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XPRIMM News No. 339, 12 January, 2017

Insurance Newsletter, No. 339, 12 January, 2017

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IIF 2017 - What can make the difference for the MTPL insurers' profitability to improve?
by Daniela GHETU, 2017-01-12
Pricing is one of the top challenging issues in the CEE MTPL insurance sector, as the motor insurance market in Central and Eastern Europe (CEE) has been extremely competitive in recent years. The still rather low purchasing power of the region's citizens forces insurers to maintain low prices and adjust their business models to optimize costs while claims expenses are raising due to several reasons, such as higher bodily injuries claims values.

STATISTICS: BULGARIA: A property insurer - the most profitable market player at the end of September 2016
by Vlad BOLDIJAR, 2017-01-12
At the end of September 2016, the Bulgarian insurance market totaled about EUR 781 million, 8% more y-o-y, statistical data published by the FSC - Financial Supervision Commission show. Life insurers ended the first three quarters with an aggregate profit of EUR 16.9 million (vs. EUR 12.3 million in 3Q2015), while the non-life insurers reported an aggregated after tax result of EUR 33.1 million (vs. EUR 29.6 million).

STATISTICS: BOSNIA, 3Q: 8% y-o-y increase in GWP and a new market leader
by Vlad BOLDIJAR, 2017-01-12
Based on the figures released by AZOBIH - Insurance Agency of Bosnia and Herzegovina, at the end of September 2016 the aggregate value of GWP by the 27 insurers active in BiH was of EUR 245.2 million, or 7.9% more y-o-y, while the value of claims paid was down by 5.2% y-o-y, to EUR 90.9 million.

TRUST Re announces increase in authorised, issued and paid-up capital
by Vlad BOLDIJAR, 2017-01-09
TRUST Re has announced an increase in its authorised capital from USD 200 million to USD 500 million and an increase in its issued and paid-up capital from USD 200 million to USD 250 million.

Michael KRUPINSKI, head of PZU, awarded "Insurance Manager of the Year 2016" in Poland
by Daniela GHETU, 2017-01-12
Michael KRUPINSKI, head of the Polish insurance leading group, PZU, has been awarded "Insurance Manager of the year 2016" by the national financial journal "Gazeta Bankowa", while the company won the "Most friendly insurance company" award in the category of motor insurance.

TRIGLAV plans to book EUR 70-80 million in 2017 pre-tax profit
by Vlad BOLDIJAR, 2017-01-12
Slovenian insurer TRIGLAV announced its plans to book a profit before tax of EUR 70-80 million in 2017. At the same time, the Group plans to book around EUR 930 million in consolidated gross written premium (vs. approximately EUR 900 million planned for 2016), while the planned combined ratio of the TRIGLAV Group is around 95%.

Serbian Government expects EUR 100 million from the future DUNAV sale, in case it will decide the company's privatization
by Daniela GHETU, 2017-01-12
The Serbian Government has set the approximate privatization price for DUNAV Osiguranje to EUR 110 million, an article published by the Croatian insurance portal reads. Yet, the privatization decision is still pending.

Slovak Rep.: Insurers will pay the special levy on business at a double rate, but lower corporate taxes
by Daniela GHETU, 2017-01-12
The Slovak Government and Parliament made several changes to the tax system with effect from 1 January 2017, some of them affecting also the local insurance companies, as well as their foreign shareholders. The recently adopted amendments concern - among others - corporate and personal income tax, value added tax, special levy in regulated industries, as well as social security and health insurance contributions, reads a Kinstellar report published by the Lexology portal.

BULGARIA: KBC acquires UBB and INTERLEASE, becoming the largest bank-insurance group in the country
by Vlad BOLDIJAR, 2017-01-12
Belgian-based KBC Group (KBC) and the National Bank of Greece (NBG), the Greek parent company of United Bulgarian Bank (UBB), reached agreement for KBC to acquire ownership of UBB (99.9%) - the fourth-largest bank in Bulgaria in terms of assets and INTERLEASE (100%), the third-largest provider of leasing services in the country, for a total consideration of EUR 610 million.

Software solutions provider SAPIENS opens new local support center in Istanbul, Turkey
by Daniela GHETU, 2017-01-12
SAPIENS International Corporation, a leading global provider of software solutions for the insurance industry, with a growing presence in the financial services sector, announced on January 5, 2017 the opening of a new center in Istanbul, Turkey to support its growing business and strategic customers in the region, including Anadolu Insurance Company (Anadolu).

The XXI Annual Reinsurance Conference to take place in Moscow on April 5-6, 2017
The Conference, traditionally organized by the Committee of the All-Russian Union of Insurers on Reinsurance, will focus this year on "Russian Reinsurance Market - Paradigm Shift".

