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XPRIMM News No. 268, April 30, 2015

Insurance Newsletter, No. 268, April 30, 2015

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International Insurance Forum Munich 2015: Why does it always rain on me?
by, 2015-04-30
"Why does it always rain on me?" is a question which probably came to the minds of those repeatedly affected by the floods in many areas. For insurers though, the real question should be more about when and how strongly will rain in the areas covered by their business. In this case, models are the only tool helping re/insurance professionals to make their assessments.

Austrian VIG may resort to the M&A process in POLAND to increase its market share
by, 2015-04-21
The Austrian insurer VIG plans to increase its market share in Poland due to a slight decline of this indicator in 2014. The Austrian Group may resort to M&A in the process, company representatives told the local media. "The Polish insurance market is growing more than twice as fast as the Austrian market and VIG Polska is expanding three times faster than the Polish market. (...) We can expect our share in the market to grow", VIG CEO Peter HAGEN said, quoted by THE WARSAW VOICE.
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ALLIANZ FY2014: The CEE business remains strong although affected group's repositioning in Russia and the Ukraine
by, 2015-04-30
The Russian and Ukrainian markets' volatility, entailing the ALLIANZ decision to reposition its property-casualty business and to focus on commercial business lines in both countries, was the main driver of the decrease in revenues recorded by the German Group for its Central and Eastern European business. However, despite the challenging environment, ALLIANZ reported solid results for 2014 in the region. Total revenues decreased to EUR 3.2 billion, down 8.5% y-o-y.

Italy's GENERALI performance in the CEE improved in 2014
by, 2015-04-30
The GENERALI Group's operations in ten countries of the Central Eastern Europe region developed very successfully in 2014, accounting for 5% of the Group's total GWP and 9% of the consolidated operating profit. Five markets - Czech Republic, Poland, Hungary, Slovakia and Serbia/Montenegro - are generating all together nearly 90% of the Group's business in the region, whereas Romania, Slovenia, Bulgaria and Croatia account for the remaining 10% of total GWP.

STATISTICS: SLOVAKIA FY2014: EUR 181 million, the second highest consolidated net profit in history
by, 2015-04-30
The consolidated net profit of the Slovak insurance market amounted, in 2014, to EUR 181.09 million, 13.4% up y-o-y, according to data provided by the National Bank of Slovakia (NBS). "The amount is the second highest in history, while the maximum, EUR 188 million, was reached in 2011," Julia CILLIKOVA, Director of the NBS Regulation and Financial Analysis Department, told XPRIMM.

Private health insurance increasingly popular in Poland; PZU prepared to invest PLN 800 million until 2020 in the development of its health insurance business
by, 2015-04-30
Interest in private healthcare in Poland is increasing, with the number of people holding health insurance coverage amounting in 2014 to. 1.2 million, compared to 850 thousand a year earlier. Customers have paid for health insurance PLN 400.9 million (~EUR 94 million), up 19% y-o-y. The most popular are still group insurance, as the Polish Chamber of Insurers (PIU) has recently stated.

STATISTICS: UKRAINE, FY 2014: The insurance business is still not profitable due to the decline and unfair competition on the market
by, 2015-04-30
Both external and internal factors determined an imbalance on the Ukrainian insurance market, which in turn led to a 6.61% y-o-y decline of the local market. In the analyzed period, the non-life insurance line decreased by 12.80%, while the life insurance segment went down by 6.03%.
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STATISTICS: ARMENIA, FY 2014: The market's results have significantly deteriorated
by, 2015-04-30
If in the first half of 2014, the Armenian insurance market stagnated, despite a certain growth of the key indicators, for the entire 2014, the market's results significantly deteriorated. Namely, gross written premiums decreased by nearly 13%, compared with claims that increased almost twice (22.86%). The largest growth of claims, 138.51%, was reported on the accident insurance segment, the most popular type of insurance in Armenia.
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Credit Europe Asigurari
Bulgarian EIG reported a 50% increase in GWP in Q1 due to the 80% growth rate reported on the Romanian MTPL sub-segment
by, 2015-04-21
The Bulgarian insurance group EUROINS (EIG) - member of EUROHOLD, reported for the first quarter of 2015 a 49.5% increase of gross written premiums (GWP), up to EUR 54.5 million, according to preliminary data published by the group. Positive rates were reported by EUROINS Romania, EUROINS Macedonia and EUROINS Life, while the specialized health insurer and EUROINS Bulgaria reported negative dynamics.
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AIG to support its operations in 17 European countries from Bulgaria's capital
by, 2015-04-23
The US-based multinational insurance corporation AIG annouced it opened a new Shared Services Centre (SSC) in Sofia, Bulgaria's capital. The centre will support AIG's insurance operations in 17 countries across Europe with Claims, Policy Servicing, Accounts Receivable and Travel Assistance services.

