XPRIMM News No. 413, 9 August, 2018

CROATIA osiguranje Group's GWP exceeded HRK 2 billion at the end of June
by Andrei Victor, 2018-08-06
CROATIA osiguranje has kept its leading position in Croatia's insurance market with a total share of 31.9%, as the company's shareholder - the Rovinj based consortium ADRIS Grupa announced in a statement. "It is the market leader in both property and life insurance".
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STATISTICS: BULGARIA 1Q 2018: GWP up to more than EUR 300 million
by Andrei Victor, 2018-08-08
The total GWP by Bulgarian insurers in 1Q 2018 was BGN 608.07 million (EUR 310.90 million), up by 6.28% y-o-y, according to the quarterly statistics published on the FSC's website.
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FITCH Affirms EUROINS Romania at IFS 'BB-'; Outlook Stable
by Andrei Victor, 2018-08-06
FITCH Ratings has affirmed EUROINS Romania Asigurare Reasigurare SA's (EUROINS Romania) Insurer Financial Strength (IFS) rating at 'BB-', and EUROHOLD Bulgaria AD's (EUROHOLD, the group's ultimate holding company) Long-Term Issuer Default Rating (IDR) at 'B'. The Outlooks are Stable.
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BiH: GRAWE buys ATOS Osiguranje for EUR 12 million, increasing its market weight to over 11%
by Daniela GHETU, 2018-08-09
Austrian insurer GRAWE has increased its presence on the Bosnian specialty market by acquiring the local insurer ATOS Osiguranje, former "Bobar osiguranje, for a total consideration of just over KM 23 million (~ EUR 12 million), the local financial press reports.
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Poland: ALLIANZ was the best rated insurer by customers in 1H2018
by Daniela GHETU, 2018-08-06
Allianz was the most recommended life and property insurance brand in Poland in the first half of 2018, a research carried out by GfK showed. The company achieved the highest Net Promoter Score (NPS) values both in life and non-life insurance.
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S&P's upgrades Sava Re's rating to "A" (with a Stable Outlook)
by Daniela GHETU, 2018-08-06
Following their regular annual review in July 2018, Standard & Poor's raised the financial strength rating of Sava Re, d.d., to "A" (excellent), with the medium-term outlook being stable.
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CROATIA osiguranje to absorb its credit insurance unit
by Andrei Victor, 2018-08-06
CROATIA osiguranje Group (CO Group), one of the largest insurer in the Adriatic region announced in the Zagreb Stock Exchange website it will merge its credit unit through absorption- CROATIA osiguranje kredita into CROATIA osiguranje.
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Insider tips from RSA, AXA, NN, QBE & Generali on maximizing intelligent automation
by Adina TUDOR, 2018-08-09
The insurance industry is now looking beyond AI and moving towards intelligent automation (IA). There is no doubt that IA will dramatically impact claims, underwriting, customer experience and more; but what are the immediate steps for implementation?
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Barents Re's ratings by A.M. Best remain unchanged after the company's re-domiciling to the Cayman Islands
by Daniela GHETU, 2018-08-06
A.M. Best has commented on 25 July that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" of Barents Re Reinsurance Company, Inc. (Barents Re) remain unchanged following the re-domiciling of Barents Re to the Cayman Islands.
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STATISTICS: AZERBAIJAN, H12018: life segment went up by almost 73% thanks to the growth of voluntary insurance
by Marina MAGNAVAL, 2018-08-09
In the first half year Azeri insurers generated GWP almost 44% more if compared to the same period last year, while paid claims of the market dropped by 4.10%, based on the data, published by the Financial Market Supervisory Authority of Azerbaijan.
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AZERBAIJAN: profit of AzSigorta for the first 6 months this year exceeded AZN 4 million
by Marina MAGNAVAL, 2018-08-09
AzSigorta, one of the leading Azeri insurers, generated AZN 4.2 million* of net profit for the first half year 2018, according to the company's official report.
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STATISTICS: KAZAKHSTAN, H1 2018: life insurance increase by almost 10%
by Marina MAGNAVAL, 2018-08-09
Based on the insurance data for the first half year, published by the National Bank of Kazakhstan, the biggest growth rate compared to the same period last year was recorded by life segment (+9.92%), while non-life segment grew by only 2.56%.