Azerbaijan: 10.514 Green Card policies concluded in 2016
by Oleg DORONCEANU, 2017-01-12
In 2016, the Azeri insurance companies sold 10.514 policies on the Green Card segment, according to data published by the Compulsory Insurance Bureau of Azerbaijan, representing GWP of EUR 400 thousand.

Azerbaijan: EUR 13,1 million - premiums for compulsory immovable property in 2016
by Oleg DORONCEANU, 2017-01-12
In 2016, Azeri insurance companies concluded more than 140 thousand insurance contracts on immovable property insurance class, representing EUR 13,1 million in GWP, up by 1.5% compared to 2015, according to local Compulsory Insurance Bureau statistics.

Willis Re: 2017 will be a challenging year for reinsurers
by Daniela GHETU, 2017-01-12
Despite a 50% increase in insured losses from natural catastrophes during 2016, the global reinsurance industry achieved profitable results for the third quarter. Barring any last minute disasters, 2016 remains on track to close out another profitable full year, reads the recent Willis Re report on the 1st January renewal season, "Struggling to Stabilize".

ZURICH: Insurers may play a key role in assesing and managing supply chains disruption risks
by Daniela GHETU, 2017-01-12
IT/Telecom outages are the number one cause of supply chain disruption, has concluded the recent "Supply Chain Resilience Report 2016" released by the Business Continuity Institute following a survey produced in association with Zurich Insurance. Summarizing the responses provided by 526 professionals of 64 countries, one of the most important findings of the report is that insuring supply chain losses is a key factor in building greater resilience of companies.

AON BENFIELD: Global reinsurance capital hits new record
by Vlad BOLDIJAR, 2017-01-12
According to the "January 2017 Reinsurance Market Outlook" released by the reinsurance broker AON BENFIELD, the estimated value for the reinsurance industry capital rose by 5.3% to a new high of USD 595 billion at the end of September 2016 (vs. USD 565 billion in FY 2015). "Overall demand increased for the industry, but growth has been isolated to few regions and lines of business", AON BENFIELD pointed out in the study.

HANNOVER Re gets final licence to establish a branch in India
by Daniela GHETU, 2017-01-09
HANNOVER Re received the approval (R3) to establish a branch in India from the Insurance Regulatory and Development Authority of India (IRDAI), the reinsurer announced on 28 December 2016. The opening up of the Indian market to foreign reinsurers enables HANNOVER Re to enjoy direct access to the country's growing insurance market, operating both property and casualty as well as life and health reinsurance.

ALLIANZ completes sale of ALLIANZ Life Insurance Korea to ANBANG
by Vlad BOLDIJAR, 2017-01-12
The Munich-based ALLIANZ announced it successfully concluded the sale of its South Korean life insurance unit (ALLIANZ Life Insurance Korea) to China's ANBANG Insurance Group.

ARMENIA: INGO Armenia to offer new products to its clients in 2017

ARMENIA: No consolidations expected in insurance in 2017

AZERBAIJAN: Licenses of 3 insurance companies revoked

Baltic insurance market to continue consolidation trend in 2017

GREECE's NBG likely to sell its insurance unit this year

LATVIA: Swedbank : expert expects growth in car, housing insurance

MACEDONIA: Insurance Market Grows by 4 Percent

RUSSIA: insurance market may grow by 30%

SERBIAN Competition Commission closes the year boldly

Nowell R. SEAMAN is the new President of RIMS - the Risk Management Society
by Daniela GHETU, 2017-01-12
RIMS, the risk management society, announced on January 3rd that Nowell R. SEAMAN, RIMS-CRMP, FCIP, CRM will lead the Society as president for the 2017 term, effective January 1. He took over from outgoing President Ms Julie PEMBERTON, who is the director of Enterprise Risk and Insurance Management for Outerwall Inc.


ECPC 2017 - Olav JONES will present Insurance Europe's vision on the consumer protection issues
by Daniela GHETU, 2017-01-12
Olav JONES, Deputy Director General, Insurance Europe, will represent the European (re)insurance federation at the 2017 edition of the European Consumer Protection Conference, to take place in Vienna, on February 16th.


Bulgaria 3Q2016
Bosnia 3Q2016


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, Istanbul, Turkey
FIAR 2017 - The International Insurance-Reinsurance Forum
21-25 May 2017, Brasov, Romania
AIIF - Azerbaijan International Insurance Forum
June 2017 Baku, Azerbaijan
IIF 2017 - PROPERTY Insurance Conference
19-20 June 2017, Munchen, Germany


10th Annual BancAssurance Forum
7-8 February 2017, Amsterdam
Insurance Fraud Forum
16-17 February 2017, Rome, Italy
European Motor Insurance Summit
16-17 February 2017, 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