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XPRIMM News No. 330, October 20, 2016

Insurance Newsletter, No. 330, October 20, 2016

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BELARUS Re celebrates 10 years of successful activities

Founded in 2006, BELARUS Re will celebrate on November 4, 2016 its 10th Anniversary, under the slogan: "10 years inspiring your business growth".

The 10th anniversary of BELARUS Re is an opportunity to recognize the successful vision that was adopted 10 years ago, as well as to analyze the company's evolution, the business development model and to discuss upon the achievements and challenges over the years.

"We are close to our markets and we understand both the local needs and the global demands. We can offer flexibility in covering a wide range of risks for a variety of industries and we have build a strong partnerships with leading regional and international brokers", the company's officials stated.

In 10 years of activity, BELARUS Re has reached to authorized funds of EUR 66.4 million and has expanded the activity on the insurance markets of Asia, Africa, the Middle East and Latin America (over 130 cooperation agreements with foreign insurance, reinsurance and brokerage companies). Moreover, BELARUS Re is also member of the Russian Association of Aviation and Space Insurers and Russian Antiterrorist Insurance Pool.

More details about the 10th Anniversary Celebration, as well as regarding the registration, transfer and accommodation can be obtained via following email: or/and by phone +375.

img_lead_8556Consumer Protection, top priority for European authorities and driving factor of the insurance industry's reshape - under debate in Vienna next February
by Daniela GHETU, 2016-10-20
"Protection of consumers, investors and policyholders is the top priority for each European Supervisory Authority," pointed out Gabriel BERNARDINO, Chairman of EIOPA and of the Joint Committee of the three European Supervisory Authorities (EBA, ESMA, EIOPA- ESAs) on the occasion of the Steering Committee of the EU - U.S. Insurance Project hosted in Frankfurt on 19 October, a Public Forum to address the challenges of increased globalization of the insurance market and to define the areas of work for the coming year.

European Commission calls for the public and private pensions providers' opinion on a potential EU personal pension framework
by Daniela GHETU, 2016-10-20
The European Commission has launched a public consultation on personal pensions. The consultation will enable the Commission to assess what can be done at EU level to support a wider choice of personal pensions competing across borders. As key players in capital markets, increasing investment in personal pensions is one of the priorities of the Capital Markets Union.

How to compete for customers in a price-sensitive motor insurance market - under debate in Vienna in the beginning of 2017
by Daniela GHETU, 2016-10-20
The price war on the MTPL line was a regional reality for years in the CEE, visibly affecting , insurers' profitability. Lately it seems that the market gave off a little steam and in some markets MTPL prices have significantly increase. Albania, Hungary and Romania are probably the most relevant examples in this respect, with prices going up, in average, by 14 - 20%, shows the XPRIMM Motor Insurance Report autumn edition.

FAIRFAX expands its presence in the CEE with the aquistion of AIG's operations in the region; LatAm AIG's units also included in the deal
by Daniela GHETU, 2016-10-18
The Canadian based FAIRFAX Financial Holdings Limited ("Fairfax"), already an active player on the CEE markets, is expanding its presence in the region through a large scale acquisition agreement closed with American International Group, Inc. (AIG). Thus, FAIRFAX will acquire certain assets and renewal rights with respect to the portfolio of local business written by AIG Europe in the CEE.

STATISTICS: BULGARIA, 1H2016: 5.6% up y-o-y, capitalizing on the life and motor insurance lines growth
by Daniela GHETU, 2016-10-20
Bulgarian insurers recorded in 1H2016 a GWP worth EUR 528.15 million, 5.6% up y-o-y. Two were the business segments with a relevant contribution to the market's growth: life insurance, which saw a record high growth in premium volume (~44%) on the Unit-Linked insurance line and the motor insurance lines, the Motor Hull and MTPL lines' contribution, in absolute terms, to the GWP growth being almost equal.

STATISTICS: HUNGARY, 1H2016: modest market GWP growth supported by the main non-life insurance lines
by Daniela GHETU, 2016-10-20
Hungarian insurers' GWP for 1H2016 amounted to EUR 1.45 billion, 2.8% up y-o-y, the non-life segment being the growth driver, especially due to the double digit increase witnessed on the MTPL insurance line.

Credit Europe Asigurari
The Croatian Insurance Days preliminary program was published
by Daniela GHETU, 2016-10-20
The Croatian Insurance Bureau has released the preliminary program of the Croatian Insurance Days, the traditional annual gathering of the Croatian and the other Adriatic insurance market, organized in Opatija, between 9-11 November.

STATISTICS: SLOVAKIA, 1H2016: Possible extension of the current 8% tax on MTPL premiums to all facultative non-life insurance lines
by Daniela GHETU, 2016-10-20
Slovak insurers have ended 1H2016 with an overall GWP volume inferior to the previous year's results for the same period. According to the market representatives, given the Slovak market's stability during the recent years, the end year market results should be more or less in line with the 2015 results.

Poland's top insurance group PZU eyes Pekao Bank, as a further step in fulfilling its Strategy 2020 in the banking area
by Daniela GHETU, 2016-10-18
Poland's insurance market leader, PZU has confirmed for the local press that it has launched on September 28 talks on purchasing a "significant" stake in the country's number two bank by assets, Pekao from Italian Unicredit, The Warsaw Voice reads.

