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XPRIMM News No. 295, January 28, 2016

Insurance Newsletter, No. 295, January 28, 2016

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vig_140VIG: Positive growth momentum in many CEE markets in 2015
by Vlad BOLDIJAR, 2016-01-26
Vienna Insurance Group (VIG) as the leading insurance group in Austria and the CEE region recorded good premium growth in 2015. Property and casualty insurance grew by 2.0%, and in life insurance regular premium products recorded an increase of 2.3%. The decrease in total unconsolidated direct premiums written (-1.5%) to around EUR 9.2 billion was primarily due to the ongoing low level of interest rates and the resulting restraint being exercised with respect to sales of single-premium life insurance products.
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ROMANIA: ASF has decided to apply the resolution measures for CARPATICA Asig
by Vlad BOLDIJAR, 2016-01-26
The Romanian Financial Supervisory Authority (ASF) announced will apply resolution measures at the non-life insurer CARPATICA Asig and appointed the Policyholders Guarantee Fund (FGA) as temporary administrator.
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STATISTICS: CROATIA: Positive trend in GWP driven by the life insurance lines
by Daniela GHETU, 2016-01-28
Despite the falling MTPL premium figures, the Croatian insurance market saw an overall positive trend in 2015, with total GWP going up by 2.26%, to EUR 1.14 billion. The life insurance segment's weight in the total portfolio increased by 3pp, to 33.6%, due to the positive evolution which led to an 11.6% in GWP. On the non-life segment premiums went down by almost 2%, driven by the falling tariffs on the MTPL line.
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ALBANIA: New attempt for INSIG's privatization
by Daniela GHETU, 2016-01-27
The Albanian government is making a new attempt to privatize INSIG, offering the whole state owned package of shares for EUR 15.3 million. There were several other tenders opened in the past with the same purpose, the highest being placed in 2009 by American Reserve life Insurance, amounting to EUR 25 million for 61% of the share capital.
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Foreign companies could enter more easily on the Romanian MTPL market
by Oana RACATEJ, 2016-01-28
A proposal launched by the Romanian Financial Supervisory Authority (ASF) may ease foreign insurers' access on the Romanian MTPL market by canceling certain restrictive requirements which currently have to be met in order to get the licence for the mandatory MTPL insurance sales.
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STATISTICS: AZERBAIJAN, FY 2015: Strong devaluation of AZN affected market's result
by Olesea ADONEV, 2016-01-28
In 2015, the GWP collected by the local companies reached AZN 442.91 million, up by 3.2% y-o-y. In the reporting period, GWP for the Non-Life segment grew by 0.69%, while life insurance line increased by 10.94% y-o-y, according to data presented by the Ministry of Finance of the Republic of Azerbaijan.
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Credit Europe Asigurari
TRIGLAV sells land plot to IKEA for EUR 16.1 million
by Vlad BOLDIJAR, 2016-01-26
Slovenian insurer Zavarovalnica TRIGLAV informed its real estate unit TRIGLAV Upravljanje Nepremicnin concluded an agreement on the sale and development of a land plot in the capital Ljubljana to IKEA Slovenija in the total value of EUR 16.1 million, VAT excluded.
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FITCH affirms rating A- and outlook stable for GENERALI
by Vlad BOLDIJAR, 2016-01-27
The rating agency FITCH announced that it has affirmed GENERALI's and its core subsidiaries' IFS ratings at A-; the Outlooks are Stable, the Trieste-based insurer announced in a statement.
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STATISTICS: KOSOVO: MTPL claims expenses growing much faster than GWP
by Daniela GHETU, 2016-01-28
According to the first data published by the Central Bank of the Republic of Kosovo, the local insurance market ended 2015 with GWP of EUR 78.77 million, 1.64% down y-o-y. Paid claims amounted to EUR 36.97 million, 18.6 more than in 2014.

RMS: JONAS Winterstorm could rank as one of the more significant events in recent history
by Daniela GHETU, 2016-01-26
After the snowfall totals ranging up to 101 cm brought by the JONAS Winterstorm, multiple cities in the USA broke their all-time snowfall accumulations while in some regions coastal flooding and erosion was particularly strong, the RMS meteorologists said in a press release.

The Rockefeller Foundation, VEOLIA, and SWISS Re join forces against climate change
by Adina TUDOR, 2016-01-22
The Rockefeller Foundation, VEOLIA, and SWISS Re Corporate Solutions have joined forces to unveil an innovative infrastructure recovery initiative to speed up economic recovery in the aftermath of catastrophic events for cities across the globe, the companies announced.
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UKRAINE: The compensation limits on MTPL will be increased
by Olesea ADONEV, 2016-01-26
Starting on February, 1st, 2016, the compensation limits paid under compulsory MTPL in Ukraine will double, according to legislative changes about to be approved by the Ministry of Justice, said Alexander ZALETOV, member of the National Commission for State Regulation of Financial Services Markets, Ukraine in an interview for MinFin.
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ARMENIA, 3Q2015: GWP up by 0.13%
by Olesea ADONEV, 2016-01-28
In the first nine months of 2015, the six active insurance companies of the Armenian market underwrote AMD 22.5 billion gross premiums, up by 0.13% y-o-y. Compared with the first quarter of 2015, GWP in the third quarter were down by 23.5%, according to АРКА news agency. At the same time the indemnities paid by local insurers totaled AMD 9.5 billion.
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Under the skin of the risk business: The Economist hosts conference to explore the re/insurance industry's role
by Adina TUDOR, 2016-01-22
The re/insurance industry is undergoing perhaps its greatest-ever transformation. As traditional practices and norms are washed away by a tidal wave of disruptors amid fast-paced economic and social change, The Insurance Summit 2016, hosted by The Economist, aims to unravel the complex issues that are shaping tomorrow's industry. XPRIMM Publications support the event as Media Partner.

