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XPRIMM News No. 345, 23 February, 2017

Insurance Newsletter, No. 345, 23 February, 2017

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VIDEO: BERNARDINO, EIOPA: Making a difference for European consumers
by Daniela GHETU, 2017-02-23
"For EIOPA consumer protection is and will continue to be a key strategic priority. It is at the centre of our work through both prudential and conduct of business regulation and supervision," stated Gabriel BERNARDINO, Chairman of EIOPA - European Insurance and Occupational Pensions Authority, on the occasion of the European Consumer Protection Conference, organized last week in Vienna.

STATISTICS: The Turkish market exceeded TRY 40 billion in GWP last year
by Vlad BOLDIJAR, 2017-02-23
Total GWP in the Turkish insurance market exceeded TRY 40 billion (about EUR 11 billion) last year, an increase of more than 30% compared to the previous year, according to preliminary data from the Insurance Association of Turkey - TSB. The TSB figures also show that Turkey's insurance sector grew by 20.2% in real terms last year when the annual inflation rate was 8.5%.

The GENERALI deal: Background preparations expecting the first overt moves
by Daniela GHETU, 2017-02-23
"No request to date from insurer GENERALI for a seat on the Intesa board," says Intesa Sanpaolo Chairman Gian Maria GROS-PIETRO, Reuters reports. The statement follows to the recent acquisition by GENERALI of a 3.04% participation in Intesa Sanpaolo, which makes the Trieste Lion the fourth shareholder of the largest Italian bank.

Swiss Re reported FY2016 net income of USD 3.6 billion and proposes new share buy-back
by Vlad BOLDIJAR, 2017-02-23
Global reinsurer Swiss Re announced its FY2016 net income was down to USD 3.6 billion (USD 4.6 billion for 2015), while the Group premiums earned and fee income increased by 10.0% y-o-y to USD 33.2 billion. Swiss Re's Board of Directors will propose to the Annual General Meeting a higher dividend of CHF 4.85 (vs. CHF 4.6) and the authorisation of a new public share buy-back programme of up to CHF 1.0 billion.

European Commission: The price cap of MTPL premiums in ROMANIA is not in line with EU law
by Vlad BOLDIJAR, 2017-02-23
The European Commission pointed out in the most recent Country Report that the Romanian Government decision regarding the maximum tariffs for the mandatory car insurance premiums (MTPL) is not in line with the EU legislation, including the provisions of the Solvency II Directive.

Romania: CertAsig identifies 3 micro-trends for specialised corporate insurance products in 2017
by Adina TUDOR, 2017-02-23
Corporate insurer CertAsig, which has over a decade of experience in insuring corporate clients in a wide range of diverse fields, in Romania and several other CEE countries, identifies 3 types of specialised insurance products that companies in Romania will discover in 2017.

SAVE THE DATE for Conference on Inclusive Insurance and Microinsurance
by Sabrina CANEA, 2017-02-23
At the end of May, the Institute for Strategic Solutions together with XPRIMM invite you to attend the Conference on Inclusive Insurance and Microinsurance: Opportunities and Challenges for CEE and the Transcaucasian Region, which will be held in Ljubljana, Slovenia on 17 May 2017.

Willis Towers Watson: Exclusive negotiations to acquire OAAGC, the top French aviation brokerage
by Daniela GHETU, 2017-02-23
Willis Towers Watson (NASDAQ: WLTW) has entered into exclusive negotiations with OAAGC, the top French aviation brokerage, to acquire its team and book of business, a WTW press release reads.

SCOR, FY2016: Strong results, supported by the life business positive trend
by Daniela GHETU, 2017-02-23
GWP by the French reinsurer SCOR reached EUR 13,826 million in 2016, up 5.3% at constant exchange rates compared to 2015 (+3.0% at current exchange rates), with a strong contribution from SCOR Global Life - GWP of EUR 8,187 (+8.3% at constant exchange rates and +6.4% at current exchange rates) -, and increasing in SCOR Global P&C's GWP, which stood at EUR 5,639 million, up 1.2% at constant exchange rates (-1.5% at current exchange rates).

ACHMEA expects a FY 2016 negative result of EUR 380 million
by Vlad BOLDIJAR, 2017-02-23
As a result of exceptional charges in the second half of 2016, the Dutch insurer ACHMEA forecasts to report a negative net result of approximately EUR 380 million for the financial year 2016. "An increase in the provisions for personal injury claims, a higher than expected use of new medicines, a restructuring provision in connection with the further adjustment of our organisation and an impairment on goodwill of our Turkish insurance operations affected the result negatively", ACHMEA explained in a press release.

Romanian FSA's head, Misu NEGRITOIU exchanged views with the Austrian insurers' representatives in Vienna
by Daniela GHETU, 2017-02-23
Misu NEGRITOIU, President of the Romanian Financial Supervisory Authority (ASF), met last week in Vienna representatives of the Insurers' Association of Austria (VVO), the meeting focusing on the latest developments on the insurance markets in the two countries, as well as specific aspects related to the MTPL business line or Austria's experience in managing the high-risk insured persons.

