:

AIIF - 2015 Azerbaijan International Insurance Forum
AIIF - 2015 Азербайджанский Международный Страховой Форум
July 2nd-3rd, 2015
Organizers: Azerbaijan Insurers Association and Media XPRIMM
For details:



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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
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IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


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