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XPRIMM News No. 299, February 25, 2016

Insurance Newsletter, No. 299, February 25, 2016

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IDD through the eyes of Paul CARTY: The most important challenge will be avoiding gold-plating
by Daniela GHETU, 2016-02-25
"The most important challenge in the introduction of the IDD, starting January 2018, will be avoiding gold-plating and the introduction of measures that go beyond the requirements specified in the directive," believes Paul CARTY, Chairman of the EU Committee, BIPAR.

Early bird conference fee available only 4 more days for the 2016 edition of IIF- MOTOR INSURANCE - The road towards profitability
by Daniela GHETU, 2016-02-25
Did you book your seat at the 2016 edition of International Insurance Forum conference "MOTOR INSURANCE - The road towards profitability"? If not, you may still take advantage of the early bird fee until February 29th.

STATISTICS: Czech Insurance Association: The market was backed up by non-life insurance in 2015
by Vlad BOLDIJAR, 2016-02-25
The preliminary results of the Czech Insurance Association (CAP) for 2015 show an annual increase of CZK 1.1 billion, which is a 1% rise, in the premium volume. Premium growth accelerated in the second half of the year compared to a 0.3% increase in the first half. Same as last year, the insurance market is backed up by non-life insurance, which strengthened by 4%. Life insurance, on the other hand, is continuously weakening, namely by 3.5% in comparison with 2014.

castigatori_pba_2016_150XPRIMM rewarded the best performers in Romanian insurance brokerage
by Daniela GHETU, 2016-02-23
The best Romanian insurance brokers were rewarded on Thursday, February 18, in Bucharest, for the results achieved throughout year 2015. The Insurance Brokers Awards Gala rewarded innovation 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.

Swiss Re, 2015: Net income up by 31% y-o-y, to USD 4.6 billion; strong result in L&H Re
by Daniela GHETU, 2016-02-23
Swiss Re delivered a strong full-year net income of USD 4.6 billion for 2015, 31% up y-o-y. The result benefited from strong underwriting, the absence of major natural catastrophes and from reserve releases, as well as from the strong result in L&H Re. Premiums earned and fee income for the Group totalled USD 30.2 billion for 2015, slightly less than in 2014, mainly reflecting unfavourable foreign exchange rate movements. At constant exchange rates, premiums and fees increased by 4%.
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Credit Europe Asigurari
ALLIANZ Group, FY2015: full-year operating profit close to the top of the target earnings range
by Daniela GHETU, 2016-02-25
ALLIANZ Group achieved strong results in 2015 with operating profit rising to EUR 10.7 billion, driven by a very good fourth quarter. "Our business is healthy and well-diversified. This makes us confident that we will continue to deliver strong earnings. We look to generate about EUR 10.5 billion in operating profit in 2016," said Oliver BATE, CEO of ALLIANZ SE.
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IF P&C Insurance, FY2015: highest ever profit, with strong results in the Baltic area
by Daniela GHETU, 2016-02-25
The largest non-life insurer, IF P&C Insurance recorded a 17.6% y-o-y growth in its consolidated net profit figure for Lithuania, Latvia and Estonia, to a total of EUR 20 million, according to a press release of the IF Group.

SAVA Re has set the targeted profit for 2016: EUR 33.4 million
by Vlad BOLDIJAR, 2016-02-25
Slovenian re/insurer SAVA Re announced its main FY2016 financial targets, of EUR 487.9 million in GWP (0.3% more y-o-y) and EUR 33.4 million for the net profit, equivalent to an 11.6 % return on equity.

Price is still the most relevant sales driver in motor insurance, but additional services' importance of increasing
by Daniela GHETU, 2016-02-25
Price is still the most relevant attribute in motor direct insurance and in the following years it is likely to witness a further decrease in the MTPL tariffs, is the opinion expressed by the insurance professionals present at a recent conference in Rome.


STATISTICS: BELARUS, FY2015: Insurance market went up by 12% in local currency, but suffered from the currency devaluation
by Olesea ADONEV, 2016-02-25
Total GWP by the Belarussian insurance market last year have risen by 12% y-o-y, to BYR 8,139 billion. In European currency, due to the local currency devaluation, the market figures show a quite different trend in GWP terms: EUR 400 million, or 20.66% less y-o-y.

2016 expected to be a challenging year for the Georgian market
by Daniela GHETU, 2016-02-25
"2016 will be an extremely challenging year for the Georgian insurance market," Vakhtang DEKANOSIDZE, General Director of IRAO (Vienna Insurance Group), recently stated for the Georgian journal The FINANCIAL. However, despite the challenging environment, the VIG subsidiary plans to maintain its high growth pace also in this year, he added.

A.M. Best ratings on RUSSIAN Re affirmed, with negative outlook
by Daniela GHETU, 2016-02-23
A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of RUSSIAN Reinsurance Company JSC (RUSSIAN Re) (Russia). The outlook for both ratings is negative.


A.M. Best Affirms Ratings of Kommesk-Omir Insurance Company JSC

Aegon reports net income of EUR 478 million in the fourth quarter of 2015

ARMENIA: Motorists worried about impact of new change in compulsory insurance system

AXA insurance invests USD 84 million in Jovago to own 8 percent stake in AIG (Africa Internet Group)

AZERBAIJAN population's cash income per capita grew by 10.8% yoy

AZERBAIJAN: PASHA Life Insurance makes staff changes

BOSNIA: Sarajevo osiguranje to be sold?

BULGARIAN insurer Euroins premium income up 19.3% in Jan

CROATIAN insurers Jan gross written premiums down 0.84% y/y

CYPRUS: Motor vehicles registration on the up

Europ Assistance, the most welcoming brand voted in France

Ingosstrakh OSAO insured the Transport of a Major Supplier of Liquefied Petroleum Gas in the South of Russia

Interlife CEO: GREEK insurance market lost 1.85 bln euros in 2010-2015

Nationale-Nederlanden Spain named top employer 2016

QBE announces 2015 results

SERBIA's anti-trust watchdog probes Banca Intesa's purchase of Delta Holding's headquarters

Partner and Executive, Head of Insurance Sector Italy
Internet of Things Insurance Leader Europe
IMB Italy

Young customers, the GenX and Millennials generations are feeling pretty comfortable with insurers using the data from IoT devices and also agree to a large extent that if their insurer would use such data, most probably their loyalty to their insurance provider would improve. In fact, it is for these generations that insurers need to adapt their systems and become able to interact on all channels with their current and potential customers.

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

Christian MUMENTHALER to replace Michel M. LIES, as Swiss Re's Group CEO, starting July 1st

Swiss Re's Board of Directors announces that Christian MUMENTHALER (46, Swiss citizen), currently CEO of Reinsurance, will become Group Chief Executive Officer of Swiss Re as of 1 July 2016. Michel M. LIES will retire.


Czech Rep. FY2015
Belarus FY2015

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: