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XPRIMM News No. 368, 24 August, 2017

Insurance Newsletter, No. 368, 24 August, 2017

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vig_140VIG 1H2017: Improved overall combined ratio and higher profitability in its core markets led to a 9.6% growth in the Group's profit before taxes
by Daniela GHETU, 2017-08-23
Vienna Insurance Group (VIG) ended 1H2017 with group GWP of almost EUR 5 million (~1% up y-o-y) and a 9.6% increase in the profit before taxes, to EUR 221 million. The combined ratio improved to 96.9%.

STATISTICS: ESTONIAN market posted H1 impressive growth rates across all main subclasses
by Vlad BOLDIJAR, 2017-08-24
Estonian insurers reported H1 2017 GWP of EUR 207.8 million, 9.5% more compared with January-June 2016, according to the market figures published by the Estonian National Statistics Board.

STATISTICS: LITHUANIAN insurance market posted robust half-year GWP growth
by Vlad BOLDIJAR, 2017-08-24
Lithuanian insurers reported GWP of EUR 387.7 million in 1H 2017, the growth rate within the entire insurance market being 17.4%, according to the half-year figures published on the Central Bank's website.

TRIGLAV H1 net profit up to EUR 36.1 million, whithin the FY2017 range of EUR 70-80 million
by Vlad BOLDIJAR, 2017-08-23
Slovenian insurer TRIGLAV announced its first-half consolidated net profit increased by 6% y-o-y to EUR 36.1 million, while its profit before tax totaled EUR 42.4 million (vs. EUR 43.2 million a year before).

Bulgarian insurance brokers' mediated GWP up by 15.6% y-o-y
by Daniela GHETU, 2017-08-23
Bulgarian insurance brokers have mediated gross premiums worth BGN 617.9 million (EUR 315.9 million), 15.6% up y-o-y, in 1H2017. The largest share of the total mediated premium came from the MTPL insurance line.

Bulgarian NADEZDHA Insurance Company's licence revoked
by Daniela GHETU, 2017-08-23
The Bulgarian Financial Supervision Commission (FSC) has revoked the licence of NADEZDHA Insurance Company for carrying out insurance activity for all classes of insurance, forbidding the company to conclude any new re/insurance contract for six months.

HDI Global 1H2017: 13.3% growth in the operating profit; cyber insurance know how expected to drive the future growth
by Daniela GHETU, 2017-08-22
HDI Global SE recorded GWP of EUR 2.8 billion in 1H2017, 3.3% up y-o-y (2.6% in local currencies), particularly driven by the results recorded by the branches in France, Belgium and Japan.

UNIQA reported double digit increase in its H1 pre-tax profit
by Vlad BOLDIJAR, 2017-08-24
Austrian UNIQA announced "a sound growth in all sectors" in 1H2017, with GWP up by 6.6% to EUR 2.79 billion, earnings before taxes increasing by 10.2% to EUR 95.5 million and improving combined ratio after reinsurance to 96.8%.

rnrc150Russian state reinsurer (RNRC) has received registration to operate on the Egyptian market
by Oleg DORONCEANU, 2017-08-22
The Russian National Reinsurance Company (RNRC) has received the Egyptian market watchdog's approval to operate as a foreign reinsurer on the local specialty market, thus being included in the local official register of the foreign reinsurers.

PERILS: Insured losses of the Amatrice earthquake of August 2016 account for 1.5% of the total economic loss
by Daniela GHETU, 2017-08-24
Insured losses caused by the Mw 6.0 earthquake which hit Central Italy on 24 August 2016 have totaled EUR 108 million, 1.5% of the overall economic losses, shows the PERILS final loss estimate.

PERILS maintains its loss estimate for European storm Thomas at USD 294 million
by Daniela GHETU, 2017-08-24
PERILS AG said in a recent press release that its insured loss estimate for European windstorm Thomas remains unchanged at EUR 249 million (USD 294 million).

UPDATE: PZU adopts emergency measures to support customers affected by the last week's extreme windstorms
by Daniela GHETU, 2017-08-23
Some 2,600 buildings and 44,000 hectares of forest were destroyed by straight-line winds that hit Poland on 11-12 August, data gathered by RMS show. Insured losses may amount up to EUR 100 million, says the local press.

Standard & Poor's confirms VIG's "A+" rating with stable outlook
by Daniela GHETU, 2017-08-18
On 17 August 2017, Standard & Poor's (S&P) has confirmed the A+ rating with stable outlook of Vienna Insurance Group (VIG), implying the expectation of further achieving strong earnings and solid capitalisation.

FITCH: German non-life GWP expected to grow 2% in 2017
Gross premium written by German non-life insurers are expected to grow 2% in 2017 and 1% in 2018 following an increase of around 3% in 2016, driven by higher pricing, FITCH Ratings says in a new report.

