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XPRIMM News No. 338, 22 December, 2016

Insurance Newsletter, No. 338, 22 December, 2016

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trustre_90TRUST Re profit of USD 15.7 million in 3Q
by Vlad BOLDIJAR, 2016-12-20
TRUST Re achieved gross written premium of USD 374.3 million compared with USD 384.2 million reached in the equivalent period twelve months ago. At the same time, the Company reported USD 15.7 million profit at the end of the third quarter.

Fitch affirms BELARUS Re rating at 'B-' with Stable outlook
Fitch Ratings has affirmed Belarusian National Reinsurance Organisation's (Belarus Re) Insurer Financial Strength (IFS) Rating at 'B-'. The Outlook is Stable.

eurohold1EUROHOLD Bulgaria: successfully issued the first tranche under its EMTN programme
Following the approval of its Euro Medium Term Note Programme (EMTN Programme), EUROHOLD Bulgaria issued successfully the first tranche under the programme on December 15, 2016.

STATISTICS: Poland 3Q2016: Motor insurance still unprofitable despite the increasing premiums
by Daniela GHETU, 2016-12-22
The descendant trend established during the previous quarters in the Polish insurance market continued in Q3, with GWP falling by another 2%, to EUR 9.44 billion. While the absolute driver of the falling trend was again the life insurance segment, it is worth noting also that given the slightly weaker domestic currency has also a saying in the matter. Denominated in Polish Zloty, the GWP figure only shows a stagnant trend.

STATISTICS: Hungary, 3Q2016: MTPL insurance was the main driver both for the premium and paid claims increase
by Daniela GHETU, 2016-12-22
Hungarian insurers' GWP for 3Q2016 amounted to EUR 2.16 billion, 4.6% 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. In fact, the market evolution in 3Q maintained the same trend as in the previous quarters.

M&A in Russia: ROSGOSSTRAKH and OTKRITIE will establish the largest private financial group
by Olesea ADONEV, 2016-12-22
OTKRITIE Group and ROSGOSSTRAKH Insurance Group negotiations are in course to reach an agreement on the M&A operation to be concluded in 2017, writes the RBK Russia news portal. The merger operation will allow participants of deal to create the largest private financial group with assets of more than RUB 4 trillion and a customers database of about 50 million.

European Supervisory Authorities consult on Big Data launched
by Daniela GHETU, 2016-12-20
The Joint Committee of the European Supervisory Authorities (ESAs) launched on December 19th a public consultation about the potential benefits and risks of Big Data for consumers and financial firms to determine whether any further regulatory or supervisory actions may be needed.

A.M. Best affirms credit ratings of Swiss Reinsurance Company Ltd and its affiliates
A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa-" of Swiss Reinsurance Company Ltd (Switzerland) and its affiliates. At the same time, A.M. Best has affirmed the related Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of Swiss Reinsurance Company Ltd and its subsidiaries. The outlook of these Credit Ratings (ratings) remains stable.

A.M. Best affirms credit ratings of General Reinsurance Corporation (Gen Re) and its subsidiaries
A.M. Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa+" of General Reinsurance Corporation (headquartered in Stamford, CT) and its core property/casualty and life reinsurance/insurance subsidiaries operating in the United States and internationally. These companies are collectively known as the General Re Group (Gen Re).

A.M. Best upgrades credit ratings of Arab Insurance Group (B.S.C.)
A.M. Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to "a-" from "bbb+" for Arab Insurance Group (B.S.C.) (Arig) (Bahrain). The outlook of these Credit Ratings (ratings) has been revised to stable from positive.

Fitch: Life Insurer Stress Tests Highlight Diverse Risk Exposure
The EUR opean Insurance and Occupational Pensions Authority's (EIOPA) life insurance stress tests highlight the significant differences in the sensitivity to market movements of life insurers in different countries, Fitch Ratings says.

img_lead_8844European insurers paid out EUR 2.7 billion a day in 2015
by Vlad BOLDIJAR, 2016-12-20
Europe's insurers paid out a total of EUR 975 billion in claims and benefits over the course of 2015, the equivalent of EUR 2.7 billion per day, according to figures released by Insurance Europe, the European insurance and reinsurance federation.The figures, which were published in the federation's annual "European Insurance in Figures", show that - despite an unfavourable economic environment - the European insurance industry paid out 1.6% more than in 2014.

JLT Re acquires medical professional liability specialist StoneHill Re
by Daniela GHETU, 2016-12-20
JLT Re has announced the acquisition of StoneHill Reinsurance Partners LLC (StoneHill), a reinsurance intermediary specializing in Medical Professional Liability based in Minneapolis, Minnesota.

XL Catlin Invests USD 4 Million in Insurtech Startup Offering Microinsurance
by Daniela GHETU, 2016-12-20
XL Innovate, a venture fund of XL Catlin, has invested USD 4 million in Stonestep, a Swiss-based property/casualty insurtech startup firm that offers microinsurance as a service. The funding will be used for entering the Asian market. Stonestep will also have access to the insurance capacity and global skills of XL Catlin, reads an article published by AM Best news desk.

