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XPRIMM News No. 298, February 18, 2016

Insurance Newsletter, No. 298, February 18, 2016

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trofeu_brokeri4_80XPRIMM rewards tonight the best performers in Romanian insurance brokerage
by Daniela GHETU, 2016-02-18
The best Romanian insurance brokers will be rewarded tonight, in Bucharest, for the results achieved throughout the year 2015. The Insurance Brokers Awards Gala will reward innovativity and high quality in the services provided to customers, as well as the most successful experiences recorded in the cooperation between insurers and insurance brokers.

EIOPA defines priorities for 2016
by Mihai CRACEA, 2016-02-17
The European Insurance and Occupational Pensions Authority (EIOPA) published its annual Work Programme 2016. For each objective the European authority indicates the relevant activities and products as well as human and financial resources that are necessary for their delivery.

STATISTICS: GREECE, HAIC: Insurance market dropped by almost 6% in 2015
by Vlad BOLDIJAR, 2016-02-18
At the end of December 2015, the Greek insurance market totaled EUR 3.57 billion, down by 5.8% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC).

AG Adopts PCS Turkey to Support Market Growth
by Mihai CRACEA, 2016-02-18
Property Claim Services, a Verisk Analytics business, announced that AG, a leader in the global ILW market, is the latest reinsurance intermediary to secure a license to facilitate PCS Turkey-triggered industry loss warranties (ILWs).

STATISTICS: Bank of Lithuania: Insurance market will grow by 6-7% this year
by Vlad BOLDIJAR, 2016-02-18
In 2015, Lithuania's insurance market grew by 7.4% in terms of GWP, amounting to EUR 645.1 million. The result was in line with the Bank of Lithuania projections, according to which "the development of the insurance market should amount to 6-7% this year."

One month left for answering EC's consultations regarding the Green Paper on retail financial services
by Adina TUDOR, 2016-02-18
At the end of December, the European Commission (EC) launched a public consultation regarding the Green Paper on retail financial services, which aims for better products, more choice, and greater opportunities for consumers and businesses.

Credit Europe Asigurari
PZU awarded for the best insurance customer service in Poland
by Daniela GHETU, 2016-02-18
PZU was named Best Insurer in Poland in terms of customer service by In the "2015 Institution of the Year" ranking compiled by the portal, PZU took first place among 23 companies, in two categories: "The best quality of service at the institution's premises" and "Best quality of service in remote channels of contact."

GEORGIA: Strong devalution of GEL pushed up the insurance prices by over 30%
by Daniela GHETU, 2016-02-18
The local currency's devaluation let to an over 30% hike in the insurance prices, with health insurance appearing to be the most affected, reports the Georgian newspaper "The Financial". Insurers consider implementing compulsory insurance as required for the further development of the sector.

ZURICH Insurance 2015 profit falls. GRECO to join in March
by Vlad BOLDIJAR, 2016-02-18
Switzerland's largest insurer - ZURICH Insurance Group reported its FY2015 business operating profit (BOP) was down by 37% y-o-y to USD 2.9 billion, while the net income attributable to shareholders decreased by 53% y-o-y to USD 1.8 billion. At the same time, the company representatives announced that Mario GRECO will join as ZURICH CEO from GENERALI on March 7, 2016.

UZBEKISTAN: State's participation in KAFOLAT for sale
by Daniela GHETU, 2016-02-18
State's participation in the second ranked insurer KAFOLAT are for sale, according to the Resolution of the Government, as of 28th April, 2015, the company being listed in the group of the state owned joint-stock companies for which the participation of a strategic foreign investors, up to a value of 15.5%, is desired.


AZERBAIJAN: Direct Claims Adjustment System adopted for motor insurance
by Daniela GHETU, 2016-02-18
The amendments recently adopted to the Azerbaijani Law "On compulsory insurance" are providing for the introduction of the Direct Claims Adjustment System, thus the injured driver in a road accident may file the claims to his/her own insurer.

TURKEY: New rules for insurance agents' activity
by Daniela GHETU, 2016-02-18
The Undersecretariat of the Treasury has strengthened the protections of insurance agents in Turkey by increasing the authority of the Insurance Agents Executive Committee ("IAEC"), expanding the mandatory terms of agency agreements and introducing significant changes to personnel affairs, governance and branch operations, reports Baker & McKenzie in an article published by Lexology.

RUSSIA: Five foreign insurance companies demand EUR 10 million after the plane crash of Total's CEO
by Olesea ADONEV, 2016-02-18
Five foreign insurance companies filed a lawsuit with the Moscow Commercial Court against the Vnukovo airport demanding losses resulted from the plane crash of Total's CEO Cristophe de Maergerie's aircraft in 2014, RAPSI reports from the courtroom on Monday.


AIG Reports Fourth Quarter 2015 After-Tax Operating Loss of USD 1.3 Billion or USD 1.10 Per Diluted Share

Aviva appoints Claudia Arney as an Independent Non-Executive Director

AZERBAIJANI PASHA Life Co. increases authorized capital by almost 6 times

KAZAKHSTAN: Draft law on compulsory insurance of property under development

KBC 4Q2015: Returns profit of 2.6 billion euros for the full year, driven by strong business fundamentals and boosted by non-recurring items in the fourth quarter

Main problems of KYRGYZ businessmen - high insurance premiums, unjustified inspections and corruption

RUSSIA: Sogaz consolidated 100% of shares of insurance company ZHASO

Service initiatives pay-off for Aegon Hungary

Travel insurance costs to increase in Cyprus, Malta, Spain


Wim de WEIJER appointed to ACHMEA Supervisory Board
ACHMEA has appointed Wim de WEIJER (62) member of the Supervisory Board. He succeeds Paul OVERMARS, who retired at the annual general meeting of shareholders held in 2015. De Nederlandsche Bank has approved this appointment.

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


Greece FY2015
Lithuania FY2015

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:
3rd International Conference "Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia"
April 11-13, 2016
Marriott Courtyard Hotel, Tbilisi, Georgia
Organizer: AgroInsurance International LLC.
Official Publication: XPRIMM Publications
For details:
X International Conference "Insurance in Central Asia"
April 12-13, 2016
Almaty, Kazakhstan
Organizer: InterConsult Info with the support of the Kazakhstan Association of Insurers
Official Publication: 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:
FIAR 2016 - The International Insurance - Reinsurance Forum
May 15-19, 2016
Brasov, Romania
Organizer: Media XPRIMM
Media coverage: XPRIMM Publications
For details: