Back to

XPRIMM News No. 270, May 28, 2015

Insurance Newsletter, No. 270, May 28, 2015

Click here to subscribe!
Click here to unsubscribe!

7th International Insurance Conference
img_lead_6477The "globalization of the insurance industry", main theme of IE's 7th International Insurance Conference
by, 2015-05-27
Globalization of the insurance industry - the key topic which was on European insurers' agenda at their biggest annual conference, the "International Insurance Conference", organized on May 27th in Luxembourg in the presence of HRH Prince Guillaume of Luxembourg.

img_lead_6480Inga BEALE, LLOYD's: Open markets for re/insurance are extremely valuable to society
by, 2015-05-27
The topic of ring fencing and protectionism has been a key element in the first interactive panel of Insurance Europe's annual conference in Luxembourg.

sergio_balbinot_ins_europe_mic1Sergio BALBINOT reappointed as President of Insurance Europe
by, 2015-05-27
The general assembly of the federation has unanimously voted to extend the mandate of Sergio BALBINOT as President of Insurance Europe for a further three years.
vig_120_2015VIG, 1Q2015: Positive results in all the Group's markets
by, 2015-05-28
In the 1Q 2015, Vienna Insurance Group (VIG) wrote consolidated premiums of about EUR 2.8 billion, 0.9% up y-o-y despite the marked decline in single premium policies in life. Moreover, profit (before taxes) reached EUR 130.9 million. All countries and business lines contributed positively to this result.

PZU records in Q1 2015 the highest profitability since the company's public listing
by, 2015-05-28
The PZU Group's net financial result in Q1 2015 surpassed PLN 941 million (~EUR 227 million). Net of non-recurring events it surged up by 25.2% versus Q1 2014. ROE also rose by 5.1 pp to 27.6%. Insurance sales were also robust, with GWP amounting to PLN 4.7 billion (~EUR 1.13 billion). PZU plans to earmark nearly PLN 2.6 billion of profit as a dividend payout.

STATISTICS: HUNGARIAN insurers' business up by 1.7% in Q1
by, 2015-05-28
Hungarian insurance market totaled HUF 241.36 billion (EUR 807 million) at the end of March 2015, 1.71% more y-o-y, according to the statistics published by the Central Bank. In European currency, due the appreciation of the Hungarian Forint - the calculated growth rate was 4.41%. The volume of paid claims by insurers decreased by 1.79% to HUF 125.85 billion (EUR 421 million), due the reduced values reported for life indemnities.

STATISTICS: ROMANIA 1Q2015: GWP up 11% y-o-y "helped" by a 20% MTPL growth rate
by, 2015-05-28
After two years starting with a first quarter during which the market remained on a decreasing trend, at the beginning of 2013 and 2014 respectively, the Romanian insurance market surprised us with an 11% increase (to EUR 506 million) in 1Q2015. Per insurance classes, stands out the growth rates reported on two segments: life insurance (+13% y-o-y to EUR 94 million) and Motor TPL (+20% y-o-y, to EUR 197 million).

STATISTICS: Slight decrease in Q1 GWP volume for MOLDAVIAN insurers
by, 2015-05-28
In the first three months of this year, the 15 active Moldavian insurers reported a total GWP volume of about MDL 253.66 million (EUR 12.48 million), down by a half a percentage point as compared with the 1Q2014 figures. About 92% of aggregated GWP voume was generated by the non-life classes, the remaining 8% being accounted by life policies.

STATISTICS: GREECE, Q1: Unit-linked policies maintained the local market in positive teritorry
by, 2015-05-28
The Greek insurers reported GWP of EUR 993 million in the first quarter of 2015, 0.7% more y-o-y, according to the 1Q2015 Report published by the Hellenic Association of Insurance Companies (HAIC). Non-life insurance premiums accounted for 50.2% of the total insurance premiums (EUR 498 million, 11.8% less y-o-y).

TRUST Re's net profit up 10.1% in Q1
by, 2015-05-28
The reinsurer TRUST Re reported a consistently strong performance for the first quarter of the year with gross written premium of USD 204.5 million, representing a rise of 4.9% compared to twelve months ago.

Credit Europe Asigurari
POLISH Re is now using only 'A-' rating by AM Best with stable outlook
by, 2015-05-27
POLISH Re has announced that it is now using only 'A-' rating by AM Best with stable outlook.