Trust Re inaugurates Morocco Representative Office
by, 2015-04-29
In a special cocktail Reception held in Casablanca, Trust Re announced the official opening of its Representative Office in Casablanca, Morocco to serve Trust Re's clients in North, Central and West Africa.
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MOLDASIG takes over an insurance company from Ukraine through ASITO KAPITAL
by, 2015-04-23
ASITO KAPITAL, the Romanian insurance company controlled by MOLDASIG, will take over 99% of the Ukrainian insurer STAR-POLIS's shares, based in Kiev.
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Russian reinsurance market is in the "working expectation mode"
by, 2015-04-23
In recent years, the Russian insurance market has grown steadily. Re/insurance companies characterize the evolution of the last two years as a period of "stagnation", especially taking into account the level of inflation, as well as the micro- and macro-economic situation in the country.

Is the African insurance market attractive for foreign companies?
by, 2015-04-21
The general insurance market in Africa has experienced rapid changes in recent times. While industry regulations continue to evolve and present new and complex challenges impacting insurance operations, there are other business imperatives that are also changing in ways never seen before.

Kazakhstan: Introducing compulsory health insurance discussed at the IX International Conference "Insurance in Central Asia"
by, 2015-04-30
Currently in Kazakhstan the possibility of introducing a compulsory health insurance is intensively discussed. According to the official local representatives, "the introduction of compulsory health insurance may fundamentally change the existing health care system. In many countries, the implementation of the compulsory health insurance takes decades".
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The XIX Annual Reinsurance Conference took place between the 16th and 17th of April in Russia
by, 2015-04-30
The Russian reinsurance sector was one of the main topics debated during the XIX Annual Reinsurance Conference, which took place between April 16th and 17th in the President Hotel, Moscow, Russia. The event was organized by All-Russian Insurance Association (ARIA), Reinsurers' Committee, and co-organized by DELOVOY Format Group. PRIMM Insurance & Pensions Magazine supported this event as Media Partner.
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AZERBAIJAN solves a case with insurance compensation fraud

AZERBAIJAN: Alfa Sıgorta does not go but expands its activities

BELARUS' major companies urged to list on international stock exchange

Ergo increases market share; EUR 1.99 mln losses in Baltics in 2014

Europe's March windstorm could blow in EUR 1.5 billion in insured losses

Everest Re Group Reports Record Operating Earnings for the First Quarter 2015

GEB and INGO Insurance Group celebrate cooperation in UKRAINE

KAZAKHSTAN: A.M. Best revises outlook to Negative for Halyk-Life

LITHUANIA: Insurance giant AIG opens service center in Vilnius

PartnerRe results solid despite tough environment

POLAND: PZU insurance plans 2-3 banking acquisitions

ROMANIA: OMNIASIG VIG turns to profit in 2014

SERBIA: Sale of Komercijalna banka, privatisation of Dunav osiguranje soon

Swedbank in Baltics operated with profits in Q1

The Bank of Russia suspended the licence of MRSK Insurance Company

Willis offers EUR 550 million to acquire remaining stake in French broker Gras Savoye

VIG, SWISS Re, Insurance Europe: Big names line up at FIAR 2015!

by, 2015-04-30
Dr. Martin SIMHANDL, Member of the Managing Board & CFO, VIENNA Insurance Group, will be one of the keynote speakers participating at the International Insurance-Reinsurance Forum 2015. VIG is not the only big player that announced its presence at the Forum this year. Representatives of SWISS Re, the world's second largest reinsurer, as well as Insurance Europe, the European insurance and reinsurance federation, will also take part in the debates.


For 2015, data exchange among insurers, according to the insurance law, means a new task and challenge for the insurance companies. The positive effect of the data exchange among the insurance companies is expected to stop/to decrease frauds in the insurance contracts. This will be clearly in the interest of the customers as well, by defending the interests of the risk community.

grafic_stire_xcom_micMarket for motor third party liability insurance in selected countries of South East Europe

The motor third-part liability insurance represents the most important insurance line of business, both in the developed and the developing countries. The legal framework, premium and reserving based on actuarial projections, guarantee funds, information systems, and reinsurance techniques all are crucial for the development of a healthy MTPL insurance system. In countries in transition, the normal practice is to employ prescribed premiums, with policy conditions being set by the government. As markets mature, countries should move toward greater freedom in setting premiums, thus leading to a more efficient allocation of risk and resources.


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


Slovakia FY2014
Ukraine FY2014
Armenia FY2014


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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