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XPRIMM News No. 378, 2 November, 2017

Insurance Newsletter, No. 378, 2 November, 2017

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Central Europe expects some EUR 300 million insured losses after the Herwart storm
by Daniela GHETU, 2017-11-02
At least 8 killed and insured losses probably exceeding EUR 300 million is the bill left by Herwart, a strong and fast-running storm front which hit mainly Germany, Poland, Hungary and Czech Republic on Sunday 29 October. More

SWISS Re's nine months results strongly impacted by natural catastrophes
by Daniela GHETU, 2017-11-02
Swiss Re reported a Group net loss of USD 468 million for the first nine months of 2017, reflecting the USD 3.6 billion expected insurance claims from hurricanes Harvey, Irma, Maria, and the Mexico earthquakes. More

STATISTICS: KOSOVO insurers have sold 100,000 more policies y-o-y during January-September 2017
by Vlad BOLDIJAR, 2017-11-02
The insurance market of Kosovo increased by 2.5% y-o-y during the first nine months of the year to EUR 64.5 million, as the Central Bank - CBK market figures showed. More

Russia: Starting 2018 transition to the XBRL for Non-Credit Financial Institutions will be mandatory
by Olesea ADONEV, 2017-11-02
The Bank of Russia's XBRL final taxonomy of accounting (financial), supervisory and statistical reports for Non-Credit Financial Institutions has been finalized. More

Swiss Re estimates USD 3.6 billion in claims from hurricanes and Mexico quakes
by Vlad BOLDIJAR, 2017-11-02
Swiss Re estimates its preliminary combined claims burden in Q3 from the hurricanes Harvey, Irma and Maria and the earthquakes in Mexico to be approximately USD 3.6 billion, net of retrocession and before tax. More

VIG will almost double its market share in Bosnia by acquiring MERKUR Osiguranje
by Vlad BOLDIJAR, 2017-11-02
Austrian VIENNA Insurance Group (VIG) has agreed to fully acquire the Sarajevo-based MERKUR Osiguranje. The agreement for the acquisition was signed on 30 October 2017. The transaction is subject to approval by the local authorities. More

TRIGLAV to expand its business in Macedonia, entering the life segment
by Vlad BOLDIJAR, 2017-11-02
Slovenian insurer TRIGLAV announced it will enter the life insurance market in Macedonia in early November, by establishing a new company, TRIGLAV Osiguruvanje Zivot. More

EIG's 9 months profit more than doubled y-o-y, to BGN 24.5 million
by Vlad BOLDIJAR, 2017-11-02
EUROHOLD Bulgaria saw a 20.7% y-o-y increase in revenues in the first 9 months of 2017, to BGN 714.9 million, the company's 3Q Financial Report reads. More

FITCH rates EUROINS Romania at IFS 'BB-', Outlook Stable
by Vlad BOLDIJAR, 2017-11-02
FITCH Ratings has assigned EUROINS Romania Asigurare Reasigurare SA (EUROINS Romania) an Insurer Financial Strength (IFS) rating of 'BB-', and EUROHOLD Bulgaria AD (EUROHOLD) a Long-Term Issuer Default Rating (IDR) of 'B'. The Outlooks are Stable. More

Slovenian TRIGLAV and TRIGLAV Re's financial strenght rating affirmed by A.M. Best to A
by Daniela GHETU, 2017-11-02
A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of "a" of Slovenian TRIGLAV, the parent company of the TRIGLAV group, and TRIGLAV Re. The outlook of these Credit Ratings (ratings) remains stable. More

SAVA Re's financial strength rating by A.M.Best affirned at A-, stable outlook
by Daniela GHETU, 2017-11-02
A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of SAVA Re, Slovenia, the operating holding company of the SAVA Re Group. The outlook of these Credit Ratings (ratings) remains stable. More

S&P's: Poland-based insurer PZU Group outlook revised to stable on stabilizing Financial Strength; 'A-' ratings Affirmed
by Daniela GHETU, 2017-11-02
S&P Global Ratings revised on 27 October its outlook on Poland-based insurer Powszechny Zaklad Ubezpieczen Group (PZU Group) and its rated core subsidiaries to stable from negative. Thus, the agency affirmed the 'A-' issuer credit and financial strength ratings. More

Romanian ASF approved the merger between BCR Asigurari de Viata and AXA Life Insurance
by Vlad BOLDIJAR, 2017-11-02
The Romanian Financial Supervisory Authority's Board (ASF) announced it approved the merger operation by which BCR Asigurari de Viata VIG (the second largest life insurer in the country) will absorb AXA Life Insurance, as well as the portfolio transfer as a result of the merger. More

AZERBAIJAN: Starting November 2017 only electronic MTPL contracts will be valid
by Olesea ADONEV, 2017-11-02
The validity period of the last paper policies on mandatory MTPL insurance expired on 31 October 2017. Thus, the MTPL policies, written out on paper forms, are completely excluded from circulation in the country, wrote the Compulsory Insurance Bureau. More

GEORGIA: Compulsory liability insurance of foreign vehicles to be soon introduced
by Olesea ADONEV, 2017-11-02
Insurance Supervisory Office of Georgia is currently preparing a draft of law regarding the introduction of the compulsory liability insurance for foreign vehicles (note: vehicles registered abroad), and, later on, of the MTPL insurance for cars registered in Georgia. More

