Back to

XPRIMM News No. 314, June 16, 2016

Insurance Newsletter, No. 314, June 16, 2016

Click here to subscribe!
Click here to unsubscribe!

Swiss Re

Swiss Re commited to support the Russian insurance market's development

Today, Swiss Re hosted its annual event dedicated to the Russian insurance industry: Swiss Re Summer Reception 2016. On this occasion, we have talked with Ms. Nicola RAUTMANN, Market Executive Austria & CEE and Mr. Christian ENGELN, Head of Client Management about the perspectives of the Russian insurance market, as well as about the role Swiss Re is prepared to play in the region.

nicola_rautman1XPRIMM: As an active reinsurer on the CIS and Russian markets, which were the main challenges for Swiss Re in 2015 and also in the beginning of this year?
The challenges in the market which Swiss Re and our clients were faced with, were dominated by two topics: The economic pressure causing lower GNPIs, and with that reduced volume of cessions, as well as, the fluctuating exchange rate of the Russian Rubble versus the Euro. Both factors led to intense negotiations at the time of the renewal. In almost all cases we could nevertheless find common ground and satisfying solutions for both parties.

christian_engelnXPRIMM: Christian, as Head of Client Markets Russia, how would you evaluate the current stage of development for the primary insurance market in Russia? Also, as a reinsurer - what are your plans in order to support the local market? What are your ideas for new products / distribution channels, considering the stagnation of the local economy?
Christian ENGELN:
No question, this is the hardest time for most of the Russian insurers since they exist. The growth model does not work anymore in an environment, where everybody - business, private consumers, state - cut back insurance expenditure. On the other hand, shareholders run out of patience to support low margin insurance assets, and the regulator urges for more transparency and improvement of the capital base.

However, we believe that this is also the time when insurers usually adapt and streamline processes, decrease costs, but at the same time embrace new technologies and develop new products. This is a stressful turbo-modernization, where Swiss Re wants to show to the executive management of Russian insurers: We are there to help, offering a strategic tool, far beyond pure reinsurance capacity. Why not thinking together with us about new products in Life and Non-Life, explore Big Data topics, benefit from our worldwide experience with innovative technologies, develop a Telematics strategy, and work with Swiss Re on capital and solvency solutions?

Click here for the full interview!

Find out more about Swiss Re Summer Reception 2016 (click here).

property_insurance_report2016_80XPRIMM Property insurance report 2016 to be launched next week in Munich
by Daniela GHETU, 2016-06-16
The 2016 edition of the XPRIMM Property insurance report, containing the statistical results for the full year 2015, will meet its first readers next week, in Munich, on the occasion of IIF 2016 - Property Insurance in the Digital Era.

Global disasters during May lead to at least USD 7 billion in claims
by Sabrina CANEA, 2016-06-16
Global disasters led to at least USD 7 billion in claims during May as insurers aid the recovery process following wildfires, floods, and storms, according to Impact Forecasting, Aon Benfield's catastrophe model development team.

Insurance Europe: Drivers must be able to decide who can access their in-vehicle data and for what purposes
by Mihai CRACEA, 2016-06-15
The right conditions must be created to allow drivers to share their in-vehicle data with any service provider they chose without unnecessary restrictions, according to an Insight Briefing published today by Insurance Europe, the European insurance and reinsurance federation.

Insurer take-up has more than doubled in ten weeks since Flood Re's launch
by Daniela GHETU, 2016-06-16
36 providers have signed up to the British Flood Re scheme since its launch on 4 April, meaning more choice for consumers in high flood risk areas After going live with 16 insurance providers, the number of providers signed up to support the scheme has now increased by 125% (to 36), as a recent press release shows.

EIOPA's Annual Report 2015: Consumer protection and supervisory convergence, the main priorities
by Mihai CRACEA, 2016-06-16
The European Insurance and Occupational Pensions Authority (EIOPA) published its Annual Report 2015. As highlighted in the document, consumer protection remained the authority's guiding principle, one of EIOPA's key objectives is to ensure supervisory convergence across Europe.

