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XPRIMM News No. 317, July 7, 2016

Insurance Newsletter, No. 317, July 7, 2016

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Swiss Re

Swiss Re: Insurance penetration and density almost unchanged globally year over year; emerging markets gained an increasing share in the global insurance premiums production

In 2015, average per capita spending on insurance in advanced markets was USD 3,440, down almost 6% from the previous year due primarily to exchange rate movements, says Swiss Re's latest sigma report. Per capita spending on life insurance was USD 1,954 and in non-life it was USD 1,486. Penetration remained at the same level since it is unaffected by exchange rate movements.

Average per capita spending on insurance in emerging markets remained little changed at USD 135 in 2015, of which USD 71 went to life insurance and USD 64 to non-life. The average insurance penetration in emerging markets increased to 2.9% last year from 2.7% in 2014.

Overall, total premiums in the advanced markets grew by 2.5% in 2015, little changed from the previous year. Total life premiums grew by 2.5% in 2015, slightly outpacing GDP growth and marginally increasing insurance penetration. The trend was recorded in 17 out of the 28 markets considered in the sigma report. In non-life, total premiums in the advanced markets grew by 2.6% in 2015, also more than the overall economy. Premium growth was stronger than GDP growth in 16 of the 28 markets with data.

Find out more about sigma report "World insurance in 2015: steady growth amid regional disparities". (click here)


img_lead_8171VIG's market share in the Serbian market to increase at 11.5% after buying AXA's local subsidiaries
by Daniela GHETU, 2016-07-07
VIENNA Insurance Group (VIG) has signed on July 6th the purchase agreement for acquisition of the non-life company AXA Nezivotna Osiguranje a.d.o. Beograd and life company AXA Zivotno Osiguranje a.d.o. Beograd (AXA Serbia). The purchase will increase VIG's market share in Serbia to around 11.5%. The acquisition is subject to approval by the local authorities.

"Solvency II Lessons Learned" - discussed in September, in Ljubljana
by Daniela GHETU, 2016-07-07
The introduction of Solvency II, starting January 2016, represents the biggest shift in the insurance regulation in several decades. the challenges arising from this shift ranging from financial, organisational, legal, operational, to systemic risks. The "Solvency II Lessons Learned" conference, organized by the Slovenian Insurance Supervision Agency, aims to exchange views on the first lessons learned in this respect.

EIOPA to launch EU-wide thematic review on market conduct
by Daniela GHETU, 2016-07-06
The European Insurance and Occupational Pensions Authority (EIOPA) is launching an EU-wide thematic review of market conduct among insurance companies operating in the unit-linked life insurance market. The review aims to cover 60% of each national market in terms of both gross written premiums and assets of unit-linked funds. The purpose of the review is to identify potential sources of consumer detriment stemming from the relationships between insurers and providers of asset management services.

STATISTICS: SLOVENIA, Q1: 1.3% aggregate growth-rate despite the 3% decrease of life GWP
by Vlad BOLDIJAR, 2016-07-07
According to data published by the Slovenian Insurance Association, in Q1 2016 the local market totaled EUR 554 million, 1.3% more y-o-y. Non-life insurance saw a growth rate of 2.7%, while the life segment reported a negative dynamic: -2.8%.

Credit Europe Asigurari
PZU aims to increase its property insurance business through the newest entity of the Group, the mutual insurance unit TUW PZUW
by Daniela GHETU, 2016-07-07
Poland's top insurer PZU expects to increase its share in the property market segment via development of its mutual insurance unit TUW PZUW, CEO Michal Krupinski told reporters on Wednesday, quoted by The Warsaw Voice.

EIOPA launches consultation paper regarding IDD impelmentation
by Daniela GHETU, 2016-07-05
The European Insurance and Occupational Pensions Authority (EIOPA) published on July 4th a Consultation Paper on its draft technical advice to the European Commission on possible delegated acts concerning the Insurance Distribution Directive (IDD). This public consultation follows the EC request for technical advice of 24 February 2016.

Russian President Vladimir PUTIN has signed the law regarding the creation of the National Reinsurance Company
by Olesea ADONEV, 2016-07-05
The Russian President has recently signed the law which amends the Law on Organisation of the Insurance Industry in the Russian Federation to create a National Reinsurance Company (NRC), which was published accordingly in the state's official web-portal. Previously, a bill in this regard was adopted by the State Duma of the Russian Federation in the third and final reading on 21 June 2016, after 2 months of debates.


SAVA Re's long-term insurer financial strength and counterparty credit ratings by S&P affirmed to A; stable outlook
by Daniela GHETU, 2016-07-05
S&P Global Ratings said on July 4th it has affirmed its 'A-' long-term insurer financial strength and counterparty credit ratings on Slovenia-based insurer Pozavarovalnica SAVA d.d. (SAVA Re). The outlook remains stable.

Slovenian insurer TRIGLAV Group's core entities upgraded to 'A' on strengthened risk positions; outlook stable
by Daniela GHETU, 2016-07-05
Strengthening domestic demand, ongoing fiscal consolidation, and lower financial system risk has lowered country risk for Slovenian insurers, in S&P's opinion. As a result, the rating agency has positively reassessed Slovenia-based multiline insurer TRIGLAV Group's business risk profile to strong from satisfactory.

Crop insurance seminar in Torun, Poland
by Daniela GHETU, 2016-07-05
Between June 27th and 29th, 2016, Polish Reinsurance Company (POLISH Re) together with CONCORDIA Insurance organized an underwriting and claims handling seminar dedicated to crop insurance, which took place in Torun, the city in the northern part of Poland. The seminar gathered more than 50 people, representatives of 10 insurance markets, such as: China, Azerbaijan, Turkey, Ukraine, Moldova, Hungary, Slovenia, Croatia, Germany and Poland.

Representatives from LV, AIG, Direct Line, Zurich and AXA join speaker panel for The Claims Transformation Forum
by Sabrina CANEA, 2016-07-01
An average of 75% of every premium dollar earned by insurance companies worldwide is being spent on claims and claims related expenses. Therefore, the claims process has been identified as the key area to improve efficiency and reduce costs.

AZERBAIJAN: 827 contracts signed on Green Card system in June

AZERBAIJAN: Compulsory property insurance reduced by 14%

KYRGYZSTAN: Introduction of mandatory liability car insurance delayed for 3 years

MOLDOVA: Insurance company ASITO closes down!

RUSSIA: It will be possible to enter Azerbaijan from 1 August by "Green Card"

Slovenia 1Q2016


grafic_stire_xcom_micS&P Global Ratings Comments On Brexit Vote

Following the United Kingdom's (U.K.) referendum decision to leave the European Union ("Brexit"), S&P Global Ratings said on June 24th that it would be reviewing the ratings potentially affected by the referendum result. Despite the "leave" vote, any exit will likely be a drawn-out process while treaties or other arrangements are negotiated between the U.K. and the EU regarding their future dealings.

grafic_stire_xcom_micMARSH: Businesses need to already start evaluating the possible outcomes of the UK vote to leave EU

Firms need to begin assessing which areas of their business could be affected by the UK vote to leave the EU and begin having discussions with their insurers and risk advisers. Most urgently, this applies to people issues and decisions about project timings, says the recent "Insurance Implications Following the UK Vote to Leave the EU" report by MARSH.

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