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XPRIMM News No. 387, 25 January, 2018

Insurance Newsletter, No. 387, 25 January, 2018

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HUNGARY: Green light from the Central Bank for the three VIG units' merger
by Vlad BOLDIJAR, 2018-01-25
The National Bank of Hungary (MNB) announced on its website it approved the merger of the three local subsidiaries of the Austrian VIENNA Insurance Group into one company. Gabor LEHEL, CEO of UNION Biztosito, will be Chairman of the Board of the resulted entity after the merger. More

STATISTICS: CEE , 3Q2017: The Polish, Czech and Hungarian insurers account together for two-thirds of the regional GWP
by Vlad BOLDIJAR, 2018-01-25
The CEE insurance market totaled EUR 25.78 billion at the end of September 2017, up by 9,8% y-o-y, according to the market figures collected and cetralised by XPRIMM. More

LATVIA: The MTPL insurance line will most probably remain unprofitable also in 2018, despite increasing tariffs
by Daniela GHETU, 2018-01-25
The mandatory MTPL insurance line will probably remain unprofitable in Latvia also in 2018 despite the tariffs going up by a significant amount, Latvian Insurers Association's President Janis ABASINS believes, quoted by LETA. More

TALANX to acquire non-life insurer in Turkey
by Vlad BOLDIJAR, 2018-01-25
German insurer TALANX annoucend it has agreed to acquire 99.4% of the shares in LIBERTY Sigorta - the Turkish non-life subsidiary of US-based LIBERTY MUTUAL Group. More

RESO-GARANTIA could become Russia's first publicly traded insurer
by Vlad BOLDIJAR, 2018-01-23
The shareholders of the third largest insurer in Russia - RESO-GARANTIA, are considering an initial public offering (IPO) this year, three financial market sources told REUTERS. More

A.M. Best affirmed the financial strength rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Barents Re Reinsurance Company, Inc
A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Barents Re Reinsurance Company, Inc. (Barents Re) (Panama City, Panama). The outlook of these Credit Ratings (ratings) remains stable. More

A.M. Best about Kommesk-Omir's Credit Ratings following acquisition agreement with competitor
A.M. Best Credit Ratings of Kommesk-Omir Insurance Company JSC (Kazakhstan) remain unchanged following the company's announcement on 15 January 2018 of its agreement with another non-life Kazakh insurer, JSC Salem Insurance Company, to acquire part of the latter's underwriting portfolio. More

A.M. Best revises outlooks to stable for Halyk-Kazakhinstrakh, insurance arm of Halyk Bank of Kazakhstan, JSC
A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" of Halyk-Kazakhinstrakh, Insurance Subsidiary Company of Halyk Bank of Kazakhstan, JSC (Kazakhinstrakh) (Kazakhstan). More

GDV: Insured losses from the Orkan Friederike storm estimated at around EUR 1 billion
by Daniela GHETU, 2018-01-25
The German Insurance Association (GDV) has announced that the insured loss from Orkan Friederike storm is estimated at around EUR 1 billion, 90% of the sum being attributable to property damage, while damages to motor vehicles amounted to ~EUR 100 million. More

The 12th edition of the "Insurance in Central Asia" International Conference announced for 14-16 April, in Almaty
The 12th edition of the "Insurance in Central Asia" International Conference will take place in Almaty, on 14-16 April, 2018, the organizers have announced. The event will comprise plenary sessions, open discussions and workshops. More

EDIZIONE Holding plans to invest EUR 250 million to double its share in GENERALI
by Vlad BOLDIJAR, 2018-01-25
EDIZIONE Holding - one of the largest Italian investment group owned by the BENETTON family, plans to double its stake in insurer GENERALI to around 2%, wrote Reuters quoting a banking source. More

Join the "Robotics and Analytics in Finance Summit"! XPRIMM News subscribers get a EUR 200 discount!
The "Robotics and Analytics in Finance Summit" will bring together, between March 15th and 16th, 2018 in Prague, Czech Republic, experts from all levels of the value chain. XPRIMM News subscribers who use the "xprimm200" promo code in their registration e-mail benefit from a EUR 200 discount! More

PCS's "Rise Up" manifesto urges the reinsurance industry to join forces in developing new business segments
by Daniela GHETU, 2018-01-25
PCS has recently launched its resinsurance manifesto titled "Rise Up", a document urging the global industry to reunite forces for a new "reinsurance revolution" which may relaunch growth on new basis. More

