 TOP
NEWS |
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 AIR
Worldwide - new Cat Models offer a broader and unified view of
risk across Europe
by daniela.ghetu@mxp.ro, 2011-09-15
Catastrophe risk modeling firm AIR Worldwide (AIR) released, on september
12th, updates to its Extratropical Cyclone and Earthquake Models
for Europe. Both models were significantly expanded to include additional
European countries and provide a consistent and comprehensive assessment
of the extratropical cyclone and earthquake risk throughout Europe.
 More
 UNIQA
targeting possible acquisitions in CEE
by mihai.cracea@mxp.ro, 2011-09-15
The Austrian insurance group UNIQA intends to expand its business
in Central and Eastern Europe through possible acquisitions in Bulgaria,
The Czech Republic, Hungary, Russia, Serbia or The Ukraine. "We
believe that these countries have huge mid-term potential for insurance
growth", said Kurt SVOBODA, Member of the Board and Chief Risk Officer for UNIQA.
More
 FITCH:
Austrian insurers' prospects are closely linked to the Central Eastern
and Southern Eastern European markets
by daniela.ghetu@mxp.ro, 2011-09-15
Prospects for Austrian insurers are closely linked to Central Eastern
and Southern Eastern Europe (CESEE), as more than one-third of their
premium income originates there, sais a recent report released by
FITCH Ratings. Austrian insurers' extending engagement in M&A
activity across the region, as the local markets offer great growth
opportunities, is an additional argument in this respect.
More
 RUSSIA:
Underwritings on general liability segment increased by 19.5% in
1H/2011
by olesea.serghiescu@mxp.ro, 2011-09-09
Gross written premiums for the ten companies that focused on general
liability lines, in the first six months of this year, have exceeded
RUB 7.7 billion (EUR 185.5 million), up by 19.5% compared to the
same period in 2010, according to INTERFAX.
More  Продолжение
 HUNGARY:
The insurance market exceeds EUR 1.6 billion. See the top of the
companies
by vlad.boldijar@mxp.ro, 2011-09-09
The total underwritings volume correspondent to the Hungarian insurance
market stood, after the first six months of this year, at the value
of EUR 1.61 billion, 4.4% more than in 1H/2010 - show data published
by the Financial Markets Supervisory Authority in Budapest. Calculated
in local currency, the insurance market experienced a recoil of 3.2%
(underwritings of HUF 429.5 billion), due to large differences in
EUR/HUF exchange rate. Also, for the analyzed period, the total claims
approved and paid by Hungarian insurers were about EUR 1.1 billion.
More Продолжение
 Croatian
market falls by more than 4%. All insurance types - in the red
by vlad.boldijar@mxp.ro, 2011-09-12
Insurance market in Croatia has counted, after the first six months
of the year, a total volume of gross written premiums of EUR 671
million, down by 4.4% compared to 1H/2010. On the other hand, claims
also fell by about 2 percentage points, to EUR 287.6 million, according
to XPRIMM INSURANCE REPORT 1H/2011.
More Продолжение
 POLAND:
Third Polish insurer, TU EUROPA for sale, rumors say
by daniela.ghetu@mxp.ro, 2011-09-09
GETIN Holding SA, the Polish financial-services group run by billionaire
Leszek CZARNECKI, is exploring a sale of insurer TU EUROPA SA, said
people familiar with the process, quoted by Bloomberg. According
to the same sources, who declined to be identified as talks are private,
JPMorgan Chase & Co.
is advising on a possible sale. The market value of the insurer,
which is 66.5% owned by GETIN, is about PLN 1.52 billion (EUR 380
million). No official statements are available at the moment.
More Продолжение
 RUSSIA:
ALLIANZ Russia S&P's rating revised to STABLE outlook
by daniela.ghetu@mxp.ro, 2011-09-07
Standard & Poor's Ratings Services said on
September 6th that it had revised its outlook on ALLIANZ Insurance
JSC (ALLIANZ Russia) to stable from negative. At the same time, S&P's affirmed its 'BBB-' counterparty credit and financial strength and 'ruAA+'
Russia national scale ratings on the company. The outlook revision
reflects a gradual recovery in ALLIANZ Russia's risk-based capital
adequacy to a level commensurate with its stand-alone credit profile.
