Motor Claims A challenge for the industry. Dr. Nicola Rautmann / Stefan Speer, , Reinsurance EMEA
|
|
- Jonah Marvin Evans
- 6 years ago
- Views:
Transcription
1 Motor Claims A challenge for the industry Dr. Nicola Rautmann / Stefan Speer, , Reinsurance EMEA
2 Longevity of Claims Bodily Injuries Claims Heads 2
3 Loss of earnings Assistance Bodily Injury Claim Pain and Suffering 3
4 Inflation Reserving Yield 4
5 Bodily Injury Claims A key driver of Motor Insurance Results 5
6 Started in the late 1990s Swiss Re Benchmarking of Bodily Injury throughout Europe 2015: 16 EU countries covered 2017: extended to 19 countries Standardized comparable approach
7 Italy Past Present Future 7
8 Tetraplegia Claims Scenario - Italy Development from 1990 to: : +168% 2015: +116% 2010: +106% : +51% Loss of Earnings Assistance Pain & Suffering Remainder 8
9 Bodily Injury Landscape Observed developments in the recent years 9
10 The model approach Parameter: 30-year-old man wife without own income, 2 children (aged 2 and 5) average income from dependent employment defined injury: tetraplegic without artificial ventilation defined assistance level: 100% disabled, no return to work, highest level of assistance a hypothetical victim Tetraplegic 10
11 Recent survey & Response rate
12 Total claim costs in Europe as per 2010 Tetraplegia claims scenario, Disability Factor 100 % UK France Germany Austria Switzerland Belgium Finland Czech Republic Italy Spain Poland 0,6m Loss of earnings Assistance Pain and suffering remainder 12
13 Total claim costs in Europe as per 2012 Tetraplegia claims scenario, Disability Factor 100 % UK France Germany Belgium Austria Switzerland Czech Republic Italy Finland Spain Slovakia Poland 0,7m loss of earnings assistance pain and suffering remainder 13
14 Total claim costs in Europe as per 2015 Tetraplegia claims scenario, Disability Factor 100 % UK Switzerland Germany France Belgium Austria Italy Finland Czech Republic Netherlands Spain Poland Sweden Hungary Slovakia Denmark 0,9m from 5,0m to 9,4m in 5 Years Loss of Earnings Assistance / Care, incl. medical treatment costs Pain and Suffering Remainder 14
15 Heads of damage MTPL Non-Moral damages Medical costs (medical treatment, rehabilitation) Loss of earnings Care cost and assistance Additional needs (prosthesis, wheelchair, modifications to housing, housekeeping, etc) Funeral cost, if Alimony to family members (spouse, children, etc) Legal fees (lawyers, court, ) Moral damages Pain & suffering of the injured, incl. compensation for potential disfigurement Non-material compensation paid to relatives 15
16 Case study Poland 16
17 Tetraplegia Claim Scenario - Poland Development from 1990 to: : +3659% : +2265% : +1699% : +530% 0 Loss of Earnings Assistance Pain and Suffering Remainder 17
18 Poland Scenario: Compensation for Paraplegic case; man, 30 years old married, two children average wage income 65% disability, third party assistance 8h/day 18
19 Polish Market Comparison Paraplegic Scenario Average: 0,68m StDev: 0,3m
20 Polish Market Comparison Paraplegic Scenario - Details Average: 0,68m StDev: 0,3m Pain and suffering Hospital Costs Care costs Legal Costs Loss of earnings Others 20
21 Poland Scenario: Compensation for tetraplegic case (brain injury) child, 6 years old disability 80% third party assistance 24h/day 21
22 Polish Market Comparison Tetraplegic Scenario - Detail Average: 1,5m StDev: 0,6m Pain and suffering Hospital Costs Care costs Legal Costs Loss of earnings Others 22
23 Peer Comparison France 23
24 French Market Comparison Average: 2,8m StDev: 0,5m
25 First glance Romania, Bulgaria & Slovenia 25
26 Bodily Injury Landscape Romania, Bulgaria & Slovenia A first glance Romania Tetraplegic - Pain & Suffering Average: 130k StDev: 97k Pain and suffering given range Published mid 2017 Bulgaria cases going to court 100% 50% 0%
27 Inflation & Yields 27
28 Inflation is historically low, except in Russia but inflation has been coming down there also Consumer price inflation yoy in % Sources: Datastream, Economic Research & Consulting
29 Interest rates in CEE have reached an all time low, tracking ECB policy, except for Russia Interest rates Sources: Datastream and Economic Research & Consulting 29