UK: Motor re/insurers may see a reserve charge of about GBP 4.9 billion if the Ogden discount rate will be decreased to 0.5%
by Daniela GHETU, 2017-02-23
The British motor insurance industry, in particular the reinsurers of this market, would likely experience a material one-off reserve charge of approximately GBP 4.9 billion, if the Lord Chancellor will agree with the Association of Personal Injury Lawyers (APIL) and revise the Ogden discount rate from 2.5% to negative 0.5%, an analysis by Willis Towers Watson says. In addition, there would be a roughly GBP 700 million per annum increase in the cost of providing motor insurance in the future.

Profit of EUR 2.5 million in Baltic States for the newest VIG arm
by Vlad BOLDIJAR, 2017-02-23
The FY 2016 preliminary figures indicate that the newest VIG arm in the Baltic States - BTA Insurance Company - generated for the three markets that form the region (Latvia, Lithuania and Estonia) - aggregated GWP of about EUR 132.5 million, 15.4% more y-o-y. At the same time, the value of paid claims increased by 9.8% y-o-y, to EUR 77.5 million, while the company's gross profit last year was EUR 2.5 million, the LETA news agency reported.

Record strong profit in 2016 for the Norwegian GJENSIDIGE Group
by Daniela GHETU, 2017-02-23
For the full year 2016, the Norwegian GJENSIDIGE Group, one of leading players in the Northern Europe, delivered a record-strong profit before tax of EUR 676.2 million, 21.5% up y-o-y. The underwriting result was EUR 411.3 million, corresponding to a combined ratio of 83.4% (83.7% in 2015). The underwriting result was positively influenced by solid premium growth of 5.5% compared with the year before, leading to earned premiums totalling EUR 2.47 billion.

SOMPO Holdings, 3Q2016: 23.9% rise in net income
by Daniela GHETU, 2017-02-23
SOMPO Holdings Inc., the Japanese insurance group which operates in several European countries, mostly under the SOMPO Canopius brand, saw a 23.9% rise in net income to JPY 110 billion (USD 968 million) on a consolidated basis in the third quarter of the 2016 fiscal year ended Dec. 31, 2016, according to a statement. SOMPO businesses are currently present in the insurance markets of U.K., Guernsey, Ireland, Germany, Belgium, France, Netherlands, Italy, Spain, Switzerland, and Russia.

Aegon reports strong net income in Q4 2016

ARMENIA-based insurers earned AMD 4.058 billion in net profit in 2016

BULGARIA's Starcom Holding boosts stake in insurer Eurohold

Fairfax reports 2016 combined ratio for insurance and reinsurance operations of 92.5%

MACEDONIA: Osiguruvanje Makedonija signs insurance contracts worth 6.7 mln euro with ELEM

SLOVENIA's Generali Insurance Deploys Metastorm BPM Software

TURKEY: Aksigorta Pioneers in Turkey and in its Sector with the Automation Project

UKRAINE: Zurich leads USD 120 million civil war loss


Turkey FY2016

Bruce CARNEGIE-BROWN set confirmed as next Chairman of Lloyd's

Bruce CARNEGIE-BROWN is to become the Chairman of Lloyd's following a meeting of the Council of Lloyd's where his appointment as successor to John NELSON was approved unanimously. This appointment also had the unanimous support of the Lloyd's Franchise Board.

Swiss Re Group's CUO, Matthias Weber, to step down; Edouard Schmid to succeed him

The global reinsurer Swiss Re announced that, after 25 years, Matthias Weber (Group Chief Underwriting Officer - CUO) is leaving the company, effective 30 June 2017, "to begin a new chapter in his life". He will be succeeded by Edouard Schmid, currently Head Property & Specialty Reinsurance, who has been with Swiss Re since 1991.


Swiss Re proposes to elect Jay Ralph and Joerg Reinhardt to the Board

Swiss Re Group announced that the Board of Directors proposes to elect Jay Ralph and Joerg Reinhardt as new, non-executive and independent members at the Annual General Meeting of shareholders on 21 April 2017. At the same time, as it had already announced, Swiss Re also proposes to elect Jacques de Vaucleroy to its Board of Directors. Carlos E. Represas, who has been a member of Swiss Re's Board since 2010, will not stand for re-election.

Inclusive Insurance And Microinsurance
17 May 2017, Ljubljana, Slovenia
FIAR 2017 - The International Insurance-Reinsurance Forum
21-25 May 2017, Poiana Brasov, Romania
AIIF - Azerbaijan International Insurance Forum
June 2017 Baku, Azerbaijan
IIF 2017 - PROPERTY Insurance Conference
26-27 June 2017, Munchen, Germany
IIF 2017 - MOTOR Insurance Conference
September 2017, Istanbul, Turkey


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
28 March 2017, Moscow, Russia
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