More Продолжение
 Krzysztof
JABLONSKI appointed MD of VAN Ameyde CEE
by andreea.ionete@mxp.ro, 2011-09-08
VAN Ameyde Central Eastern Europe, now a 100% subsidiary of the international
claims management organisation VAN Ameyde Group, has appointed Krzysztof
JABLONSKI (39) as its Managing Director.
More Продолжение
 Moldova's
mediation market reached EUR 8.4 million
by vlad.boldijar@mxp.ro, 2011-09-09
EUR 8.4 million (MDL 139.5 million) totaled the brokerage market
in Moldova after the first six months of 2011, according to financial
data released by the National Commission of Financial Market. Compared
with the previous year, when Moldavian brokers registered business
of EUR 5.3 million (MDL 89.5 million), the value of mediated premiums
increased by over 57%. Also, during January-June this year, brokers
have mediated about 30% of gross premiums written by insurers, a
degree of mediation by about 10 percentage points higher than in
the same period of last year.
More Продолжение
 EU
Commissioner Michel BARNIER speaks at EIOPA Conference
by daniela.ghetu@mxp.ro, 2011-09-12
Michel BARNIER, the EU Commissioner for Internal Market and Services,
accepted the invitation of the European Insurance and Occupational
Pensions Authority (EIOPA), which replaced CEIOPS as of 1 January
2011, to speak at the organisation's first annual conference on 16
November 2011 in Frankfurt. The event takes places under the aegis
of the EUROPEAN FINANCIAL WEEK and Mr. BARNIER will hold a keynote
speech titled "EU
Insurance Regulation - Challenges and Opportunities".
More Продолжение
 A
Polish was appointed as President of ORANTA
by vlad.boldijar@mxp.ro, 2011-09-12
The EUREKO Executive Board has appointed Piotr KOWALCZEWSKI as President
at ORANTA, the Russian insurance company controlled by the Dutch
group.
More Продолжение
 A
new member in the Board of Management at ERGO
by vlad.boldijar@mxp.ro, 2011-09-12
The ERGO Versicherungsgruppe AG Supervisory Board appointed Rolf
WISWESSER to the company's Board of Management. WISWESSER will be
joining the Board of Management on 1 November 2011 and will be in
charge of Sales.
More Продолжение
 Two
Polish VIG companies to merge
by vlad.boldijar@mxp.ro, 2011-09-12
The VIENNA Insurance Group is planning to concentrate its resources
in the Polish non-life insurance market by merging the companies
InterRisk and PZM. According to the press release, it is expected
that the merger - which is still awaiting formal legal and regulatory
approval - will be completed during the first half of 2012. Also,
the sales power of the two companies will be combined as a result
of the merger and their market presence will be strengthened by using
a common brand throughout the country: InterRisk.
More Продолжение
 Large
insurance groups continue to lose market share
by andreea.ionete@mxp.ro, 2011-09-14
The member companies of the major European insurance groups present
in Romania ended the first half with underwritings of EUR 657.1 million,
a nominal decrease in EUR of over 8.6% compared to 1H/2010, when
they had cumulated EUR 719.4 million. Thus, the contribution of large
insurance groups in the total volume of gross written premiums in
the first half decreased to the 2009 level, of 68.5%, compared to
an year earlier, when the concentration degree was 69.2%.
More Продолжение
 Health
insurance mentain EUREKO in the black
by vlad.boldijar@mxp.ro, 2011-09-12
In the first half of 2011, the EUREKO Group achieve an increase in
gross written premiums of 2%, from EUR 10.71 billion in the first
half of 2010 to EUR 10.96 billion in the reporting period. "EUREKO
generated good results in the first half of 2011. All business lines
- Non-life, Health, Life and Banking - contributed to Group results
in spite of challenging market conditions. As financial markets continue
turbulent, we have proved to be resilient thanks to the low risk
profile of our investment portfolio and our robust financial position", said Willem van DUIN, Chairman of the Executive Board, EUREKO.
More Продолжение
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| MONTE
CARLO NEWS |
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 Les
Rendez-Vous de Septembre from Monte Carlo opened its gates for
the 2011 edition
by oleg.doronceanu@mxp.ro, 2011-09-12
For more than 50 years, the beginning of September represents, for
the elite of the worlds insurance, reinsurance and brokerage markets,
the Meeting from Monte Carlo - Les Rendez-Vous de Septembre. Thus,
starting Saturday, September 10th, the best known leaders and experts
in these fields met for six days in the capital of the monegasc
principality, with the purpose of negotiation and renewal of reinsurance
programs for next year.
