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Polish bank PKO is to buy AIG’s local actives

December 13th, 2009

The second-largest Polish bank PKO BP, possessed by the state, negotiates for purchase of local branch of American insurer American International Group Inc.
PKO management battles to the basic competitor in the Polish bank sector – Pekao, which is supervised by Italian financial group UniCredit.
Concerning the purchase of actives AIG, PKO is not going to finance the transaction from own capital, for these purposes the bank is going to involve the additional capital.
Sale of Polish branch AIG is a part of the plan of the American insurance group on attraction of cash after prevention of its bankruptcy owing to the help of the American government at the rate of $152 billion. Analytics estimate Polish business AIG in cost of $0,5 billion up to $1 billion. At the same time, many of them warn of high risks at the similar transaction, which can give РКО more losses, than benefits.

VIG: our activity in Czech Republic is effective

February 10th, 2009

Affiliated company Vienna Insurance Group (VIG) in Czech Republic – reinsurance company VIG Re – has gained more than 280 million euro from the beginning of the activity (September, 2008).
Company’s management expected, that only after three years of work the award of the reinsurer will reach 300 million euro.
The group has also noticed that the share of contracts with the third party for the current period makes more than half from the reinsurer’s general premiums.
Günter Geyer, chairman of the managing board and CEO of the VIG has told that so successful beginning of VIG Re’s work proves group’s decision to use new business model in the field of reinsurance and considerable demand for VIG Re’s reinsurance services among the companies, which are not a part of group, became especially remarkable fact.
As RP Newsline has earlier informed, VIG Re (VIG Re zajistovna a.s.) has received the license of Czech National(CNB) on realization of reinsurance activity in August, 2008 VIG Re and has started to carry out activity in the beginning of September. The initial share capital of the   reinsurer has made about 100 million euro. The company is registered in Prague and renders reinsurance services. In the end of October the international rating agency Standard and Poor`s has given it «А+» financial stability and credit rating.

Insurance giant AIG sells the division because of debts

January 26th, 2009

German reinsurer Munich Re will buy HSB Group, belonging to the American International Group, for $742 in order to expand presence in the USA.
Company Hartford Steam Boiler Inspection and Insurance which, provides a covering of a wide spectrum of risks, is HSB’s basic active. In 2007 after payment of taxes HSB’s profit has made $158 million, and the total premium – $904 million.
AIG, which has bought Hartford Steam Boiler in 2000 approximately for $1,2 billion, it is compelled to sell actives worldwide to repay the government.
Munich Re has informed, that the agreement on purchase contains a term, which will protect the company from further investment HSB’s losses. The overcautious person plans to finance transaction which, predictably, will be closed by the end of the first quarter 2009.

Russian insurers sale “green card”

January 21st, 2009

Since December, 15th, 12 Russian insurance companies have started sale of certificates of auto insurance for travel by car in countries of the Europe.
Since January, 1st, “Green card” will become the obligatory document for travel practically in all countries, including Ukraine, Belarus and Moldova.
Russian car owners, going abroad, will have to pay €65 for monthly certificate or €34 for the period of 15 days. It is possible to get “Green card” for a year. The price makes €308. These tariffs concern to automobile motor transport only. The fortnightly tariff for the bus will cost €97 euros, and for the lorry the price will make €57 euros.

Insurance payments in Moscow will increase

January 3rd, 2009

Since January, 1st, 2009, the governmental order of Moscow from August, 5th, 2008, 700 «About perfection of insurance system of premises in Moscow» certain some changes in conditions of insurance
Since January, 1st, 2009 there will be certain changes in conditions of insurance. There will be increase in the size of payments at insurance case. In the initial size defining the size of payment for premises damaged as a result of insurance case, insurance cost of one square meter of premises. Now it is equal to 17 thousand rubles ($404). Since January, 1st, 2009, insurance cost of one square meter of total area of premises is established at 20 000 rubles ($476). It means that payments will increase almost by 18 %.
Change of tariff has not occurred, it has remained 6-7 times below commercial, but because of increase in cost of your apartment the payment for insurance has slightly increased.

