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XPRIMM News No. 269, May 14, 2015

Insurance Newsletter, No. 269, May 14, 2015

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fiar_120FIAR 2015 begins on Sunday, bringing together re/insurance specialists from Europe and beyond
by, 2015-05-14
Between May 17 and May 21, the Romanian city of Brasov is the host of the most important European spring event dedicated to the insurance, reinsurance and private pensions markets. The 18th edition of FIAR - the International Insurance-Reinsurance Forum brings together well-known representatives of all major insurance and reinsurance companies.
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Which are the current objectives of TRUST Re regarding the Romanian market?
by, 2015-05-14
TRUST Re is committed to being an added value business partner in the Romanian insurance market with high financial security which allow us to provide strong capacity covering a wide range of underwriting classes and reinsurance types, Sinisa LOVRINCEVIC, Branch General Manager of TRUST Re, said.
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MILLI Re talks about the main challenges for the reinsurance market in 2015
by, 2015-05-14
One of the main challenges that the reinsurance market must face in 2015 is n increased capacity in the region, generated by new players trying to penetrate the market and the existing ones trying to extend their business.
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CertAsig: FIAR is the ideal context for strengthening our relationships with the brokers
by, 2015-05-14
CertAsig considers that the broker's role is essential for the Romanian insurance industry because of the real help they offer in rapidly settling the claim file by mediating talks between the insurer and the insured.
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EIOPA estimates its needs for fulfilling its duties for Solvency II implementation
by, 2015-05-09
The European Insurance and Occupational Pensions Authority (EIOPA) published a Report on Staffing and Resources Needed to Accomplish Tasks in Accordance with Article 310a of the Solvency II Directive.
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MUNICH Re quarterly profit down to EUR 790 million
by, 2015-05-13
MUNICH Re reported a consolidated profit of EUR 790 million for the first quarter of 2015 - down by 16% from EUR 941 million in 1Q 2014. The operating result of EUR 995 million was below the figure for the same quarter last year (EUR 1,327 million), while the value of GWP grew by 0.9% to EUR 13.0 billion.
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SCOR reported Q1 net income of EUR 175 million, up by 30% y-o-y
by, 2015-05-13
The Paris-based reinsurer SCOR reported a 30% y-o-y increase in its Q1 2015 net income to EUR 175 million, while the value of gross written premiums were up by 17% y-o-y to EUR 3.12 billion.

SWISS Re delivers a 17% rise in 1Q 2015 net income, to USD 1.4 billion
by, 2015-05-13
SWISS Re reported a net income of USD 1.4 billion for the first quarter of 2015 and ROE of 16.1%, "driven by profitability across all Business Units and strong investment results", while the value of earned premiums and fee income increased at constant foreign exchange rates by 7%, to USD 7.6 billion.

STATISTICS: ALBANIAN insurers' GWP up 14.41% in Q1
by, 2015-05-13
The Albanian insurance market reached ALL 3.02 billion (EUR 21.53 million) in the January-March 2015 period, or 14.41% more y-o-y, the official statistics published by the Albanian Financial Supervisory Authority - AFSA indicated.
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STATISTICS: Croatian insurers' gross written premiums, up by 3.76% in Q1
by, 2015-05-13
The GWP underwritten by Croatian insurers totaled HRK 2.54 billion (EUR 332.34 million) in the first quarter of 2015, up by 3.76% y-o-y, the Croatian Insurance Bureau announced. The value of paid claims by insurers totaled HRK 1.06 billion, 1.22% less y-o-y.
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STATISTICS: Estonian Statistics Board, 1Q2015: The GWP for the insured risks in the country increased 4% y-o-y
by, 2015-05-13
Estonian insurers reported gross written premiums totaling EUR 87.24 million at the end of March 2015, 4% more compared with the previous year, according to quarterly market figures published by the Estonian National Statistics Board.

