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XPRIMM News No. 379, 9 November, 2017

Insurance Newsletter, No. 379, 9 November, 2017

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TOP EVENT: Croatian Insurance Days
img_lead_10195Croatian Insurance Days Live
by Daniela GHETU, 2017-11-09
Today has started 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

STATISTICS: ALBANIA 3Q2017: Double-digit increase in GWP, claims and the number of issued contracts
by Vlad BOLDIJAR, 2017-11-09
Albanian insurance market totaled EUR 90 million (ALL 12 billion) at the end of September 2017, a nominal growth rate in European currency of about 14.5%. More

STATISTICS: CROATIA, 3Q: Top 3 largest insurers accounted for about half of the market GWP
by Vlad BOLDIJAR, 2017-11-09
Croatian insurers reported aggregate GWP of HRK 6.9 billion (about EUR 922 million) in the first nine months of 2017, up by 2.6% y-o-y, according to the quarterly market figures published by Croatian Insurance Bureau - CIB website. More

EIOPA consults on a second set of Advice for the Review of the Solvency Capital Requirements
by Adina TUDOR, 2017-11-09
At the beginning of November, EIOPA published a consultation paper on a second set of Advice for the review of the Solvency Capital Requirement (SCR) of Solvency II as foreseen in the Directive and its Delegated Acts. More

Russia: Property insurance agreements went up by 30%
by Olesea ADONEV, 2017-11-09
According to the All-Russian Insurance Association (ARIA), based on the data from top 5 insurers interviewed by Izvestia, in 2017 the property insurance segment reports a positive trend. More

Armenia: The loss ratio of MTPL insurance was 60% in the first nine months of 2017, with an annual growth of almost 10%
by Olesea ADONEV, 2017-11-09
In the first nine months of 2017, the gross written premiums on the MTPL insurance segment in Armenia increased by 4.6%, to AMD 13.9 billion. By comparison, in the 3Q2016/3Q2015 period, the growth was 1.7%. More

TRIGLAV's Macedonian non-life unit reports 24% increase in after-tax profit
by Daniela GHETU, 2017-11-08
Macedonian non-life insurer Triglav Osiguruvanje after-tax profit rose to MKD 73.4 million (~ EUR 1.2 million) in the first nine months of 2017, almost 24% up y-o-y, report SeeNews quoting a company statement. More

Russia: The new Board of Directors of ROSGOSSTRAKH to include well-known specialists in the market
by Olesea ADONEV, 2017-11-09
The Board of Directors of ROSGOSSTRAKH may include the President of the National State Reinsurance Company, Nikolai GALUSHIN; the President-Chairman of the Board of one of the largest retail bank VTB 24, Mikhail ZADORNOV and Maxim CHERNIN, Chairman of the All-Russian Insurance Association for the Development of Life and Accident Insurance. More

Ukraine: Starting from January 2018, e-MTPL policies will be accessible
by Olesea ADONEV, 2017-11-09
The Motor Insurance Bureau of Ukraine began the process of implementing the e-MTPL policy. The transition period of passing from the MTPL policy printed on paper to the electronic form will take 12 months, Forinsurer announced. More

Albania: the Competition Commission authorized the sale of INSIG Life
by Vlad BOLDIJAR, 2017-11-08
Albanian Competition Commission said it has approved the sale and transfer of 90% shares of the life insurer INSIG Jete (INSIG Life), from local insurer EUROSIG to two local businessmen: Shefqet KASTRATI and Samir MANE. More

Estonia to adopt the Insurance Distribution Directive
by Adina TUDOR, 2017-11-09
At the end of October, the Estonian Parliament passed a bill of amendments to the Insurance Activities Act initiated by the government, according to which the European Union's Insurance Distribution Directive (IDD) will be adopted. More

Lithuania: Central Bank issued a warning to ERGO Insurance SE for violating payment procedures
by Vlad BOLDIJAR, 2017-11-08
Bank of Lithuania announced it issued a warning to ERGO Insurance SE - which operates in the country through a branch -, because as a result of an investigation, it identified that in administering insured events the insurer was not duly following the procedure for payment of the insurance benefit established in Article 98 of the Insurance Law. More

EIOPA publishes monthly technical information for Solvency II relevant RFR Term Structures
by Adina TUDOR, 2017-11-09
EIOPA has recently published technical information on the relevant risk free interest rate term structures (RFR) with reference to the end of October 2017. More

AXA's 3Q revenue down 0.5% y-o-y to EUR 75.4 billion
by Vlad BOLDIJAR, 2017-11-08
French insurer AXA reported a 0.5% decline in nine-month revenues due to lower sales in Life & Savings and a flat performance in Property & Casualty products. More

Russia: Date set for the International Conference "Barrier-2017. Combating Insurance Fraud - prophylactics, protection, investigation"
by Olesea ADONEV, 2017-11-09
On 14 December, 2017 at the Corinthia Hotel, St. Petersburg, Russia, will take place the specialized conference "Barrier-2017. Combating Insurance Fraud - prophylactics, protection, investigation". More

Munich Re: Natural catastrophes dominate in third quarter
by Adina TUDOR, 2017-11-09
Munich Re has posted a high loss for the third quarter of 2017, but is expecting a significant market recovery. More

Stable operating result at EUR 3.6 billion for GENERALI in the first 9 months of 2017
by Adina TUDOR, 2017-11-09
GENERALI Group reports a stable operating result of EUR 3.6 billion for the first 9 months of 2017.The Group notes a solid performance in Life and P&C businesses. More