Financial crisis has come to Chinese insurers

December 24th, 2008

Chinese insurance industry, which volume makes $440 billion, faces great problems now.
And even intervention of authorities does not rescue Chinese insurers and in terms of world financial crisis, growth of profit of these companies is not expected.
One of the largest insurance companies of China Ping An Insurance Co has lost $2,3 billion on investments in shares of Belgium-Netherlands financial group Fortis NV.
Shares of insurance company China Life have already decreased on 50 %, and Ping An’s shares have lost more than two thirds of cost for the same period. Moreover, Ping An has informed on losses on results of III quarter at the rate of $1,15 billion, that is connected with the western operations of the company.
Since October 2007, Shanghai Composite index has lost more than 70 %, and the majority of the insurance companies incur losses because of problems in the market. And it is obvious that in the nearest years the profit, which the companies receive from the share markets, will remain low.

Latvian insurance market has increased by 13 %

December 5th, 2008

According to the Latvian Insurers Association within ten months Latvian insurance companies’ premiums have increased by 13%(Ls35,2 million ) in comparison with the similar period of the last year.
In general from January till October insurers have signed premiums for the sum Ls304,6 million.
The sum of paid during this period premiums has grown much quickly – on 48 % or Ls52,7 million. Within ten months period the sum of premiums has made Ls161,8 million or Ls532 thousand a day.
The quantity of the premiums signed by companies on insurance risks, has grown on 16 % or Ls36,7 million, the sum of paid premiums has increased  by 41 % or Ls40,8 million.
In life insurance the volume of the signed premiums has decreased for 3 % or on Ls1,6 million – up to Ls44,9 million.
The share of life insurance premiums has made 15 %, and the share of risks insurance makes 85 %.

AIG sells the division to the Arabian company

December 1st, 2008

Insurance company American International Group Inc. (AIG) has come to agreement with company Aabar Investments PJSC, which headquarters is located in the United Arab Emirates, upon sale of affiliated division AIG Private Bank Ltd.
Under the Aabar Investments’ management of AIG Private Bank will become independent financial company, its main office will be located in Switzerland, and branches will be located in Hong Kong, Shanghai, Singapore and Dubai. AIG Private Bank will carry out the activity (mainly services in management of the finance of physical persons) under the new name in such regions, as Western and the Eastern Europe, Asia and the Near East.
AIG Group, which cost of shares has fallen approximately on 98 percents, is one of world leaders in sphere of insurance and financial services and the largest insurer of the USA. Its divisions are located in 130 countries of the world. AIG’s shares are registered at stock exchanges in New York, Tokyo and Dublin. In September AIG appeared on the verge of bankruptcy, and the state assistance in exchange for a controlling interest has been offered to it, and in the middle of November the volume of assistance has been increased almost up to 150 billion dollars.

Fitch has lowered the forecast of 12 insurance markets

November 26th, 2008

International rating agency “Fitch” has changed the forecast on ratings of 12 insurance and reinsurance markets from stable to negative.
Considerable deterioration of conditions in the international financial market, affected balance indicators and financial flexibility of the insurance companies became the reason of change of the forecast.
So, “Fitch” has changed the forecast from stable to negative on ratings of the markets of life and not-life insurance in France, Japan, Switzerland and the Great Britain, and also ratings of the US and Italian insurance markets. The agency has also changed the forecast ratings of medical insurance market of Germany and ratings of the international reinsurance market.
The agency has left without changes the negative forecast concerning six insurance markets, including the market of life insurance in the USA, the forecast on which has been changed from stable to negative on September, 29th. The negative forecast also remained on the markets of health insurance and title insurance in the USA, life insurance in Germany and Italy.
Fitch’s analysts consider that many insurers will incur substantial damages following the results of the III quarter.

Belarus will open insurance market for foreign investors

November 20th, 2008

Answering questions of journalists after a meeting with representatives of business circles in London, Belarusian vice Premier Andrei Kobyakov has declared that Belarus is to open the insurance market for foreign investors.
Belarusian vice Premier has emphasized that insurance market will be one of those segments where the government will undertake certain steps on attraction of foreign investors.
According to his words Belarus can admit the foreign companies, including in life insurance sphere.
The chief executive of the company Beauchamp and Savrassov, the unique international re-safety broker having representation in Belarus, Kyril Savrassov has underlined, that foreign investors with optimism have apprehended the statement of heads of the Belarusian government for the admission of foreign investors to the insurance market.

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