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XPRIMM News No. 399, 19 April, 2018

Insurance Newsletter, No. 399, 19 April, 2018

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CEE, FY2017: GWP and paid claims increased at the same pace: 11.5%
by Daniela GHETU, 2018-04-19
The CEE insurance market saw a 11.5% y-o-y growth in 2017, statistical data gathered by XPRIMM show. Overall, GWP amounted to EUR 36.12 billion. With a similar increase, paid claims reached almost EUR 22 billion. The forthcoming issue of the XPRIMM Insurance Report for FY2017, to be launched on May 14, will present in depth information in this regard.

VIG's annual result for 2017 confirmed a clear improvement in all key figures
by Daniela GHETU, 2018-04-19
Vienna Insurance Group (VIG) has published its Group Annual Report for the financial year 2017, confirming the preliminary figures published earlier. At the same time, VIG is also making its first sustainability report available online. Both documents are available on the Group's web page.

GOTHAER Asigurari Reasigurari paid in 2017 over RON 13 million for crops, livestock and poultry claims in Romania
by Adina TUDOR, 2018-04-19
In 2017, the gross written premiums in the portfolio of GOTHAER Asigurari Reasigurari, for the agricultural insurance segment, including both crops and livestock and poultry, reported a 14.7% growth v. last year.

EUROINS Insurance Group to acquire Ukrainian travel insurer ERV
by Vlad BOLDIJAR, 2018-04-19
Bulgaria-based EUROINS Insurance Group (EIG) announced is acquiring ERV Ukraine, the travel insurance business of Germany-based ERGO, part of German global reinsurer MUNICH Re. "The two companies have signed purchase agreements. The deal is expected to be finalized after obtaining regulatory approvals".

VIG Re, FY2017: Profit before tax up by 5% y-o-y
by Daniela GHETU, 2018-04-19
VIG Re reported for 2017, on consolidated basis, GWP of EUR 459.9 million, up by 10.2% y-o-y. Premium growth was driven by the Property & Casualty segment which grew by 13.0% to EUR 422.4 million. Main markets which account for growth were CEE and DACH.

SAVA Re to take over the two Croatian units of ERGO
by Vlad BOLDIJAR, 2018-04-16
Slovenian insurer Zavarovalnica SAVA, part of insurance group SAVA Re, announced it will acquire the two Croatian subsidiaries of the German insurance group ERGO.

Bosnia: Gradual liberalization of the MTPL market in FBiH approved by the House of Representatives
by Daniela GHETU, 2018-04-19
The House of Representatives of the Parliament of FBiH, one of the two administrative entities that form Bosnia & Herzegovina has approved this week the new law on compulsory MTPL, taking thus a big step towards the a free MTPL market.

