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XPRIMM News No. 416, 30 August, 2018

Insurance Newsletter, No. 416, 30 August, 2018

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Vienna Insurance Group right on track in the first half of 2018
by Daniela GHETU, 2018-08-30
Vienna Insurance Group recorded a 3.6% y-o-y GWP growth, to EUR 5.2 billion in 1H2018, while the result (before taxes) went up by +5.5%, to around EUR 233 million, in spite of impairment in Romania.

PZU Group, 1H2018: consolidated net profit up 38.3% y-o-y
by Daniela GHETU, 2018-08-30
The Polish PZU Group ended 1H 2018 with GWP increasing by 2.4%, to PLN 11.8 billion (EUR 2.7 billion), while paid claims went up by 1.8%, to PLN 7.34 billion. The Group's consolidated net profit reached PLN 2,358 million, 38.3% up y-o-y.

A.M. Best affirms credit ratings of Polskie Towarzystwo Reasekuracji S.A.
by press.release, 2018-08-27
A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Polskie Towarzystwo Reasekuracji S.A. (POLISH Re) (Poland). The outlook of these Credit Ratings (ratings) remains stable.
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STATISTICS: ESTONIA, 1H: Insurers reported impressive rates across all LoB
by Andrei Victor, 2018-08-30
Estonian insurers reported H1 2018 GWP of EUR 243 million, almost 17% more compared with January-June 2017, according to the market figures published by the Estonian National Statistics Board.

STATISTICS: LITHUANIA 1H: motor lines posted the largest GWP increases
by Andrei Victor, 2018-08-30
Lithuanian insurers reported GWP of EUR 440 million in 1H 2018, 13.4% more y-o-y, according to the half-year figures published on the Central Bank's website.

UPDATE: New findings suggest Olympic Insurance was already bankrupt in 2015
by Alana MACKENZIE, 2018-08-30
The Cypriot Auditor General Odysseas MICHAELIDES claimed that his office had spotted Olympic's insolvency issues during a 2014 audit. Yet, the situation broke out only four years later, when the company went bankrupt leaving some 200,000 clients uninsured.

UKRAINE: for 7 months premiums of the TAS Group went up by almost 39%
by Marina MAGNAVAL, 2018-08-28
For 7 months this year TAS Insurance Group generated UAH 749.62 million of premiums* (+38.8% y-o-y), as informed Forinsurer portal.
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STATISTICS: TAJIKISTAN, 1H 2018 result: voluntary insurance keeps 71% stake in GWP portfolio
by Marina MAGNAVAL, 2018-08-30
In the first half year Tajik market generated TJS 93.63 million of GWP (EUR 8.79 million), TJS 20.65 million from that amount were ceded in reinsurance, based on the data, published by the National Bank of Tajikistan.
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GEORGIA: total number of insured moto vehicles increased to 5.9%
by Marina MAGNAVAL, 2018-08-30
According to the Insurance State Supervision Service of Georgia total number of insured moto vehicles in the country as of the end of the second quarter 2018 amounted to 5.9%, while last year their average number was 5.2%.
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KAZAKHSTAN: for 7 months 2018 premiums of Motor Hull went up by 22.3%
by Marina MAGNAVAL, 2018-08-28
For 7 months this year Motor Hull premiums of local insurers went up by 22.3% y-o-y, to KZT 11.3 billion*, according to the National Bank of Kazakhstan. Paid claims of the class slightly decreased by 4% to KZT 3.3 billion.
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KAZAKHSTAN: voluntary property insurance decreased by 2% y-o-y
by Marina MAGNAVAL, 2018-08-28
Premiums of local insurers in voluntary property insurance went down y-o-y by 2%, at that paid claims of the class jumped almost 3 times higher, according to the data of the analytical service
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KAZAKHSTAN: For the period of January to July insurer profit jumped by 45.8%
by Marina MAGNAVAL, 2018-08-30
Income from insurance activity between January-July increased by 4.3% y-o-y and amounted to KZT 160 billion*. Although positive, the market dynamic recorded so far this year is less impressive than the last years' one (12.8%), the portal reads.
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KAZAKHSTAN: EURASIA will participate in the construction project of world's highest statue
by Marina MAGNAVAL, 2018-08-30
India is developing a construction project for the highest statue in the world, the total cost of which is over USD 500 million. The leading insurer of Kazakhstan, EURASIA, will participate by insuring the project, announced portal.
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RUSSIA: Credit health insurance for the first half of the year amounted to 19% of all life premiums
by Marina MAGNAVAL, 2018-08-30
The GWP of credit health insurance in the first half of 2018 amounted to RUB 42 billion (~EUR 0.57 billion), which accounts for 19% of all life insurance premiums. Of that amount, about RUB 10 billion (~EUR 0.14 billion) were generated by accident and illness insurance, reported ASN portal.
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RUSSIA: The Federal Tax Service will soon have the right to freeze accounts of entrepreneurs for not submitting tax calculations on insurance premiums
by Marina MAGNAVAL, 2018-08-30
The Federal Tax Service (FTS) of Russia, will soon have the right to freeze the accounts of entrepreneurs who fail to submit tax calculations on insurance premiums. The new law comes into force on August 30, as stated by FTS.
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RUSSIA: first institute of pre-trial settlement to be established on the financial market
by Marina MAGNAVAL, 2018-08-30
The Central Bank of Russia has appointed the first financial ombudsman for pre-trial settlement of financial disputes - Ilya VORONIN, the advisor to the Head of the Central Bank Elvira NABIULLINA, said the First Deputy Chairman of the Central Bank Sergey SHVETSOV.
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ALLIANZ Partners establishes three new innovation centers
by Daniela GHETU, 2018-08-30
Following the success of its pioneering Automotive Innovation Center, launched in 2014, ALLIANZ Partners further embraces technological disruption and redefines insurance by establishing three new innovation centers focusing on travel, health and assistance.

SCOR global life partners with Human Longevity Inc. to bring data-driven health intelligence to life insurance policyholders
by press.release, 2018-08-30
HLI delivers individual health assessments by combining state-of-the-art DNA sequencing and expert analysis with machine learning. The company generates a personal health risk profile, combining insights from various tests, including full genome sequencing, full body MRI, blood samples, EKG, etc., with an overlay of tests correlated to genetic predisposition to assess "actual" risk.

eugene_gurenko_icar_80Eugene GURENKO elected as third member of its Board of Directors of EUROPA Re
by Daniela GHETU, 2018-08-30
EUROPA Re has announced Eugene GURENKO was elected as third member of its Board of Directors. Hansjurg APPENZELLER and Anselm SMOLKA, members of the Board of Directors since 2009 and 2016 respectively, were re-elected for a new term.



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.


CTS-micDr. Eng. Carlo TOZZI SPADONI Co-founder, Insurance Engineering Services
by Daniela GHETU, 2018-08-30
In the insurer – customer relationship, loss adjustors are a very sensitive connecting link – they must act quickly and accurately, in a difficult moment, to provide a fair compensation solution and quite often, assist customers to limit post-event losses. From a broader perspective, loss adjustors are the most direct observers of the impact different risks or their accumulation have upon the insured structures, which makes them in many respects the most valuable advisors. Considering the complex role that a good loss adjustor can play, we spoke about recent trends in weather-related losses with …




A.M. Best Affirms Credit Ratings of Ingosstrakh Insurance Company PJSC

Olympic's 200,000 drivers in Cyprus and Bulgaria without cover

Slovenia's KD Group turns to cons net loss in H1

TURKEY: Unstable economy and weak lira hit insurers


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
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