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XPRIMM News No. 271, June 11, 2015

Insurance Newsletter, No. 271, June 11, 2015

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3rd Joint European Supervisory Authorities Consumer Protection Day 2015
Stronger leadership from top firms the key to tackle conduct risks in financial services
by, 2015-06-03
A surprising result for one of the audience voting sessions at the 3rd Joint European Supervisory Authorities Consumer Protection Day 2015 in Frankfurt am Main. When asked about what will have the biggest impact in tackling conduct risks in financial services, 36% out of some 250 participants at the conference have chosen "stronger leadership from top firms".

Jonathan HILL, EU Commissioner for Financial Stability: The trialogue on IMD 2 is in an advanced stage
by, 2015-06-03
"What can we do more to serve the interests of consumers? [...] This is the bedrock of our financial system". This was the focus point of Jonathan HILL, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, during his speech held on June 3, 2015 at the 3rd Joint European Supervisory Authorities Consumer Protection Day 2015 in Frankfurt am Main.
SorS Conference
SorS - The meeting of insurers and reinsurers began in Sarajevo
by, 2015-06-11
Wednesday, June 10, the 26th edition of SorS - The Meeting of Insurers and Reinsurers - began in Sarajevo. The event is dedicated to the local insurance markets from the former Yugoslavia. XPRIMM Publications are represented at the conference by Daniela GHETU, Editorial Director, Publications PRIMM, and Vlad BOLDIJAR, Editor-in-Chief, XPRIMM International Publications.

SorS 2015 - Reviewing the lessons of the 2014 floods in the Adriatic area
by, 2015-06-11
The market presentations section of the SorS conference started today under the sign of the 2014 floods which strongly affected the entire region. "The rich summer rain falling this morning in Sarajevo reminded us about the dramatic events of 2014, but also about the fact that very few homes and farms in our country are insured", emphasized Suzana SAKOTIC, Senior Associate for finance and actuarial activities, Insurance Agency of Bosnia and Herzegovina.

TRUST Re: eAccounting system reduced the number of days for paying claims
by, 2015-06-11
"We are here not only for a few days, participating at this conference, we want to remain here for the future decades and to develop a good business, bringing value in this region", Sinisa LOVRINCEVIC, Branch General Manager, TRUST Re, Cyprus, during SorS 2015.

MTPL, an important topic at SORS 2015
by, 2015-06-11
MTPL tariff liberalization is a common concern of all countries in the ex-Yugoslav region. The effects created by liberalization in Croatia, where tariffs have tumbled massively, affecting profitability and quality indicators of the market, attracted the attention of all other markets, in various stages of the liberalization process.

Credit Europe Asigurari
Vienna Insurance Group increases distribution opportunities in Bulgaria. BULSTRAD acquires UBB-AIG
by, 2015-06-02
VIG Group company BULSTRAD has entered into an agreement to acquire a 100 percent stake in the company UBB-AIG and conclude a cooperation agreement with United Bulgarian Bank (UBB). This acquisition allows the Group to diversify its portfolio in Bulgaria and to increase - in the sense of its multi-channel distribution strategy - its sales potential.

RENOMIA enters the Romanian market
by, 2015-06-11
RENOMIA, the leading insurance broker in the Central Europe, member of one of the biggest international networks, enters the insurance brokerage market in Romania by acquiring the local broker SRBA Broker de Asigurare, with headquarters in Bucharest.

STATISTICS: BOSNIA, 1Q2015: RS based insurers maintained the country GWP "in black"
by, 2015-06-11
In the first three months of 2015, BiH's insurance market totaled almost EUR 70 million (BAM 136.8 million), 0.4% more y-o-y as a result of an increase of over 5.5% (to EUR 19.8 million) of insurance companies based in the Republic of Srpska (RS), according to the figures published by the two market authorities. The volume of FBiH insurers' GWP decreased by 1.5% y-o-y, totaling EUR 50.1 million.

STATISTICS: KAZAKH insurers up by 8.7% in the first quarter
by, 2015-06-11
Kazakh insurers reported an 8.7% increase of GWP in the first three months of 2015 reaching KZT 72.5 billion (approximately EUR 360 million), according to the market statistics published on the National Bank website. In the analyzed period, the value of paid claims totaled KZT 20.5 billion (more than EUR 100 million), up by 25.4% y-o-y.

VIDEO: SKALA Reinsurance Brokers, Russia: There are huge military risks without any coverage and it creates a tension with our insurance companies
by, 2015-06-11
In the context of the recent political and economic changes on the Russian market, re/insurance companies feel that in the last couple of years a period of stagnation took hold of the market, especially taking into account the level of inflation and economic situation of the country.

STATISTICS: LITHUANIAN insurance market reaches its highest performance of GWP over the first quarter
by, 2015-06-11
In the first quarter of 2015, the Lithuanian insurance market grew by 6.9% in terms of premiums written year on year, and amounted to EUR 150.7 million. This is the highest performance of premiums written over the first quarter in the history of the domestic insurance market.


