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XPRIMM News No. 320, August 11, 2016

Insurance Newsletter, No. 320, August 11, 2016

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img_lead_8261Macedonia in need of aid after the severe flooding of August 6th
by Daniela GHETU, 2016-08-10
Macedonia's Ministry of Interior said that at least 21 people have died in flooding that hit the capital, Skopje and its surroundings last week. At least 6 are still missing and it is feared that the death toll could rise further. Police in Macedonia said that over 50 people have been injured in the floods.
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ICAR 2016: How may the insurance industry respond to the increased complexity and extent of Business Interruption claims
by Daniela GHETU, 2016-08-11
Terrorist attacks shifting from large, mostly property damage related, public events towards "lone-wolf" shooter attacks causing limited asset damage, may change the landscape of the terrorism insurance towards a larger prevalence of the business interruption insurance clauses.

STATISTICS: ROMANIA: Over 9% increase in Q1 and for the first time GWP cover 100% of damages and expenses
by Vlad BOLDIJAR, 2016-08-11
Gross underwritten premiums in the insurance market in the first quarter of this year totaled RON 2.43 billion (~EUR 540 million), up 9.16% compared to the same period in 2015, according to the market evolution presented by the Romanian Financial Supervisory Authority (ASF). Growth has been fueled by the non-life insurance segment, which recorded an advance of 9.74%, approaching the threshold of RON 2 billion, as well as the life insurance segment, in which underwritings increased by 6.6%, amounting to RON 438 million.

Business and networking sessions in the picturesque island of Hydra
by Daniela GHETU, 2016-08-11
The 18th Hydra Meeting, hosted by the Hellenic Association of Insurance Companies, will take place from 21 to 23 of September 2016 on the picturesque island of Hydra - Greece. XPRIMM Publications support the event as Media Partner.

KPMG: Significant growth expected on the political risk and crisis management insurance segment
by Daniela GHETU, 2016-08-11
"According to the Global Terrorism Index, the total costs of global terrorism reached USD 52.9 billion in 2014 which is the highest level so far and is an almost 350% increase from 2010," states a report issued by KPMG in July 2016, "Political risk and crisis management insurance".

Credit Europe Asigurari
img_lead_8266Manuela ZWEIMUELLER, keynote speaker at the 2016 edition of the Croatian Insurance Days
by Daniela GHETU, 2016-08-11
This year's keynote speaker at the Croatian Insurance Days conference will be Dr. Manuela ZWEIMUELLER, Head of Department Regulations within EIOPA, the European supervisory authority for the insurance and professional pension insurance. The event will take place in Opatija, Croatia, on 9- 11 November, with XPRIMM Publications as Media Partner.

The United Nations Economic and Social Council (ECOSOC) granted Consultative Status to BJD Reinsurance Consulting
by Mihai CRACEA, 2016-08-5
The United Nations Economic and Social Council (ECOSOC) at its Coordination and Management Meeting of 25 July 2016 adopted the recommendation of the committee on Non-Governmental Organizations to grant Special Consultative Status to BJD Reinsurance Consulting.

INGOSSTRAKH Russia paid more than RUB 3 million for the cancellation of Roxette's concert in Moscow
by Olesea ADONEV, 2016-08-11
Russian insurance company INGOSSTRAKH paid to organizers of the Roxette concert in Moscow more than RUB 3 million for its cancellation. The concert had to be held on September 11, 2016 in Moscow as part of a world tour, dedicated to the 30th anniversary of the musical band, according to the insurer's press release.
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ALLIANZ, 1H2016: EUR 5.1 billion operating profit; on track for full-year target
by Daniela GHETU, 2016-08-11
ALLIANZ Group's operating profit for 1H 2016 decreased by 10.3% to EUR 5.1 billion, according to latest data provided by the German insurer. Higher claims from natural catastrophes and lower returns on investments due to market turbulence had a strong say in the decreasing profitability. However, the solid result encourages the Group's management to expect for the end year an operating profit close to EUR 10.5 billion.

