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XPRIMM News No. 277, September 10, 2015

Insurance Newsletter, No. 277, September 10, 2015

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Meet us in Monte Carlo!
by, 2015-09-10
Will you be in Monte Carlo the following week, at "Les Rendez-vous de Septembre 2015"? Visit our XPRIMM Stand at the Fairmont Hotel! You can find there the latest issues of our XPRIMM Publications specialized magazines and you will also receive a free copy of the XPRIMM Insurance Report!

Big names line up at ICAR 2015!
by, 2015-09-10
The World Bank, the world's largest catastrophe modeling company - RMS -, SWISS Re, JLT re, and representatives of various local authorities have already confirmed their presence at this year's edition of ICAR Forum - The International Catastrophic Risks Forum, taking place in Bucharest on October 1st.

ASTRA appealed the Romanian supervisor's decision to suspend its license and begin bankruptcy procedures
by, 2015-09-10
ASTRA Asigurari, the third largest company on the Romanian market by GWP in 2014, went to court to appeal the decision of the Financial Supervisory Authority to suspend its license and send it into bankruptcy at the end of August.

SKOPJE: The industry debates upon the future of the insurance business
by, 2015-09-10
Today, in Skopje, starts the conference "Recent developments and challenges of the global insurance industry and how this affects the local insurance industry in Macedonia", an event organized by the Macedonian Insurance Supervision Agency, reuniting insurance professionals, representatives of the Ministry of Finance and other state bodies, as well as regulators from all around the Adriatic region.
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CROATIA Osiguranje profit rebounds in the first half
by, 2015-09-10
CROATIA Osiguranje (CO), the Croatian insurance market leader, ended the first half of 2015 with a net profit of EUR 0.84 million, after two years of losses. The highest profitability was reported on the non-life segment, for which the net profit stood at EUR 2.5 million, while on the life side, the company still recorded a EUR 1.7 million loss.
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STATISTICS: SERBIA 1H2015: The lessons from 2014 flood didn't raise public interest for property insurance
by, 2015-09-10
Serbian insurers ended 1H2015 with GWP amounting to almost EUR 341 million, 11.23% up y-o-y. In local currency, GWP amounted to RSD 41.1 billion, 15.85% more y-o-y. Paid claims increased by about 14%, to RSD 14.75 billion (EUR 111.8 million). In relative terms, the life insurance segment showed the best dynamic, with a 21.3% GWP growth, while indemnities paid for life insurance diminished by some 2.3%. Yet the life insurance business remains little, with an overall GWP volume of EUR 72.7 million.
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STATISTICS: MONTENEGRO, 1H2015: Restarting growth
by, 2015-09-10
Judging by the first six months results, it seems that the Montenegrin insurance market is recovering in 2015, with improved dynamics on almost all business lines. Thus, after ending 2014 with a drop in GWP, in 1H2015 the overall premium volume went up by 4.8% y-o-y, to almost EUR 37 million.

STATISTICS: CROATIA, 1H2015: MTPL still hurt by intense competition
by, 2015-09-10
The first half of 2015 ended for the Croatian insurance market with a 3.65% growth in GWP, to HRK 4.8 billion (EUR 640 million). The non-life segment recorded a negative change, with GWP decreasing by almost 3% driven by a drop of more than 10%, of the MTPL insurance class. Overall, the motor insurance segment lost some 5pp of its weight in the market.
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TURKEY: Guidelines for insurers' outsourcing activities released
On August 28, 2015, the Undersecretariat of the Turkish Treasury issued its Regulation on Insurance Support Services, comprehensively setting out the rules for insurance companies to outsource ancillary functions, announces an article by Backer & McKenzie published by Lexology.
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BALTA reports a significant hike in profitability 1 year after being acquired by PZU
by, 2015-09-10
One year after its acquisition by PZU, Latvian insurer BALTA reported a EUR 542,000 profit for the first half of 2015 thanks to an improvement of the technical result by EUR 674,000.

A.M. BEST has upgraded the rating for BARENTS Re to "A", with a stable outlook
by, 2015-09-10
A.M. Best has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to "A" from "A-" for BARENTS Re Reinsurance Company Inc. (BARENTS Re, Panama City, Panama). The outlook for both ratings was revised to stable from positive.

