XPRIMM News No. 434, 18 January, 2019

		Insurance Newsletter, No. 434, 18 January, 2019 Click here to subscribe! Click here to unsubscribe!

TOP NEWS Czech Rep.: Kooperativa VIG becomes the largest insurer in the country after the merger with PCS by Andrei Victor, 2019-01-18 Austrian Vienna Insurance Group (VIG) announced its Czech companies Pojistovna Ceske sporitelny (PCS) and Kooperativa merged with effect from 1 January 2019. More STATISTICS: CROATIA timeline 2008 - 2017: the MTPL prices liberalization was the event with the highest impact on the market evolution by Cosmin CONCEATU, 2019-01-18 Between 2008 and 2017, the Croatian insurance market saw an 8% decrease in business, in GWP terms. From an absolute value of EUR 1.32 billion recorded in 2008, GWP at the overall market level gradually decreased year by year, until 2015, when the market started to grow again. The positive trend seen in 2016 and 2017 was not strong enough to bring the market at the pre-crisis level. More RENOMIA buys majority stake in established insurance broker IMG in the Czech Republic by Daniela GHETU, 2019-01-18 RENOMIA, a leading insurance broker in Central and Eastern Europe, announced it bought a majority stake in IMG, one of the leading Czech insurance brokers providing services to corporate and individuals. More Bulgaria: Hungarian OTP takes over the banking, leasing and life insurance business from Societe Generale by Daniela GHETU, 2019-01-18 The sale of the French Societe Generale banking group's Bulgarian subsidiary, SG Expressbank - including the leasing, factoring and life insurance subsidiaries -, to Hungarian OTP Bank was finalized, according to an OTP statement on 16 January. More STATISTICS: Macedonia, 3Q2018: Local insurance market expanded to EUR 120 million by Andrei Victor, 2019-01-18 Macedonian insurers nine-months 2018 aggregate GWP amounted MKD 7.4 billion (~EUR 120 million), 8.9% more y-o-y, according to the market figures provided by the Insurance Supervision Agency of Macedonia. More TURKEY: Authorities extended the ceiling on MTPL premiums for another year by Andrei Victor, 2019-01-18 The Turkish Ministry of Treasury and Finance has extended for another year the ceiling on MTPL tarrifs. More Swiss Re: Global NatCat and man-made disaster insured losses estimated at USD 81 billion in 2018; Group's own claims burden to reach USD 2.9 billion by Daniela GHETU, 2019-01-15 Swiss Re expects a combined claims burden from natural catastrophes and large man-made disasters of USD 2.9 billion for the full year 2018. For the whole industry in 2018, Swiss Re estimates global insured losses of USD 81 billion. More Guy Carpenter: limited reinsurance rate movement at January 1 despite uncertainty over pricing adequacy and available capital by Daniela GHETU, 2019-01-15 The overall impact of catastrophe losses on property rates was muted at the January 1, 2019 reinsurance renewals, but the fourth highest annual catastrophe loss year on record did create questions over pricing adequacy, underwriting strategy and the amount of capital available, says Guy Carpenter & Company LLC. More Willis Re: disciplined cedants, with good loss records achieved risk-adjusted rate reductions at property catastrophe renewals by Daniela GHETU, 2019-01-15 Reinsurance placements at 1 January 2019 highlight a pricing gap between accounts with peak peril exposures or poor loss records and the rest, with many reinsurers placing emphasis on the quality of client counterparties, the latest 1st View renewals report from Willis Re shows. More Allianz Risk Barometer 2019: Cyber joins BI as leading global risk for companies by press.release, 2019-01-18 In the wake of mega data breaches and privacy scandals, major IT outages and the introduction of tighter data protection rules in the European Union and other countries, cyber risk is now a core concern for businesses in 2019 and beyond. More AM Best upgrades Issuer Credit Rating of Assicurazioni Generali S.p.A.; Assigns Credit Ratings to Generali Espana by Daniela GHETU, 2019-01-15 AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "a+" from "a" and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries. More AM Best removes from under review and downgrades credit ratings of HDI Global Specialty SE by press.release, 2019-01-15 AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Rating to "a+" from "aa" of HDI Global Specialty SE (Germany). The outlook assigned to these Credit Ratings (ratings) is stable. More The 2nd International Insurance and Reinsurance Congress to be held in Moscow on April 10-12, 2019 by Marina MAGNAVAL, 2019-01-18 in the will take place. More Продолжение ARMENIA: export insurance in 2018 increased by 73% by Marina MAGNAVAL, 2019-01-18 In 2018 export insurance recorded a significant growth. Total insured amount was AMD 7.9 billion (+73% y-o-y), at that total insurance premiums exceeded the planned level for 2018-2020 by 31%, as the press office of the Export Insurance Agency of Armenia announced. More Продолжение KAZAKHSTAN: in December 2018 insurers' assets exceeded KZT 1 trillion by Marina MAGNAVAL, 2019-01-18 According to the Association of Financiers of Kazakhstan, for 11 months in 2018 the insurers' assets went up by 8.6%, and by the beginning of December they exceeded KZT 1 trillion amounting to KZT 1,004.8 billion. More Продолжение KAZAKHSTAN: total amount of administrative fines against non-life insurers in 2018 reached KZT 173 million by Marina MAGNAVAL, 2019-01-18 According to the National Bank of Kazakhstan, in 2018, 18 out 20 existing insurers fell under the regulator's sanctions. 167 measurers were applied mostly in the form of administrative fines for non-life insurers in 2018 and reached a record amount of KZT 173 million. More Продолжение RUSSIA: on January 1, 2019 new amendments, expanding powers of the Bank of Russia in regards to insurance companies, came into force by Marina MAGNAVAL, 2019-01-18 On January 1, 2019 new amendments to the Law on insurance activity came into force and they give the right to the Bank of Russia to impose a ban or restriction on certain transactions of insurance companies, as ASN wrote. More Продолжение RUSSIA: according to Expert RA, life GWP in 2019 may decrease by 20% and non-life sector will keep stagnating by Marina MAGNAVAL, 2019-01-18 Expert RA believes that uncertainty on the life market is extremely high and its GWP in 2019 may drop to the level of 2017, according to the agency's preliminary forecast for 2019. More Продолжение RUSSIA: Dmitry GRISHANKOV steps down from the presidency of Expert RA, the Russian rating services market's leader by Marina MAGNAVAL, 2019-01-18 Dmitry GRISHANKOV, who has been the president of Expert RA, left his post by agreement of the parties on December 30, 2018. However, he remains a shareholder and a member of the board of directors of the agency, as the rating agency reported. More Продолжение MARKETS&TRENDS WEF's global Top 5 most concerning trends 2019: changing climate, cyber dependency and increasing social disparities and national sentiment Rising geopolitical and geo-economic tensions are the most urgent risk in 2019, while environmental degradation is the long-term risk that defines our age, with four of the top five most impactful global risks in 2019 related to climate. Rapidly evolving cyber and technological threats are the most significant potential blind spots; we still do not fully appreciate the vulnerability of networked societies. These are some of the main conclusions of the World Economic Forum's Global Risks Report 2019. More