30 Primary MTPL Claim Discounted ultimate losses with EU yields 100,0% 100,0% 99,2% 98,7% 98,2% Discount impact: 98,0% 96,0% 94,0% 92,0% 90,0% 88,0% 86,0% 84,0% 82,0% 80,0% 96,7% 97,5% 96,4% 95,2% 94,4% 94,2% 90,0% 91,2% 92,9% 93,1% : -6% : -2% 30
31 Reinsurance MTPL XoL Claim Discounted ultimate losses with EU yields 100,0% 100,0% 90,0% 80,0% 75,9% Discount impact: 70,0% 60,0% 50,0% 40,0% 68,3% 61,2% 49,2% 54,7% 49,4% 43,2% 38,8% 44,6% 34,4% 39,9% 43,8% 38,0% : -50% : -12% 30,0% 20,0% 31
32 Reserving & Actuarial view 32
33 Selected Scenarios and Impacts Scenario Potential Impact on ultimate Annuities Lump Sum Inflation 3% pa additional inflation on top of expected for three years. Impact before settlement (lump sum and annuity are exposed similarly). creates the biggest impact inflation scenarios will be relatively short in time they will affect both lump sum and annuities they will affect regions rather than single countries Impact Time Impact Time Discount rate shifts decrease of discount rate by 1%.... create regional impacts Discount rate shifts can impact countries/regions UK: shift in discount rate may affect PPO take up ratio Germany: social security system gets more $ from the insurer (recourse component which is lump sum) Impact Time Impact Time Life expectancy mismatch relative to what was expected (eg life expectancy or life impairment mismatch) creates gradual impacts scenarios related to life expectancy will happen gradually they will affect single portfolios or countries rather than regions Impact Time Impact Time Legal changes change of compensation framework lump sum vs annuity regime... bring retroactive impact UK: higher PPO propensity Spain: new Baremo law Czech rep.: new Civil Code Impact Impact Time Time
34 Swiss Re Reserving Approach: Hybrid L&H and P&C approach Observation period P&C tail assumptions L&H tail assumptions L&H Tail factor is based on a special simulations tool and/or based on risk factors, mainly: - Inflation - Discount rate shifts - Life expectancy - Mortality Tables -. Ultimate Losses Standard P&C methods L&H method 34
35 Motor is an important line for all of us it bares challenges we need to anticipate changes to be able to pay claims as an insurer and reinsurer 35
36 Accident GreenCard MTPL Claims Heads Paraplegic Assistance Care Cost Loss of earnings Lawyer Outlook Reserving Tetraplegic Loss Bodily Injury Insurer Discount IBNR Court Model Longevity Motor Insurance P&S Tail Cost Life expectancy Claims handling Injury Reinsurer Peer Comparison Case Reserves Actuarial Yield Curve Development Family Claim Legal changes Future Challenge Study Europe Inflation 36
37 37
38 Legal notice 2017 Swiss Re. All rights reserved. You are not permitted to create any modifications or derivative works of this presentation or to use it for commercial or other public purposes without the prior written permission of Swiss Re. The information and opinions contained in the presentation are provided as at the date of the presentation and are subject to change without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for the accuracy or comprehensiveness of the details given. All liability for the accuracy and completeness thereof or for any damage or loss resulting from the use of the information contained in this presentation is expressly excluded. Under no circumstances shall Swiss Re or its Group companies be liable for any financial or consequential loss relating to this presentation. 38
Large bodily injury claims in Europe. Swiss Re Nordics Motor Roundtable, August 2018, Anita Wackerl
Large bodily injury claims in Europe Swiss Re Nordics Motor Roundtable, August 2018, Anita Wackerl 2 Trends in Motor Insurance Claims Managements Cross Border Claims Jurisdiction Bodily Injury claims Large
More informationBodily injury landscape Europe Poland
Bodily injury landscape Europe Poland Within the European Union, harmonisation of motor insurance regulations facilitates the free movement of people and vehicles. With regard to bodily injury compensation,
More informationBodily injury landscape Europe Spain
Bodily injury landscape Europe Spain Within the European Union, harmonisation of motor insurance regulations facilitates the free movement of people and vehicles. With regard to bodily injury compensation,
