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XPRIMM News No. 302, March 17, 2016

Insurance Newsletter, No. 302, March 17, 2016

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VIGVIG targets EUR 400 million pre-tax profit in 2016
by Vlad BOLDIJAR, 2016-03-17
For the business year 2016, Austrian insurer Vienna Insurance Group announced yesterday it plans at least to double the pre-tax result 2015 and targets a profit before taxes of up to EUR 400 million from a preliminary EUR 172 million last year.

The CEE markets remain the cornerstones of the VIG's growth strategy
by Daniela GHETU, 2016-03-17
"We still have an appetite for further growth", stated today Elisabeth STADLER, Chairwoman of the Managing Board of Vienna Insurance Group (VIG). Thus, the Group will be examining its markets from the Baltics to the Black Sea in coming months for further growth potential, aiming to increase market share to at least 10% in Poland, Hungary, Croatia and Serbia over the medium term.

Turkish agricultural pool TARSIM celebrates 10 years of existence
by Mihai CRACEA, 2016-03-17
The International Agricultural Insurance Symposium (IAIS), the event celebrating 10 years from the creation of TARSIM - The Agricultural Insurance Pool of Turkey, will take place on June 2 -3, 2016, in Istanbul.

PZU, 2015: Price war in motor insurance and weak investment results pushed down the Group's profitability; PZU remains stable and strong, management says
by Daniela GHETU, 2016-03-16
The ongoing price war on the motor insurance market and the declining investment results were the main factors which impacted PZU Group's net profit in 2015, down by 21.1% to PLN 2,342.2 million (EUR 549.6 million). ROE also fell by 4.6 p.p. to 18% last year. The new PZU Management Board appointed at the end of January is conducting an indispensable strategy review.

IIC wants to buy Romanian insurer CARPATICA Asig
by Mihai CRACEA, 2016-03-17
International Insurance Consortium (IIC), a Netherlands based company focussed on Eastern and South eastern European insurance companies, has reached and signed an agreement with the owners of the Romanian insurance company Carpatica Asig concerning the transfer of 100% of the shares of Carpatica Asig to IIC.

Trust Re introduces new Surety line of business
by Mihai CRACEA, 2016-03-16
Trust Re has announced that as of March 2016, its service offering has expanded to include Surety reinsurance. The main focus will be on MENA territories, although Trust Re will also be underwriting within its existing geographical scope.

STATISTICS: Czech Rep., FY 2015: CNB official statistical data published; market trends confirmed
by Daniela GHETU, 2016-03-17
Insurance market data for 2015 published by the Czech National Bank (CNB) confirm the GWP growth on the non-life insurance segment, at a pace of 4.9%, to CZK 90.98 billion (EUR 3.37 billion). Life insurance GWP went down by 12.3%, according to CNB data, while the entire market recorded an almost 3% decrease, to CZK 153.4 billion (EUR 5.67 billion).

Insurance Europe: Boosting financial literacy, key to ensuring growth and stability in European economy
by Adina TUDOR, 2016-03-15
Improving people's financial literacy and understanding of insurance will play an important role in underpinning economic growth and in enabling society to overcome the significant pension challenge it faces, according to Insurance Europe, the European insurance and reinsurance federation.

UNIQA posted best year in the company's history: pretax profit of EUR 423 million
by Vlad BOLDIJAR, 2016-03-17
Austrian insurer UNIQA reported net profit of EUR 331.1 million in 2015, up by 14.2% y-o-y, while the value of premiums written was up by 4.3% to EUR 6.32 billion. In addition, the Group cost ratio improved from 22.2% to 21.3% and the combined ratio from 99.% to 97.%, according to a statement published on the website of the Vienna based insurer.

Credit Europe Asigurari
STATISTICS: Russia, FY 2015: Market up by 3.65% fuelled by the MTPL line
by Olesea ADONEV, 2016-03-17
In 2015, the GWP of Russian insurers increased by 3.65% y-o-y, showing the slowest market growth pace since 2009. At the same time, the share of insurance in GDP decreased from 1.38% to 1.37%. The GWP growth was only possible due to MTPL tariffs increase.