On the move ALLIANZ announced three executives appointments by Andrei Victor, 2019-01-18 German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE. More Guy Carpenter announces new division and senior appointments designed to deliver enhanced client value by Daniela GHETU, 2019-01-18 Guy Carpenter & Company, LLC, a wholly owned subsidiary of Marsh & McLennan Companies, announced the formation of a new Global Capital Solutions Group and a series of new leadership appointments related to the Jardine Lloyd Thompson Group plc (JLT) acquisition. More MMC names new MERCER CEO and MMC Vice Chairman by Andrei Victor, 2019-01-18 Marsh & McLennan Companies (MMC) announced key leadership changes appointing new MERCER CEO and MMC Vice Chairman "to further its growth strategy". More Lloyd's of London announced new members to the Council by Andrei Victor, 2019-01-15 Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member. More Bozidar Ljubisavljevic to lead Marine Specialty for Howden Turkey, the Middle East & Africa by press.release, 2019-01-15 Howden, part of Hyperion Insurance Group, announced the appointment of Bozidar LJUBISAVLJEVIC as Regional Marine Practice leader for the Howden Turkey, the Middle East and Africa region (TMEA). He will be based in Dubai. More MS Amlin CFO John Worth to join HASTINGS Group by Andrei Victor, 2019-01-15 Global re/insurer MS Amlin announced that its Chief Financial Officer - John WORTH will be stepping down from his role to join HASTINGS Group plc as CFO. More Thomas MOTAMED elected to AIG BoD by Andrei Victor, 2019-01-18 The Board of Directors of American International Group elected Thomas Firouz MOTAMED as a Director, effective immediately. More STATISTIC UPDATES   STATISTICS: CROATIA timeline 2008 - 2017   STATISTICS: Macedonia, 3Q2018 EVENTS IFRS 9 After Implementation In-House Training Date, venue & schedule - chosen by the applicants 10th Bancassurance Africa Summit 2019 12 - 15 February 2019 Cape Town, South Africa IIF 2019 - Actuarial Trends in the SEE Region 28 February 2019, Skopje, Macedonia Georgian International Insurance Conference 14 March 2019, Tbilisi, Georgia IIF 2019 - MOTOR Insurance Conference 8 April 2019 Bristol Hotel, Vienna, Austria IIF 2019 - Property Conference 9 April 2019 Bristol Hotel, Vienna, Austria European Consumer Protection Conference 17 May 2019 Intercontinental Hotel, Bucharest, Romania FIAR 2019 - International Insurance Reinsurance Forum 19 - 22 May 2019 Sinaia, Romania CURRENT XPRIMM REPORTS Ins. Report CEE, SEE & CIS – 1H2018 KAZAKHSTAN FY2017 & 1H2018 TURKEY FY2017 & 1H2018 RUSSIA 1H2018 ROMANIA 1H2018 Motor Ins. Report FY2017 Property Ins. Report FY2017