UKRAINE: Foreign vehicles cause more and more road accidents in the country
by Olesea ADONEV, 2017-11-02
According to a report presented by the Motor Insurance Bureau of Ukraine in one of every four road accidents is involved a foreign vehicle, while the absolute number of accidents with implication of vehicles with foreign registration is increasing every year. More

KAZAKHSTAN: ASIA Life assigned a 'B' rating by Fitch; Outlook Stable
Fitch Ratings has assigned Kazakhstan-based Joint-Stock Company Life Insurance Company ASIA Life (ASIA Life) an Insurer Financial Strength (IFS) Rating of 'B' and a National IFS Rating of 'BB+(kaz)'. The Outlooks are Stable. More

MMC: 9 months revenue expanded by USD half billion
by Vlad BOLDIJAR, 2017-11-02
The MARSH & McLENNAN Companies (MMC) reported Q3 2017 consolidated revenues of USD 3.3 billion, up by 7% y-o-y. More

TALANX anticipates a Q3 net loss of EUR 20 million after EUR 900 million in NatCat claims
by Vlad BOLDIJAR, 2017-11-02
German insurer TALANX said it would post a loss for the third quarter and reduced its 2017 profit target by EUR 200 million due to large losses from hurricanes Harvey, Irma and Maria and the earthquakes in Mexico. More

AON reports 42% decrease in Q3 net income to USD 185 million
by Vlad BOLDIJAR, 2017-11-02
Insurance brokerage company AON reported third quarter revenue of USD 2.3 billion, an increase of 6% y-o-y over the previous year's result. Acquisitions have played an important role in the revenues dynamic. More

ALLIANZ to sell part of its Taiwanese life insurance portfolio to CHINA Life
by Vlad BOLDIJAR, 2017-11-02
German insurer ALLIANZ announced its Taiwanese life insurance unit (ALLIANZ Taiwan Life Insurance) has reached an agreement to sell a part of its traditional life insurance portfolio to CHINA Life Insurance, headquartered in Taipei, Taiwan. More

Aon's acquisitions season continue with UK-based broker HENDERSON Insurance Broking Group and the Dutch Unirobe Meeus Group
by Vlad BOLDIJAR, 2017-11-02
The risk and insurance brokerage services provider Aon announced is to acquire the independent UK-based insurance broking firm HENDERSON Insurance Broking Group, in a deal which Aon anticipates to be completed in December. More

S&P Global: Polish motor insurers face a decade of uncertainty due to retrospective bereavement damages claims

Over 12 months, average prices for Poland's mandatory motor third-party liability (MTPL) insurance have shot up by about 47%. S&P Global Ratings attributes part of this spike in policy prices to the rising cost of bodily injury compensation claims in Poland over recent yearsPolish motor insurers have also seen fierce competition and inflation in spare parts claims, reads a study recently published by S&P Global. Courtesy to S&P's, XPRIMM readers are exclusively offered access to the study's findings. More
Less than 2 weeks left until "IIF2017 - Insurance in the DIGITAL World" Conference! See the full program!
by Adina TUDOR, 2017-11-02
How can authorities regulate digital innovation in insurance? What are the best practices re/insurance companies can use to successfully bring their businesses into the "digital world"? What opportunities and challenges do IoT, UBI and Big Data bring for insurers? More

Market Executive Austria
CEE, Russia & CIS
Swiss Re
Christian KREUTZER
Head Market Underwriting CEE
Swiss Re

In "one of the most expensive years we ever saw", Swiss Re's representatives in Baden Baden have talked to XPRIMM about the current status of the reinsurance market and Swiss reinsurer's view on the near future. "Analyzing the last five years' evolution of the Swiss Re's CEE portfolio, we can see that the combined ratio deteriorated by 10%. So, that's what happened, from our own perspective, and it is an issue that we have to address." More

One week to the Croatian Insurance Days Conference: see the event's program
by Daniela GHETU, 2017-10-26
Between 8 - 10 November will take place in Opatija, Croatia, the 2017 edition of the Croatian Insurance Days Conference, the traditional meeting of the Croatian insurance top professionals with their European peers. XPRIMM Publications are supporting the event as Media Partners. More


Kosovo 3Q2017


IIF 2017 - Insurance in the DIGITAL World
14 November 2017, Vienna, Austria


Croatian Insurance Days 2017
8-10 November 2017, Opatija, Croatia
November Business Meetings of Reinsurers
21-22 November 2017, Moscow, Russia


AZERBAIJAN's Ateshgah company rep talks on further plans

BULGARIA's Bulstrad VIG shares suspended from trading due to buyout bid

BULGARIA: The new Policy on Mandatory Vehicle Insurance in Bulgaria will become active from January 1, 2018

Chubb reported a net loss for the quarter ended September of USD 70 million

CZECH REPUBLIC: Windstorm claims three lives in Czech Republic

HUNGARY: Telenor introduces insurance for new handsets

MetLife Announces Third Quarter 2017 Results

ROMANIAN Transilvania Broker raises RON 9.6 milion in IPO

RUSSIA's national reinsurer makes its mark in year one

RUSSIA: Euler Hermes-Cautious optimism forecast for Russian economy in 2018

RUSSIA: For 9 months of the insured area of crops has decreased by 70%

TBI Bulgaria gets regulatory nod to publish buyout bid for Bulstrad VIG

TURKEY: Insurers to lose nearly USD 800 million due to ceiling on motor premium

KAZAKHSTAN FY2016 & 1H2017
TURKEY FY2016 & 1H2017
Ins. Report CEE, SEE & CIS – 1H2017
Motor Ins. Report FY2016
Property Ins. Report FY2016