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XPRIMM News No. 305, April 7, 2016

Insurance Newsletter, No. 305, April 7, 2016

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vig_120_2015VIG, FY 2015: Solid position, with the Group's Embedded Value raising by 8.1%; the CEE markets remain a strategic development target for the Group
by Daniela GHETU, 2016-04-07
Vienna Insurance Group (VIG) recorded a consolidated GWP volume of EUR 9 billion, in 2015, 1.4% down y-o-y. Profit (before taxes) reached EUR 172.1 million. Earnings per share were EUR 0.66, while the Group Embedded Value (after taxes) grew significantly by 8.1% to EUR 6.5 billion in 2015, despite a challenging environment. The Group's CEE subsidiaries' contribution amounted to 50% of the total GWP and about 55% of the Group's gross profit.

insurance_profile_rusia2016_80The latest issue of INSURANCE Profile Russia was officially launched!
by Adina TUDOR, 2016-04-06
The latest issue of INSURANCE Profile Russia, the specialized magazine dedicated to the Russian insurance market, was officially launched on April 6th, during the 20th edition of the Annual Reinsurance Conference in Moscow.

20160406_114505_150The 20th edition of the Annual Reinsurance Conference takes place in Moscow
by Olesea ADONEV, 2016-04-06
On April 6th and 7th, the 20th Edition of the Annual Reinsurance Conference takes place in the President Hotel, Moscow, Russia. The event is co-organized by All-Russian Insurance Association (ARIA) - Reinsurers' Committee and DELOVOY Format Group. XPRIMM Publications support this event as Media Partner.

YURGENS: There are real difficulties in placing the sanctioned capital-intensive risks on the foreign reinsurance markets
by Olesea ADONEV, 2016-04-07
"In 2015, despite of economical situation, the insurance market has surpassed all industries in profitability terms. And now, after the recession, I can say that we are entering in another period, the so called "new normality" for the Russian insurance industry," Igor YURGENS, President, All-Russian Insurance Association stated for XPRIMM on the occasion of the 20th Edition of the Annual Reinsurance Conference, in Moscow.

Central Bank of Russia determined to bring a strong qualitative change to the insurance market until 2018
by Olesea ADONEV, 2016-04-07
"Until 2018 the Russian insurance market will become more transparent, and will change quantitatively and qualitatively", stated Igor JHUK, Director of the insurance department, Central Bank of Russia, at the 20th Edition of the Annual Reinsurance Conference, organized in Moscow.

Credit Europe Asigurari
TRIGLAV: Dividends of EUR 2.50 gross per share
by Daniela GHETU, 2016-04-07
Following the good 2015 results, the Supervisory Board and the Management Board pf the TRIGLAV Group propose to pay a dividend of EUR 2.50 gross per share. The Group's profit before tax amounted to EUR 102.5 million, which was 20% above the budgeted level and 2% more over 2014.

STATISTICS: Who were the FY2015 SLOVENIAN top insurers?
by Vlad BOLDIJAR, 2016-04-07
The Slovenian insurance market totaled EUR 1.97 billion at the end of December 2015, 2% more y-o-y, statistics of the country's Insurance Association indicated. In terms o claims paid by local insurers, the aggregate value increased by 1.9% to EUR 1.35 billion (click here for more details).

IIF 2016: Taking steps to improve the property insurance schemes in the digital era
by Daniela GHETU, 2016-04-07
The FLOOD Re scheme, launched on April 4th, was set up by the British government and insurance industry in response to severe flooding in recent years. Listed insurers Admiral, Aviva, AXA , Direct Line, Hiscox, Legal & General and RSA are among insurers and brokers which have signed up to FLOOD Re, Reuters reported.

ESAs finalise KIDs for retail investors in the EU
by Vlad BOLDIJAR, 2016-04-07
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA - ESAs) has finalised its proposal for regulatory technical standards (RTS) on Key Information Documents (KIDs) for Packaged Retail and Insurance-based Investment Products (PRIIPs).

STATISTICS: MACEDONIA, 2015: 8.51% y-o-y growth-rate in GWP
by Vlad BOLDIJAR, 2016-04-07
Last year, Macedonian insurers reported an aggregated increase in GWP of 8.51%, according to the preliminary results provided by the Insurance Supervision Agency. The non-life insurance sector dominated the market portfolio and accounted for 86.70% of total GWP - of which about 44.59% was related to Motor TPL policies, 19.82% - property lines and 8.37% - motor hull.


STATISTICS: CYPRUS, FY2015: Subunit growth rate for the insurance market
by Vlad BOLDIJAR, 2016-04-07
According to data published by the Insurance Association of Cyprus - IAC, last year, the total volume of GWP by the member companies remained approximately at the FY2014 level: EUR 732 million, up by 0.68% y-o-y.

EUROINS Romania announces capital increase
by Andreea RADU, 2016-04-01
By Q1 2016, the insurance company EUROINS Romania has received capital increase payments from its parent company amounting to RON 135 million, thus completing 70% of the capital raising program initiated in October 2015 that will be finalized in April 2016.

4 days until the International Conference on AgroInsurance starts in Tbilisi, Georgia
by Olesea ADONEV, 2016-04-01
There are only ten days left before the start of the International Conference "Agricultural Insurance, Reinsurance and Brokerage in CIS, Europe & Asia". The Conference will be held on April 11-13, 2016 in Tbilisi, Georgia, organized by AgroInsurance International LLC. XPRIMM Publications support the event as Media Partner.

ZURICH shareholders approve dividend of CHF 17 and elect David NISH and Jeffrey L. HAYMAN to the Board of Directors
by Vlad BOLDIJAR, 2016-04-07
The Annual General Meeting of ZURICH Insurance Group approved an unchanged dividend of CHF 17.00 per registered share for the 2015 financial year. "This year's dividend payment will again be paid from the capital contribution reserve and will be exempt from Swiss withholding tax. The dividend will be paid starting April 5, 2016", according to the press release published on the company's website.

AXA sold its Portuguese units and aquired the fifth largest non-life insurer in the Philippines
by Vlad BOLDIJAR, 2016-04-07
French insurer AXA announced it had completed the sale of its Portuguese operations to AGEAS for EUR 189 million, while AXA Philippines aquired 100% of CHARTER PING AN Insurance Co (CPA) - the fifth largest non-life insurer in the Philippines, for a total amount of EUR 40 million.

22,034 cars insured in AZERBAIJAN for March

A.M. Best Revises Outlook to Negative for Kazakhinstrakh

AZERBAIJAN: Newly-established agency to determine strategy in banking, insurance, stock markets

Balta first in LATVIA to include terrorism risk in travel insurance

KAZAKHSTAN, S&P: Conditions for insurance company's activity continue deteriorating in 2016

KYRGYZSTAN: Total assets of insurance companies increased by 19.3%

LITHUANIA: Gjensidige to merge its Baltic companies

PASHA Insurance and AZINSURANCE become most profitable insurers of Azerbaijan in 2015

POLAND: Fitch Affirms Bank Pekao SA at 'A-'; Outlook Stable

RUSSIAN court refuses to oblige Aeroflot to change insurance policy

TAJIKISTAN: Majlisi Namoyandagon board discusses draft law on insurance activity


Macedonia FY2015
Cyprus FY2015
Slovenia FY2015


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:
Motor Insurance Conference
April 28-29, 2016
Budapest, Sofitel Budapest Chain Bridge Hotel
Organizers: Croatian Institute for Insurance & XPRIMM
Media coverage: XPRIMM Publications, Svijet Osiguranja
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:


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