 Global
insurance market down 2.7% in 2010; timid growth in reinsurance
by vlad.panciu@mxp.ro, oleg.doronceanu@mxp.ro,
2011-09-13
Global insurance market amounted to EUR 3.272 billion in 2010, while
the reinsurance market volume reached EUR 150 billion, said Jean-Philippe
THIERRY, President of the Association Rendez-Vous de Septembre, at
the press conference held on the 13th of September during the Monte
Carlo Reunion. Also, life insurance held a 58% share of the total
insurance market and 27% of the reinsurance market's volume.
 VIDEO: MUNICH
Re's development strategy eyes the high potential of the CEE markets
by oleg.doronceanu@mxp.ro, 2011-09-15
"Eastern Europe is very important for MUNICH Re. In our strategic plans is
considered a growth region, both in direct insurance, thru our insurance company
ERGO, and in the reinsurance business. We are happy that we can bring a lot of
interesting products and risk management know-how in the insurance markets of
this region. We also have the ambition to benefit from the significant growth
and development in the region", stated Torsten JEWORREK, CEO, Reinsurance Department MUNICH Re for XPRIMM.TV
Channel, in Monte Carlo.
Nat
Cat caused claims of around EUR 60-70 billion in first half
by vlad.panciu@mxp.ro, oleg.doronceanu@mxp.ro,
2011-09-14
Losses suffered by insurance industry in the first quarter of this
year exceeded the total claims suffered by the insurers for the whole
year 2010 (including the catastrophe in Japan), stated MUNICH Re
officials during SVR. Second quarter was much more "relaxed" in
this respect, except for the U.S., where there have been several
devastating storms.
 VIDEO: President
of AON BENFIELD: We are working with the authorities in Romania to
provide capacity on the international market to cover the risk of
earthquake
by oleg.doronceanu@mxp.ro, 2011-09-14
"The most important catastrophe risk in Romania is earthquake. In this respect,
we are working with authorities in Romania to provide capacity on the international
market to cover these risks", said in an interview for XPRIMM TV Grahame CHILTON, President of AON BENFIELD
and Vice President of AON Group.
 Reinsurers
capital reached USD 445 billion in first half
by vlad.panciu@mxp.ro, oleg.doronceanu@mxp.ro,
2011-09-13
Reinsurers capital reached USD 445 billion at the end of June, according
to the latest report AON BENFIELD Aggregate (ABA). According to Mike
Van SLOOTEN, Director, International Markets Analysis, AON BENFIELD, "despite
rising losses due to natural disasters in the last 18 months, financial
stability ratings have remained, mostly, unchanged, reflecting stability
of companies in terms of capital".
 VIDEO: The
reinsurance rates for Romania will remain at a constant level
by vlad.panciu@mxp.ro, mihai.cracea@mxp.ro, 2011-09-15
Although the current year has been costly for reinsurers, in the
areas where there were no significant events, it seems the reinsurance
rates will remain flat or they can even decrease.
 VIDEO: Guy
HUSDON: There will be an interesting attitude from reinsurers towards
pricing
by vlad.panciu@mxp.ro, mihai.cracea@mxp.ro, 2011-09-15
"There is a lot of debate whether the market has too
much capacity, whether the rates will be remaining flat or there
will be some decrease. To try to anticipate
the market movements would be difficult at this time. There are a lot of attempts
to diversify portfolios and I think reinsurers are looking for business opportunities
outside their normal domain", said Guy HUSDON, Partner, JLT Re.
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|
| EDITORIAL |
|
 Reinsurers
trust the CEE markets
It is September and, again, the Monte Carlo's Rendez-Vous time. Reinsurers
and direct insurers from the entire world are debating this week
the global reinsurance market's trends and also assessing the perspectives
of the forthcoming renewal season. Is there enough capacity? Is the
market hardening? What about the volatile environment? Should we
pay more attention to the nuclear risks? Tens of questions out after
the right answers... Read
more
daniela.ghetu@mxp.ro
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| POINT
OF VIEW |
|
 Elisabeta
GJONI
Chairperson
Albanian FSA
Albanian market prospect is believed to be positive in terms of growth,
with the voluntary insurance playing the major role. We also expected
further improvements in the market structure, in favour of voluntary
insurance, which might even become dominant for the first time. Read
more
 National
Bank of Serbia
Insurance Supervision Department
Insurance brokers and agents gained in significance, and their share
in total premium rose from 6% to 12% of total premium during the
last two years. Read
more
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| EVENTS |
|
8th ICAR - International CAtastrophic Ricks
Forum
Household insurance - The first checkpoint
October 10th, 2011
Radisson BLU Hotel
Bucharest, Romania
 The
first checkpoint of the Romanian Nat Cat insurance program – implemented
in the summer of 2010 -, including the extent to which it has boosted
the voluntary household insurance market, is coming: ICAR 2011 -
International CAtastrophic Ricks Forum. The event marks the first
year’s review of mandatory household insurance and will take place
on October 10th, 2011, at Hotel Radisson BLU in Bucharest. Read more
Click
here for details about ICAR 2011!