STATISTICS: Uzbekistan, FY 2015: stable double digit market growth
by Olesea ADONEV, 2016-03-17
In 2015, the aggregate volume of GWP reported by the Uzbek insurers was of UZS 551 billion (or EUR 181 million), up by almost 25.59% y-o-y, according to the market data provided by the Ministry of Finance of the Republic of Uzbekistan. At the same time, claims paid for all types of insurance amounted to UZS 111 billion (EUR 36.6 million), up by 48.73% y-o-y.

Sure and Secure - The European Insurance Summit 2016
by Adina TUDOR, 2016-03-15
The insurance business sees new changes coming as new technologies and regulations are redefining the market. In order to reflect the major demands and important developments, The European Insurance and Occupational Pensions Authority - EIOPA has set up a number of priority objectives for the year 2016 to ensure transparency, simplicity, accessibility and fairness across the internal market for European consumers.

Fitch Ratings affirms AzInsurance financial strnght rating to B+
by Daniela GHETU, 2016-03-17
Fitch Ratings has revised AzInsurance OJSC's (AzInsurance) Outlook to Negative from Stable while affirming its Insurer Financial Strength (IFS) rating at 'B+'.


ALBANIA gets four bids for insurer INSIG privatisation

Aviva appoint Colm Holmes as CEO Aviva UK General Insurance

Aviva plc 2015 Preliminary Results Announcement

AZERBAIJAN: Fitch Revises AzInsurance's Outlook to Negative; Affirms IFS 'B+'

AZERBAIJAN: VTB begins selling boxed insurance products

BULGARIAN life insurance unit of Generali sells portfolio to local co Saglasie

CROATIA: UNIQA 2015 pre-tax earnings surge 38% y/y

CROATIAN conglomerate increases stake in Sava Re

Gen Re to close six offices in restructuring

HUNGARY: Generali Group premiums revenue climbs to HUF 121 bln in 2015

KAZAKHSTAN: Moody's places KazExportGarant's Baa2 financial strength rating on review for downgrade

MONTENEGRO: UNIQA doubles pre-tax loss in 2015

RUSSIA: the Union of motor insurers suggested that the Central Bank reform discounts on

SEB: 70% ESTONIANS don't believe in sustainability of pensions


Russian Association of Aviation and Space Insurers

For the time being, the Russian market capacity for spacecraft insurance is about USD 20-25 million. The main capacity for such risks is offered by the first 5 largest insurance companies on the Russian market, including SOGAZ, INGOSSTRAKH and VTB Insurance. It is important to note that the market's total capacity strongly depends on their un/willingness to re/insurance space risks.

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


Joachim WENNING will take on the MUNICH Re's CEO position starting April 2017

Starting April 27th, 2017, Nikolaus von BOMHARD (60) will leave the MUNICH Re's Board of Management and also step down as CEO. Joachim WENNING (51) was appointed as the new CEO with effect from 27 April 2017.

Adam BURAK is the new Marketing Director of PZU

Adam BURAK, previously involved with the company Wroclaw, has replaced Martha Zycinska as PZU's Marketing Office head.

Czech Rep. FY2015
Russia FY2015
Uzbekistan FY2015

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:


The 12th International Risk Management Conference
April 14-15, 2016
Almaty, Kazakhstan
Organizer: Eurasia Insurance Company JSC
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:
2nd Annual Global Insurance Distribution & Bancassurance Conference
May 12-13, 2016
Munich, Germany
Organizer: C-parity
Media Partner: 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:
2nd Annual Credit Risk Management Forum
May 19-20, 2016
Amsterdam, the Netherlands
Organizer: GLC Europe
Media Partner: XPRIMM Publications
For details:
TARSIM International Agricultural Insurance Symposium
June 2-3, 2016
Istanbul, Turkey
Organizer: TARSIM - Agricultural Insurance Pool of Turkey
For details:
9th Tashkent International Insurance and Reinsurance Forum
June 1-4, 2016
Intercontinental Tashkent Hotel
Tashkent, Republic of Uzbekistan
Organizer: SAIPRO Information Rating Agency in cooperation with General Arab Insurance Federation
Media Partner: XPRIMM Publications
For details: