1 2016,

462

M' , 6 ,
www.aagora.gr
,

English Supplement

Fairfax

ISSN: 1105-9516

1 2016, A. : 462
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Editorial

Interamerican
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MetLife .

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Generali: -

ASFALISTIKI AGORA
onthly Economic
& Insurance Review
Editor A. ROUCHOTA
126 DIONISSOU Str., 151 24 Maroussi,
Athens - Greece
Annual Subscription: a180

,
FIPP FAEP
Presse
Internationale des
Assurances (P.I.A.)

Art Director

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.: 210-6196879 210-6196942
Fax: 210-6196943,
e-mail: aagora@aagora.gr

1977

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: CAPPA CONSULTANTS,
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54 ( 2016)

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()

Athens MDRT Workshop

Make a difference
MDRT
H MDRT , 23 ,
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Aspirants ).

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Attiki) ..
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( 2016) 59

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( 2016) 61

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( 2016) 69

(NE A )

| ACHMEA | -

, .
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2015
CHMEA, CHMEA,

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2015.

, ,
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150
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.
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.. ( ) & .. International Life , Farantouris
Insurance & Financial Advisors

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( 2016) 71

(NE A )

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agency 26%
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,
.
, 2016
: l S Certified Specialist in Liability
Insurance ( 2016) l EIAS
Certified Specialist in Reinsurance ( 2016) l S Certified Specialist in
Motor Insurance ( 2016) l S
Certified Specialist in Property Insurance
( 2016)
,

, , : l Certified Specialist in
Health Insurance l Certified
Specialist in Life & Pension Insurance l
Certified Specialist in Engineering
Risks Insurance l Certified Specialist
in Cargo & Carriers Liability Insurance l Certified Specialist in Yacht and Marine
Hull Insurance

/


, ,

,
,
, .
*

(T: 210
9219660 & 210 9219684, -mail:
eiasinfo@eias.gr & eias@ath.forthnet.gr).

@ & EXPERT - ,
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. , 18 2016, 50 , .

( 2016) 73

(NE A )

| INTERAMERICAN | Genesis
Interamerican
2015, ,
,
, ,
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| UROLIFE ERB |

Eurolife ERB
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London
Institute & Faculty of Actuaries (UK).
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, Watson
Wyatt PwC, ,
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PwC .
Eurolife ERB
,

.

| MEGA BROKERS S.A. |

2015,
Eurolife ERB .

, Hotel Metropol.
Mega
Brokers SA,
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( 2016) 75

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| HELLENIC FINANCIAL PLANNERS ASSOCIATION |

Financial Planners (Hellenic
Financial Planners Association)
19/2.
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( 2016) 87

(ENGLISH SUPPLEMENT)

Statistical Yearbook
for Motor Insurance 2014
Motor insurance statistical yearbook is issued in a new form, updated with the data
for 2014. The supervision of the reform was made by a competent Working Group
of HAICs Motor Insurance Committee in collaboration with HAICs Research Department while
the work of data collection, process and tabulation of the data was completed
by HAICs M.I.S. Department.

he yearbooks new form is

enriched with new data, such as
the geographical distribution of
claims indicators based on the
insureds postal address, and features
a better data presentation with the use
of graphs. This yearbook provides
useful and business relevant
information to the members of the
Association as well as an overview of
Greeces Motor insurance branch to
whom may be interested.
The provided data allow the estimation
of the technical basis of insurance
(claims frequency, average claim cost)
per type of vehicle and insurance cover.
The data are presented on a yearly
basis and are aggregated while neither
reference is made in relation to the
commercial level of premium rates, nor
to the general expenses of the
insurance business.
Motor insurance is one of the most
important insurance branches in
88 ( 2016)

Table 1 The most important financial ratios in motor insurance for

all insured vehicles and all covers
2014

2013

Claims frequency

9.27%

9.15%

Claimsfrequency - MTPL

6.52%

6.20%

Average claim ()

1,522

1,550

Average claim () MTPL

1,871

1,953

Loss ratio

42.5%

56.6%

Loss ratio- MTPL

44.2%

59.5%

Greece. Motor insurance premium

represents 59.2% of Non-life insurance
business and 31.2% of the total
premium (Life and Non-Life Insurance),
as of 2014.
Total premium of motor insurance
(which is reported in branches 3. Land
vehicles and 10.
Motor third party liability - MTPL) for

2014 was 1.2 billion, decreased by

14.1% compared to 2013. At the same
period, total Non-life business recorded
production of 2 billion , reduced by
10.5% over the previous year.
This Statistical Yearbook contains data
for 27 insurance companies, which are
estimated to accumulate 91.5% of the
total motor insurance market for 2014.

Generali Group: Net profit

at 2 bln (+21.6%) in 2015
The Board of Directors of Generali, which met under the chairmanship
of Gabriele Galateri di Genola, approved the consolidated financial statements and the draft
financial statements of the Parent Company for 2015.

enerali Group ended the year 2015

with excellent results: operating
performance exceeded pre-financial crisis levels, whilst net profit and the
dividend are the best in the past 8 years.
In spite of a challenging macroeconomic
environment and low interest rates, the
strategic initiatives undertaken by the
Group have created strong growth in production, excellent operating profitability
and a further improvement in capital
strength.
The Groups operating result reached
4,785 million ( 4,508 mln FY14), up by
6.1%, driven in particular by the P&C segment (+8.5%) and thanks to a solid result
of the Life segment, in spite of the current
situation of the financial markets. The operating RoE, the main profitability target,
consequently reached 14%, a significant
increase compared to 2014 (13.2%
FY14), amply exceeding the goal of remaining above 13%.
Net profit grew significantly to 2,030
million (+21.6%; 1,670 mln FY14),
thanks to the improvement in operating
and non operating performance, thus returning to pre-financial crisis levels.
On the production front, the launch of
new products and business initiatives
boosted total premiums to 74,165 million, up by 4.6% ( 70,430 mln FY14): the
increase was driven by the Life segment
and by the recovery of the P&C segment.
Life premium income grew to 53.297
million (+6.2%; 49,813 mln FY14),
thanks to the improvement of all business
lines and the excellent performance of
the main Countries where the Group operates (Italy, France, Germany and CEE
countries). New production is stable in
terms of APE at 5,210 million (-0.2%),
where the positive performance of the
unit linked and protection policy products
is offset by a decline in savings production, with business mix consequently
shifting in line with groups strategic ambitions. Profitability (NBM) held firm at
21% (24% FY14) and, due to the decisive

actions taken to improve the business

mix and to the recalibration of guarantees, it was able to counteract the unfavourable scenario of low interest rates
and increase in volatility recorded in the
second quarter. The value of new production (NBV) reached 1,097 million
(-13%).
In the P&C segment, premiums grew by
0.8% to 20,868 million ( 20,617 mln
FY14), through the growth of both the
Non Motor line and the steady performance of the Motor line, which however experienced varied performance in the
different countries where the Group operates because of the strong competitive
pressures. The P&C business confirmed
its very strong technical profitability, with
a combined ratio which improved further
to 93.1% (-0.6 p.p.) thanks to the decline
of the loss ratio, in spite of the greater impact of catastrophic claims by 75 million (+0.4 p.p.). The reserving ratio
remained stable at 154%.
These results are accompanied by a
strengthened capital position which the
Group continues to hold in a sharp focus.
Shareholders equity grew 1.5% to 23.6
bln. The Solvency I ratio is 164% (+8 p.p.;
156% FY14).
The Groups high level of organic capital
generation drove an increase in the Economic Solvency Ratio to 202% (+16 p.p.;
186% FY14), as calculated under Solvency II principles, using the Groups internal model for the whole Groups
perimeter and after accruing the proposed dividend. From a regulatory perspective, on 8 March 2016, the Group has
received the regulatory approval for the
use of a partial internal model, starting
from January 1, 2016, covering all the entities included in the application1 while
the remaining businesses will be treated
under the Standard Formula initially. This
calculation gives the Regulatory Solvency
Ratio, which stands at 175%. The Group
is working with the regulators to widen
the scope of internal model approval over

time, aiming to have substantially all relevant business units in scope by the end of
the process. The regulatory solvency ratio
is therefore expected converge to the full
internal model view, as the process of
achieving the planned expansion of the
applications scope progresses.
Furthermore, Generali have made a
strong first step towards the financial target of more than 7 billion of cumulative
Net Free Cash Flow generation by 2018.
Thanks to higher dividends from subsidiaries and slightly lower interests expenses, the net free cash flow increased
by 30% to 1.6bn (1.2 bln FY14).
The dividend per share to be proposed at
the next Shareholders Meeting is 0.72,
up by 0.12 cents per share (+20%) relative to the previous year ( 0.60 FY14).
The payout ratio is equal to 55.3% from
55.9% in 2014.
The total dividend relating to shares outstanding amounts to 1,123 million. The
dividend payment date shall be from May
25, 2016 with record date on May 24,
2016 and ex-dividend date from May 23,
2016.
The positive result for 2015 shows the
quality of the turnaround plan accomplished by the company over the last few
years and of the new strategy launched
last year. These results allow us to propose at the Shareholders Meeting a dividend per share of 0.72 up by 20%
compared to 2015. This is an excellent
start to a new phase beginning with the
appointment of Philippe Donnet as new
Group CEO. It is an important acknowledgment of Generalis internal resources,
also affirmed by the appointment of the
Group CFO Alberto Minali as General
Manager. Both of them are leaders of the
highest international quality, with a deep
understanding of the insurance business
and well appreciated by the markets; they
show the capability of Generali Group to
enhance its own talents, said the Chairman of Generali, Gabriele Galateri di
Genola.