Marko JAZBEC appointed to head the Slovenian SAVA Re group
by Vlad BOLDIJAR, 2016-12-20
Marko JAZBEC was appointed as SAVA Re's Chair of the Management Board "with a five-year term of office starting the day after the licence to perform the function of management board member is issued by the Insurance Supervision Agency", the Slovenian group has announced on December 16th.

Gabor KEPECS, CEO of AEGON CEE to retire in the course of 2017
by Vlad BOLDIJAR, 2016-12-20
On December 15th, the Dutch insurer AEGON announced Gabor KEPECS, member of AEGON's Management Board and CEO of AEGON Central & Eastern Europe, will retire in the course of 2017. Gabor KEPECS was the CEO of AEGON Hungary from 1992 until 2009, when he became the CEO of AEGON Central & Eastern Europe. He joined AEGON's Management Board in 2007.

Jacek MATUSIAK will replace Maciej SZYSZKO as CEO of PZU's Ukrainian unit
by Olesea ADONEV, 2016-12-21
The Supervisory Board of PZU Ukraine, insurance company based in Kiev, appointed Jacek MATUSIAK, member of the board since September 2016, to be the new CEO replacing Maciej SZYSZKO, who will perform its attributions on this position till January 15, 2017, according to Interfax Ukraine.

Norbert DENTRESSANGLE resigned as Vice-Chairman of AXA's BoD
by Vlad BOLDIJAR, 2016-12-20
During the meeting of AXA's Board of Directors, held on Wednesday, December 14, 2016, Norbert DENTRESSANGLE announced his decision to step down from the Board and his position as Vice-Chairman- Senior Independent Director with immediate effect to devote himself fully to the management of his family-owned investment holding company.

AZERBAIJAN eyes higher insurance market share in non-oil GDP

BULGARIA: Eurohold to hike capital by 43 mln euro

GREECE: Exin acquires AIG operations

LATVIA: Insurers' Association expects consolidation to continue on Baltic insurance market

MOLDOVA: Two Moldasig shareholders, forced by the NCFM to sell their shares

SERBIA: NBS Signs MoU with Italian Insurance Supervisor
IIF 2017, Vienna - Investigating the challenges that the motor insurance industry will face in the following years
by Daniela GHETU, 2016-12-20
Personal automobile underwriting results generally have been stable in the USA, but its underwriting profitability has seen a deterioration trend in recent years, as factors such as rising loss frequency and severity trends, increased competition and weakened economic conditions have all played key roles in the downturn. The segment recorded a combined ratio in 2015 of 104.6, a deterioration of 2.2 points y-o-y, notes the latest Best's Special Report, titled, "Personal Automobile - A Challenging Road Ahead".


President and CEO
IIS - International Insurance Society

Young buyers don't care if the insurance company has been in business for a hundred years. They don't care if the company has a multibillion dollar balance sheet or not. They are spoiled by an entirely different level of customer experience. People who buy products from Apple or people who go to Starbucks have a different expectation of what they get for the money they spend. They want something different, they want something better. And it's hard for legacy companies to adjust. However, traditional carriers will have to adjust in the future so it is tough for legacy companies.



Poland 3Q2016
Hungary 3Q2016

grafic_stire_xcom_micThe CEE - a motor insurance market under pressure

The motor insurance market in Central and Eastern Europe (CEE) has been extremely competitive in recent years, with players across the board adjusting their business models to optimize costs. Less diversified insurers that have failed to build scale are struggling with profitability, reads a recent report by Standard & Poor's, "CEE Motor Third-Party Liability Insurance Profitability: The Good, The Bad, And The Ugly".


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


Insurance Fraud Forum
16-17 February 2016, Rome, Italy
European Motor Insurance Summit
16-17 February 2016, Rome, Italy
5th Edition Nordic Asset Allocation: Investing in Alternative Asset Classes
23-24 February 2017, Elite Hotel Marina Tower, Stockholm, Sweden
3rd Annual Credit Risk Management Forum
2-3 March, 2017, Berlin, Germany
3rd Annual African Insurance Forum
9-10 March 2017, Johannesburg, South Africa
Insurance Innovations 2017
13-14 March 2017, Dubai, United Arab Emirates
Energy and Industrial Insurance in Russia and CIS
16-17 March 2017, Moscow, Russia
The Winning Digital Marketing Financial Services Conference
21 March 2017, London, United Kingdom
XXI Annual Conference on Reinsurance
5-6 April 2017, Moscow, Russia
XI International Conference "Insurance in Central Asia"
13-14 April 2017, Almaty, Kazakhstan
International Risk Management Conference
27-28 April 2017, Almaty, Kazakhstan


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