More informationInternational comparison of compensation scheme benefits on motor accident injuries. Kitty Ho
International comparison of compensation scheme benefits on motor accident injuries Kitty Ho Europe with focus on Spain, Italy and UK China Malaysia South Africa How much compensation would the claimant
More informationBodily injury landscape Europe Germany
Bodily injury landscape Europe Germany Within the European Union, harmonisation of motor insurance regulations facilitates the free movement of people and vehicles. With regard to bodily injury compensation,
More informationApproach to Employment Injury (EI) compensation benefits in the EU and OECD
Approach to (EI) compensation benefits in the EU and OECD The benefits of protection can be divided in three main groups. The cash benefits include disability pensions, survivor's pensions and other short-
More informationLive Long and Prosper? Demographic Change and Europe s Pensions Crisis. Dr. Jochen Pimpertz Brussels, 10 November 2015
Live Long and Prosper? Demographic Change and Europe s Pensions Crisis Dr. Jochen Pimpertz Brussels, 10 November 2015 Old-age-dependency ratio, EU28 45,9 49,4 50,2 39,0 27,5 31,8 2013 2020 2030 2040 2050
More informationEU-28 RECOVERED PAPER STATISTICS. Mr. Giampiero MAGNAGHI On behalf of EuRIC
EU-28 RECOVERED PAPER STATISTICS Mr. Giampiero MAGNAGHI On behalf of EuRIC CONTENTS EU-28 Paper and Board: Consumption and Production EU-28 Recovered Paper: Effective Consumption and Collection EU-28 -
More informationIAB Europe AdEx Benchmark 2014
IAB Europe AdEx Benchmark 2014 About the study A meta analysis of online ad spend in Europe GROSS NET RATECARD Revenue Billed Revenue Billed No Agency commissions Campaigns x Ratecard Submissions from
More informationTurkey s Saving Deficit Issue From an Institutional Perspective
Turkey s Saving Deficit Issue From an Institutional Perspective Engin KURUN, Ph.D CEO, Ziraat Asset Management Oct. 25th, 2011 - Istanbul 1 PRESENTATION Household and Institutional Savings Institutional
More informationTAXATION OF TRUSTS IN ISRAEL. An Opportunity For Foreign Residents. Dr. Avi Nov
TAXATION OF TRUSTS IN ISRAEL An Opportunity For Foreign Residents Dr. Avi Nov Short Bio Dr. Avi Nov is an Israeli lawyer who represents taxpayers, individuals and entities. Areas of Practice: Tax Law,
More informationEU BUDGET AND NATIONAL BUDGETS
DIRECTORATE GENERAL FOR INTERNAL POLICIES POLICY DEPARTMENT ON BUDGETARY AFFAIRS EU BUDGET AND NATIONAL BUDGETS 1999-2009 October 2010 INDEX Foreward 3 Table 1. EU and National budgets 1999-2009; EU-27
More informationEuropean Advertising Business Climate Index Q4 2016/Q #AdIndex2017
European Advertising Business Climate Index Q4 216/Q1 217 ABOUT Quarterly survey of European advertising and market research companies Provides information about: managers assessment of their business
More informationDividends from the EU to the US: The S-Corp and its Q-Sub. Peter Kirpensteijn 23 September 2016
Dividends from the EU to the : The S-Corp and its Q-Sub Peter Kirpensteijn 23 September 2016 The Inc: large multinational manufacturing company residents The LLC: holding company owned by tax residents
More informationPRIORITY RULES ON COMPENSATION FOR NUCLEAR DAMAGE IN NATIONAL LEGISLATIONS
PRIORITY RULES ON COMPENSATION FOR NUCLEAR DAMAGE IN NATIONAL LEGISLATIONS (Last updated: April 2018) The OECD Nuclear Energy Agency attempts to maintain the information contained this table as up to date
More informationJOINT STATEMENT. The representatives of the governments of the Member States, meeting within the Council of
JOINT STATEMENT The representatives of the governments of the Member States, meeting within the Council of the EU, and The Swiss Federal Council, Have drawn up the following Joint Statement on company
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the
More informationMove to T+2 settlement cycle: Singapore market
Move to T+2 settlement cycle: Singapore market Lum Yong Teng 20 May 2015 Singapore Exchange Contents 1 Overview of Singapore market 2 Drivers for SGX to move to T+2 settlement cycle 3 Benefits for the
More informationMaintaining Adequate Protection in a Fiscally Constrained Environment Measuring the efficiency of social protection systems