HANNOVER Re: Half-yearly result within target corridor for full-year 2016
by Daniela GHETU, 2016-08-11
HANNOVER Re is satisfied with the result for the first half of 2016. By mid-year it generated somewhat more than half of the targeted net income - which the company expects to reach at least EUR 950 million. "The half-yearly profit benefited overall from pleasing investment income, solid results in life and health reinsurance and an acceptable result in property and casualty reinsurance", Chief Executive Officer Ulrich WALLIN stated. "Nevertheless, increased loss expenditure in the second quarter and diminished return opportunities in the investment portfolio did lead to a smaller profit."


MUNICH Re on track to achieve its profit target for 2016 despite de Brexit effects
by Daniela GHETU, 2016-08-10
"Overall, we have achieved an above-average result of EUR 974 million for the second quarter. And that was despite higher natural catastrophe expenditure in the second quarter - arising from wildfires in Canada and earthquakes in Japan - after many quarters without major losses", Nikolaus von BOMHARD, Munich RE Group CEO, said regarding the second quarter results. Gross restructuring expenses of around EUR 400 million (around EUR 160 million net) were posted as part of the ERGO Strategy Programme in the second quarter. MUNICH Re successfully withstood the capital market turbulence in the wake of the Brexit referendum.
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WILLIS TOWERS WATSON reported an 8% increase in its Q2 revenues
by Vlad BOLDIJAR, 2016-08-11
The leading global advisory, broking and solutions company WILLIS TOWERS WATSON, reported total revenues of USD 1.95 billion for Q2 2016, an increase of 8% y-o-y, while net income attributable to the company was 72 million, a decrease from USD 114 million for the prior-year second quarter. For 2016, WILLIS TOWERS WATSON expects a revenue growth of around 7%.

ZURICH Insurance head pleased with the half year group's achievements under the new administration
by Vlad BOLDIJAR, 2016-08-11
ZURICH Insurance Group (Zurich) reported a business operating profit (BOP) for 1H 2016 of USD 2.2 billion, down 2% from the prior year period. Net income attributable to shareholders (NIAS) of USD 1.6 billion was down 22% due to a lower level of realized capital gains, restructuring charges related to the Group's turnaround plans and a higher effective tax rate.

UK: Average price of comprehensive motor insurance up 10% y-o-y
by Daniela GHETU, 2016-08-11
The average price paid by British motorists for private comprehensive motor insurance in Q2 2016 rose slightly by 1% since the previous quarter, but increased by 10% on the same period last year according to the ABI's latest Quarterly Average Private Comprehensive Motor Insurance Premium Tracker published today. These figures illustrate the ongoing pressure on premiums driven by increases in Insurance Premium Tax (IPT) and the rising costs of personal injury claims.


Romania 1Q2016


Solvency 2 - Lessons Learned
September 6, 2016
Hotel Union Ljubljana, Slovenia
Organizer: AZN - Insurance Supervision Agency

POLISH Re's 20th Anniversary Celebration
September 8, 2016
Villa Foksal
Warsaw, Poland
More details:
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:
6th Annual Risk Management Forum
September 22-23, 2016
Vienna, Austria
Organizer: GLC Europe
Media Partner: XPRIMM Publications
For details:



MetLife Announces Second Quarter 2016 Results

Achmea Interim Results 2016

Aegon maintains solid capital ratio despite volatile markets in Q2 2016

AIG Reports Second Quarter 2016 Results

ARMENIA: Rosgosstrakh paid AMD 2.5 billion in compensation claims for 1H2016

Aviva plc 2016 Interim Results Announcement

Fitch Affirms Belarus at 'B-'; Outlook Stable

KYRGYZSTAN: Mandatory car insurance will be introduced from February 7, 2019

MACEDONIA's Triglav H1 net profit more than triples y/y

Osiguruvanje Makedonija's net profit shrinks 6.8% y/y in H1


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