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XPRIMM News No. 274, August 13, 2015

Insurance Newsletter, No. 274, August 13, 2015

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img_lead_6696VIG continues to expand in the Baltics: Latvian non-life insurer Baltikums AAS acquired
by, 2015-08-13
Vienna Insurance Group (VIG) has signed an agreement to purchase 100% of BALTIKUMS AAS, Riga. The acquisition of the Latvian insurance company is subject to regulatory approvals."VIG has grown on average by around 30% per year in the past five years in the Baltic insurance market. The acquisition of BALTIKUMS AAS now gives us the opportunity to continue the prosperous path of our teams. We will take advantage of the attractive market potential and further strengthen our position", stated Peter HAGEN, CEO of Vienna Insurance Group.
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icar_120Does climate change affect you? How do you manage catastrophic risks?
by, 2015-08-13
The World Bank, RMS - the world's largest catastrophe modeling company, and SWISS Re - one of the leading reinsurers - are only a few of the organizations and companies that will be present at ICAR Forum - The International Catastrophic Risks Forum to talk about climate change and catastrophic risk management.

Russia: Can a new national rating agency become an alternative to the international rating agencies?
by, 2015-08-11
At the end of July 2015 the National Bank of Russia has announced its intention to create a national rating agency, which may start its activity in the fourth quarter of 2015. Its capital is planned to reach approximately RUB 3 billion with equal distribution of shares between investors amounting to 5%. Preliminary subscription for shares will be held until the end of August 2015.
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Azerbaijan to host the IAA Regional Seminar
by, 2015-08-11
Over two days, September 28th - 29th, 2015, in Holiday Inn Hotel, Baku, Azerbaijan the IAA Regional Seminar will be held. The event is organized by the Actuarial Association of Azerbaijan with the support of the International Actuarial Association (IAA), by its Advice & Assistance Committee and IAA Fund.
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Russia: 2015 - a challenging year for the insurance industry
by, 2015-08-10
Economic stagnation, rating downgrade, currency devaluation and the banking sector crisis, as well as the introduction of international sanctions represent the main topics discussed during the 2nd Edition of the Annual Insurance Business Forum "Challenges of the year 2015". The Forum will take place between September 7 and September 11, 2015, at the Swissotel Sochi Kamelia Hotel in Russia.
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Credit Europe Asigurari
Solvency II: What can go wrong?
by, 2015-08-04
As Solvency II is coming up, the European insurance industry is facing an extensive transformation. However, the players on the market, authorities and companies alike, continue to ask themselves: have we taken into consideration all the necessary aspects and impact?

Bank of Lithuania issues new license to COMPENSA VIG for non-life insurance
by, 2015-08-13
The Board of the Bank of Lithuania decided to issue an insurance business license for the private limited liability insurance undertaking COMPENSA Vienna Insurance Group, UADB in the process of foundation, which entitles to engage in the activities of insurance classes within the non-life insurance branch and of compulsory insurance, states a press release of the Lithuanian central bank.
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img_lead_6695KBC Group, 1H2015: increased profitability on the non-life insurance segment
by, 2015-08-13
The KBC Group reported a EUR 1.2 billion profit for the first half of 2015, of which EUR 666 million represent the second quarter's result, significantly higher than the EUR 334 million reported in Q2 2014. Both the banking and insurance franchises in the Group's core markets and core activities turned in a strong performance, stated KBC.
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TURKEY: Credit insurance becomes riskier, as the country's economy slows down
by, 2015-08-13
Weakening country's economic performance and the strong depreciation of the national currency put an increased pressure on the Turkish credit insurance business line, increasing the operational risk proportionally with the climbing number of bankruptcies recorded among the commercial companies operating especially in the retail, chemical, machinery, textile, construction and metal industries. According to Euler Hermes's estimations quoted by Cumhuriyet daily, a 10% y-o-y increase in the number of bankruptcies is expected for 2015, making the credit insurance business more risky.
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Coping with the rapid change of consumer expectations - under debate in Madrid
by, 2015-08-13
Consumer expectations with regard to products and services are changing fast, as usage of Digital Channels becomes more common both inside and outside financial services. Certain age groups and consumer demographics are more affected by this trend than others. Certain countries are ahead of the game in this transformation, while others are following. The "Global Summit for Insurance Innovation" Forum will explore the current status and future perspectives in this field.


Sustainable development goals: why, how and where data matters?
by, 2015-08-13
Given the current technological aspects and the increasingly larger volumes of available data, it is clear that a sustainable development in all domains needs a data "revolution". In other words, a data-driven transformation is required for an effective development in a post-2015 world.

