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XPRIMM News No. 415, 23 August, 2018

Insurance Newsletter, No. 415, 23 August, 2018

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TRIGLAV Group, 1H2018: premium growth in all insurance markets and segments, annual profit guidance confirmed
by Daniela GHETU, 2018-08-22
The TRIGLAV Group, the leading insurance/financial group in the Adria region, generated profit before tax of EUR 35.6 million. Premium growth was recorded in all insurance markets and all three insurance segments of the Group (non-life, life and health insurance), in addition to increasing the volume of assets.

Alexandru_CIUNCAN150Alexandru CIUNCAN - The new General Director of UNSAR
by team, 2018-08-22
UNSAR's General Assembly validated Alexandru CIUNCAN's appointment as General Director of the Union, starting with 10 September 2018.

STATISTICS: CZECH Rep., 1H2018 (CAP): 5% market growth fueled mainly by the Motor Hull insurance line
by Daniela GHETU, 2018-08-23
According to data provided by the Czech Insurance Association (CAP), its members ended 1H2018 with GWP worth EUR 2.53 billion, 5.16% up y-o-y, an increase almost fully driven by the non-life segment, in particular by the motor insurance lines.

STATISTICS: MONTENEGRO, 1H2018: property insurance lines have lost ground in GWP terms despite the increasing number of policies
by Daniela GHETU, 2018-08-23
Montenegro insurers reported GWP of EUR 41.27 million in 1H2018, up by 3.2% y-o-y. Paid claims increased at a higher pace, of 10.9%, reaching a total of EUR 17.6 million. The MTPL insurance line was the main driver in both cases.

A.M. Best assigns credit ratings to Dunav Re Company a.d.o. Belgrade
by press.release, 2018-08-20
A.M. Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of "bb+" to Dunav Re Company a.d.o. Belgrade (Dunav Re) (Serbia), a subsidiary of Dunav Insurance Company j.s.c. Belgrade. (Dunav), a multi-line insurer operating in Serbia.

Cyprus based Olympic Insurance bankruptcy left 200,000 Bulgarian clients without MTPL insurance policies and beheaded the insurance market watchdog
by Alana MCKENZIE, 2018-08-20
Ralitsa AGAIN-GURI, deputy head of the Bulgarian Financial Supervision Commission (FSC) resigned in the wake of the Olympic insurance company bankruptcy scandal. Vladimir SAVOV, a FSC member, will temporary take over her tasks until a new appointment will be approved by the Parliament.

STATISTICS: Kosovo, 1H2018: insurers' net profit declined by 62% y-o-y, despite the GWP increase
by Andrei Victor, 2018-08-23
Kosovo insurers posted an aggregate net profit of EUR 0.8 million in1H 2018, down from EUR 2.1 million a year earlier, according to the Financial System Monthly Report published by the local Central Bank.

VIG retains listing in two sustainability indices
by Andrei Victor, 2018-08-20
Vienna Insurance Group (VIG) has once again been included in the Austrian sustainability index VONIX and the global FTSE4Good index. Both sustainability indices include companies that are committed to environmental protection, social responsibility and good governance.

ESTONIA: Government plans to support risk management in organic farming by subsidizing insurance premiums
by Daniela GHETU, 2018-08-23
As part of a Governmental plan to support organic farming, Estonian farmers involved in this segment will benefit starting 2019 from a 70% contribution of the State to the premiums paid by farmers in crop insurance, livestock and plant insurance, if the Ministry of Rural Affairs proposal will be approved.

NN Group acquires AEGON Czech Republic and AEGON Slovakia
by Andrei Victor, 2018-08-20
NN Group announced that it has reached an agreement to acquire AEGON's Life Insurance business in the Czech Republic and AEGON's Life Insurance and Pension businesses in Slovakia for a total consideration of EUR 155 million.

UNIQA Group, 1H2018: GWP growth above expectations, driven by both Austrian and the CEE markets
by Daniela GHETU, 2018-08-22
In 1H 2018, UNIQA Insurance Group recorded earnings before taxes up 47.5% y-o-y, to EUR 140.8 million. This includes one-time gains on disposal of EUR 47.4 million in 1Q 2018 from the sale of the indirect interest in Casinos Austria Aktiengesellschaft.