1 Italy, Germany, French P&C business, and the Czech Republic

( 2016) 89

(ENGLISH SUPPLEMENT)

Hellenic Insurance Market

Decreased by 9.1%,
the production
of legal expenses
insurance

ccording to the Hellenic

Association of Insurance
Companies (HAIC) research,
premium of Legal expenses insurance
branch is estimated at 38.3 million in
2014, decreased by 9.1%, compared
to 2013.
21 insurance companies-members of

HAIC participated in the survey, two of

which are specialised in the particular
businesses, while the remaining 19
were active in other insurance
business as well.
Compared with 2013, the participation
of Legal Protection branch on non-life
insurance remained stable at 1.8%.

After HAICs research, the following

figures were recorded:
Contracts in force
Claims
Paid claims ()
Outstanding claims ()

2.902.371
17.439
1.194.177
4.141.757

Insurance indicators of individual Legal expenses covers were as follows:

Motor
0.29%
381

Frequency rate
Average claim ()

Family
8.82%
183

Business
96.97%
272

Other covers
0.50%
172

Total
0.60%
306

2,4%
2,19%

2,2%
2,06%

2,0%

1,97%

1,8%

1,87%

1,99%

1,87%

1,6%

1,83%
1,80%

1,80%

2012

2013

1,4%
1,2%
1,0%
2006

90 ( 2016)

2007

2008

2009

2010

2011

2014

(ENGLISH SUPPLEMENT)

Munich Re

Loss potential from

severe thunderstorms in Europe
is increasing
The loss potential of severe thunderstorms is increasing in many parts of Europe.
This is mainly due to the growing intensity of thunderstorms and the increasing vulnerability
of expensive building facades to hail damage.
Munich Re analyses this subject in the 2016 issue of its publication Topics Geo,
which takes a detailed look at the previous years natural catastrophes.
(www.munichre.com/topicsgeo2015).

ver the last few years, severe

thunderstorms in Europe
have caused a number of
losses of more than a billion euros,
mainly as a result of hail, strong
gusts and flash floods. The costliest
thunderstorm event since 1980
occurred in Germany in July 2013,
when powerful hailstorms in
particular caused overall losses of
US$ 5bn (4.6bn) in todays values.
About US$ 3.8bn (3.5bn) of this
was insured.
Expensive construction materials
and complex building facades are a
major contributing factor to the
increasing loss potential of
hailstorms. Recent studies have
also shown that the intensity of
thunderstorms and hailstorms has
increased in many regions,
explains Peter Hoppe, Head of
Munich Res Geo Risks Research
department. Rising moisture
content in the lower atmosphere is
a key driver of stronger
thunderstorms a physical
consequence of the long-term
warming of the worlds oceans.
With values also continuing to rise,
prevention is becoming even more
important to keep loss levels low.
The insurance industry fully
supports efforts to improve the
strength and resilience of
buildings. For example, the Swiss
Cantonal Fire Insurance Association
runs the Elementary Safety
Register Hailstorm, which

92 ( 2016)

establishes the hail resistance of

various materials used in the
exteriors and roofs of buildings.
In 2015, natural catastrophe losses
again remained below the longterm average. Overall losses
totalled US$ 100bn, compared with
an average of US$ 180bn for the
ten previous years. Insured losses
amounted to US$ 30bn (ten-year
average US$ 56bn). The years most
devastating natural catastrophe
was the Nepal earthquake in April,
which claimed the lives of some
9,000 people. The overall losses
from the quake were US$ 4.8bn.

New method for analysing

historical loss data presented
Besides looking at longer-term
trends and analysing the years
natural catastrophes, the latest
issue of Topics Geo also presents a
new method for more detailed
evaluation of historical loss data.
Munich Re developed the method
to take into consideration the
economic development of a region
affected by a loss event in the
period since the natural
catastrophe occurred. In the case of
regional analyses, this enables us
to be more precise about the lossmitigating effect of prevention
measures and about changes on
the hazard side such as natural
climate cycles or climate change.
Unlike techniques based solely on
inflation-adjusted figures, this new

method does not reveal a rising

trend in overall global losses since
1980. It must be noted that the
data extrapolated to todays values
are distorted by the economic
development of China in recent
decades. For example, flood losses
in China from the 1990s would now
have to be multiplied by a factor of
20 in some cases to arrive at
todays values. At the same time,
prevention measures are not
included in this calculation. Recent
weather events in China have
produced reduced losses thanks to
flood-control measures taken there.
These two effects tend to cancel
each other out statistically.
If one examines the loss statistics
of individual regions or hazard
types using the new method, the
following statements can be made.
For example: There has been a clear
upward trend in losses adjusted to
todays values from severe
thunderstorms in the USA since
1980, which tallies with
meteorological observations. By
contrast, there has been no upward
development for flood losses in
Europe following major events in
the recent past thanks to floodprotection measures implemented
there (in Germany above all since
2002).
Munich Re will include figures
based on the new method in its
natural catastrophe statistics in
future.

(O )

, - (e-mail: thkuts@otenet.gr)

(

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