Click
here to register!
IUMI Annual Conference
September 18th-21st, 2011
Meridien Montparnasse Hotel, Paris, France
Organizer: IUMI & FFSA
For details: www.iumi2011.com
3rd Annual Insurance Distribution Strategies Forum
September 21st-22nd, 2011
Barcelona, Spain
Organizer: Fleming Europe
Media Partner: PRIMM Magazine
- Insurance & Pensions
For details: www.flemingeurope.com
11th International Yalta Finance Forum
September 19th-23rd, 2011
Yalta, Ukraine
Organizer: The League of Insurance
Organizations of Ukraine
Media Partner: PRIMM Magazine
- Insurance&Pensions
For details: www.cbs.org.ua
Motor Insurance - Cross-Border Cooperation
September 27th, 2011
Sofia, Bulgaria
Hotel Sheraton
Organizers: Media XPRIMM and INSMARKET.BG
For details: www.xprimm.com
8th ICAR - International CAtastrophic Risks Forum
October 10th, 2011
Radisson BLU Hotel, Bucharest
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine
- Insurance & Pensions
For details: www.icarforum.ro
32nd Baden-Baden Meeting 2011
October 23rd-27th, 2011
Baden-Baden, Germany
For details: www.badendirectory.com
Baden-Baden XPRIMM Reception
October 23rd, 2011
Kurhaus Casino, Runder Saal
Baden-Baden, Germany
Organizer: PRIMM Magazine -
Insurance&Pensions
For details: www.xprimm.com
WorldPensionSummit 2011
November 2nd-4th, 2011
Amsterdam, Olanda
Partener Media: PRIMM Asigurari & Pensii
For details: worldpensionsummit.com
European Banking & Insurance
Fair 2011
November 15th
IFEMA - Feria de Madrid, Madrid, Spain
6th European Pension Funds Congress
November 15th, Frankfurt am Main
Organizers: EFRP and MALEKI
Group
Media Partner: PRIMM Publications
For details: www.malekigroup.com
EIOPA Conference
November 16th, Frankfurt am Main
Organizer: MALEKI Group
Media Partner: PRIMM Publications
For details: www.malekigroup.com
International Insurance Forum 2012
March 5th-6th, 2012
Istanbul, Turkey
Organizer: Media XPRIMM si
Istanbul Underwriting Center
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| INTERVIEW |
|
 George
KOUTINAS
CEO
KOUTINAS S.A. – Insurance Broker Services, Lloyd's Binding Authority
Errors and omissions are characteristic to the human nature, especially
when we are working under the pressure of a deadline, or in a stressful
environment. Any Professional assumes responsibilities that might
lead to a damage or financial loss. The respective remuneration for
claims against him might be "very
heavy", even unbearable compared to his professional fee and his financial capacity.
Professional Indemnity Insurance is the best safeguard in this respect. Read more
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| FINANCIAL
NEWS |
|
 BARROSO:
This is a fight for the economic and political future of Europe.
This is a fight for European integration itself
by daniela.ghetu@mxp.ro, 2011-09-15
Addressing the European Parliament, on September 14th, President
BARROSO made remarks on the current economic situation and the euro
and set out the Commissions' view for the way ahead. He recalled
that "solid,
feasible and concrete proposals have been made" which now need to be implemented, and pointed out that the "only right way to stop the negative cycle and to strengthen the euro is to deepen
integration, namely within the Euro area, based on the Community
method". He stressed that a new, unifying impulse - 'un nouveau moment federateur' is
indispensable" and confirmed that "the Commission will soon present options for the introduction of Eurobonds."
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