IMF: BiH's financial system oversight needs further improvement
by, 2015-08-13
The IMF Directors commended the improvements in banking and insurance oversight since the 2006 Financial System Stability Assessment (FSSA), but noted that important shortcomings remain, stated a recent IMF press release after the IMF's Executive Board session on June 29th, where the Financial System Stability Assessment of Bosnia and Herzegovina (BiH) was discussed.

HUNGARY: EUR 15.5 million estimated losses from the July 8th storm
by, 2015-08-13
On July 8th, a strorm hit the Hungarian territory causing insured losses of about EUR 15.5 million, as estimated by MABISZ (the Association of Insurance Companies in Hungary) after taking into consideration some 35,000 insurance claims filed during the first week after the event.

SWISS Re: Global insurance industry covered 45% of the total NatCat and man-made disasters' economic losses in 1H2015
by, 2015-08-13
According to preliminary SIGMA estimates, total economic losses from natural catastrophes and man-made disasters reached USD 37 billion in the first half of 2015. The global insurance industry covered nearly 45% (USD 16.5 billion) of these losses, which is higher than the previous 10-year average cover of 27%. Around 18 000 people lost their lives in disaster events in H1 2015, up from more than 4 800 in the first half of last year. The earthquakes in Nepal, and a heatwave in India and Pakistan, claimed the highest number of victims.

EUROINS Romania: The results of the stress test don't accurately reflect the current situation
by, 2015-07-17
As a response to the stress test and balance sheet review conducted recently on the insurance sector by the Romanian Financial Supervisory Authority, the Bulgarian EUROINS Group pointed out that the results do not reflect the current situation.
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LIMRA European Annual Conference: The sharing economy, a new opportunity for insurance?
by, 2015-08-13
The sharing economy represents a paradigm-changing phenomenon and its effects can already be seen in sectors such as transportation, education and hospitality. What does it mean for the insurance industry? Could this new consumption mode disrupt insurance companies?

Chairman of the Supervisory Board

The economic environment and the insurance market are fully correlated. Healthy growth of the insurance business is hardly possible without economic growth. Of course, we have been an example of an expanding business in the times of economic downturn, but this expansion also comes along immense managerial and organizational efforts.

MOTOR Insurance Report FY2014
PROPERTY Insurance Report FY2014



vakhtang_dekanosize_80Vakhtang DEKANOSIDZE
IRAO (VIG) Ltd, Georgia

The most promising business line in Georgia, based on market capacity and potential, is the motor line. The point is that, among officially registered 900 000 vehicles, approximately 7% are insured with motor hull risks and about 6% are MTPL insurance holders. With the implementation of MTPL Law, which is planned for next year within the EU Association Agreement, the motor insurance has to become the line that fuels whole insurance industry

Regional Conference "Solvency II: What can go wrong?"
September 2, 2015
Ljubljana, Slovenia
Organizer: Insurance Supervision Agency of Slovenia
Media Partner: XPRIMM Publications
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:
2nd Annual Insurance Business Forum
September 7-11, 2015
Sochi, Russia
Organizer: DELOVOY Format Group
Media Partner: XPRIMM Publications
For details:
Les Rendez-vous de Septembre 2015
September 12-17, 2015
Monte Carlo, Monaco
For details:
XV-Annual International Financial Forum
September 16-19, 2015
Odessa, Ukraine
Organizers: LIOU and Business Strategy Center Perspektiva
Media Partner: XPRIMM Publications
For details:
LIMRA European Annual Conference Paris 2015 - The Sharing Economy Opportunities
September 20-22, 2015
Paris, France
Organizer: LIMRA EMEA
Media Partner: XPRIMM Publications
For details:
IAA Regional Seminar
September 28-29, 2015
Baku, Azerbaijan
Organizer: Actuarial Association of Azerbaijan with support of the International Actuarial Association (IAA)
Media Partner: XPRIMM Publications
For details:
12th ICAR - International CAtastrophic Risks Forum
October 1th, 2015
HILTON Hotel - Bucharest, Romania
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
Global Summit for Insurance Innovation
October 7-8, 2015
Madrid, Spain
Organizer: INESE
Media Partner: XPRIMM Publications
For details:
2nd Annual Claims Management Conference
October 8-9, 2015
Ayre Hotel Caspe, Barcelona, Spain
Organizer: C-parity
Media Partner: XPRIMM Publications
For details: Download PDF Agenda



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