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XPRIMM News No. 348, 16 March, 2017

Insurance Newsletter, No. 348, 16 March, 2017

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MUNICH Re's outlook for 2017: business environment remains challenging
by Daniela GHETU, 2017-03-16
"For the financial year 2017, MUNICH Re is aiming for a profit in the range of EUR 2.0-2.4 billion in what is set to be a challenging environment," Chairman of the Board of Management, Nikolaus von BOMHARD said on the group's outlook for 2017.

Global non-life insurance market will surpass USD 2.7 trillion by 2020
by Vlad BOLDIJAR, 2017-03-16
The global non-life insurance market has experienced strong growth in recent years, registering a compound annual growth rate (CAGR) of 5.4% between 2011 and 2015 to reach a value of USD 2.03 trillion, according to data from research company MarketLine.

PZU Group, 2016: record high growth, GWP exceeding the PLN 20 billion threshold
by Daniela GHETU, 2017-03-16
PZU Group has ended 2016 with GWP of PLN 20,219 million, 10.1% up y-o-y. The largest sales growth rate was recorded in motor insurance, which reported 34.4% y-o-y growth to PLN 7,050 million. At the same time, the administrative expense ratio (for the Group's Polish insurance companies) edged down by 0.7 p.p. y-o-y to 8.1%.The Group has also successfully expanded its insurance market share and strengthened its position in the banking sector.

SAVA Re Group, FY2016: Profit before tax of EUR 40.7 million, 1.4% up y-o-y
by Daniela GHETU, 2017-03-16
The Slovenian SAVA Re Group closed the year 2016 with a profit before tax of EUR 40.7 million, an 1.4% y-o-y improvement, mainly due to the underwriting result of international reinsurance business. The after-tax profit was EUR 32.9 million, which is 1.3% below the y-o-y figure because of tax effects. The Group also reached a major goal by merging all its EU-based insurers.

STATISTICS: Russia FY2016: Strong growth in GWP supported by traditional lines of business
by Daniela GHETU, 2017-03-16
The Russian insurance market grew by 15.3% in GWP terms, in 2016, supported by traditional lines of business development. Life insurance and bancassurance distribution, as well as liability insurance for damage to third parties, property insurance, personal insurance and insurance of financial risks recorded the best results. At the same time a significant drop was seen in insurance of hazardous production objects due to decrease of tariffs.

STATISTICS: UPDATE: Greece, FY2016: 4.6% y-o-y increase in the overall premium income
by Daniela GHETU, 2017-03-16
According to a recent press release of the Hellenic Association of Insurance Companies (HAIC), the Greek insurance market saw a 4.6% y-o-y increase in the overall premium income in 2016, to EUR 3.78 billion. The result takes into consideration the 56 insurance undertakings HAIC members, representing approximately 97.1% of total premium income.

Swiss Re's business and EVM reports for 2016 published, shoeing a solid performance
by Daniela GHETU, 2017-03-16
Swiss Re's 2016 Annual Report - "For a resilient future" -, consisting of the Business Report and the Financial Report, including audited financial statements for 2016 was published, showing a continued solid underwriting performance and profitability.

German residential insurers' business result positive for the first time in 15 years
by Daniela GHETU, 2017-03-16
For the first time since 2001, in 2016 there has been a slight gain in residential property insurance in Germany, says a recent statement of GDV - the German Insurers' Association. The company's combined ratio last year was 97% (previous year: 101.4%), according to current industry figures. GWP for residential insurance amounted to EUR 6.8 billion while paid benefits were worth EUR 4.7 billion.

GENERALI posts best yearly profit and dividend in 9 years
by Vlad BOLDIJAR, 2017-03-16
The Italian insurer GENERALI announced it closed the year 2016 with an operating result of EUR 4.83 billion, up by 0.9% y-o-y, while the net profit increased by 2.5% y-o-y to EUR 2.08 billion. At the same time, the dividend per share to be proposed at the next Shareholders' Meeting is EUR 0.80, up by 11.1%. The total dividend relating to shares outstanding amounts to EUR 1.24 billion, thus the payout ratio increased from 55.3% in 2015 to 60%.