AIG exits Kazakhstan
by Olesea ADONEV, 2016-10-20
Member of American International Group (AIG), CHARTIS Kazakhstan has recently announced ceasing its activity on the Kazakh insurance market and further transfer of its business to KAZAKHINSTRAKH, affiliated company of HALYK Bank.
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Insurance fraud will be discussed in Moscow
by Olesea ADONEV, 2016-10-20
On November 9, 2016 at the Holiday Inn Hotel Moscow, Russia will take place the specialized conference "Barrier-2016. Combating Insurance Fraud - prophylactics, protection, investigation". The event is organized by The All-Russian Insurance Association (ARIA) and The Russian Association of Motor Insurers. XPRIMM Publications support this event as Media Partner.

Aon launches new catastrophe model to manage the Earthquake risk, Iceland's most disastrous peril
by Daniela GHETU, 2016-10-20
Impact Forecasting, Aon Benfield's catastrophe model development team, has developed a new catastrophe model for Iceland to estimate the financial impact of earthquakes. Aon Benfield is the global reinsurance intermediary and capital advisor of Aon plc.

grafic_stire_xcom_micThe client is always right

Over the last few years, the Russian insurers have tended to characterize insurance fraud as one of the most actual threats to their business. It would not be appropriate to say that there were no measures taken in order to reduce this phenomenon. Once they've considered, for example, that introducing a distinct article in the Russian criminal code dedicated to fraud will substantially solve this issue.
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cherif_chentir80TRUST Re appoints Dr. Cherif Chentir to its Board of Directors

TRUST International Insurance and Reinsurance Company B.S.C. (c), TRUST Re, is delighted to announce the appointment of Dr. Cherif Chentir as an independent non-executive Director, effective September 2016 for a full 3-year term. The appointment was formally approved by the Central Bank of Bahrain.

constantinos_hadjigeorgiou80Constantinos HADJIGEORGIOU appointed TRUST Re's Group Corporate Services Officer

TRUST Re announced the appointment of Mr. Constantinos HADJIGEORGIOU as Group Corporate Services Officer (CSO), reporting to Group CEO Fadi AbuNahl. The appointment is effective starting October 1st, 2016. The new CSO also joined TRUST Re's Executive Council.

pzu_80_2014Thomas Paul KULIK appointed CFO of the PZU Group and Memeber in the Management Board of PZU SA

On October 14, Thomas Paul KULIK has been appointed by the Supervisory Board of PZU SA as member of the Management Board of PZU SA, also acting as Chief Financial Officer of the PZU Group.

arevshat_meliksetyan80Arevshat MELIKSETYAN appointed CEO of INGO Armenia

INGO Armenia has appointed Arevshat MELIKSETYAN as a new CEO, effective starting October 5, 2016. Arevshat MELIKSETYAN will take over the position of the former CEO Levon ALTUNYAN, who joined the Armenian govermental team, as Minister of Health.
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xir_2016_micSeven new XPRIMM titles on the Baden Baden stands

Seven new titles will be available this year on the XPRIMM Baden Baden press stands opened in the Kurhaus Casino, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.


The National Reinsurance Company (NRC), Russia

The Russian Federation has created its own specialized reinsurer - the National Reinsurance Company (NRC), effectively from January 1st, 2017. The main goals of the company are to offer additional capacity for the Russian market (including sanctioned risks) and also to cover Nat Cat perils for consumers. The law stipulates also that local insurers/reinsurers must offer 10% quota of the risks to the NRC.


Bulgaria 1H2016
Hungary 1H2016
Slovakia 1H2016


Baden-Baden XPRIMM Reception
23 October 2016, Baden Baden, Germany
AZERI Evening - Baden-Baden
23 October 2016, Casino Restaurant Sommergarten, Baden Baden, Germany
IIF 2017 - MOTOR Insurance Conference
15 February 2017, Vienna, Austria
European Consumer Protection Conference
16 February 2017, Vienna, Austria
IIF 2017 - MOTOR Insurance Conference
2-3 April 2017, Pera Palace Hotel, Istanbul, Turkey
AIIF - Azerbaijan International Insurance Forum
June 2017 Baku, Azerbaijan
IIF 2017 - PROPERTY Insurance Conference
19-20 June 2017, Munchen, Germany


Deputy General Manager

Despite all the cliches saying that the "price should not be the first criteria when buying insurance", the price is one of the most determining factors from a customer's pint of view. I think instead of criticizing this behavior, we must accept and internalize this natural fact.

Baden Baden Meetings 2016
23-26 October 2016, Baden Baden, Germany
VIII International Conference "Corporate Insurance"
26 October 2016, Moscow, Russia
VIth AIDA Europe Conference
3-4 November 2016, Vienna, Austria
WorldPensionSummit 2016
9-10 November 2016, The Hague, Netherlands
2nd Annual Practical ORSA Feedback and Risk Appetite
24-25 November 2016, London, United Kingdom
Innovating Customer-Centric Insurance Marketing Conference
30 November 2016, London, United Kingdom



KAZAKHSTAN FY2015 & 1H2016
RUSSIA FY 2015 & 1H2016
TURKEY FY2015 & 1H2016
ROMANIA 1Q2016 & 1H2016
Ins. Report CEE, SEE & CIS – 1H2016
Motor Ins. Report FY2015 & 1H2016
Property Ins. Report FY2015
AZERBAIJAN FY 2015 & 1H2016