Credit Europe Asigurari
AZERBAIJAN: AXA MBASK Insurance increased capital by AZN 3 million
by, 2015-09-10
The Azerbaijani State Securities Committee has registered the issue prospectus of ordinary shares worth AZN 3,000,228 for AXA MBASK, according to the news agency Trend. 7,854 shares of the company with a par value of AZN 382 each were issued.
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Solvency II - the biggest change in history for the European insurance industry
by, 2015-09-04
"This will be the biggest change in the European insurance industry ever. Solvency II brings several novelties and changes, both for insurers and for supervisory agencies, as well as for the customers. The changes are so comprehensive that business models will change, as well as modes of supervision, which will be based on risks," Sergej SIMONITI, Director of the Insurance Supervision Agency of Slovenia, said in his introduction speech at the "Solvency II - What can go wrong?" international conference which took place on September 2nd, in Ljubljana.
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A.M. BEST has affirmed the financial strength rating (FSR) of A+ and the issuer credit ratings (ICR) of "AA-" of Everest Re
by, 2015-09-10
A.M. Best has affirmed the financial strength rating (FSR) of A+ and the issuer credit ratings (ICR) of "aa-" of Everest Re. Concurrently, A.M. Best has affirmed the ICRs of "a-" of Everest Re Group, Ltd. (Bermuda) and Everest Reinsurance Holdings Inc. (Delaware).


Accommodating Millennials for Life Insurance
Millennials, Millennials, Millennials-we hear so much about them. They're quite elusive, we're told, content to live most of their waking hours in the social media world in the glow of their portable glass screens. But are they entirely disconnected from the real one?
Contrary to popular misconception, they are not. As it turns out, they are just as likely to look to advisors for information about financial products as older generations, according to LIMRA's recent research. But convincing them of the merits of owning financial products remains challenging, and breaking into their Twitter and Instagram time is easier said than done.
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ARMENIA: VTB bank unveils new insurance products

AZERBAIJAN withdraws licenses of three more insurance agents

AZERBAIJAN: 680,000 cars undergone compulsory insurance

Central Bank of Russia : On revocation of licence to perform insurance broker activity

KOSOVO accuses Serbia of boycotting free-circulation EU-brokered deal, issues ultimatum

KOSOVO decides to freeze the agreement on insurance policies with Serbia

POLAND eyes sending stakes in PGNiG gas, PZU insurance and PGE power to Silesia fund

RUSSIA: SOGAZ 6-month insurance premiums in Republic of Tatarstan down 0.7%
Council of Bureaux

The first major challenge for the system is financial stability, which is the main topic we have to care about. We cannot assure the good and smooth handling of international claims if the financial stability of the Green Card System is not assured.

The tragedy unfolding before our eyes cannot be resolved using stop signs and closing borders

Every day, thousands of people are coming to Europe in search of safety and a better life. The tragedy currently unfolding before our eyes is one that cannot be resolved using stop signs and closing borders. Many people have recognized this and are selflessly offering their help wherever it is needed.
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MOTOR Insurance Report FY 2014
PROPERTY Insurance Report FY 2014


Serbia 1H2015
Montenegro 1H2015
Croatia 1H2015


VIG: Enlarged Managing Board starting January 1st, 2016
With effect from January 1 2016, Judit HAVASI and Roland GROELL will be appointed to the Managing Board, a Group's press release announced. Also with effect from January 1 2016, Elisabeth STADLER and Gabor LEHEl will be appointed as Deputy Members of the Managing Board. As with current Board Members, the term of the appointments will be until 30 June 2018.

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:
17th Hydra Meeting
September 24-26, 2015
Hydra Island, Greece
Organizer: Hellenic Association of Insurance Companies
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
20th African Reinsurance Forum
October 4-6, 2015
Hotel Movenpick Tangier, Morocco
Organizer: Societe Centrale de Reassurance - SCR and African Insurance Organization - AIO
For details:
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
Trade Credit Insurance Summit 2015
October 11 -13, 2015
Address Hotel, Dubai Mall, Dubai, UAE
Organizer: Informa
Media Partner: XPRIMM Publications
For details:



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