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KAZAKHSTAN: one of the leading local insurers EURASIA will participate in new project in Dubai
by Marina MAGNAVAL, 2018-08-09
Kazakh insurance company EURASIA will participate in insuring a residential tower construction in Dubai. CEO of the insurer Samat KABDOLOV believes this cooperation to be perspective and interesting, total insurance amount is KZT 130 billion*, informed the press-service of EURASIA.
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RUSSIA: Federation Council approved new requirements to charter capital of insurers
by Marina MAGNAVAL, 2018-08-09
According to new requirements approved by the Russian Federation council, the minimal size of insurers' charter capital will strongly increase in a staged process that will end by 2022, the ASN portal reports.
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RUSSIA: new law on housing insurance against emergencies signed
by Marina MAGNAVAL, 2018-08-09
The law on housing insurance against emergencies passed through third reading at State Duma on July 26, and on July 30 the Federation Council proved it.
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RUSSIA: profit of SBERBANK Insurance for 1H increased by 50% compared to the same period last year
by Marina MAGNAVAL, 2018-08-09
Net profit of SBERBANK Insurance in the first half year, by IFRS, amounted to RUB 2.1 billion* (+50%), said acting General director Dmitry POPOV.
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RUSSIA: 55 thousand of new clients purchased investment life insurance (ILI) policies from SBERBANK Life Insurance in 1H
by Marina MAGNAVAL, 2018-08-09
Premiums of ILI of SBERBANK Life Insurance in 1H2018 amounted to RUB 51 billion* (+ 89% compared to the 1st half year in 2017). Paid claims during 6 months almost reached RUB 3 billion, according to the press-service of the insurer.
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UKRAINE: National Commission for financial service market regulation toughened requirements to technical reserves of insurers
by Marina MAGNAVAL, 2018-08-09
On July 19 the National Commission for financial service market regulation approved the draft regulation on amending the Policy on reserves formation for risk insurance, which will toughen the technical reserves requirements for insurers, said the member of the Commission - Alexander ZALETOV, as informed INTERFAX-Ukraine.
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UZBEKISTAN: O'zbekinvest Hayot year paid claims worth UZS 34.2 billion in 1H2018
by Marina MAGNAVAL, 2018-08-09
Based on the first half year results paid claims of O'zbekinvest Hayot exceeded UZS 34.2 billion* (up by 96.3% compared to the same period last year).
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BELARUS: FITCH Ratings confirmed sovereign credit rating of Belarus at B level with stable forecast
by Marina MAGNAVAL, 2018-08-09
The Rating agency FITCH Ratings on July 20, 2018 confirmed long-term and short-term sovereign credit ratings of Belarus on foreign and local currency obligations at the B level with stable forecast.
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VIG is a pioneer in socially sustainable investments
by Andrei Victor, 2018-08-06
According to the EU Commission, EUR 180 billion in sustainable investments are required each year until 2030 to achieve climate and energy targets.
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TURKEY: MILLIMAN continues global expansion, setting up a new office in Istanbul
by Andrei Victor, 2018-08-06
MILLIMAN, a premier global consulting and actuarial firm, has announced that it is expanding to Istanbul amidst growing demand for MILLIMAN's consulting services in the region.
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ALLIANZ completes acquisition of ENSURE Insurance
by Andrei Victor, 2018-08-06
ALLIANZ Group announced the completion of the acquisition of 99.03% of the shares in Nigerian insurer ENSURE Insurance from its core shareholder GREENOAKS Global Holdings (GGH).
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GENERALI to sell Guernsey-based GENERALI Worldwide and Irish-based GENERALI Link
by Andrei Victor, 2018-08-06
GENERALI has entered into a share purchase agreement with Life Company Consolidation Group (LCCG) to sell its entire shareholding in GENERALI Worldwide Insurance Company Limited and GENERALI Link.
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ALLIANZ SE, 1H2018: strong results for 2Q 2018; full-year outlook confirmed
by Daniela GHETU, 2018-08-08
ALLIANZ Group's operating profit decreased y-o-y by 1.8% in 1H2018. Yet, overall, the operating profit for 1H is slightly above the mid-point of the group's target range. Lower income taxes compensated for the lower operating profit and non-operating result: net income attributable to shareholders was therefore stable at EUR 3.8 billion.