QBE expects USD 1.2 billion loss in 2017 due to last quarter's NatCat activity
by Vlad BOLDIJAR, 2018-01-25
QBE announced it expects to report FY2017 combined operating ratio (COR) of around 104%, above the targeteted COR range of 100-102% outlined in October 2017, due the catastrophe activity in the fourth-quarter. More

Guy Carpenter: Reinsurance capital continued to grow in 2017 despite catastrophe losses
According to a Guy Carpenter analysis, capital dedicated to reinsurance continued to grow in 2017 despite catastrophe losses. Due to ongoing excess supply and overall market resilience at January 1, rate firming was generally moderate and pricing shifts focused on client-specific justification. More

The Global Risks Report 2018: Environmental risks dominate the specialists' concerns
by Vlad BOLDIJAR, 2018-01-23
As in 2017, the environment was by far the greatest concern raised by experts, according to "The Global Risks Report 2018", published by the World Economic Forum in collaboration with its Strategic Partners MMC (Marsh & McLennan Companies) and ZURICH Insurance Group. More

World Economic Forum: Organizations must prepare for shocks and surprises
by Vlad BOLDIJAR, 2018-01-23
"The death of trade" or a "War without rules"? What's the most shocking? Both may seem impossible scenarios at the moment, but they are seen as possible shoks for the future. Thus, organizations must prepare for shoks and surprises, according to the World Economic Forums's 13th Global Risks Report. More

AIG to acquire VALIDUS for USD 5.56 billion in cash
by Vlad BOLDIJAR, 2018-01-25
American International Group (AIG) announced it will acquire all the outstanding common shares of VALIDUS Holdings for an aggregate transaction value of USD 5.56 billion, in cash. More


cristian_fugaciu8Cristian FUGACIU, CEO, MARSH Romania took over the management of MARSH operations in Austria and Hungary
by Vlad BOLDIJAR, 2018-01-23
Starting January 2018, Cristian FUGACIU, CEO of MARSH Romania is heading the global broker's business in the Central Europe, comprising 7 of the 17 insurance markets that form the CSEE Region (Central & South Eastern Europe). More

Lucy CLARKE appointed Global CEO of JLT Specialty
by Vlad BOLDIJAR, 2018-01-23
Global re/insurance broking and consultancy group JLT (Jardine Lloyd Thompson Group) announced the appointment of Lucy CLARKE as Chief Executive of the Group's worldwide insurance broking activities, with the title Global CEO of JLT Specialty. More
Join international experts at the "CEE & SEE - Regional Actuarial Insurance Conference"!
by Adina TUDOR, 2018-01-25
Today, more than ever, actuaries' job becomes more and more complex and should most probably hold a central place in the insurers' scheme of functions and chain of decision. More



Aon: Costliest year on record for weather disasters with USD 344 billion global economic loss in 2017

In 2017 all natural disasters cost USD 353 billion, with insurance industry in position to handle high volume of claims payouts and explore future growth to build resilience in underinsured regions, says Aon. More


CEE 3Q2017


5th Insurance Claims & Underwriting Management Asia Summit 2018
6-9 February 2018, Singapore
56th Session of the Commission for Social Development
29 January - 7 February 2018, United Nations Headquarters, New York
6th Edition Nordic Asset Allocation: Investing in Alternative Asset Classes
7-9 March 2018, Stockholm, Sweden
Chief Data & Analytics Officer, Insurance
26-28 March, 2018, Chicago, USA
4th Annual African Insurance Forum
5-6 April 2018, Johannesburg, South Africa
XXII Annual Conference on Reinsurance
10-12 April 2018, Moscow, Russia
Agricultural Insurance, Reinsurance & Brokerage in CIS, Europe & Asia
16-18 April 2018, Belgrade, Serbia
XII International Conference "Insurance in Central Asia"
16-17 April 2018, Almaty, Kazakhstan
XIV International Risk Management Conference
19-20 April 2018, Almaty, Kazakhstan


BOSNIA's competition authority approves acquisition of local insurer Zovko by peer

BULGARIA's DZI Life Insurance seeks nod to fully acquire peer UBB-MetLife

SLOVENIA's start-up InsurePal raises USD 18 million in cryptocurrency offering

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