ZURICH's top-line for the first three quarters shows good growth
by Adina TUDOR, 2017-11-09
New business volumes and customer retention in Property & Casualty and Life for ZURICH Insurance Group are both up, the Group stated in a press release. More

HANNOVER Re records solid Group net income despite substantial natural catastrophe losses
by Adina TUDOR, 2017-11-09
The Group net income recorded by HANNOVER Re as at 30 September 2017 is marked by an above-average burden of catastrophe losses. More

Berkshire Hathaway reports USD 3 billion losses from 3Q cat events
by Adina TUDOR, 2017-11-09
Berkshire Hathaway's operating earnings in the third quarter and first nine months of 2017 are net of pre-tax underwriting losses of approximately USD 3 billion (USD 1.95 billion after-tax) attributable to three major hurricanes (Harvey, Irma and Maria) and an earthquake in Mexico, the company reported in a press release. More

AON report: Failure to innovate, now a top five risk for EMEA financial institutions
by Adina TUDOR, 2017-11-09
AON identified significant new threats facing financial institutions in Europe, Middle East and Africa, in its latest "2017 EMEA Financial Institutions Industry Report". More

A.M. Best highlights the strength of rated re/insurers in the mature EMEA markets
by Adina TUDOR, 2017-11-09
An A.M. Best analysis of re/insurers domiciled in the mature markets of the EMEA region has revealed that 87.6% of rated companies in this group have Long-Term Issuer Credit Ratings deemed "Excellent" or above. More

ZURICH to transfer German legacy medical malpractice portfolio to CATALINA
by Adina TUDOR, 2017-11-09
ZURICH Insurance Group announced that its subsidiary ZURICH Insurance plc has entered into an agreement with CATALINA Insurance Ireland DAC to transfer its German legacy medical malpractice book to CATALINA. More

2017 EMEA GARTNER Eye on Innovation Gala: "Most Innovative Digital Cost-Saving Initiative" Award goes to an insurance company
by Adina TUDOR, 2017-11-09
GARTNER has announced the winners of the 2017 Gartner Eye on Innovation Awards for financial services in EMEA. More

GlobalData report: AMAZON posed to disrupt UK insurance
by Adina TUDOR, 2017-11-09
AMAZON is currently recruiting insurance professionals in London to join a new team looking to disrupt the insurance market in the UK, Germany, France, Italy, and Spain, according to GlobalData. More

New digital health services developed for the German insurance industry
by Adina TUDOR, 2017-11-09
Mobile health platform WELLMO has announced it will help SANVARTIS - German data services and technology company - develop a new range of data-driven digital health services. More

Who are the 19 well-known professionals speaking at "IIF2017 - Insurance in the DIGITAL World" Conference?
by Adina TUDOR, 2017-11-09
The big global players are at the forefront of the insurance industry's digital transformation. ALLIANZ, GENERALI, ERGO, GEN Re and EUROINS are just a few of the companies which will present their vision for the future at "IIF2017 - Insurance in the DIGITAL World" Conference. More

Executive Director

Usage-based insurance, cloud, digital, disintermediation, disruption, shift from probabilistic to deterministic are just some of a number of words that inevitably feature in the debate regarding the future of insurance. While some new technologies have a truly disruptive potential (Blockchain), I see this more as an evolution rather than a revolution. Changes will affect both the carriers’ insurance product portfolio as well as the way they interact with their customers. More


Albania 3Q2017
Croatia 3Q2017


IIF 2017 - Insurance in the DIGITAL World
14 November 2017, Vienna, Austria
FIAR 2018 - The International Insurance-Reinsurance Forum
14-16 May 2018, Bucharest, Romania


November Business Meetings of Reinsurers
21-22 November 2017, Moscow, Russia
7th EIOPA Annual Conference
22 November 2017, Frankfurt am Main, Germany
IFRS 9 Implementation and Stress Testing MasterClass
27-28 November 2017, Vienna, Austria
Managing Insurance Contracts under IFRS 17
4-5 December 2017, London, United Kingdom
FinTech Connect Live 2017
6-7 December 2017, London, United Kingdom
Barrier-2017. Combating Insurance Fraud - prophylactics, protection, investigation
14 December 2017, Corinthia Hotel, St. Petersburg, Russia
5th Insurance Claims & Underwriting Management Asia Summit 2018
6-9 February 2018, Singapore
6th Edition Nordic Asset Allocation: Investing in Alternative Asset Classes
7-9 March 2018, Stockholm, Sweden


Jacek KUGACZ, appointed President of the Management Board of POLISH Re
by Adina TUDOR, 2017-11-07
On 3 November 3, 2017, the Supervisory Board of POLISH Re appointed Jacek KUGACZ to the position of the CEO and President of the Management Board of POLISH Re. More

SAVA Re Supervisory Board appoints Management Board Members for a new term of office
by Adina TUDOR, 2017-11-09
At its meeting taking place on 9 November, the supervisory board of SAVA Re appointed Management Board Members for a new term of office. More

AIG Reports Third Quarter 2017 Results

ARMENIA: About USD 5 million to be invested in Armenia's agriculture insurance in three years

ARMENIA: The total net profit of Armenian insurance companies for 9 months of 2017 fell by 56.1% per annum to $ 3.6 million

KOSOVO insurers swing to 3.2 mln euro net profit in Sept

MACEDONIA's Triglav Osiguruvanje 9-mo after-tax profit rises

Online mandatory insurance of vehicles available in ARMENIA

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