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GENERALI, 1H2018: strong capital position and over-achievement of the disposal targets
by Daniela GHETU, 2018-08-06
Generali Group's half-yearly results showed a 8.8% increase in the net profit, to EUR 1.33 billion and a 2.7% growth of the operating result, to EUR 2.5 billion, thanks to improvements in all business segments, as well as a resilient capital position.
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Swiss Re reported H1 net income of USD 1 billion
by Andrei Victor, 2018-08-06
Reinsurer Swiss Re has reported net income of USD 1 billion for the first-half of 2018, driven by improved underwriting results in P&C and premium growth.
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AXA's first half revenues up by 3% y-o-y, to EUR 53.6 billion
by Andrei Victor, 2018-08-06
AXA's underlying earnings increased by 9% to EUR 3.3 billion during 1H2018 (underlying earnings per share up 6% to EUR 1.33), while total revenues grew by 3% to EUR 53.6 billion, as the French insurer announced in a press release.
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The U.S. tax reform impacted the H1 SCOR's profit with EUR 62 million
by Andrei Victor, 2018-08-06
The French re/insurer SCOR reported net income of EUR 262 million for the first-half of the year, which includes a EUR 62 million (USD 75 million) impact from the U.S. tax reform.
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AON's Q2 net income decreased by 93% y-o-y to USD 58 million
by Andrei Victor, 2018-08-06
The risk and insurance brokerage services provider AON reported a net income of USD 58 million for Q2 2018, compared to USD 778 million, for the prior year quarter, while total revenue increased by 10% to USD 2.56 billion during Q2 2017 (USD 2.33 billion).
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MMC second quarter revenue increased by 7% y-o-y
by Andrei Victor, 2018-08-06
The MARSH & McLENNAN Companies (MMC) reported Q2 2018 consolidated revenues of USD 3.73 billion (vs. USD 3.49 billion), up by 7% compared with the second quarter of 2017.
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AXA enters into exclusivity for the potential disposal of its European Variable Annuities carrier, with expected total cash proceeds of Euro 1.2 billion
by Daniela GHETU, 2018-08-06
AXA announced today that it has received an irrevocable offer from CINVEN for the potential sale of AXA Life Europe ("ALE"), a specialized platform which designed, manufactured and distributed AXA's Variable Annuity products across Europe.
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MARSH completes the acquisition of WORTHAM Insurance
by Andrei Victor, 2018-08-06
The global insurance broker MARSH said that it has completed its previously announced acquisition of Houston, Texas-based WORTHAM Insurance.
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London Club to set up a new office in Cyprus over Brexit
by Andrei Victor, 2018-08-06
British ship insurer London P&I Club will set up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, wrote Reuters.
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AIG announces closing of VALIDUS acquisition
by Andrei Victor, 2018-08-06
American International Group announced it has completed its acquisition of VALIDUS Holdings. The transaction, which was first announced on January 22, 2018, closed following receipt of regulatory approvals and approval of VALIDUS shareholders.
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David FLANDRO, Global Head of Analytics, JLT Re
Pascal MILLAIRE, CEO, CyberCube
by Daniela GHETU, 2018-08-09

JLT Re, the global provider of reinsurance broking and consultancy, has recently announced its partnership with CyberCube, a best in class, industry recognized cyber risk modelling platform. Thru this partnership JLT Re will help clients manage the evolving nature of cyber risk.

Cyber risk is one of the most important risks in the 21st century, while cyber insurance is one of the fastest growing insurance lines in the industry. By 2025 cyber risks insurance is estimated that will reach USD 20 billion in premium revenue. Moreover, with the rapid evolving technology and the globalized economy, assessing cyber risks exposure and vulnerability became more than complex.
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Global natural disaster losses hit USD 45 billion in H1 2018
by Andrei Victor, 2018-08-06
Global insurance and reinsurance broker AON reported that natural disaster losses in the first-half of 2018 totalled USD 45 billion, of which only USD 21 billion covered by re/insurance.
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Swiss Re and Security First Insurance partnership demonstrates flood is insurable in the private market
by Daniela GHETU, 2018-08-06
An innovative policy provided in partnership by Swiss Re and Security First Insurance for the US state of Florida's residents, but replicable at a larger scale, demonstrates that flood is a risk insurable in the private market, thus offering a mean of reducing the insurance gap.
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ICAR 2018 - The International CAtastrophic Risks Forum
09 October 2018, Bucharest, Romania