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XPRIMM News No. 344, 16 February, 2017

Insurance Newsletter, No. 344, 16 February, 2017

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The Vienna insurance marathon: motor insurance and consumer protection under scrutiny
ecpc_sala_2017_micMAIN TOPICS: The European Consumer Protection Conference 2017
by Daniela GHETU, 2017-02-16
Representatives of insurance and reinsurance companies, regulators, members of professional associations of insurance undertakings and distributors, as well as representatives of authorities and consumer associations gathered today in Vienna at the third edition of the European Consumer Protection Conference. Here are some of the main topics analyzed during the debates.

img_lead_9042CONCLUSIONS: IIF 2017 - New challenges for the CEE motor insurance industry
by Alexandru CIUNCAN, 2017-02-15
Re/insurance professionals, market supervisors and IT experts from 25 countries participated on February 15 at IIF 2017 - New challenges for the CEE motor insurance industry. Here are some of the most important topics analyzed during the forum.
img_lead_9024BARENTS Re: Double digit increase in FSU & CEE operations; new head of the Moscow Representative Office appointed
FSU & CEE operations of BARENTS Re posted y-o-y stabile increase of over 25%, according to a company's recent statement for The results were achieved through the reinsurer's representative office in Moscow, established 2 years ago.

STATISTICS: CZECH REPUBLIC insurance market was up by 2.1% y-o-y in 2016
by Vlad BOLDIJAR, 2017-02-14
At the end of 2016, the aggregate GWP value of the Czech insurance market amounted, according to the Czech Insurance Association (CAP), to CZK 118.5 billion (about EUR 4.4 billion), meaning a 2.1% y-o-y growth rate.

A.M. Best published the list of the world's largest insurers
by Adina TUDOR, 2017-02-16
A.M. Best published its exclusive ranking of the world's 25 largest insurers, based on 2015 data, in the February issue of the Best's Review magazine. According to the report, the Japanese and Chinese companies were among the biggest gainers in terms of premiums, while life and multiple-line insurers led gains by assets.

WILLIS Re: Major NatCat losses totalled USD 39.5 billion in 2016, highest since 2012
by Vlad BOLDIJAR, 2017-02-14
2016 saw insured loss estimates from major natural catastrophes reach USD 39.5 billion, the highest since the annual market losses of USD 60 billion in 2012, according to the "2016 Summary of Natural Catastrophe Events report" from WILLIS Re, the reinsurance division of WILLIS TOWERS WATSON.

What are RECREX's development plans for 2017?
by Adina TUDOR, 2017-02-14
This year, RECREX continues to focus on the development of its two main operational segments: fraud detection and claims buffering, Daniela BADALUTA, President of the company, explained in an interview for XPRIMM Publications.

SAVA Re plans net profit up to EUR 33 million in 2017
by Vlad BOLDIJAR, 2017-02-14
Slovenian SAVA Re Group announced that it is planning to write gross premiums of EUR 494 million in 2017, and to achieve a net profit of between EUR 31 and EUR 33 million as well as a return on equity of over 10%. At the same time, the target combined ratio (non-life and reinsurance business) for 2017 is 95%.

AON, 2016: Higher profit and flat revenue
by Vlad BOLDIJAR, 2017-02-14
The insurance brokerage company AON announced that its net income attributable to shareholders for 2016 increased by 1%, to USD 1.4 billion, compared to the prior year, while revenue remained approximately at the 2015 level.

WILLIS TOWERS WATSON reports FY2016 revenues of USD 7.9 billion
by Vlad BOLDIJAR, 2017-02-14
WILLIS TOWERS WATSON, a leading global advisory, broking and solutions company, announced total revenues of USD 7.9 billion at the end of December 2016, as compared to WILLIS and TOWERS WATSON pro forma revenues of USD 7.5 billion for the same period in the prior year.

SAVA Re: 2016 targets exceeded
by Vlad BOLDIJAR, 2017-02-14
According to preliminary data, SAVA Re Group wrote about EUR 490 million in GWP in 2016, which represents an increase of 0.8% over 2015 and 0.4% more than planned. At the same time, the Group said it "will end the year with a result that will be close to the planned profit".

FITCH affirms and simultaneously withdraws Russian insurers' national ratings
by Daniela GHETU, 2017-02-15
On February 14 FITCH Ratings has affirmed and simultaneously withdrawn Russia-based JSC IC ALLIANZ's National Insurer Financial Strength (IFS) at 'AAA(rus)', Russia-based VSK Insurance Joint Stock Company's National IFS rating at 'A+(rus)', and AlfaStrakhovanie PLC (Russia)'s National IFS rating at 'AA-(rus)'. The Outlooks are Stable.