Maintaining Adequate Protection in a Fiscally Constrained Environment Measuring the efficiency of social protection systems May 27, 2013 Brussels, Belgium Ramya Sundaram. rsundaram@worldbank.org The World
More informationBurden of Taxation: International Comparisons
Burden of Taxation: International Comparisons Standard Note: SN/EP/3235 Last updated: 15 October 2008 Author: Bryn Morgan Economic Policy & Statistics Section This note presents data comparing the national
More informationLiability Trends in Italy: Bodily Injury Compensation. Cinzia Altomare, Verspieren Italia
Liability Trends in Italy: Bodily Injury Compensation Cinzia Altomare, Verspieren Italia Main EU markets P&C premiums (2015) 58.619 62.710 Motor Non Motor 49.400 36.630 32.487 43.450 29.940 15.202 22.676
More informationREPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS
EUROPEAN COMMISSION Brussels,.4.29 COM(28) 86 final/ 2 ANNEXES to 3 ANNEX to the REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE
More informationSpain France. England Netherlands. Wales Ukraine. Republic of Ireland Czech Republic. Romania Albania. Serbia Israel. FYR Macedonia Latvia
Germany Belgium Portugal Spain France Switzerland Italy England Netherlands Iceland Poland Croatia Slovakia Russia Austria Wales Ukraine Sweden Bosnia-Herzegovina Republic of Ireland Czech Republic Turkey
More informationCFA Institute Member Poll: Euro zone Stability Bonds
CFA Institute Member Poll: Euro zone Stability Bonds I. About the Survey... 2 a. Background... 2 b. Purpose and Methodology... 2 II. Full Results... 2 Q1: Requirement of common issuance of sovereign bonds...
More informationEXTENT OF LIABILITY. Dr. ANGEL ESPINIELLA MENÉNDEZ
EXTENT OF LIABILITY Dr. ANGEL ESPINIELLA MENÉNDEZ 4 th Civil Seminar CILAW Ljubljana, 25-26/09/2013 Civil Liability arising from motor vehicle accidents INDEX 1. Introduction: Divergences in Member States
More information11 th Economic Trends Survey of the Impact of Economic Downturn
11 th Economic Trends Survey 11 th Economic Trends Survey of the Impact of Economic Downturn 11 th Economic Trends Survey COUNTRY ANSWERS Austria 155 Belgium 133 Bulgaria 192 Croatia 185 Cyprus 1 Czech
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the
More informationHow to complete a payment application form (NI)
How to complete a payment application form (NI) This form should be used for making a payment from a Northern Ireland Ulster Bank account. 1. Applicant Details If you are a signal number indemnity holder,
More informationTHE FUTURE OF CASH AND PAYMENTS
THE FUTURE OF CASH AND PAYMENTS Retail Banking Research January 2010 CONFIDENTIALITY AND COPYRIGHT This report is published by Retail Banking Research Ltd (RBR). The information and data within this report
More informationEU-28 STEEL SCRAP STATISTICS. by Rolf Willeke Statistics Advisor of the BIR Ferrous Division For EFR a branch of EuRIC (30 October 2017)
EU-28 STEEL SCRAP STATISTICS (JANUARY JUNE 2017) by Rolf Willeke Statistics Advisor of the BIR Ferrous Division For EFR a branch of EuRIC (30 October 2017) C O N T E N T S EU-28 and World Crude Steel Production
More informationTrends in the European Investment Fund Industry. in the First Quarter of 2013
Quarterly Statistical Release May 2013, N 53 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the First Quarter
More informationPropects towards a Nuclear Liability Directive
Propects towards a Nuclear Liability Directive 30 November 2012 Ius Commune, Amsterdam 1 Overview i. Introduction ii. International nuclear liability conventions iii. EU Member States vs these conventions
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationConsumer Credit. Introduction. June, the 6th (2013)
Consumer Credit in Europe at end-2012 Introduction Crédit Agricole Consumer Finance has published its annual survey of the consumer credit market in 27 European Union countries (EU-27) for the sixth year
More informationReport Penalties and measures imposed under the UCITS Directive in 2016 and 2017
Report Penalties and measures imposed under the Directive in 206 and 207 4 April 209 ESMA34-45-65 4 April 209 ESMA34-45-65 Table of Contents Executive Summary... 3 2 Background and relevant regulatory
More informationEMPLOYMENT RATE Employed/Working age population (15-64 years)
