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XPRIMM News No. 273, July 9, 2015

Insurance Newsletter, No. 273, July 9, 2015

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AIIF 2015 - Azerbaijan International Insurance Forum
AIIF 2015 - The most important event for the Caucasus and Middle Asia insurance markets took place at the beginning of July in Azerbaijan
by, 2015-07-02
The sixth edition of the Azerbaijan International Insurance Forum - AIIF, the most important event dedicated to the insurance and reinsurance markets in the Caucasus and Middle Asia, took place in Baku, on July 2nd-3rd. The event was organized by AIA - Azerbaijan Insurers Association and Media XPRIMM, with the official support of the Ministry of Finance of Azerbaijan, having as General Partners AZRe and PASHA Life.
Namik KHALILOV, MoF / Orkhan BAYRAMOV, AIA: Telematics is the future of the motor insurance line and one of the main steps towards reducing costs
by, 2015-07-02
According to Azeri insurance market representatives, new technologies such as telematics could contribute to the increase of the insurers' efficiency - especially on the motor insurance business line.

Fuad KULIYEV, AzRe: The 2015 European Games have helped the development of the reinsurance market
by, 2015-07-02
This summer - from 12 to 28 June 2015, Baku hosted the inaugural edition of the European Games, an international multi-sport event for athletes representing the National Olympic Committees (NOCs) of Europe. The event featured almost 6,000 athletes from 50 countries competing in 20 sports. Fuad KULIYEV, Chairman of the Management Board, AzRe pointed out the contribution of the European Games to the development of the reinsurance market.

The insurance market in Azerbaijan, strongly affected by devaluation
by, 2015-07-02
"The beginning of this year was marked by devaluation, which resulted from the decrease of oil prices, especially since Azerbaijan is an important oil producer and exporter. The insurance companies in the region and in Azerbaijan have reduced their costs and adopted a strategy that allows them to be more competitive", Samir SHARIFOV, Minister, Ministry of Finance Azerbaijan, explained during AIIF 2015.

Credit Europe Asigurari
Double-digit increase for the Azeri insurance market in 1Q2015. PASHA Sigorta and PASHA Life accounted for about one third of the market
by, 2015-07-02
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 in the most recent issue of INSURANCE Profile - Azerbadjan, launched in Baku on the occasion of AIIF 2015 - VI Azerbaijan International Insurance Forum.


STATISTICS: POLISH insurance market up 3% in Q1 2015
by, 2015-07-06
Polish insurers' aggregate GWP was up by 2.95% y-o-y to PLN 14.37 billion (EUR 3.51 billion) in the first quarter of 2015, as the financial indicators published by the Polish Financial Supervision Authority (KNF) showed. Official figures also revealed that the amount of paid claims/indemnities during the period was PLN 8.72 billion, representing a decrease of 4.82% y-o-y.

STATISTICS: SLOVAK insurers' GWP rises 3.62% in January-March 2015

by, 2015-07-03
The value of aggregate gross written premiums of insurer members of Slovak Insurance Association - SLASPO has risen by an annual of 3.62% to EUR 632.29 million in the first three months of 2015, as the preliminary SLASPO statistics indicated.

ROMANIA: 24% y-o-y increase in GWP for OMNIASIG VIG in 1Q2015

by, 2015-07-06
Romanian insurer OMNIASIG Vienna Insurance Group (VIG) recorded growth in the first three months of 2015, with gross written premiums in amount of RON 238.07 million, representing an increase of 23.95% compared to the same period of last year. "OMNIASIG VIG consolidates its profitable development based on a prudent underwriting policy of the risks in order to keep solvency and liquidity indicators at a high level, thus safeguarding the financial stability of the company, as well as ensuring quality services for the products provided to customers", the insurer pointed out in a press released on its website.

STATISTICS: LATVIA, 1Q2015: Local insurers maintained the market in "black" due to the 2% decrease in GWP reported by the EU-branches

by, 2015-07-06
According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 151.21 million at the end of March 2015, or 5.98% more y-o-y. At the same time, the value of paid claims and indemnities was up by 11.69%, reaching EUR 75.64 million. The GWP of branches of EU insurers decreased by 2.05% to EUR 38.84 million (or 25.68% from the total amount of premiums), while the Latvian-based local insurers accounted for the rest of 74.32% or EUR 112.38 million (up by 9.06% y-o-y).