KOREAN Re has sent its new employees in Thailand to help rebuild flood-affected areas
by Vlad BOLDIJAR, 2017-02-16
A group of KOREAN Re employees went on a six-day trip to Thailand to participate in a house-rebuilding project in the city devastated by floods. "This volunteer program, organized by the company for the fourth consecutive year, served as a great opportunity to raise awareness of the value of insurance among the employees", as the company announced in a press release.

Innovation in insurance, one of the main topics debated during the "Insurance & Reinsurance Days" Conference
by Adina TUDOR, 2017-02-14
Innovations in insurance, new challenges for the Motor TPL insurers or the quality of insurance versus its profitability are just a few of the topics analyzed during the second edition of "Insurance & Reinsurance Days" Conference. The event, which will be held in Cracow, Poland, between the 7th and 8th of June, 2017, is organized by KONFOTEKA and supported by XPRIMM Publications as Media Partner.

IAIS names Jonathan DIXON as new Secretary General

The International Association of Insurance Supervisors (IAIS) has named Jonathan DIXON as the successor to long-time Secretary General Yoshihiro KAWAI. He will become Secretary General following the IAIS Annual Conference on 3 November 2017. Jonathan DIXON will join the Secretariat on 1 September as part of a two-month transition before taking over as Secretary General after the end of the IAIS's Annual Conference.

NN Group appoints Satish BAPAT as CEO NN IP and Member of the Management Board NN Group

NN Group announced that starting 1 April 2017, Satish BAPAT will be appointed as CEO of NN Investment Partners (NN IP) and as a member of the Management Board of NN Group. Satish BAPAT succeeds Stan BECKERS, who joined NN Group as CEO of NN Investment Partners on 1 July 2013. "After 38 years in the financial services industry, Stan is retiring on 1 April 2017. He will stay on as a special advisor to the NN Group Management Board to help ensure a smooth transition", NN Group announced in a press release.

TURKEY: Marius POPESCU appointed as NN Hayat ve Emeklilik CEO as of 1 April 2017

NN Group announced that Marius POPESCU (currently CEO of NN Romania) will be appointed CEO of NN Hayat ve Emeklilik Turkey, effective 1 April. He succeeds Frank EIJSINK which was named CEO of NN Life Japan. NN Group pointed out that Marius POPESCU's successor will be announced in due course: "On an interim basis, Mihai MUNTEAN, Chief Sales Officer, will assume responsibility as CEO NN Life Insurance Romania".
Insurance is the industry most affected by disruptive change, according to PwC

Insurance is the industry most affected by disruptive change - based on the percentage of CEOs who are 'extremely concerned' about the threats to growth from over-regulation, the speed of technological change, changing customer behaviour, and competition from new market entrants, shows the 20th edition of the PwC Global CEO Survey.


Czech Republic FY2016

SCOR Global Life announced five promotions with immediate effect

The leading global life reinsurer SCOR Global Life announced that it has appointed Brona MAGEE, Brock ROBBINS, Tammy KAPELLER, Sean HARTLEY and Nicole BAIRD for new positions, with immediate effect.

QATAR Re promotes internal candidates to CUO positions

The global multi-line reinsurer QATAR Re announced the promotions of Luke RODEN and Michael van der STRAATEN to Short and Long-Tail Chief Underwriting Officer (CUO) positions. Previously they were Deputy CUOs to Alastair SPEARE-COLE, who resigned earlier this month.


AIG names Robert SCHEINERMAN President, Group Retirement and appoints Todd SOLASH President, Individual Retirement

American International Group (AIG), announced that Robert SCHEINERMAN, currently President, Individual Retirement, will become President, Group Retirement. At the same time, Todd SOLASH has joined AIG as President, Individual Retirement. Robert SCHEINERMAN will continue to be based in Houston, where the Group Retirement business is headquartered, while Todd SOLASH will be based in Woodland Hills, California.

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
26-27 June 2017, Munchen, Germany


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 Reports Fourth Quarter 2016 Results

ARMENIA, IRAN sign MOU on insurance co-op

AZERBAIJAN: PASHA Insurance has moved their head office to a new location

HUNGARY: KBC books Q4 net income of EUR 23 mln

KAZAKHSTAN insurance firm to compensate USD 38 million for Boeing 747 crash near Bishkek

KAZAKHSTAN: A.M. Best Revises Outlooks to Negative for Nomad Insurance Company JSC

NN Group reports 4Q16 and 2016 results


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