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XPRIMM News No. 318, July 14, 2016

Insurance Newsletter, No. 318, July 14, 2016

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Swiss Re

XPRIMM Special
The new KID in town is here. Or...
by Alexandru CIUNCAN, 2016-07-13
Starting 31 December 2016 European consumers will get a chance at comparing complex products, such as insurance-based investment products, namely PRIIPs, by consulting a Key Information Document (KID) before making any decision - as a new EU piece of legislation is scheduled to come into force. This is designed to help retail investors - consumers - in making this complex products more easily comparable. However, as it seems that not all stakeholders are on the same page with the KID, the story is yet to be written...
ICAR 2016: Managing catastrophic risks in the challenging framework drawn by the climate change
by Daniela GHETU, 2016-07-14
While losses caused by natural catastrophes in the first half of 2016 were significantly higher than the corresponding figures for the previous year, only 38% of the total amount was insured, demonstrating once again the important dimensions of the property insurance gap worldwide.

French insurance professional associations unites in a single organization: the French Federation of Insurance
by Daniela GHETU, 2016-07-13
The French Federation of Insurance Companies (FFSA) and the Association of Mutual Insurance Companies (GEMA) have recently reunited in a single organization, the French Federation of Insurance (FFA), bringing together about 280 insurance and reinsurance companies operating in France, representing over 99% of the market.

Decision of the Paris administrative court in favour of the opening up of the natural catastrophe reinsurance market in France welcomed by SCOR
by Daniela GHETU, 2016-07-13
A recent decision of the Paris administrative court, made public this week, requiring the State to "terminate the agreement regarding the State's guarantee of the Caisse centrale de reassurance, [....] insofar as the CCR's natural catastrophe reinsurance business is concerned, within one year", or, failing this, to notify the European Commission of the natural catastrophe reinsurance scheme within the same timefame. The European Commission will then have to rule on the scheme's compliance with European law.

Extreme weather to push ACHMEA into the red
by Sabrina CANEA, 2016-07-13
Insurance company ACHMEA says it expects to post a "limited" loss over the first six months of this year, in part due to the impact of the heavy storms over the past few weeks.

Credit Europe Asigurari
CHUBB announces catastrophe loss estimates for Q2
by Sabrina CANEA, 2016-07-14
CHUBB Limited projects catastrophe loss of USD 315 million (USD 390 million pre-tax) net of reinsurance and including reinstatement premiums in the second quarter. In fact, the loss estimate is more than USD 280 million, pretax, earlier expected.

ALLIANZ Russia's rating penalized by Fitch because of the company's weak capital position
by Daniela GHETU, 2016-07-13
On July 7th, the Moscow office of Fitch Ratings has announced the assignment to Russia-based JSC IC Allianz (Allianz Russia) an Insurer Financial Strength (IFS) rating of 'BBB-' with Negative Outlook and a National IFS rating of 'AAA (rus)' with a Stable Outlook.

Rosgosstrakh Armenia 's CASCO and MTPL policies financed by a dedicated VTB Bank loan
by Daniela GHETU, 2016-07-13
VTB Bank (Armenia) and the Armenian subsidiary of Rosgosstrakh have launched a co-branded, 'exclusive' product consisting in a loan granted by the bank specifically for the purchase of mandatory motor car and CASCO insurance policies provided by Rosgosstrakh Armenia, the bank's press service said in a press release.

Ukraine: The reinsurance structure has changed. See what countries-partners have become more preferential for local insurers
by Olesea ADONEV, 2016-07-13
In the first quarter of 2016, the total volume of risks ceded in reinsurance by Ukrainian insurance companies have reached to UAH 3.2 billion, comparing to UAH 1.6 billion in the similar period of 2015, according to ForInsurer.

STATISTICS: AZERBAIJAN, 4M2016: 16.10% GWP growth in local currency
by Olesea ADONEV, 2016-07-14
During the first fourth months of 2016, the Azerbaijani insurance industry grew, in local currency, by 16.10%, to AZN 192.73 million. Due to strong devaluation of the local currency (AZN) against USD/EUR, by almost 45%, in the European currency the insurance market decreased by 21.29%, to EUR 112.22 million.


STATISTICS: BELARUS, 1Q2016: Local market maintained its positive evolution despite the currency devaluation's negative impact
by Olesea ADONEV, 2016-07-14
According to data published by the Ministry of Finance of Belarus, in the first quarter of 2016 the local insurance market reached to BYR 2,349,922.06 million, up by 24.94%. To main driver of the positive market evolution was the life insurance segment, which increased by 63.94%, while non-life insurance went up by 22.18%.

STATISTICS: GEORGIA, 1Q2016: Insurance business grew by 12.71%; a positive trend was seen on almost all types of insurance
by Olesea ADONEV, 2016-07-14
In January-March 2016, the Georgian insurance market increased by 12.71% y-o-y in local currency to GEL 130.66 million (EUR 48.76 million), according to the data published by the Insurance Supervisory Office - ISO.

STATISTICS: KAZAKHSTAN, 1Q2016: Insurance industry grew by 31.54%
by Olesea ADONEV, 2016-07-14
In the first quarter of 2016, the local insurance industry grew by 31.54%, totaling KZT 95,367.46 million, according to official data provided by the National Bank of Kazakhstan.

ZURICH Insurance Company South Africa to be acquired by FAIRFAX Financial
by Sabrina CANEA, 2016-07-13
Following the expansion in the CEE Region, FAIRFAX Financial Holdings Limited announced that it has entered into an agreement with ZURICH Insurance Company Ltd to acquire 100% of ZURICH Insurance Company South Africa Limited ("ZICSA"). The transaction is subject to customary closing conditions, including various regulatory approvals, and is expected to close by the end of the fourth quarter of 2016.

AVIVA Canada completes the acquisition of RBC General Insurance
by Sabrina CANEA, 2016-07-13
Insurer Aviva Canada Inc. has completed the acquisition of Royal Bank of Canada's RBC General Insurance Company. The previously-announced transaction includes a 15-year strategic agreement with RBC Insurance through which AVIVA Canada will provide policy administration and claims services, and RBC Insurance customers will access AVIVA Canada's full suite of property and casualty (P&C) products. RBC Insurance will continue to market and sell these products under the RBC Insurance brand.

AZERBAIJAN's Financial Market Supervisory Body names new department heads

BULGARIA to appoint financial regulator head by end-July

BULGARIA: More than 500,000 vehicles lack third-party liability insurance

Eurohold turns to cons net profit in Q1


Azerbaijan 4M2016
Belarus 1Q2016
Georgia 1Q2016
Kazakhstan 1Q2016


Ivana JURCIKOVA to join VIG Re's Managing Board

Ivana JURCIKOVA has been appointed to the Managing Board of VIG Re starting 1 September 2016. Ms. JURCIKOVA will hold the position of the Chief Financial Officer of VIG Re. The appointment is subject to the approval of the Czech National Bank.

QATAR Re announces senior appointments to further strengthen its governance and operations

QATAR Re today announced the appointments of Andrew SMITH as the Group's Chief Risk Officer, Adam YOUNG as Head of Compliance and Steve TIDD as Chief Operating Officer. These appointments further strengthen QATAR Re's risk and corporate governance and oversight while also enhancing its internal systems, processes and operating efficiency.

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:

grafic_stire_xcom_micTerrorism insurance

Heraclitus quoted in nearly in 500 BC, "There is nothing permanent except change". Or in other words, "Everything changes and nothing stands still". In other words, Plato said "You could not step twice into the same river". From time to time, history have proved that the statement of these wise men true.



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