1 EMPLOYMENT RATE 1980-2003 Employed/Working age population (15-64 years 80 % Finland (Com 75 70 65 60 EU-15 Finland (Stat. Fin. 55 50 80 82 84 86 88 90 92 94 96 98 00 02 9.9.2002/SAK /TL Source: European
More informationElectricity & Gas Prices in Ireland. Annex Business Electricity Prices per kwh 2 nd Semester (July December) 2016
Electricity & Gas Prices in Ireland Annex Business Electricity Prices per kwh 2 nd Semester (July December) 2016 ENERGY POLICY STATISTICAL SUPPORT UNIT 1 Electricity & Gas Prices in Ireland Annex Business
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the
More informationConsumer credit market in Europe 2013 overview
Consumer credit market in Europe 2013 overview Crédit Agricole Consumer Finance published its annual survey of the consumer credit market in 28 European Union countries for seven years running. 9 July
More informationDomestic Debt Market Development in Poland Marek Szczerbak Republic of Poland Ministry of Finance Public Debt Department
Domestic Debt Market Development in Poland Marek Szczerbak Republic of Poland Ministry of Finance Public Debt Department DMF Stakeholders Forum 2011 Berne, 8-9 June 2011 1 I. Historical perspective 2 Developing
More informationEXPATRIATE TAX GUIDE. Taxation of income from employment in the EU & EEA
EXPATRIATE TAX GUIDE Taxation of income from employment in the EU & EEA Poland 2016 CONTENTS* 2 Austria 4 Belgium 6 Bulgaria 8 Croatia 10 Cyprus 12 Czech Republic 14 Denmark 16 Estonia 18 Finland 20 France
More informationFiscal rules in Lithuania
Fiscal rules in Lithuania Algimantas Rimkūnas Vice Minister, Ministry of Finance of Lithuania 3 June, 2016 Evolution of National and EU Fiscal Regulations Stability and Growth Pact (SGP) Maastricht Treaty
More informationThe Swedish approach to capital requirements in CRD IV
The Swedish approach to capital requirements in CRD IV State Secretary Johanna Lybeck Lilja The aim of capital requirements Enhancing growth creating potential of a integrated, stable financial system
More informationEU State aid: Guidelines on State aid for environmental protection and energy making of -
EU State aid: Guidelines on State aid for environmental protection and energy 2014-2020 - making of - NHO Seminar Oslo, 5 November 2014 Guido Lobrano, Senior Legal Adviser Summary What is BUSINESSEUROPE?
More informationEMPLOYMENT RATE IN EU-COUNTRIES 2000 Employed/Working age population (15-64 years)
EMPLOYMENT RATE IN EU-COUNTRIES 2 Employed/Working age population (15-64 years EU-15 Denmark Netherlands Great Britain Sweden Portugal Finland Austria Germany Ireland Luxembourg France Belgium Greece Spain
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). wide Regulated Open-ended Fund Assets and Flows Trends
More informationCost-Efficiency and the Road to Investment. Dr Richard Torbett Chief Economist, EFPIA 9/9/14
Cost-Efficiency and the Road to Investment Dr Richard Torbett Chief Economist, EFPIA 9/9/14 Health systems across Europe have improved productivity with treatment volumes increasing faster than costs Total
More informationOnline Insurance Europe: BEST PRACTICES & TRENDS
Online Insurance Europe: S & TRENDS NEW EDITION 2015 Your Benefits EUROPE S S & TRENDS: The first and only analysis of the current online insurance best practices in all of Europe. Over 100 best practices,
More informationContent. Allocation: Free allocation and auctioning. Experiences from the EU
Allocation: Free allocation and auctioning Experiences from the EU 3rd Annual CEEM Conference, 30th of November 2007 Presented by Dr. Regina Betz Content Allocation options Phase I (2005-2007) Phase II
More informationAnnuities: a private solution to longevity risk
Annuities: a private solution to longevity risk Product & Knowledge Fair 2007 Rüschlikon 30 March 2007 Thomas Hess Head of Economic Research & Consulting Veronica Scotti Client Solutions Need for private
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Regulated Open-ended Fund Assets and Flows Trends
More informationDPD CLASSIC (Slovenia) Slovenia 6,00 7,00 10,00 11,00 12,00 13,00 14,00 16,00 18,00 DPD CLASSIC - PARCEL DELIVERY TO THE EU
Parcel delivery in Slovenia DPD CLASSIC (Slovenia) Area up to up to up to up to 1 up to up to 2 up to 31. up to 40 kg up to 50 kg Slovenia 6,00 7,00 10,00 11,00 12,00 13,00 14,00 18,00 Prices are in EUR