Credit Europe Asigurari
img_lead_8084Romanian broker SRBA to change name to RENOMIA SRBA Insurance Broker
by Mihai CRACEA, 2016-06-15
After selling the majority stake to Czech Group RENOMIA, Romanian insurance broker SRBA started the rebranding process and will continue to work on the local market under the brand RENOMIA SRBA Insurance Broker.

WILLIS Re: Soft market conditions are still present, but reinsurance demand increases
by Daniela GHETU, 2016-06-16
"The April 1, 2016 reinsurance renewal season has seen a continuation of the softening market for the fourth consecutive year. Premium savings have yet again been the main thrust for most buyers and the opportunity to broaden contractual terms and conditions continues," shows a recent report by WILLIS Re. The good news is that demand for reinsurance seems to pick up at last.


ALLIANZ acquires a 51% stake of PNB Life in the Philippines
by Sabrina CANEA, 2016-06-16
German insurer ALLIANZ SE, the leading global financial services company, announced that it has completed the 51% stake acquisition of PNB Life Insurance Inc., the life insurance subsidiary of Philippine National Bank (PNB).

jan_erasmus80NN Group names new chief risk officer

NN Group announced that Jan-Hendrik ERASMUS will be appointed Chief Risk Officer (CRO). He joins NN Group as Member of the Management Board as of 1 September 2016. ERASMUS will succeed Doug CALDWELL, who will leave NN Group later this year to pursue his career outside of the company.

Maria Silvia BASTOS MARQUES resigns from Marsh & McLennan Companies' Board of Directors

Marsh & McLennan Companies, Inc. announced that Maria Silvia BASTOS MARQUES has stepped down as a member of its Board of Directors, effective immediately. A board member since early 2015, Ms. MARQUES also served on the Corporate Responsibility and Directors and Governance committees.

14 claimants for insurance license appear in AZERBAIJAN

AZERBAIJAN's insurance company plans to increase authorized capital

GREECE residents to see flood insurance policy savings

Kuwait's Gulf Insurance acquires 90% of Turkey's Turins

LATVIAN Motor Insurers' Bureau files for insolvency of Balva insurer
Insurers have a part to play in improving cities' resilience

"The future of cities is in the hands of today's urban planners and real estate developers," was one of the conclusions of the second edition of the SEE Property Forum. "Creating a city that attracts innovators and investors is in everybody's interest, but all must be done in a smart, sustainable and responsible way," stressed out the participants at the event.




IIF 2016 - Property Insurance in a Stormy Era
June 20-21, 2016
Munich, Germany
Organizers: XPRIMM and NTT Data
Media coverage: XPRIMM Publications
For details:
Global Summit for Insurance Innovation
June 20-21, 2016
Madrid, Spain
Organizer: INESE
Media Partner: XPRIMM Publications
For details:

Insurance Innovation Forum - InnoIns-2016
June 22, 2016
Moscow, Russia
Organizer: All-Russian Insurance Association
Media Partner: XPRIMM Publications
For details:
AIIF 2016 - VII Azerbaijan International Insurance Forum
June 23rd - 24th, 2016
Baku, Republic of Azerbaijan
Organizers: Azerbaijan Insurers Association and XPRIMM
For details:

Solvency 2 - Lessons Learned
September 6, 2016
Hotel Union Ljubljana, Slovenia
Organizer: AZN - Insurance Supervision Agency
6th Annual Managing Insurance Assets Conference
September 8-9, 2016
London, United Kingdom
Organizer: Marcus Evans
Media Partner: XPRIMM Publications
For details:



AZERBAIJAN FY 2014 & 1H2015
KAZAKHSTAN FY2014 & 1H2015
TURKEY FY2014 & 1H2015
Ins. Report CEE, SEE & CIS – FY2014 & 1H2015
Motor Ins. Report FY2015
Property Ins. Report FY2014