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XPRIMM News No. 388, 1 February, 2018

Insurance Newsletter, No. 388, 1 February, 2018

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STATISTICS: AZERBAIJAN, FY2017: life insurance is growing rapidly, maintaining the market on a positive trend
by Daniela GHETU, 2018-02-01
Azeri insurers ended 2017 with GWP worth AZN 556.8 million (EUR 274.2 million), 14.5% up y-o-y in local currency. Given the continuous devaluation of the Azeri Manat, the market’s premium production maintained a positive trend also denominated in European currency, but at a significantly lower pace (5.2% y-o-y). More

STATISTICS: KAZAKHSTAN, FY2017: insurers reported about EUR 144 million in FY net profit
by Vlad BOLDIJAR, 2018-02-01
The Kazakh insurance market totaled KZT 370.17 billion (about EUR 930 million) in 2017 up by 3.72% than a year before, as showed by the year-end figures published by NBK. More

MONTENEGRO - two new players on the market for supplementary health insurance
by Daniela GHETU, 2018-02-01
Montenegrin insurers Sava Re and Lovcen osiguranje are entering the market of supplementary health insurance, raising the number of local providers to four, wrote. More

US-based UNUM to acquire Polish life insurer PRAMERICA Zycie
by Vlad BOLDIJAR, 2018-02-01
UNUM, a US-based financial protection benefits provider, has agreed to acquire Polish life insurer PRAMERICA Zycie TuiR from a subsidiary of financial services firm PRUDENTIAL FINANCIAL. More

Thomas BUBERL, AXA: climate change had become a reality for the insurance industry
by Vlad BOLDIJAR, 2018-02-01
Thomas BUBERL, the head of global insurer AXA said on a panel at the World Economic Forum's annual meeting in Davos, Switzerland, that climate change had become a reality for the insurance industry. More

Russia: Travel insurance products increasingly popular
by Daniela GHETU, 2018-01-31
82% of Russians planning to travel abroad on holidays take out health and property insurance by purchasing Travelling abroad policies (TAP), an independent research conducted by the MAGRAM Market Research agency and Ingosstrakh Insurance Company found out. More

GERMANY: 2017 results above expectations, stable evolution forecasted for 2018
by Daniela GHETU, 2018-02-01
The German insurance sector exceeded its own forecasts in 2017 and remains cautiously optimistic about 2018. Overall, premium income across all three lines amounted to EUR 197.7 billion (+1.7%) in 2017 and is likely to be up by 1.3% this year, Wolfgang WEILER, President of the German Insurance Association (GDV) said. More

XXII Annual Reinsurance Conference "Russian Reinsurance Market - Model Change" announced for 11-12 April, in Moscow?
The XXII Annual Reinsurance Conference "Russian Reinsurance Market - Model Change" will take place in Moscow, on 11-12 April, 2018, the organizers have announced. The event will comprise plenary sessions, open discussions and workshops.?More

GENERALI prepared to attack the growth program by the end of the year
by Daniela GHETU, 2018-02-01
After completing its turnaround plan, by the end of 2018, GENERALI will launch its next development program, switching to "a new phase, of expansion, a growth phase," the Italian Group's CEO, Philippe DONNET told Bloomberg Europe. More

MMC, FY2017: 6% increase in revenues, in an active M&A year?
Marsh & McLennan Companies recorded in 2017 a 6% increase in revenues, to USD 14 billion. Risk & Insurance Services contribution to this total was of USD 2 billion, the company announced in a press conference today.?More

The Geneva Association points to the role of insurers to address climate change
The insurance industry is contributing significantly to building socio-economic resilience to climate change and supporting the transition to a low-carbon economy in their role as risk management experts and investors, although a number of challenges are hindering the industry's efforts to scale up its contribution, according to a new research report from The Geneva Association. More

Windstorm Herwart Property Loss Estimate by PERILS raised to USD 315.1 million
by Daniela GHETU, 2018-01-31
Perils AG raised its estimate for insured property losses from Windstorm Herwart to EUR 255 million (USD 315.1 million) from an initial estimate of EUR 252 million. More

The future of the European private pensions, debated at the "PEPP - A true Pensions Product?" event
by Adina TUDOR, 2018-01-30
Europe is facing an unprecedented demographic challenge: for every retired person in 2060, there will only be two people of working age, compared to four today. Thus, social and welfare systems are already coming under pressure. Part of the answer lies in occupational and personal pension schemes complementing state-based pensions. More

FITCH: IFRS 17 may put up cost of capital for european insurers
IFRS?17, the new international accounting standard for insurance contracts from 2021, could temporarily increase the cost of capital for European insurers while investors familiarise themselves with the new standard, FITCH Ratings said in a press release. More

FRISS: Solving and preventing your own damage claims: The Holy Grail??
One of the current trends in the insurance industry, according to FRISS observations, is the effort put by insurers into implementing solutions that allow a kind of self-processing of damage claims with minimal effort, thus replacing the human interaction with the technology.?More

A.M. Best assigns Credit Ratings to Mapfre Espana, Compania de Seguros y Reaseguros S.A.
A.M. Best?has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a" to?Mapfre Espana, Compania de Seguros y Reaseguros S.A.?(Mapfre Espana) (Spain). The outlook assigned to these Credit Ratings (ratings) is stable. More



Liane HIRNER joins the Vienna Insurance Group Managing Board due to take over as CFO on 1 July 2018?
Liane HIRNER (49) joins the Vienna Insurance Group (VIG) Managing Board on 1 February 2018. She will take over as the Group's CFO on 1 July 2018. The Vienna Insurance Group's six-member strong management team now consists equally of three female and three male members.?More

Sompo International announces new London market insurance leadership appointments'?
by Daniela GHETU, 2018-01-29?
Sompo International, the Bermuda-based specialty provider of P/C re/insurance, announced that Mr. Paul ASHWORTH has joined the company's London Market Insurance platform as Head of Marine Insurance.?More

CHUBB appoints Spain & Portugal head from ALLIANZ Colombia?
by Vlad BOLDIJAR, 2018-02-01?
CHUBB announced the appointment of Ignacio BORJA as Country President, Spain and Portugal (Iberia), subject to regulatory approval.?More

AZERBAIJAN preparing new law on stimulating agricultural insurance

AZERBAIJAN's financial regulator picks its medical insurer

Chubb Reports Fourth Quarter Net Income of USD 1,533 million

CZECH insurance claims and damages rise in 2017

MetLife Preannounces Preliminary Fourth Quarter Results

Swiss Re further strengthens its position in Asia with appointment of a regional Board of Directors

TURKEY: Traffic Insurance Policies under the Scrutiny of the TCA

Join high-level insurance professionals at the European Consumer Protection Conference!
by Adina TUDOR, 2018-02-01
Now, more than ever, Consumer Protection represents a key issue for all stakeholders in Europe. New pieces of legislation (Solvency II Directive, IDD, GDPR) have been adopted by the European Parliament and more will follow. Have consumers really understood how all of these will impact them? Are they prepared for what the future might bring? More



Insurance & Technology
Tech-driven insurance solutions to help bridge the USD 180 billion protection gap

2017 was an extreme year for natural disasters, with total losses from natural and man-made disasters expected to amount to USD 306 billion - up from USD 187 billion in 2016. The recent disasters draw attention to the enormous gap between what's insured, and what's not - we call this the protection gap, reads an analysis published by Swiss Re as part World Economic Forum Annual Meeting. More


Azerbaidjan FY2017
Kazahstan FY2017


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


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