STATISTICS: BELARUSIAN insurers reported a 15% increase in GWP in the first quarter
by, 2015-07-03
According to the results published by the Belarusian Association of Insurers, in 1Q2015, total premiums in the insurance market have risen by 15% year-on-year to BYR 1,880 billion. In European currency, due to the devaluation of BYR in relation to EUR, the insurance market did not show growth in terms of GWP: EUR 118 million, or 2.2% less y-o-y. The claims paid by local companies reached BYR 993.88 million, up by almost 40% compared to 1Q2014.

AXA ROMANIA: The deal with CERTINVEST and SIF Transilvania failed

by, 2015-07-06
The French insurer AXA announced that the agreement with CERTINVEST and SIF Transilvania to sell AXA's Life & Savings insurance operations in Romania has failed. "AXA is reviewing its strategic options considering the interests of its clients and employees in Romania", AXA Group officials declared.

STATISTICS: GEORGIA, 1Q2015: 31% increase in GWP and a new market leader

by, 2015-07-03
In January-March 2015, the Georgian insurance market increased by 31% y-o-y in local currency to GEL 115.92 million (EUR 48 million), according to the data published by the Insurance Supervisory Office - ISO. The positive trend recorded by the local insurance industry was driven by the increasing of GWP reported in almost all business lines.

STATISTICS: UZBEKISTAN, 1Q: Market growth by 22% while the value of paid claims doubled

by, 2015-07-03
In the first three months of 2015, the aggregate volume of GWP reported by the Uzbek insurers was of UZS 135 billion (or EUR 50 million), up by almost 22% y-o-y, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan. At the same time, claims paid for all types of insurance more than doubled and amounted to UZS 31.2 billion (EUR 11.5 million), up by 114.8% y-o-y.

ARMENIA's car insurers' bureau awards three winners of contest

Car insurance market expands in KAZAKHSTAN

GEORGIA: GPI Holding experienced the biggest increase in income of all companies

GREECE: Insurance firms increase cash cover

HUNGARY: Mandatory car insurance premiums up 30%

INGO Group sells all its insurance assets in UKRAINE

KAZAKHSTAN introduces changes to obligatory insurance and Islamic finance laws

KAZAKHSTAN-based OIL Insurance downgraded to 'B/kzBB+' - Outlook stable

LATVIA: BTA Insurance Company allowed to transfer part of portfolio to subsidiary

Major US insurer Liberty Mutual registers trademark in UKRAINE

MONTENEGRO's UNIQA Nezivotno Osiguranje, UNIQA Zivotno Osiguranje hike capital

POLAND: Aviva and Liberty join DCA

ROMANIA: Premium policies: local insurance market tries to get back on track

RUSSIA: Clear understanding of freight insurance is vital

RUSSIA: GIVA Insurance ratings withdrawn due to insufficient information

SARAJEVO Insurance wins award for best insurance in BOSNIA

SLOVAKIA: KBC acquires Volksbank Leasing

SLOVENIA's Sava Re focusing on organic growth within current market footprint

The Bank of Russia will check insurers on asset quality

TRIGLAV launches first user-based insurance service in SLOVENIA

TURKEY: FITCH assigns ANADOLU Sigorta 'BBB-' IFS; Outlook Stable

UKRAINE: Over 10 insurers with Russian shareholders could be deprived of licenses
Chairman of the Management Board

Ratings assignment had a positive impact on AzRe's reputation on the local market, as it is one of the highest ratings in the economy of the country. Moreover, the rating allows us to underwrite more risks from foreign markets. We have started writing more business from post soviet countries, as well as some countries from the South East Asia, Middle East, and Central/South America.


MOTOR Insurance Report FY2014
PROPERTY Insurance Report FY2014



Michael THEILMEIER, Senior Vice President, GEN Re
"25 years Nat Cat in CEE – observations & recommendations"

Poland 1Q2015
Slovak Rep. 1Q2015
Latvia 1Q2015
Belarus 1Q2015
Georgia 1Q2015
Uzbekistan 1Q2015


GDV - German Insurance Association

There is virtual no building in Germany, which doesn't have fire insurance. Additionally more than 90% of all buildings have an insurance cover against losses from hail and storm. 40% of all buildings do have an extended cover against natural hazards, including flood, heavy rainfall, snow pressure, subsidence, landslides, etc. In the past, the introduction of compulsory insurance against natural hazards was discussed over and over again. However, because in Germany we do have a working and efficient market for natural hazard insurance, there is no need for a compulsory solution.

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2nd Annual Claims Management Conference
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For details: Download PDF Agenda



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