EUR 5.15 million profit for ERGO in the Baltic States
by, 2015-05-28
ERGO insurance companies in the Baltic States attained a profit of EUR 5.15 million in the 2014, a significantly higher figure as compared with EUR 0,01 million in 2013. GWP by ERGO Baltic amounted to EUR 163 million, 5% up y-o-y, while the company has outperformed the average market dynamic.

The TRIGLAV Group, 1Q2015: consolidated net profit up by 22% y-o-y
by, 2015-05-28
The TRIGLAV Group performed well in 1Q 2015, earning EUR 31.1 million in net profit, which represents a 22% y-o-y growth. Net profit of Zavarovalnica TRIGLAV d.d. as the parent company amounted to EUR 20.2 million, representing a 6% increase over 2014.


Slovenian SAVA Re Group profit up by 32% in Q1
by, 2015-05-28
In 1Q 2015, the Slovenian insurance-reinsurance group SAVA raported 4.5% increase in GWP to EUR 152.5 million "primarily from international reinsurance business and from its Macedonian and Montenegrin operations", the company said in a statement. At the same time, SAVA Re Group generated a net profit of EUR 10 million.

UNIQA reported higher profits and premiums in Q1 2015
by, 2015-05-28
Austrian insurance group UNIQA reported for the first three months of 2015 a pre-tax profit of EUR 94 million, 15.5% up on the previous year's level, while the net profit increased by 37.5% to EUR 76.9 million "as a result of relatively low tax expenses", the company announced in a press release.

Interested in the African insurance market? Get a 15% promotional discount for the Insurance Penetration West Africa Summit!
by, 2015-05-15
The main reason why foreign companies are reluctant in making direct investment within countries in West Africa is the absence of information on this insurance market. Therefore, the "Insurance Penetration West Africa" Summit aims to empower delegates with essential knowledge regarding this market. XPRIMM Publications readers are offered a 15% special discount to the registration fee.

Risk Management Forum: What is your expected loss based on your actual risk results?
by, 2015-05-15
Nowadays, we come face to face with various challenges and managing risks becomes essential for organizations to achieve their objective in the current business environment. For better results, risk managers from diverse backgrounds are required to commit to long lasting professional development because the risk management is rapidly changing.

Car thefts up by almost 70% in January-May 2015
by, 2015-05-28
Since the beginning of this year, the number of automobile thefts has significantly increased in Latvia, reports The Baltic Course quoting the information provided by IF Apdrosinasana insurance company. The majority of thefts were registered in Riga and regions near Riga, the three to five years old cars being the most stolen.

ARMENIA: SIL Insurance replenishing its authorized capital by AMD 500 million

AZERBAIJAN: New mechanisms of state financial supervision to be introduced

BALTA earns EUR 96,000 in Q1 in LATVIA

BULGARIA's Bulstrad to buy bank insurer UBB AIG for 3.2 mln euro

KOSOVO: UNIQA's Q1 pre-tax earnings fall

MACEDONIA's Euroins Osiguruvanje Jan-Apr premium income up 19.2%

PZU Lithuania gets regulatory OK to transfer Latvian insurance business to Balta

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

RUSSIA: VTB Insurance discloses IFRS performance results for the first time

Survey finds 40% of HUNGARIAN real estate could be underinsured
Michaela KOLLER
General Manager
Insurance Europe

There are significant concerns that the new Solvency II regulation treats insurers as if they invest like traders, and are faced with the same risks as traders. We shouldn't forget that insurers are Europe's largest institutional investors. In 2013 they had over €8.5 trillion of assets under management. That is roughly equivalent to 60% of the entire Gross Domestic Product (GDP) of Europe.

Radmila JASAROVIC appointed as Secretary General of the Association of Serbian Insurers
by, 2015-05-28
Radmila JASAROVIC is the new Secretary General of the Association of Serbian Insurers (UOS). According to the UOS website, she is replacing in this position Mr. Vladan MANIC who was "relieved of his duties as Secretary General of the Association on his personal request" due to his health condition.


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


Hungary 1Q2015
Romania 1Q2015
Moldova 1Q2015
Greece 1Q2015

Croatian Insurance Bureau

The Croatian insurance industry is facing several challenges. The long-lasting financial crisis and the overall reduction of household income and consumer consumption in Croatia have weighed heavily on the total market premium for years. After 12 quarters of GDP decline, the first-quarter 2015 GDP showed a modest growth. If this encouraging trend continues, it will certainly stimulate a gradual recovery of the insurance market.

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
Customer Relations Director: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

Copyright©2015 Media XPRIMM