Verisk acquires re/insurance software specialist Sequel in a GBP 250 million deal
by Daniela GHETU, 2017-08-23
Verisk Analytics said it is to acquire commercial and specialty insurance and reinsurance software specialists, in a deal expected to further expand Verisk's offerings and give the firm a stronger foothold in the London market.

Claims Corporation Network launched a new AI claims system
by Vlad BOLDIJAR, 2017-08-22
Claims Corporation Network ("CCN"), a EU TPA Claims Service Provider, has announced the launch of a new AI claims system, "FlightClaimEU", designed to eliminate manual processes used to collect flight delay or cancellation data and distribute compensation to customers.

Register now at the 2017 Life Insurance Conference by LIMRA EMEA
by Adina TUDOR, 2017-08-23
Innovation is the new key to growth, and this is why this year the Life Insurance Conference by LIMRA EMEA focuses on "Power shift: New expectations".

Matthew_MooreMatthew MOORE takes over Liberty Specialty Markets' reins from Nick METCALF
by Daniela GHETU, 2017-08-22
Liberty Specialty Markets' (LSM) President and Managing Director Nick METCALF has handed over the running of LSM to Matthew MOORE, according to a several years old plan. The move remains subject to final regulatory approval.

Michael "Mike" J. BURWELL appointed Chief Financial Officer of Willis Towers Watson

by Daniela GHETU, 2017-08-22
Willis Towers Watson, a leading global advisory, broking and solutions company has announced Michael "Mike" J. BURWELL as its new Chief Financial Officer, replacing Roger MILLAY, who will retire on October 2, 2017.

TRIGLAV Group appointed Barbara SMOLNIKAR as Management Board member
by Vlad BOLDIJAR, 2017-08-23
Slovenian TRIGLAV Group announced the Supervisory Board appointed Barbara SMOLNIKAR a new Management Board member for a five-year term. She will be responsible for life and pension insurance.


Estonia 1H2017
Lithuania 1H2017

trends_marketsFRISS: On Demand insurance really does make the customer King

Customers got the "king" status in terms of quality services since many years, but the specs of the product were determined by the supplier. This is changing radically, says FRISS, citing the "on demand" insurance example.


Insurance Master Class with Prof. Karel Van HULLE
22 September 2017, Bucharest, Romania
IIF 2017 - MOTOR Insurance Conference
6 October 2017, Istanbul, Turkey
Insurance Conference - Republic of Moldova
10 October 2017, Chisinau, Republic of Moldova
ICAR 2017 - The International CAtastrophic Risks Forum
18 October 2017, Bucharest, Romania
Baden-Baden XPRIMM Reception
22 October 2017, Baden Baden, Germany
IIF 2017 - Insurance in the Digital World
14 November 2017, Vienna, Austria


Consumer Protection in New Era - Innovation vs. Regulation
4 September, 2017, Ljubljana, Slovenia
13 September, 2017, Sofia, Bulgaria
Les Rendez-vous de Septembre 2017
9-14 September, 2017, Monte Carlo, Monaco
XVII International Finance Forum
13-16 September, 2017, Odessa, Ukraine
Life Insurance Conference 2017
17-18 September, 2017, Vienna, Austria
7th Annual Risk Management Forum
14-15 September, 2017, Vienna, Austria
International Conference "RISKS & CLAIMS-2017"
20 September, 2017, Moscow, Russian Federation
Pricing in Personal Lines Insurance
21-22 September, 2017, London, United Kingdom
IFRS 9 Implementation and Stress Testing MasterClass
21-22 September, 2017, Vienna, Austria
Baden Baden Meetings 2017
22-26 October 2017, Baden Baden, Germany


ARMENIAN insurance companies' net profit in first six months halves to 1.26 billion drams

BULGARIA's Euroins cuts stake in Delta Credi

BULGARIA: TBI extends deadline for accepting its buyout bid for Bulstrad VIG

KAZAKHSTAN: A.M. Best Downgrades Credit Ratings of JSC Salem Insurance Company

MOLDOVA: In 1H2017, the pre-tax profit of insurers was MDL 33.8 million, one third amore y-o-y

POLAND's storms to cost insurers millions: report

SERBIA: Axa Life and Axa non-life Insurance in Serbia absorbed by VIG

TURKEY: 18 years after major northwest Turkey quake, 'big one' still relevant

UKRAINE: Regulator hopes e-insurance policy system to be launched in Ukraine on Jan 1

KAZAKHSTAN FY2015 & 1H2016
TURKEY FY2015 & 1H2016
Ins. Report CEE, SEE & CIS – 1H2016
Motor Ins. Report FY2015 & 1H2016
Property Ins. Report FY2016