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XPRIMM News No. 281, October 8, 2015

Insurance Newsletter, No. 281, October 8, 2015

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img_lead_6963The 3rd edition of the XPRIMM Turkey Insurance Profile launched at the 7th International Istanbul Insurance Conference
by, 2015-10-08
The fact that the growing economy and differentiating needs, the higher technology and increasing risk perception provide insureds with the possibility to make the acquaintance with products and services beyond conventional methods stood as the starting point of the debates taking place at the 7th edition of the International Istanbul Insurance Conference on the 8th and 9th of October.
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vig_120_2015LATVIA: VIG has the FKTK permission to aquire the non-life insurer BALTIKUMS AAS
by, 2015-10-08
The Latvian Financial and Capital Market Commission (FKTK) aprooved the transaction between Austrian VIENNA Insurance Group and the local non-life insurer AAS Baltikums. In late July, VIG announced it signed an agreement to purchase 100% of the Riga-based insurer. At the moment, VIG is present in Latvia through local insurer COMPENSA Life while non-life products are offered by a EU branch of COMPENSA Poland. The acquisition of BALTIKUMS AAS makes VIG one of the top 5 insurance companies in Latvia.
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GJENSIDIGE Forsikring ASA finalized the acquisition of PZU Lietuva
by, 2015-10-08
On September 30th, following the final approval of the relevant authorities, the transaction by which the Norwegian GJENSIDIGE bought 99.88% of the in UAB DK "PZU Lietuva" ("PZU Lietuva") shares was finalized.
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STATISTICS: ALBANIA, 1H2015: MTPL insurance growth drives the market upswing
by, 2015-10-08
The Albanian insurance market closed the first half of 2015 with GWP amounting to EUR 45.8 million (or ALL 6.42 billion) 20.9% up y-o-y. According to the Albanian FSA data, the number of issued insurance contracts reached 488,172 showing an increase of 9.15% y-o-y.

STATISTICS: BOSNIA, 1H2015: Srpska based insurers increased their weight in the market
by, 2015-10-08
The 24 insurers operating in the two administrative entities of Bosnia and Herzegovina (FBiH - Federation of Bosnia and Herzegovina and RS - Republika Srpska) reported GWP of BAM 293.8 million (EUR 150.23 million), up 3.7% y-o-y, according to the aggregate figures provided by the two market authorities (NADOS - Insurance Supervisory Agency of FBiH and AZORS - Insurance Agency of RS).

Credit Europe Asigurari
GENERALI's 1H operating result in CEE up by 1.7% y-o-y
by, 2015-10-08
GENERALI CEE Group closed the first six months of 2015 with an operating result of EUR 253 million (up by 1.7% y-o-y), while the value of gross written premiums increased by 5.7% y-o-y to EUR 1,828 million "showing an upward trend in both segments Life and P&C (property and casualty)", the Prague-based insurer announced on its web-site. At the same time, in the ten countries of the Central Eastern Europe region were the GENERALI Group is active, the reported combined ratio was 85.4%.
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STATISTICS: SLOVAK Rep., 1H2015: 16% increase of the market aggregate profit
by, 2015-10-08
In 1H2015, the Slovak insurance market totaled EUR 1.06 billion, while the value of paid claims by local insurer was EUR 586.4 million, according to the financial figures published on the NBS's web-site (National Bank of Slovakia). More in detail, the life insurance field generated more than half of total GWP (51.3%), while the non-life classes accounted for 48.7% of the market (EUR 516 million).

STATISTICS: CYPRUS, 1H2015: Market's status almost unchanged in the last 12 months
by, 2015-10-08
According to the figures published by the Insurance Association of Cyprus - IAC, in the period January-June 2015, the total volume of gross written premiums by the member companies remained approximately at the 1H2014 level: EUR 381.74 million, down by 0.03% y-o-y. According IAC's web-site, there are 28 insurance company members which account for about 95% of the annual GWP.

ROMANIAN brokers - towards 60% of the total insurance market
by, 2015-10-08
In the first six months of 2015, the Romanian insurance brokerage market totaled RON 2.50 billion (EUR 564 million), representing 58.05% of insurers' total GWP, according to the report published by the Romanian Financial Supervisory Authority - FSA. On insurance classes, INSURANCE Profile's centralized data indicates a volume of RON 2.46 billion for the non-life insurance classes (resulting a mediation degree of 70%), and RON 43 million for life insurance policies (5.5%).


