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XPRIMM News No. 316, June 30, 2016

Insurance Newsletter, No. 316, June 30, 2016

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VIG: BTA Baltic's acquisition authorized by the Latvian Competition Council
by Daniela GHETU, 2016-06-30
The Latvian Competition Council has allowed Austrian VIENNA Insurance Group (VIG) to take over Latvia's BTA Baltic Insurance Company (BTA Baltic), LETA news agency informed. The competition watchdog approved the deal as in its opinion there is no indication that the takeover might affect competition in the non-life insurance market.

Swiss Re: except for Russia and Ukraine, insurance business in the CEE region is expected to record a positive trend in 2016
by Daniela GHETU, 2016-06-30
In the Central and Eastern Europe, including Russia, life insurance premiums amounted in 2015 to USD 15 billion, 3.5% down y-o-y, according to the latest Swiss Re's sigma report, "World insurance in 2015: steady growth amid regional disparities". On the non-life side, total premiums fell by 4.9% y-o-y, to USD 38 billion. In average, the CEE citizens' yearly expenses for insurance amounted to USD 166, while the region's penetration degree stood at 1.9%.

STATISTICS: GREECE, 1Q2016: market down by 6% y-o-y
by Vlad BOLDIJAR, 2016-06-30
At the end of March 2016, the Greek insurance market totaled EUR 948.57 million, down by 5.7% y-o-y, according to the preliminary market figures published by the Hellenic Association of Insurance Companies (HAIC). The life insurance segment decreased by 10% y-o-y, to EUR 456.68 million, while the non-life business line dropped by 1.2% to EUR 491.89 million.

STATISTICS: ESTONIA, 1Q2016: GWP up to EUR 92 million, driven by non-life lines
by Vlad BOLDIJAR, 2016-06-30
Estonian insurers reported in Q1 2016 GWP of EUR 91.78 million, up 5.21% y-o-y, according to preliminary aggregate market figures published by the Estonian National Statistics Board. Per insurance classes, the total value of GWP on the life segment was down by 4.18% y-o-y to EUR 19 million (20.69% of the total market), while the value of non-life GWP totaled EUR 72.79 million, 7.97% more y-o-y.

STATISTICS: POLAND, 1Q2016: maintained profitability in life insurance despite the decreasing GWP volume
by Daniela GHETU, 2016-06-30
The downsize trend of the Polish insurance market continued in Q1, driven by the strongly negative change recorded on the life insurance segment. Thus, total GWP amounted to EUR 3.14 billion, 10.76% less y-o-y, while the GWP decrease in life insurance GWP was of 23.37% y-o-y, to EUR 1.34 billion. The Polish zloti depreciation against euro had also a say in the significant market decrease.

STATISTICS: TURKEY, 1Q2016: insurance sector shows impressive growth
by Vlad BOLDIJAR, 2016-06-30
In the first quarter of 2016, total gross written premiums in the Turkish insurance market reached TRY 10.73 billion (EUR 3.3 billion), a 35.6% increase over the same quarter last year, according to data from the Insurance Association of Turkey (TSB).

Bulgarian EIG decided to open its own branch in Greece
by Sabrina CANEA, 2016-06-30
In connection with the decision of the Greek Central Bank, which does not approve the acquisition of the life insurance company of CREDIT AGRICOLE Life by EUROINS Insurance Group (EIG), the Bulgarian insurer decided to continue to grow its business in Greece by opening its own branch in the country, as the company announced on its website.
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SAVA Re simplifies its group structure by a quadruple merger
by Daniela GHETU, 2016-06-30
Slovenian insurance group SAVA Re has already taken steps to simplify its organisational structure by merging its two domestic subsidiaries - Zavarovalnica Maribor and Zavarovalnica Tilia - and the two Croatian units - Velebit osiguranje and Velebit

GLOBUS VIG reported growth of 13% in 1Q2016
by Sabrina CANEA, 2016-06-30
According to the preliminary data published by the Kyiv-based insurer GLOBUS Vienna Insurance Group (VIG), in 1Q2016 the company has earned UAH 43.3 million (about EUR 1.45 million) of insurance premiums, 13.4% more y-o-y, while the number of concluded contracts was about 78,000.

