XPRIMM News No. 371, 14 September, 2017

		Insurance Newsletter, No. 371, 14 September, 2017 Click here to subscribe! Click here to unsubscribe!

TOP EVENT 61st "Rendez-Vous de Septembre" ends today in Monte Carlo: review by XPRIMM Team, 2017-09-14 The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers ends today in Monte Carlo. The Nat Cat insurance protection gap, as well as the global insurance market readiness to deal with the increasing complexity of the cyber risks were among the most debated topics. More XPRIMM Motor Insurance Report launched in Monte Carlo; meet the next XPRIMM stand in Baden Baden by XPRIMM Team, 2017-09-14 The latest edition of the XPRIMM Motor Insurance Report was launched in Monte Carlo, on the occasion of the "Rendez-Vous de Septembre", providing FY2016 statistical data and analyses for the CEE, SEE and CIS regions. More Over-capitalized insurance industry at odds with environment of global under-insurance Reinsurers' consensus: the property insurance gap is a real concern and needs to be closed A.M.Best: Ireland, Luxembourg or Belgium, insurers' choices for European Offices, following Brexit 'Open architecture innovation' will drive new growth for insurers, find Aon GIMO report Munich Re is developing cover for new risks while the worlwide property insurance gap persists Swiss Re, the largest reinsurer in 2016 Silent cyber" exposure, a growing concern for insurers CEE to get new cat models in 2018 AON Benfield: the reinsurance industry is well capitalized Swiss Re: Risk - research and technology can help closing the protection gap A.M.Best: Ireland, Luxembourg or Belgium, insurers' choices for European Offices, following Brexit Reinsurers' consensus: the property insurance gap is a real concern and needs to be closed TOP NEWS STATISTICS: BULGARIA 1Q 2017: GWP up by 9.7% by Vlad BOLDIJAR, 2017-09-14 The total GWP by Bulgarian insurers in 1Q 2017 was BGN 572 million (EUR 293 million), up by 9.7% y-o-y, according to the quarterly statistics published on the country's financial regulator website. More STATISTICS: HUNGARY, 1H2017: Insurers' GWP up by 6.16% while the market technical result decreased by 13.73% by Vlad BOLDIJAR, 2017-09-14 Hungarian insurers first half GWP was up by 6.16% y-o-y to HUF 485.81 billion (EUR 1.57 billion), according to the most recent market figures published by the National Bank of Hungary (MNB). More STATISTICS: GREECE, 1H2017: Over 65% y-o-y growth on the life U-L line GWP by Vlad BOLDIJAR, 2017-09-14 The Greek insurers members of HAIC - Hellenic Association of Insurance Companies, reported a GWP of EUR 1.9 billion in 1H2017, or 1.2% more y-o-y, according to the half year report published on HAIC's website. More S&P's confirms Triglav Group's "A" rating by Vlad BOLDIJAR, 2017-09-14 On 8 September 2017, S&P Global Ratings confirmed the "A" long-term credit rating and financial strength rating of the TRIGLAV Group. Both credit ratings have a stable medium-term outlook. More GENERALI Group sells its Dutch operations to ASR Nederland for EUR 143 million by Daniela GHETU, 2017-09-14 GENERALI Group has agreed to sell its Dutch operations to Netherlands-based insurer A.S.R. Nederland, for a total consideration of about EUR 143 million, both companies have announced. More MUNICH Re expects hurricane losses to prevent the reinsurer from reaching its 2017 profit target by Daniela GHETU, 2017-09-14 High losses produced by hurricanes Harvey and Irma may negatively impact upon MUNICH Re's profit in 2017, preventing the German reinsurer to achieve its financial objectives for the current year, a group's press release shows. More AIR Worldwide: Irma may cost U.S. insurers up to USD 40 billion by Daniela GHETU, 2017-09-12 AIR Worldwide estimates insured losses in the United States resulting from Hurricane Irma will range between USD 20 - 40 billion, while the exposure value in the main hit region is estimated at USD 1 trillion. More ERGO cooperates with telecom providers to move forward into the digital era by Daniela GHETU, 2017-09-12 ERGO takes concrete steps into the digital era by launching diversified e-insurance policies in cooperation with the local telecom providers: motor insurance in Estonia, or the announced home and cyber insurance products for Germany are the latest examples. More CHUBB plans to establish its EU headquater in Paris after Brexit by Daniela GHETU, 2017-09-12 U.S. insurer CHUBB plans to put its European Union headquarters in Paris if Britain leaves the EU as expected in March 2019, it said on Monday, quoted by Reuters. More ON THE MOVE Peter THIRRING to become new member of the Managing Board of Vienna Insurance Group by Vlad BOLDIJAR, 2017-09-13 The Supervisory Board of Vienna Insurance Group (VIG) headed by Chairman Gunter GEYER decided at its meeting of 5 Sept. 2017 on the new composition of the Managing Board as of 1 July 2018. More Turkey: Achmea appoints Caspar van HAAFTEN as Chief Financial Officer Eureko Sigorta by Vlad BOLDIJAR, 2017-09-13 Achmea has appointed Caspar van HAAFTEN as Chief Financial Officer (CFO) of its Turkish insurance company Eureko Sigorta. More AIG Names Lucy Fato as Executive Vice President and General Counsel by Vlad BOLDIJAR, 2017-09-13 American International Group (AIG) announced that Lucy FATO will join the company as Executive Vice President and General Counsel, effective October 16. More AXA Customer Innovation and New Business Models CEO, Joyce PHILLIPS resigns by Vlad BOLDIJAR, 2017-09-13 The Chief Executive Officer of AXA's customer innovation and new business models unit, Joyce PHILLIPS, has resigned from the Group because she is unable to permanently relocate to France due to personal circumstances. More ZURICH named Alison MARTIN as Group Chief Risk Officer by Vlad BOLDIJAR, 2017-09-13 Zurich Insurance Group announced that Alison MARTIN will join the Group on October 1, 2017 and assume the role of Group Chief Risk Officer in January 2018. More John NEAL, QBE's Group CEO, will retire at the end of 2017 by Daniela GHETU, 2017-09-13 QBE's Group Chief Executive Officer John NEAL will be stepping down at the end of this year after five years in the role, the Australian group said in a statement. More

STATISTIC UPDATES Bulgaria 1Q2017 Hungary 1H2017 Greece 1H2017 XPRIMM EVENTS 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 INTERVIEW Cornel COCA CONSTANTINESCU Vice-President ASF - the Financial Supervisory Authority, Romania The Romanian insurance market went through a rough period, marked by several changes in legislation, especially on the MTPL segment, a field of business which is now, for the time time, regulated by a dedicated law. Although still contested in some aspects, the new Law sets up the premises for a better predictability, fair pricing ane better consumer protection. More PARTNER EVENTS 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 The 9th International Istanbul Insurance Conference 5 October 2017, Istanbul, Turkey Baden Baden Meetings 2017 22-26 October 2017, Baden Baden, Germany Croatian Insurance Days 2017 8-10 November 2017, Opatija, Croatia PRESS CUTTINGS AZERBAIJAN may introduce Europrotocol AZERBAIJAN's Bureau of Compulsory Insurance may switch to self-regulatory mechanism BULGARIAN insurers' assets grow 10.3% y/y in H1 UKRAINE: Insurance experience will increase 10 years CURRENT XPRIMM REPORTS RUSSIA FY 2016 KAZAKHSTAN FY2015 & 1H2016 TURKEY FY2015 & 1H2016 ROMANIA FY2016 Ins. Report CEE, SEE & CIS – 1H2016 Motor Ins. Report FY2016 Property Ins. Report FY2016