PZU bets on banking for its further growth
by, 2015-06-11
The Polish financial group PZU takes steps to lay the foundations of a new development direction of its business, aiming to play a significant part in the Polish banking system's consolidation and simultaneously to find a new growth reservoir for its future development. To begin with, PZU has agreed to buy a 25% stake in mid-tier Polish lender ALIOR Bank and announced it is interested in two more acquisitions as part of a plan to build a top-five banking group, REUTERS reported.

TRIGLAV: The sale of CZECH non-life unit to VIGO Finance completed
by, 2015-06-11
Slovenian insurer TRIGLAV announced it has completed the sale of its Czech non-life unit, TRIGLAV Pojistovna, to VIGO Finance - part of the VIGO Investments Group. TRIGLAV reached an agreement with VIGO regarding the sale of its Czech subsidiary in October last year.

CROATIA Osiguranje sale questioned by opposition in the Croatian Parliament
by, 2015-06-11
One year after its completion, the CROATIA Osiguranje's privatization may be subjected to a parliamentary investigation, following the main opposition party's allegations on the privatization procedures and financial terms.

AZERBAIJAN: Uninsured drivers may lose their driving licenses
by, 2015-06-11
Azerbaijani drivers without the compulsory MTPL insurance may lose their driving licenses, Trend Agency reports. This was announced at the briefing organized by Elkhan GULIYEV, the Head of the Compulsory Insurers Bureau (ISB).

Which were the winners of the 29th MILLI Re International Insurance Tennis Tournament?
by, 2015-06-11
Organized by MILLI Re, the 29th edition of the traditional "International Insurance Tennis Tournament" took place at Miltas - Suadiye Sports Complex between the 5th and the 7th of June. 64 competitors, representing 33 local and 31 foreign players from 43 companies, participated at the event.

AIDA Europe Conference: What are the main legal challenges for the European insurance market?
by, 2015-06-11
For two days, representatives of leading insurance companies and legal professionals from over 25 countries are gathering in Copenhagen, Denmark, to discuss about a wide range of insurance issues of particular European interest, during the 5th AIDA Europe Conference. XPRIMM Publications support this event as Media Partner.

What are the best strategies to develop your business in West Africa?
by, 2015-06-11
If you want to know what are the best strategies you can adopt in order to grow on the West African market, then the Insurance Penetration West Africa Summit is the place to come. The event is set to take place on the 21st and 22nd of October 2015 at the prestigious Dubai Creek Golf & Yacht Club in Dubai. XPRIMM Publication support the event as Media Partner.

AZERBAIJAN joined Green Card

AZERBAIJAN sees 20% rise in premiums on compulsory insurance against civil liabilities of vehicle owners

Bank of Russia suspended the re/insurance licences of insurer Vostok Alliance

Insurance frauds become more frequent in KAZAKHSTAN

LATVIA: SEB life insurance co posts EUR 1.7m profit for Q1

PCS and IUC Launch Catastrophe Loss Aggregation Service for TURKEY

ROMANIAN insurer ASTRA Asigurari has put up for sale 160 million shares

RUSSIA: ROSGOSSTRAKH resumed the sale of insurance policies

S&P revises its outlook on KAZAKHSTAN-based Eurasia Insurance Co. to 'positive'

SLOVAKIA: Insurance sector profits rise


IIF2015: Coping with the NEW NORMAL in property insurance; the industry's response analyzed in Munich

by, 2015-06-11
"Records show that disasters have been increasing both in terms of frequency and severity. The impact of disasters does not depend only on the force with which it strikes, but the way it is received and felt is equally important", says a Report released by OSCE in September 2014.

Insurance Agency of Republic of Srpska
Bosnia and Herzegovina

Raising awareness about the importance of insurance, with an emphasis on non-mandatory and life insurance, is a necessity. Efforts should be invested in attempts to reduce the share of MTPL in non-life business. The reasons for lagging behind should be sought both in the general economic circumstances, such as economic stability, the achieved level of the standard of living, and in specific circumstances such as those related to tax exemptions and other incentives, the insurance culture and the low level of financial literacy in the population.


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


Bosnia 1Q2015
Kazakhstan 1Q2015
Lithuania 1Q2015

Managing Director
Van Ameyde CEE

Claims managers Van Ameyde CEE have been active in the Central Eastern European and CIS countries for some ten years now. The company has developed from motor, bodily injury and property claims handling to providing complete claims outsourcing services as well as IT solutions aimed at making claims processes more efficient. Van Ameyde is the only claims management organisation with its own full-service IT company, called (Zero)70 with offices in Rijswijk (the Netherlands) and Lisbon (Portugal).

Vth 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:
5th Annual Risk Management Forum
September 10-11, 2015
Vienna, Rennaisance Wien Hotel
Organizer: Global Leading Conferences KFT
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


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