FITCH: Italy Life Sector Outlook Negative on Wider Gov't Spreads
by Daniela GHETU, 2017-03-15
Fitch Ratings has changed, on 14 March 2017, its sector outlook for the Italian life insurance market to negative from stable, as wider spreads on Italian sovereign debt may weaken insurers' capitalisation and business retention. Domestic government debt accounts for around half of the investments of Italian insurers. Fitch's rating Outlooks for most Italian life insurers remain Stable.

USA: Satisfaction with property insurance claims surges, even as number of catastrophes reaches 10-year high
by Daniela GHETU, 2017-03-15
Overall customer satisfaction among homeowners filing property insurance claims has reached a new all-time high, according to the J.D. Power 2017 U.S. Property Claims Satisfaction Study,SM released on March 1st. This surge in insurance customer satisfaction corresponds with a 10-year high in catastrophic events, which are typically associated with lower satisfaction scores.

Join financial experts from all over the world at the Market Developments within Direct Lending Conference
by Adina TUDOR, 2017-03-10
As banks withdraw from direct-lending, which has been traditionally viewed as a high-risk but high-yield asset, fund managers have begun to fill the void in the market with a particular focus on SMEs. In recent years regulators have also acknowledged the importance and value of having funds who specifically deal with direct lending, and so legislation has been altered to not only make it easier for funds to distribute loans, but also actively encouraged by European governments.

Key points of digital transformation, analyzed at the Global Summit for Insurance Innovation
by Adina TUDOR, 2017-03-10
Digital transformation is dramatically changing industries like insurance which, thanks to the emergence of new IT companies, are adapting their product lines to the demands of new client, digital natives, who are more demanding and better informed. Such new firms, known collectively as Insurtech, are adding new ingredients to the insurance companies' value chain by means of disruptive proposals.

ACHMEA: Exceptional items impact result, fundamentals improved

Aviva plc 2016 Preliminary Results Announcement

AZERBAIJAN: In 2016 banks ensured 73.2% of financial sector all assets

BULGARIA insurers' assets grow by 8.2% in 2016

BULGARIA: NN Pension Insurance awarded 'Most Significant Corporate Partner'

KOSOVO insurers' net loss triples in 2016

LATVIA: Balta - insurance market grows more rapidly than the economy

TURKEY: Generali Insurance Dr. Gokhan Yildirim:An Entrepreneur who did not Insure his/her Enterprise cannot Succeed

TURKEY: Will NN Life and Pension Insurance be affected in case of an economic sanction against the Netherlands?

UKRAINE: Sayenko Kharenko - legal counsel on obtaining AMC clearance for MTIBU on new system for claims settlement


Russia FY2016
Greece FY2016

Munich Re: Renata JUNGO BRUNGGER proposed for the Supervisory Board; POHLCHRISTOPH to replace ARNOLDUSSEN in the Board of Management
by Daniela GHETU, 2017-03-16
The Munich Re's Supervisory Board recommended Renata JUNGO BRUNGGER (55) to be elected by the Annual General Meeting as successor to Wolfgang MAYRHUBER (69), who resigned his position on the Supervisory Board with effect from the end of 2016.

Walter B. KIELHOLZ to be re-elected to the Swiss Re's Board of Directors as Chairman of the Board; three new entries in the Board
by Daniela GHETU, 2017-03-16
Swiss Re's Board of Directors proposed Walter B. KIELHOLZ to be re-elected to the Board of Directors and in the same vote be re-elected as Chairman of the Board of Directors for a one-year term of office until the completion of the AGM in 2018. The Board's proposal is in line with the Articles of Association provisions wich provide for an annual individual election of members of the Board of Directors and of the Chairman of the Board of Directors by the AGM.


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


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
Market Developments within Direct Lending Conference
11-12 May, 2017, London, UK
Digitalisation today and tomorrow - Insurance Europe International Conference
1 June, 2017, Zurich, Switzerland
Global Summit for Insurance Innovation
1-2 June 2017, Madrid, Spain
"Insurance & Reinsurance Days" Conference
7-8 June 2017, Cracow, Poland
IIS Global Insurance Forum
2-5 July 2017, Park Westminster Bridge Hotel, London
XV Russian Insurance Summit
12 July 2017, Saint Petersburg, Russian Federation


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