PASHA Life: y-o-y 20% higher earnings in 1Q2016
by Daniela GHETU, 2016-06-30
PASHA Life, the Azeri leading life insurance company, has seen a 20% increase in its earnings in the first quarter of 2016, as stated by Mursal RUSTAMOV, PASHA Life Chairman of the Management Board. He expects that the local insurance market will stabilize by the end of 2016, mid of 2017.
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Credit Europe Asigurari
FITCH: Eximgarant's Financial Strength (IFS) rating affirmed at 'B-'. The Outlook is Stable.
MOSCOW, June 28 (Fitch) Fitch Ratings has affirmed Export-Import Insurance Company of the Republic of Belarus's (Eximgarant) Insurer Financial Strength (IFS) rating at 'B-'. The Outlook is Stable.
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Russia: The law regarding the Russian National Reinsurance Company was adopted
by Olesea ADONEV, 2016-06-27
The law regarding the establishment the Russian National Reinsurance Company has been adopted, on June 21, by the State Duma in the second and third session. The law passed without the amendments proposed previously by the Central Bank, to give the MTPL insurance line to the state reinsurer, in order to avoid interruption or a difficult access of drivers to MTPL policies in a several regions of the country.
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Armenia, 1Q2016: GWP growth by 6.7%, while claims decreased by 1.9%
by Olesea ADONEV, 2016-06-30
In 1Q2016, GWP by Armenian insurance companies increased by 6.7%, to AMD 9.5 billion compared to the similar period of 2015. At the same time, in the analyzing period the volume of claims paid by the insurers dropped by 1.9% and totaled AMD 3.2 billion, according to the ArmInfo Agency based on the companies' reporting in accordance to the IFRS standards.
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Russia: The III-rd Annual Insurance Business Forum "Challenges of the year 2016" will be held on September 26-30, 2016 in Sochi
by Olesea ADONEV, 2016-06-30
The III-rd Annual Insurance Business Forum "Challenges of the year 2016" will be held on September 26-30, 2016 in Swissotel Sochi Kamelia 5*, Sochi, Russia. Organizer - Reinsurance Committee of the All-Russian Insurance Association and Co organizer - DELOVOY Format Group. Traditionally, XPRIMM Publications will support the event as Media Partner.

TURKEY: takaful insurance sector expected to further develop fuelled by the participation banking growth
by Daniela GHETU, 2016-06-30
" The issuance of new participation banking* licenses and its resultant increase in participation banking market share would spur the growth in the takaful sector in Turkey, as these banks serve as one of the most important distribution channels of the takaful sector," Ramazan Ulger, President, Insurance Association of Turkey stated at a recent professional event organized in Istanbul by The Islamic Financial Services Board (IFSB), The World Bank Group (WBG) and the Undersecretariat of Treasury of the Republic of Turkey.

Register now for the Pillar III Reporting and Data Quality Conference!
by Sabrina CANEA, 2016-06-30
With Solvency II regulations, data validation reports and ORSA work streams, reporting has been a top priority for insurers in the last decade, data sitting at the centre of this activity. The main topic of the Pilar III Reporting and Data Quality Conference will be the drive improvements in reporting and data quality now that Pillar III has gone live in insurance companies. The event, which takes place in London, on September 22-23, 2016, is organized by Marcus Evans. XPRIMM Publications support the conference as Media Partner.

ALLIANZ completes AEGON P&C portfolio acquisition
by Sabrina CANEA, 2016-06-30
The acquisition of AEGON's commercial P&C portfolio by ALLIANZ has been officially approved by the Dutch central bank and Dutch Authority for Consumers & Markets.

ARMENIA: VTB Bank and RESO offer new terms for acquisition of MTPL, MTPL+, health insurance, property insurance

AZERBAIJAN: Local insurance market to stabilize by mid-2017

BULGARIAN insurer Euroins eyes acquisitions in Poland, Czechia

IFC recommends Azerbaijan not to use Ukraine's method of agricultural insurance
Presentations from the 2016 edition of
IIF - Property insurance in the Digital Era are available online here

See the photo gallery here



Estonia 1Q2016
Poland 1Q2016
Greece 1Q2016
Turkey 1Q2016


Requirements Engineering and Legacy Systems

In order to remain competitive in the market, for example by a fast introduction of new insurance products, the legacy systems have to be modernized or replaced sooner or later. For this task, three alternatives were introduced with their advantages and disadvantages. All alternatives rely on a successful IT-Project. In order to help them to succeed in time, budget, and scope, the professional application of different Requirements Engineering techniques are a key success factor.

grafic_stire_xcom_micGlobal insurance industry grew steadily in 2015 amidst moderate economic growth, but 2016 outlook is mixed

Global insurance premiums grew by 3.8% in real terms in 2015, amidst variations in regional growth rates, Swiss Re's latest sigma report says. The overall performance was steady after a 3.5%-gain in direct insurance premiums written in 2014, and coming in an environment of just moderate (2.5%) global economic growth, the latter a key driver of insurance demand.

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:


Claims Transformation Forum
September 13-14, 2016
London, United Kingdom
Organizer: IQPC - International Quality and Productivity Center
Media Partner: XPRIMM Publications
For details:

Les Rendez-vous de Septembre 2016
September 10-15, 2016
Monte Carlo, Monaco
XPRIMM Publications stand at Fairmont Hotel
For details:


Chief Data Officer Forum Insurance 2016
September 15, 2016
Swissotel Chicago, Illinois, USA
Organizer: Corinium Global Intelligence
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 FY2015