Genoa's Morandi bridge collapse may cost re/insurers as much as EUR 600 million
by Daniela GHETU, 2018-08-23
According to several estimates, the re/insurance bill for the recent Genoa, Italy Morandi motorway bridge collapse may reach as much as EUR 600 million, with business interruption expected to be a large contributor to the industry loss, reports Artemis.

Greece: the devastating fires in Attica will cost insurers over EUR 33.7 million
by Daniela GHETU, 2018-08-23
Greek insurers will pay over EUR 33.7 million in compensation for the devastating fires that hit Attica on 23 July 2018, according to the first estimate of the Hellenic Insurance Companies Association (EAEE).


STATISTICS: MOLDOVA, 1H2018: the market's growth in euro is two times higher than in local currency
by Marina MAGNAVAL, 2018-08-20
In 1H the Moldovan market generated MDL 705.71 million of GWP (EUR 36.14 million), 6.39% more y-o-y, at that the market's growth in euro was twice as higher (12.82%), according to the official data published by the National Commission of the Financial Market in Moldova (CNPF).
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KAZAKHSTAN: premiums of mandatory MTPL insurance increased by 28.9% in the first half year
by Marina MAGNAVAL, 2018-08-22
The mandatory MTPL insurance GWP amounted to KZT 31.6 billion* (+28.9%) in the first half of the year 2018, as reported by with reference to Total paid claims in the segment dropped by 2.4%.
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A.M. Best places credit ratings of Halyk-Life under review with developing implications
by press.release, 2018-08-23
A.M. Best has placed under review with developing implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Halyk-Life, Life Insurance Subsidiary Company of the Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan).

KYRGYZSTAN: after 10 years of waiting, the law on MTPL will come into force on February 7, 2019
by Marina MAGNAVAL, 2018-08-22
The law on MTPL, which hasn't been working since its adoption during 10 years, will finally come into force on February 7, 2019, according to the information agency Sputnik.
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RUSSIA: accident rate in summer period increases by one third
by Marina MAGNAVAL, 2018-08-20
According to SBERBANK Life Insurance in summer period accident rate increases by one third if compared to spring and autumn, informed the insurer's press service.
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UZBEKISTAN: an Uzbek national import-export insurance company was assigned the highest national rating
by Marina MAGNAVAL, 2018-08-22
Based on 2017 results, the Uzbek national rating agency SAIPRO assigned the national import-export insurance company UZBEKINVEST a rating of "uzA++" (Excellent financial reliability), as reported by the insurer.
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UZBEKISTAN: top insurer Oʻzbekinvest Hayot reported a GWP growth rate of 59% in 1H2018
by Marina MAGNAVAL, 2018-08-22
Oʻzbekinvest Hayot, one of Uzbek top insurers, recorded a 59% y-o-y GWP growth rate in 1H 2018, to over UZS 47.6 billion (~EUR 5.2 million), while the total number of policies increased by 7% y-o-y, according to the information agency UzReport.
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Russell HIGGINBOTHAM will head Swiss Re's EMEA reinsurance business
by Daniela GHETU, 2018-08-22
Swiss Re announced that Russell HIGGINBOTHAM is appointed CEO Reinsurance EMEA and Regional President EMEA, as well as member of the Group Executive Committee, effective 1 September 2018. He succeeds Jean-Jacques HENCHOZ, who has decided to pursue an opportunity outside Swiss Re.

Jean-Jacques HENCHOZ will take over Hannover Re's CEO position from Ulrich WALLIN in May 2019
by Daniela GHETU, 2018-08-22
Jean-Jacques HENCHOZ was appointed as a member of Hannover Re's Executive Board and will take over Ulrich WALLIN's position as Chief Executive Officer of Hannover Ruck SE, after his retirement, on 8 May 2019.

SOVAK Rep.: Slavka MIKLOSOVA is the new General Manager of KOMUNALNA VIG
by Andrei Victor, 2018-08-23
Austrian insurer VIG announced that the Supervisory Board of its Slovakian subsidiary KOMUNALNA appointed Slavka MIKLOSOVA as General Manager.