STATISTICS: CYPRUS, FY2017: Non-life underwriting result increased by more than 10%
by Vlad BOLDIJAR, 2018-04-19
Total FY2017 GWP amounted to EUR 816.6 million, compared to EUR 765.3 million in 2016, representing a healthy 6.5% growth, according to the market figures published by the Insurance Association of Cyprus - IAC.
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STATISTICS: TURKEY, FY2017: MTPL experienced a technical loss of about EUR 120 million
by Vlad BOLDIJAR, 2018-04-19
Total insurance premiums in Turkey reached TRY 46.5 billion (EUR 10.3 billion) in 2017, 15% up y-o-y, according to data from the Turkey Insurance Association (TSB). Due the depreciation of Turkish lira against Euro by about 20%, the nominal change in European currency was negative (-5.5%).
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STATISTICS: UKRAINE, FY2017: total market growth amounted to more than 23%; non-life up by 25% in local currency
by Marina MAGNAVAL, 2018-04-19
Ukrainian insurance market in 2017 grew overall by 23.49%, while the non-life sector saw an above average performance, with GWP increasing by 25% in local currency, data published by the National Financial Services Commission of Ukraine show.
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One of the oldest Belarusian insurers B&B Insurance went out of business
by Marina MAGNAVAL, 2018-04-16
The Ministry of Finance of Belarus on April 11 revoked a license of the Open Joint-Stock Insurance Company B&B Insurance Co. The insurer's license was earlier suspended in December of 2017.
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Azerbaijani A-Qroup showed premium growth in the first quarter
by Marina MAGNAVAL, 2018-04-19
A-Qroup based on its 2018 first quarter results saw a gross premium growth assessed at 13% - said the insurer's official report. Insurer's total premium volume amounted to AZN 1.83 million (EUR 0.87 million) in 1Q2018, thus exceeding the similar result of the previous year.
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S&P Global Ratings assesses industry and country risk in the Kazakh non-life sector (-/Stable/-3) as moderate
by Marina MAGNAVAL, 2018-04-16
S&P Global Ratings assesses industry and country risk in the Kazakh non-life sector (-/Stable/-3) as moderate, which reflects high country risk resulting from a highly centralized political environment and moderate GDP growth.
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Insurance Europe concerned about the new EC collective interests of consumer's protection Directive potential effects
by Daniela GHETU, 2018-04-16
Insurance Europe is concerned about the implications of the European Commission's proposal for a Directive on representative actions for the protection of the collective interests of consumers, which was published on April 11.

CCR, 2017: solidity of the public reinsurance mechanism confirmed in a challenging year
by Daniela GHETU, 2018-04-16
Year 2017 was marked by exceptional loss experience for CCR - Caisse Centrale de Reassurance, reaching a total of nearly EUR 2.2 billion. Yet, CCR ended the year with a consolidated income before tax figure of EUR 228 million, 22% below the 2016 figure.

Fitch: European reinsurers confirm resilience to catastrophes
by Daniela GHETU, 2018-04-16
European reinsurers' 2017 results support Fitch Ratings' view of the sector's resilience to catastrophe losses, the agency said in its recent "European Reinsurers Resilient to Catastrophe Losses" report.

GENERALI to sell its Belgian operations for EUR 540 million
by Vlad BOLDIJAR, 2018-04-19
Assicurazioni GENERALI said it has entered into a binding agreement with ATHORA Holding to sell its entire stake in GENERALI Belgium, an insurance company primarily focused on the life segment.

GENERALI completes sale of operations in Panama and Colombia
by Vlad BOLDIJAR, 2018-04-16
Assicurazioni GENERALI announced the closing of the sale of its operations both in Panama and Colombia. The operations in Panama were sold to ASSA Compania de Seguros S.A. while the business in Colombia was sold to TALANX Group.

LIVE: XIV International Risk Management Conference
by Oleg DORONCEANU, 2018-04-16
In 2017, life insurance was the market driver for the Russian insurance market, mainly due to investment life insurance

Russian Insurance Conference "RUBEZH 2018" Identifying and stopping fraud in claim settlement to be held on May 21, 2018 in Moscow
by Marina MAGNAVAL, 2018-04-16
Russian media group "Strakhovanie segodnya" (Insurance today), supported by ARIA (All-Russian Insurance Association), announced Russian Insurance Conference "RUBEZH 2018" Identifying and stopping fraud in claim settlement.
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FITCH Group becomes HEARST's largest wholly-owned business
by Marina MAGNAVAL, 2018-04-16
On April 12 HEARST announced that it has purchased the remaining 20% interest in FITCH Group from FIMALAC S.A., thus bringing HEARST's equity interest to 100%.

FITCH affirms Kazakhstan's long-term foreign-currency issuer default rating at BBB/Stable outlook
by Marina MAGNAVAL, 2018-04-19
FITCH Ratings affirmed Kazakhstan's long-term foreign-currency issuer default rating (IDR) at 'BBB" with a Stable Outlook which reflects strong public and external balance sheets due to large government savings and a substantial sovereign net foreign asset position.
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IoT + AI - The Key to Customer-Led Innovation? Whitepaper featuring ZURICH, AGEAS, GENERALI & FIDELIDADE
by Adina TUDOR, 2018-04-19
If insurers are going to make the most of IoT and AI, their goal must begin and end with the customer. The Internet of Things (IoT) and Artificial Intelligence (AI) present insurers with a world of opportunity. From generating data to improving risk and operational efficiency, there is much to explore.