Life Insurance Conference will be held on February, 18th, 2016 in Moscow, Russia
by Olesea ADONEV, 2016-01-26
Main priorities and challenges of the Russian life insurance segment will make the key topics of the Life Insurance Conference, organized by Business Summit of Future on February, 18, 2016 at the Hilton Leningradskaya Hotel, Moscow (Russia). XPRIMM Publications will support the event as Media Partner.
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The date of the 9th Tashkent International Insurance and Reinsurance Forum has been set
by Olesea ADONEV, 2016-01-26
The 9th Tashkent International Insurance and Reinsurance Forum will be held on June, 1st-4th, 2016 in Tashkent (Uzbekistan), organized by SAIPRO information rating agency in cooperation with General Arab Insurance Federation. Traditionally, XPRIMM Publications will support the event as Media Partner.
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The Annual African Insurance Forum addresses complex issues faced by insurance companies in Africa
by Oana RACATEJ, 2016-01-26
In the context of the low penetration rates and a certain amount of market share still to gain, The 2nd Annual African Insurance Forum - AIF 2016, organized by FEXTON Group, takes place in order to address the many diverse and complex issues faced by leaders of the African general and life insurance sector. XPRIMM Publications support the event as Media partner.

GENERALI's Group CEO Mario GRECO leaving to head ZURICH Insurance
GENERALI's Group CEO, Mario GRECO returns to ZURICH Insurance, the company where he was employed for five years before joining GENERALI. The Swiss-based insurer announced that its Board of Directors has appointed him to the role of Chief Executive Officer effective May 1, 2016. The appointment is subject to regulatory approval.

Fausto PARENTE elected as the new Executive Director of EIOPA
by Daniela GHETU
The European Insurance and Occupational Pensions Authority (EIOPA) has announced today that its Board of Supervisors has selected Fausto PARENTE to become the Authority's second Executive Director.

AZERBAIJAN FY 2014 & 1H2015
KAZAKHSTAN FY2014 & 1H2015
RUSSIA FY 2014 & 1H2015
TURKEY FY2014 & 1H2015
Ins. Report CEE, SEE & CIS – FY2014 & 1H2015
Motor Ins. Report FY2014 & 1H2015
Property Ins. Report FY2014


Croatia FY2015
Kosovo FY2015
Azerbaijan FY2015

9th Annual BancAssurance Forum
9-10 February 2016
Madrid, Spain
Media Partner: XPRIMM Publications
For details:


The European Motor Insurance Summit 2015
February 11-12, 2016
Rome, Italy
Media Partner: XPRIMM Publications
For details:
Life Insurance Conference Russia 2016
February 18th, 2016
Moscow, Russia
Organizer: Business Summit of Future
Media coverage: XPRIMM Publications
For details:
The Insurance Summit 2016
February 25, 2016
London, United Kingdom
Organizer: Economist Events
Media Partner: XPRIMM Publications
For details:


AIF2016 - 2nd Annual African Insurance Forum 2016
March 3-4, 2016
Johannesburg, South Africa
Organizer: FEXTON Group
Media Partner: XPRIMM Publications
For details:
3rd Annual European Payment Forum
March 3-4, 2016
Amsterdam, Netherlands
Organizer: Global Leading Conferences
Media Partner: XPRIMM Publications
For details:


Russian Reinsurance Conference
XX Edition
April 6-7, 2016
President Hotel, Moscow
Organizers: All-Russia Insurance Association & DELOVOY Format Group
Media coverage: XPRIMM Publications
For details:
IIF 2016 - Motor Insurance - The Road towards profitability
April 17-19, 2016
Istanbul, Turkey
Organizers: Media XPRIMM and IUC
Media coverage: XPRIMM Publications
For details:

Allianz Austria: Positive Outcome of Sustainable Investments

Ardshinbank and INGO ARMENIA recognized best organizations cooperating with Armenian financial ombudsman in 2015

ARMENIA: Vehicle Owners Paid USD 36.3 Million for Insurance in 2015

AZERBAIJAN: Insurance companies seek to cut costs of health insurance

AZERBAIJAN: Licenses of 2 commercial banks - United Credit Bank and NBC Bank revoked

HUNGARIANS tend to buy travel insurance at last minute

KYRGYZSTAN: Volume of insurance payments halves in 2015

LATVIAN financial watchdog chairman quits

TURKEY: Insurers concerned about rising mandatory TP auto loss


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
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