NN Group announced changes in its Management Board composition
by Andrei Victor, 2018-08-20
NN Group announced that Dorothee van VREDENBURCH will leave the company, while a new Management Board member has been appointed.

Heiko STUBER appointed as CFO of ERGO Group AG
by Andrei Victor, 2018-08-20
The Supervisory Board of ERGO Group AG appointed Heiko STUBER to the Board of Management of ERGO Group AG as the successor to Christoph JURECKA with effect from 1st January 2019.

XL Catlin appoints AIG's Chris KOPSER to lead Global Risk Management for North America
by Andrei Victor, 2018-08-23
XL Catlin has appointed Chris KOPSER to lead its Global Risk Management Insurance North America Division.

AIG appoints John REPKO as Chief Information Officer
by Andrei Victor, 2018-08-23
AIG has appointed John REPKO as its new Executive Vice President, Chief Information Officer, effective September 4, 2018. He succeeds Martha GALLO, who is leaving AIG to pursue other interests.



ICAR 2018 registrations opened; top professionals in the fields of re/insurance, claims adjusting, risks modelling on the speakers list

by Daniela GHETU, 2018-08-23
"Various macro trends keep manifesting themselves: the digital age, longevity, ecological breakdown and increased protectionism are some of the key topics. While these changes can threat an established business model, macro trends can also be used to widen a commercial playground and explore different fields of profit," says Angelika WERNER, Expert Atmospheric Perils, Property Underwriting EMEA, Swiss Re.


MARSH: Global commercial insurance pricing up for the third consecutive quarter in Q2 2018
by Daniela GHETU, 2018-08-20
Global commercial insurance pricing increased for the third consecutive quarter in Q2 2018, largely driven by insurance pricing for property lines, which continued to be affected by 2017 catastrophe losses, and by increases in financial and professional lines, the latest data published by Marsh show.

CZECH Rep. 1H2018


Achmea result €200 million despite January storms

Aegon reports strong first half 2018 results

Azerbaijan's insurance company increases authorized capital

Azerbaijan's insurance market to continue growth in 2018

EC approves Slovenia's plan to sell 75% minus one share of NLB by end-2019

Fitch keeps Slovenia's Adriatic Slovenica on watch positive, revises KD Group to watch negative

GREECE: More than 30 million euros in insurance payouts over Attica fire tragedy

NN Group reports 2Q18 results

SLOVAKIA: Insurance Company NOVIS selects IBM Cloud to expand its business globally


The 1st Summit of National Reinsurers to be organized in Moscow, September 20-21
by Oleg DORONCEANU, 2018-08-23
Russia The Russian National Reinsurance Company (RNRC) invites in Moscow, on September 20-21, 2018 the main national reinsurance companies of the world, to take part in the 1st Summit of National Reinsurers.

4th Annual Conference Insurance in a Digital Future
13 September 2018, Ljubljana - Slovenia
Les Rendez-Vous de Septembre
8-13 September, 2018, Monte-Carlo
2nd Edition IFRS 17 Implementation in Life Insurance
13-14 September 2018, London, United Kingdom
XVIII International Finance Forum
12-15 September 2018, Odessa, Ukraine
Insurance Product Development Masterclass 2018
18-20 September 2018, Johannesburg, South Africa
Operational & Process Excellence (OPEX Central Europe) Summit 2018
19 - 21 September 2018, Prague, Czech Republic
1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation"
September 20-21, 2018, Sheraton Palace Hotel, Moscow, Russian Federationze="1"
24-28 September 2018, Swissotel Kamelia, Sochi, Russia
Insurance Conference - Republic of Moldova
2 October 2018, Radisson Blu Leogrand Hotel

ICAR 2018 - The International CAtastrophic Risks Forum
09 October 2018, Bucharest, Romania

The Xth International Istanbul Insurance Conference
4th - 5th October 2018 Istanbul


Ins. Report CEE, SEE & CIS – FY2017
KAZAKHSTAN FY2016 & 1H2017
TURKEY FY2016 & 1H2017
Motor Ins. Report FY2016
Property Ins. Report FY2016