STATISTICS: AZERBAIJAN, 1H2015: Maintaining the double-digit growth path
by, 2015-10-08
In the first half of 2015 the GWP collected by the Azerbaijani insurance companies up by 14.34% compared with 1H2014. Premiums for the Non-Life insurance segment totaled AZN 176.52 million, which was with 13.19% higher than in the previous semester.

STATISTICS: ARMENIA, 1H2015: Indemnities paid by local insurers down by 55%
by, 2015-10-08
In the first half of 2015, GWP by the Armenian insurance companies increased by almost 2%, to AMD 16,004 million. At the same time there was recorded a significant decrease of the paid indemnities, by 55%.

What do you really know about claims management?
by, 2015-10-08
The 2nd Annual Claims Management Conference, taking place in Barcelona, Spain, has officially started today, October 8th. The event aims to bring into discussion important themes regarding the claims management segment, including regulatory developments, compliance and guidelines for Claims Management, Operational Excellence in Claims Management and many others.

Trade Credit & Risk Insurance Forum analyzes capital and finance sources
by, 2015-10-08
The Trade Credit & Risk Insurance Forum is one of this month's key industry events dedicated to corporations, SME's, banks and companies activating on the financial segment, as well as insurers, reinsurers and brokers.


AZERBAIJAN makes amendment to Law on Insolvency and Bankruptcy

BULGARIA: Finance, insurance group Eurohold to pay dividend for 2014

SLOVENIA: Fitch affirms insurer Adriatic Slovenica at IFS 'BBB-'
Chief Operating Officer
SELECTA Insurance Company

I cannot say that something significantly occurred after this year’s sanction extension – the effect from the "first wave" of sanctions was rather moderate and the biggest problem local players face is finding reinsurance capacity for their clients, who were unfortunate enough to be added to the sanction list. While most of such projects are rather small and capacity can be found locally the market does sometimes see risks valued above USD 1.0 billion, which makes them significantly harder to place.

Good risk management is not a burning platform but the eternal flame

The 2015 edition of the Risk Management Forum Federation organized by the European Risk Management Associations (FERMA) took place this week in Venice Lido, with an audience of more than 1600 risk and insurance professionals from across Europe and beyond. The forum is the largest pan-European event for the risk and insurance management community and takes place every other year in a different European city.


TURKEY 1H2015 - FY 2014
MOTOR Insurance Report FY 2014
PROPERTY Insurance Report FY 2014


Albania 1H2015
Bosnia 1H2015
Slovak Rep. 1H2015
Cyprus 1H2015
Azerbaijan 1H2015
Armenia 1H2015


Trade Credit Insurance Summit 2015
October 11-13, 2015
Address Hotel, Dubai Mall, Dubai, UAE
Organizer: Informa
Media Partner: XPRIMM Publications
For details:
1st International Life Insurance Conference
October 15 2015
The Westin Zagreb Hotel, Zagreb, Croatia
Organizers: Institute for Insurance, Svijet osiguranja journal, Tectus Ltd
Media Partner: XPRIMM Publications
For details:


Corporate Insurance
October 15-16, 2015
Moscow, Russia
Organizer: IC Energy
Media Partner: XPRIMM Publications
For details:
Romanian Evening - Baden Baden
October 17, 2015
Kurhaus Restaurant
Baden-Baden, Germany
Organizer: STELLAR Re
Baden-Baden XPRIMM Reception
October 18, 2015
Kurhaus Casino, Runder Saal
For details:
AZERI Evening - Baden-Baden
October 18, 2015
Casino Restaurant Sommergarten
Japanese Evening - Baden Baden
October 18, 2015
Kurhaus Casino, Konferenz Saal
Organizers: NTT Data and Media XPRIMM
TURKISH Evening - Baden-Baden
October 20, 2015
Insurance Penetration West Africa 2015 Summit
October 21-22, 2015
Organizer: Konnect2Africa
Media Partner: XPRIMM Publications
For details:
7th Annual Insurance Distrib. Strategies Forum
October 29-30, 2015
Barcelona, Spain
Media Partner: XPRIMM Publications
For details:



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