STATISTICS: KOSOVO, 1Q2015: GWP of EUR 18 million, similar with the 1Q2014 value
by, 2015-05-13
At the end of March 2015, the Kosovo insurance market totaled EUR 18.04 million - a value similar to that reported for the first quarter of last year, the market statistics published by the Central Bank of Kosovo - CBK indicate.
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STATISTICS: Montenegrin insurers Q1 GWP up 9%
by, 2015-05-13
The 11 Montenegrin insurers activating on the market reported aggregate gross written premiums of EUR 17.06 million for the January-March 2015 period, up from EUR 15.63 million in 1Q2014, the figures published by the country's Insurance Supervision Agency indicated.
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Credit Europe Asigurari
AON Q1 revenues down 3% due to the negative currency impact
by, 2015-05-13
The risk and insurance brokerage services provider AON reported a net income attributable to shareholders of USD 328 million for the first three months of the year, up from USD 325 million in the first quarter of 2014.

AXA posts 2% Q1 increases in revenues driven by growth on all business lines
by, 2015-05-13
French insurer AXA reported total revenues of EUR 31.5 billion for the 1Q2015 period, up by 2% y-o-y "driven by growth in all business lines", as the company noted in a press release.

MMC revenues declined by 1% in 1Q2015
by, 2015-05-13
MARSH & McLENNAN Companies (MMC) reported for the first quarter of 2015 consolidated revenues of USD 3.2 billion, a decline of 1% compared with the first quarter of 2014, "reflecting a 6% negative currency impact", the company noted in the press release.

STATISTICS: AZERBAIJAN: 1Q2015: Local market reported a 14.30% growth
by, 2015-05-13
In 1Q2015, the Azeri insurance market totaled AZN 134.80 million, increasing by 14.30% in local currency compared with the same period last year, while the claims paid amounted to AZN 35.75 million (up by 25.13%), according to data presented by the Ministry of Finance of the Republic of Azerbaijan.
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In Kyrgyzstan, 17 insurance companies are licensed, in reality, only six of these companies are active
by, 2015-05-13
According to the Kyrgyz Financial Supervisory Commission's data, in January-September 2014, the total premiums written by the local insurance companies amounted to KGS 880.98 million, while claims paid totaled KGS 111.31 million.
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TAJIKISTAN: Two state insurance companies collected 51% of the total GWP
by, 2015-05-13
According to the XPRIMM estimates, the insurance penetration degree in Tajikistan remains at 0.44% of GDP (2012-2014).
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TURKMENISTAN: The insurance penetration degree remains at a low level in GDP, 0.20% (2012-2014)
by, 2015-05-13
According to the XPRIMM estimates, the insurance penetration degree remains at a low level in GDP, 0.20% (2012-2014).
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ALLIANZ, 1Q2015: Downscaling of the Russian business improved the Group's profitability in the CEE area
by, 2015-05-14
The ALLIANZ Group witnessed an 11.2% increase of its total revenues, to EUR 37.8 billion, while operating profit grew by 4.8% to EUR 2.86 billion. Net income attributable to shareholders rose 11.0%, up to 1.82 (1.64) billion EUR.


GENERALI 1Q2015: Improving operating results and strong production growth
by, 2015-05-14
The Italian Group GENERALI closed the first quarter with improving operating results and strong production growth. Despite the difficult macroeconomic scenario and interest rates at record lows, the Group achieved an operating result of EUR 1.3 billion.

Global Forum on Cyber Security addressed key topics for the financial sector
by, 2015-05-09
Cybercrime has now become a global threat affecting millions of people and countless of businesses. Optimizing technology and driving innovation have become a rule but these are not as simple and as harmless as they seem. In this context, cyber security is an increasingly pressing matter for companies which want to protect themselves and their clients.
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KOMMESK-OMIR stopped cooperation with Moody's Investors Service
by, 2015-05-09
According to Kazakh insurer KOMMESK-OMIR's press release, "the insurer has decided to withdraw its financial rating which is assigned by the Moody's Investors Service".
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Are you interested in the African insurance and reinsurance industry?
by, 2015-05-06
The international players are focusing more and more on the African insurance market and its potential for business. The fifth annual Africa Insurance and Reinsurance Conference seeks to address subjects like the life insurance industry in Africa, exploring issues such as inherent operational challenges and analyzing the efforts being made to take advantage of the emerging opportunities in the industry and many more.

