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XPRIMM News No. 341, 26 January, 2017

Insurance Newsletter, No. 341, 26 January, 2017

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IIF 2017: Re/insurance professionals from 23 countries to discuss the critical issues in the motor insurance field
by Daniela GHETU, 2017-01-26
Over 80 re/insurance professionals from 23 countries have already registered for the 2017 edition of the International Insurance Forum, "New challenges for the CEE motor insurance industry", to take place in Vienna, on February 15th.

STATISTICS: CROATIA, FY 2016: GWP increase close to nil
by Vlad BOLDIJAR, 2017-01-26
The aggregate GWP by Croatian insurers amounted to HRK 8.76 billion (EUR 1.15 billion) at the end of December 2016, up by 0.42% y-o-y, according to the Croatian Insurance Bureau. Non-life GWP increased by 0.91% to HRK 5.84 billion, while the life insurance segment went down by 0.55%, to HRK 2.92 billion. The aggregate value of paid claims was HRK 4.75 billion, or 3.67% more y-o-y.

A possible Intesa Sanpaolo - Generali acquisition deal: more than rumors
by Daniela GHETU, 2017-01-26
After days of persistent rumors, Intesa Sanpaolo SpA confirmed its interest in acquiring a significant stake in Assigurazioni GENERALI SpA, a deal which would put together Italy's second-biggest bank with the country's leading insurer.

EUROINS Romania acquires the non-life portfolio of ATE Insurance Romania
by Vlad BOLDIJAR, 2017-01-23
EUROINS Romania, part of Bulgarian EUROINS Insurance Group (EIG), has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of PIRAEUS Bank - a leading banking institution in Greece. The deal was signed on January 19th, 2017. "The deal is subject to customary regulatory approvals", the EIG representative pointed out in a press release.

Swiss Re's operations in India to effectively start on 1 February 2017
by Daniela GHETU, 2017-01-25
Swiss Re is among the first five foreign reinsurers to receive branch license to operate in India. As it has recently received the approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in Mumbai, the reinsurer will open its Indian branch on 1 February 2017, headed by Kalpana SAMPAT.

XL CATLIN's Indian office to open on April 1st
XL CATLIN has received final approval to open an onshore branch office in India from the Insurance Regulatory Development Authority of India. It plans to open the office in time for April 1 renewals.

PERILS: October earthquake's in Central Italy losses revised to EUR 125 million
by Daniela GHETU, 2017-01-26
PERILS AG has today disclosed its second loss estimate for the series of earthquakes which hit Central Italy between 26 and 30 October 2016. Impacting the regions of Lazio, Marche and Umbria, the series included three major earthquakes with moment magnitudes of Mw 5.4, 5.9, and 6.5, according to the Italian National Geophysical Institute.

JLT renewals report: reinsurance pricing remains at historically low levels
by Daniela GHETU, 2017-01-26
Programmes across a number of different lines of business and geographies generally renewed closer to expiring levels at 1 January 2017, says JLT Re's recently launched 'In the Balance' Renewal Retrospective Report. The global provider of reinsurance broking and consultancy sees reinsurance pricing remaining at historically low levels, while the value and efficiency of reinsurance capital are reinforced.

Central bank of France pleads for the cyber insurance market's development in the EU
by Daniela GHETU, 2017-01-26
France's central bank Governor called on French insurers to enhance cyber risk coverage for their clients, as hack attacks and data privacy laws in Europe spur rising demand, reports REUTERS.

Geopolitical risk - the most challenging factor for the financial sector
by Daniela GHETU, 2017-01-26
According to the 2017 Association for Financial Professionals Risk Survey, supported by Marsh & McLennan Companies, 49% of finance professionals believe their organizations are exposed to greater earnings uncertainty than they were three years ago while 84% report that forecasting risk is as difficult or more difficult as it was three years ago.

Major European re/insurers are eying the Iranian insurance market
by Daniela GHETU, 2017-01-26
After lifting of the international sanctions, in January 2016, the Iranian insurance market became an interesting business destination for the major global players, more than 140 foreign insurance and reinsurance companies investigating the opportunity to enter the market, reports Nasr Mobin Group, an international trade firm acting globally on behalf of its Iranian clients.

A.M. Best withdraws credit ratings of UNITY Reinsurance Company Ltd.
A.M. Best has downgraded the Financial Strength Rating (FSR) to B (Fair) stable outlook from B+ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb+" with negative outlook, from "bbb-" of UNITY Reinsurance Company, Ltd. (UNITY Re) (Russia). A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best's interactive rating process.

Reducing the loss ratio by effectively detecting insurance fraud

Insurance fraud is a serious issue for the entire insurance sector. Payment of fraudulent claims has a negative effect on the loss ratio and on insurance premiums, which results into a competitive disadvantage. Moreover, investigating 'false positives' takes a huge amount of time and unnecessary costs. Fraudsters are getting smarter in their attempts to evade the insurer's radar. As a consequence, money flows to the wrong people and thus combined ratios are under pressure. Insurance companies must detect insurance fraud before claims are paid. The best way to reduce the loss ratio is to increase the chances of fraud detection at claims and limit false positives to a minimum.

Tomasz ROWICKI to further strengthen VIG Re's Board of Directors
by Daniela GHETU, 2017-01-23
Tomasz ROWICKI will join the VIG Re's Board of Directors, effective as of 1 March 2017. Currently he serves as a Member of the Managing Board of Compensa Non-Life Lithuania, responsible for underwriting, reinsurance, claims and IT.

John MATTHEWS appointed as TRUST Re's Head of Claims

TRUST Re has announced the appointment of John MATTHEWS as its new Head of Claims, effective 23rd January 2017, following the retirement of Mr. Kuriyan OOMMAN, at the end of last year.

Alberto MINALI's dismissal drives several changes in the GENERALI's management structure
by Daniela GHETU, 2017-01-26
Milan - Assicurazioni Generali's Board of Directors, which met today under the chairmanship of Gabriele Galateri di Genola, deliberated to terminate the employment contract with General Manager and Group CFO Alberto MINALI.

Aon Group president, Steve McGill steps down to pursue new opportunities.
by Daniela GHETU, 2017-01-26
Aon plc has announced on January 25th that group president, Steve McGill is leaving the firm to explore new opportunities. Eric Andersen, CEO of Aon Benfield and Mike O'Connor, CEO of Aon Risk Solutions, will work together to jointly build Aon's global risk business and report directly to president and CEO Greg Case. The transition is effective immediately.

Andy BRIGGS to become Aviva's CEO for UK, following the group's decision to merge its UK units
by Vlad BOLDIJAR, 2017-01-23
AVIVA announced is bringing its UK insurance businesses together - life insurance, general insurance and health insurance - under the leadership of Andy BRIGGS. Andy will become CEO UK Insurance, responsible for all AVIVA's insurance businesses in the UK.


Where stands the right balance between consumer protection and consumer responsibility in insurance? Find the answers in Vienna.
by Daniela GHETU, 2017-01-26
In an era of increased complexity of the financial products, consumer protection issues are a key concern for financial supervisory authorities all over the world. At the same time, there is no such protection measure that would exonerate customer of the natural duty of making responsible choices. So, where stand the right balance between protection and own responsibility?


Croatia FY2016


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


AIG to pay Berkshire USD 9.8bn in insurance transfer deal

ARMENIA: Fitch Affirms Armenia at 'B+'; Outlook Stable

BULGARIA: KBC wins bidding for NBG subsidiary

POLISH motor insurers face pressure to automate and streamline operations

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