What re/insurance professionals are already on FIAR 2018's list of speakers?
by Adina TUDOR, 2018-04-19
Specialists from ICMIF - International Cooperative Mutual Insurance Federation and PensionsEurope, representatives of national insurance associations from Austria and Turkey, as well as professionals representing SWISS Re, GEN Re and AUDATEX are just a few of the speakers who have already confirmed their presence at FIAR 2018 - The International Insurance-Reinsurance Forum.


Dr. Savvas TZANIS
IMPERIAL Claims Services

by Oana RADU, 2018-04-19
Our customers are extremely happy with our services compared to their partners in Western Europe because they cannot understand them. It is definitely a matter of culture. With us, they feel that they can speak the same language and that we can understand them. So, our aim in the future will be to remain, invest and expand our activities in our region. We want to be a regional player. We try however to bring and apply in our region the best claims handling practices of the biggest loss adjusting groups in Europe they have.


Take a quick survey and you have the chance to win an iPad Mini!
by Adina TUDOR, 2018-03-08
Until the 20th of April, C Consulting and XPRIMM are challenging insurance professionals to take part in a study focusing on the Insurance - Reinsurance Market in the SEE - CEE Region.


The "Challenges and Practice of Insurance Supervision in South East Europe" Conference - Main conclusions
by Alexandru CIUNCAN, 2018-04-17
Insurance professionals from all over Europe gathered on Tuesday, 17 April, in Zagreb, Croatia, at the "Challenges and Practice of Insurance Supervision in South East Europe" conference. The event represents a unique forum for an open dialogue between insurance companies and insurance supervisory authorities of the SEE region.

XIV International Risk Management Conference
19-20 April 2018, Almaty, Kazakhstan

IFRS 9 Expected Credit Loss Modelling MasterClass
19-20 April, 2018, Vienna, Austria

The Digital Transformation Stories Conference
15 May 2018, London, UK
Strategic Risk Management for Transformation in Insurance
24-25 May 2018, London, UK
The 32nd International Insurance Tennis Tournament
1-3 June, 2018, Istanbul, Turkey
XVI Russian Insurance Summit
6 June 2018, Saint Petersburg, Russian Federation
The Customer Experiences In Financial Services Conference
27 June 2018, London, UK
2nd Edition IFRS 17 Implementation in Life Insurance
25-27 June 2018, London, UK
8th Bancassurance Europe Summit 2018
26-29 June 2018, London, UK


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


CROATIAN insurers' end-March gross written premiums up 7.3%

Eurohold Bulgaria cons net profit more than doubles in 2017

Fitch affirms Eximgarant of Belarus at 'B'

SERBIA: Generali Insurance Serbia has won the prestigious award "Captain Misa Anastasijevic"

TURKEY's energy company opens tender for risk insurance services

TURKEY: HDI Sigorta Selects the Sapiens Non-Life/General Insurance Suite

TURKISH State Railways to buy insurance policies via tender

UKRAINIAN drivers will once again receive "letters of happiness"

Changes in Management and Market Responsibilities at VIG Re
by Daniela GHETU, 2018-04-18
Starting 1 April 2018, VIG Re has realigned its organizational structure and management responsibilities to drive operational efficiencies and secure its cost leadership.

AIG names Anthony VIDOVICH as Chief Claims Officer, General Insurance
by Vlad BOLDIJAR, 2018-04-16
American International Group (AIG) announced that Anthony VIDOVICH will join the company as Chief Claims Officer, General Insurance, effective May 14, 2018.