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Russia & CIS - archive

CEA urges insurance industry to participate in QIS 5

The CEA, the European insurance and reinsurance federation, has  urged all European insurers, to take part in the European Commission's fifth quantitative impact study (QIS 5), in order to collect data for the forthcoming Solvency II regulatory regime. more...
(24.08.2010)

Insurance market in Russia is rising by 6% in the first semester

Russian insurers underwrote in the first in the 1st half of the current year gross premiums of almost EUR 13.4 billion 5.8% higher compared to the 1st half of 2009, says The Insurance Supervisory System in Russia (FSIS). At the same time, the volume of paid claims increased with 4.4%, up to EUR 9.4 billion. more...
(23.08.2010)

VIG grows by 2% in the CEE markets

In the CEE markets, the VIENNA Insurance Group companies reported premiums written in property/casualty insurance of a total of EUR 1.4 bn., representing a 2 percent increase, while in the life insurance segment it registered a substantial growth of 16.1 percent, increasing premiums written to EUR 728.4 million. more...
(26.08.2010)

AGEAS is selling it's life subsidiary in Turkey

AGEAS, former FORTIS, signed on the 26th July an agreement with BNP Paribas Assurance, which includes selling the life insurance and pensions operations from Turkey, the company announced in a press conference. more...
(26.08.2010)

First half year 2010 premiums remain stable for ALLIANZ in CEE

German group ALLIANZ have wrote premiums of EUR 2 billion in Central and Eastern Europe (CEE), an increase by 5% compared to 1h/2009. When adjusted for currency effects, premiums dropped by 1 percent. Operating profit in the first half year amounted to EUR 100 million, corresponding to a 37% decrease compared to the first six months of 2009. On an adjusted basis, operating profit dropped by 39 percent. more...
(12.08.2010)

High fees pump up Bulgarian pension insurers' profits in 1H/2010

Bulgaria's pension insurance companies chalked up bumper profits for the first half of the year against the backdrop of slightly better yields and slumping social security contributions, showed the latest numbers of the Financial Supervision Commission (FSC). more...
(08.08.2010)

An increase by 9% for the Russian MTPL insurers in 1H/2010

Russian insurance companies have increased by 8.8% written premiums on the MTPL segment for 1H/2010 to EUR 1.1 billion, according to Motor Union of Russian Insurers (RSA) cited by insur-today.ru. more...
(09.08.2010)

Swiss Re says drought to spur Russia crop insurance

SWISS Re is expecting that the current drought in Russia will stimulate the interest of the farmers on the young agricultural insurance market as crop failure is one of the main issues in the country.
more...
(12.08.2010)

Insurers gather at X International Yalta Finance Forum in September

The anniversary 10th International Yalta Finance Forum will take place in Yalta, UkraineOn September 20-24, 201. The event is organized by the Business Strategy Center PERSPEKTIVA together with the LIOU - League of Insurance Organizations of Ukraine. more...
(12.08.2010)

The European Commision launches QIS5 test

The Commission services have sent CEIOPS the following Call for Advice along with the final technical specifications for the fifth quantitative impact study on Solvency II (QIS5). European insurance and reinsurance undertakings, including captive ones, are being asked to participate in the QIS5 exercise from August to November 2010. CEIOPS will publish the report on the results of the QIS5 exercise in April 2011. more...
(09.07.2010)

Bulgaria moves to introduce 2% tax on insurance premiums

Bulgaria's parliamentary economic commission approved at first reading a bill, which provides for the introduction of 2% tax on insurance premiums. Thirteen MPs voted for and another six against the new tax, which will come into effect on September 1 and is expected to hike insurance policies prices by at least 2%. more...
(14.07.2010)

SIGMA: Central and Eastern Europe reverses growth trends

A weak economic recovery in Central and Eastern Europe in 2010 will continue to
reduce demand for motor and other lines sensitive to the business cycle, the latest SIGMA report published by SWISS Re states. The potential for rate increases will also be limited. Non-life premium growth is likely to revive slightly in 2011 as the economic recovery regains some momentum; however, growth will be more muted than in the past ten years.
more...
(08.07.2010)

INGO Group's performance in 2009 in accordance with IFRS

According to the results of 2009, the consolidated insurance premiums paid to Russian INGO group amounted to RUR 52.7 billion, compared to 51.5 for the same period of previous year (2.4% growth compared to 2008). more...
(15.07.2010)

50.1% increase for the Kazakh insurance market in the first quarter

Kazakh insurance companies have reported premiums of EUR 358 million in the first quarter of the year, an increase by 50.1% compared to the similar period of the last year, according to local watchdog. Mandatory insurance classes amounted to EUR 71.3 million (+25.2%) and facultative segment - EUR 286 million. more...
(24.06.2010)

GWP 3,4% increase in Poland in the first quarter

Polish insurers have paid approximately EUR 821 million in indemnities for the motor and property insurance in the first quarter of 2010, as results from the data collected by the Polish Chamber of Insurance (PIU). Life insurance benefits reached the amount of almost EUR 1.6 billion. The first quarter of this year was dominated by the losses caused by the long and frosty winter. more...
(26.06.2010)

Bulgaria approved 2% tax on insurance policies

Bulgaria's Council of Ministers recently approved a 2% tax on insurance premium incomes, according to DNEVNIK.
The new tax will apply to all premiums in the general insurance market except for cargo where the first and final point o travel are outside Bulgaria, as well as on permanent health insurance covers. Life insurance and reinsurance premium incomes will also be levied no tax.
more...
(25.06.2010)

VIENNA Insurance approved new company structure

The 19th Annual General Meeting of Vienna Insurance Group decided to spin off the entire insurance division as a 100 percent subsidiary, which will be called the "VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe ", according to company's press release. As the largest individual company of the Group and leading insurance company in Austria, the Wiener Stadtische Versicherung AG VIENNA Insurance Group will conduct its operational insurance business. All preparations for the implementation of the resolutions have already been made by the management, guaranteeing a smooth transition. more...
(01.07.2010)

GENERALI'S Sergio BALBINOT elected new CEA vice-president

At the CEA's General Assembly held in London on 10 June, Sergio BALBINOT, Managing Director of GENERALI, was elected vice-president of the federation. He will serve a term of one year, before taking over from Tommy PERSSON as CEA president in June 2011 for a mandate of three years.
Welcoming the appointment, PERSSON said: "I am delighted with the election of Sergio BALBINOT as CEA vice-president. Bringing a wealth of experience as an active top level executive in GENERALI, he will strengthen the CEA, both now and in the future."
more...
(16.06.2010)

The most important insurance publications meet in Sofia

Starting today, June 17, 2010, Sofia will be host of the 55th annual meeting of PIA (Presse Internationale des Assurances).
Media XPRIMM will be represented at the event by Daniela GHETU, Editorial Director of PRIMM Publications, Mihaela CIRCU, Editor in Chief of XPRIMM Newsletters and Oleg DORONCEANU, International Markets Coordinator.
more...
(17.06.2010)

COFACE receives Russian credit insurance license

Credit insurer COFACE announced that the Russian state authority for insurance (FSSN) has granted a license to its subsidiary "ZAO COFACE Rus Insurance Company" based in Moscow, according to Insurance Journal. COFACE is the first international credit insurer to obtain its license in Russia. more...
(17.06.2010)

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Interview of the week
Mihail TECAU Mihail TECAU
President of the Executive Board
BCR Asigurari VIG

We believe that the main threat for an insurance company, under a declining economic environment, may be associated with managerial decisions rather than with decreasing or increasing the percentage of indicators, and this risk is valid in any period of an economy, irrespective that is growing or in recession. Details






















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