TALANX Q1 GWP up 12.2% and maintains its outlook for 2015
by, 2015-05-13
German insurer TALANX posted an 1Q2015 net income of EUR 251 million (or 16.2% more y-o-y) and GWP of EUR 9.4 billion, one million more compared with the 1Q2014 figure. The operating profit (EBIT) rose by 16.1% to EUR 643 million.

ACE Reports First Quarter Operating Income of USD 745 million

AEGON reports first quarter 2015 results

AIG reports 1Q2015 net income of USD 2.5 billion

ARMENIA: Demand for motor third party liability insurance not to decline even if it suddenly becomes voluntary

Hannover Re makes a good start to the 2015 financial year

If earns EUR 5.2 mln in Q1 in Baltics

ING's Romanian life insurance unit books 10 mln lei (2.3 mln euro) in Q1 gross profit

MetLife announces first quarter 2015 results

NN Group posts strong 1Q15 results

Rosgosstrakh extends insurance agreement with Amur Shipping Co.

RUSSIA: SOGAZ-LIFE increased 3-month insurance premiums by 52%

SIMONCELLI, GENERALI: SERBIA to record economic growth in 2015

VIG Re increased premium income to EUR 431 Million

WILLIS Group reports 1Q2015 results

XL Group's net income down in Q1 2015

Zurich delivers BOP of USD 1.3 billion in first three months of 2015
The latest issue of XPRIMM Insurance Report, to be launched at FIAR 2015
by, 2015-05-14
This year's first issue of XPRIMM Insurance Report, the specialized publication that offers a statistical overview of the 32 insurance markets of the CEE, SEE and CIS regions, will be officially launched on Sunday, May 17, at the International Insurance-Reinsurance Forum - FIAR 2015.

Reinsurance buying is undergoing nowadays a fundamental change. Insurance companies are becoming more sophisticated as they understand their needs in risks and capital management much better. They make their decisions how to optimize their reinsurance in a much better informed way. Reinsurance is not anymore a foreign word to the chief financial officer or the risk manager but they do not know how to utilize reinsurance as a strategic tool to optimize their business. And as a provider you have to understand the impact of a specific solution on the relevant specific accounting standards and capital model.

VIDEO: SWISS Re takes an active role in the CEE insurance markets development
"The CEE market is for us still a growth area, although at this moment growth eased down a little ias we are confronted with the economic impacts, which affects the whole Europe, not only the CEE territory. This is true for many other markets as well, so we are in a phase where economics are not ideal for the insurance industry. I wouldn't see such a big difference between the CEE territories and the other markets. However, I think we have come across the biggest pain points, as I see developments slightly picking up," stated Nicola RAUTMANN, Market Executive Austria & CEE, SWISS Re for XPRIMM, on the occasion of an event organized by the Swiss reinsurer in Bucharest.
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MOTOR Insurance Report FY2014
TURKEY FY 2013 and 1H2014
KAZAKHSTAN FY 2013 and 1H2014


Albania 1Q2015
Azerbaijan 1Q2015
Croatia 1Q2015
Estonia 1Q2015
Kosovo 1Q2015
Montenegro 1Q2015

Executive Chairman

The years to come will see a trickledown effect from the more developed markets to the still developing ones within each continent. However, reinsurance in Asia will keep developing and expanding at a hefty pace following in the footsteps of the general economy.

FIAR 2015 - The International Insurance - Reinsurance Forum
May 17-21, 2015
Brasov, Romania
Organizer: Media XPRIMM
For details:
Global Bancassurance & Alternative Distribution Channels Conference
May 21-22, 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 10-12, 2015
Sarajevo, Bosnia and Herzegovina
Organizer: SorS, TECTUS and SVIET Osiguranja
Media Partner: XPRIMM Publications
For details:
V AIDA Europe Conference
June, 11-12, 2015
Copenhagen, Denmark
Organizer: Association Internationale de Droit des Assurances
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 2-3, 2015
Organizers: Azerbaijan Insurers Association and Media XPRIMM
For details:
WorldPensionSummit 2015
September 10-11, 2015
The Hague, Netherlands
Media Partner: XPRIMM Publications
For details:
Les Rendez-vous de Septembre 2015
September 12-17, 2015
Monte Carlo, Monaco
For details:



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
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IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


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