More informationGender pension gap economic perspective
Gender pension gap economic perspective Agnieszka Chłoń-Domińczak Institute of Statistics and Demography SGH Part of this research was supported by European Commission 7th Framework Programme project "Employment
More informationNOTE. for the Interparliamentary Meeting of the Committee on Budgets
NOTE for the Interparliamentary Meeting of the Committee on Budgets THE ROLE OF THE EU BUDGET TO SUPPORT MEMBER STATES IN ACHIEVING THEIR ECONOMIC OBJECTIVES AS AGREED WITHIN THE FRAMEWORK OF THE EUROPEAN
More informationInvalidity: Benefits (I), 2002 a)
Austria Belgium Denmark 2% of "E" per period of 12 insurance months. "E" =. If a person becomes an invalid before completing 56½ years of age, the months preceding the age of 56½ are credited as insurance
More informationPublic Pension Spending Trends and Outlook in Emerging Europe. Benedict Clements Fiscal Affairs Department International Monetary Fund March 2013
Public Pension Spending Trends and Outlook in Emerging Europe Benedict Clements Fiscal Affairs Department International Monetary Fund March 13 Plan of Presentation I. Trends and drivers of public pension
More informationBorderline cases for salary, social contribution and tax
Version Abstract 1 (5) 2015-04-21 Veronica Andersson Salary and labour cost statistics Borderline cases for salary, social contribution and tax (Workshop on Labour Cost Survey, Rome, Italy 5-6 May 2015)
More information3 Labour Costs. Cost of Employing Labour Across Advanced EU Economies (EU15) Indicator 3.1a
3 Labour Costs Indicator 3.1a Indicator 3.1b Indicator 3.1c Indicator 3.2a Indicator 3.2b Indicator 3.3 Indicator 3.4 Cost of Employing Labour Across Advanced EU Economies (EU15) Cost of Employing Labour
More informationA. INTRODUCTION AND FINANCING OF THE GENERAL BUDGET. EXPENDITURE Description Budget Budget Change (%)
DRAFT AMENDING BUDGET NO. 2/2018 VOLUME 1 - TOTAL REVENUE A. INTRODUCTION AND FINANCING OF THE GENERAL BUDGET FINANCING OF THE GENERAL BUDGET Appropriations to be covered during the financial year 2018
More information3 Labour Costs. Cost of Employing Labour Across Advanced EU Economies (EU15) Indicator 3.1a
3 Labour Costs Indicator 3.1a Indicator 3.1b Indicator 3.1c Indicator 3.2a Indicator 3.2b Indicator 3.3 Indicator 3.4 Cost of Employing Labour Across Advanced EU Economies (EU15) Cost of Employing Labour
More informationBodily injuries compensation systems The European Insurance Perspective. Milano, 2015 June 11th
Bodily injuries compensation systems The European Insurance Perspective Milano, 2015 June 11th European Insurance 2013 1.117 bn 952 bn Insurance against civil liability in respect of the use of motor vehicles
More informationSummary of key findings
1 VAT/GST treatment of cross-border services: 2017 survey Supplies of e-services to consumers (B2C) (see footnote 1) Supplies of e-services to businesses (B2B) 1(a). Is a non-resident 1(b). If there is
More informationCOUNCIL OF THE EUROPEAN UNION. Brussels, 21 December 2009 (OR. en) 16488/3/09 REV 3 STAT 32 FIN 519
COUNCIL OF THE EUROPEAN UNION Brussels, 21 December 2009 (OR. en) 16488/3/09 REV 3 STAT 32 FIN 519 LEGISLATIVE ACTS AND OTHER INSTRUMTS Subject: COUNCIL REGULATION adjusting with effect from 1 July 2009
More informationKey Trends of Energy Transition in the EU-28 Region
Key Trends of Energy Transition in the EU-28 Region Jarmo Vehmas, Jyrki Luukkanen & Jari Kaivo-oja Session 13, Innovation in Future Technology June 2017, Turku Finland Futures Research Centre, Turku School
More informationVienna Insurance Group Focused on Growth in CEE and Austria. Kitzbühel Conference January 25, 2007
Vienna Insurance Group Focused on Growth in CEE and Austria Kitzbühel Conference January 25, 2007 Vienna Insurance Group Focused on Growth in CEE and Austria 2 Leading Austrian insurance group operating
More informationWays to increase employment
Ways to increase employment Iceland Luxembourg Spain Canada Italy Norway Denmark Germany Portugal Ireland Japan Belgium Switzerland Austria Slovenia United States New Zealand Finland France Netherlands
More informationThe Cyprus Economy: from Recovery to Sustainable Growth. Vincenzo Guzzo Resident Representative in Cyprus
The Economy: from Recovery to Sustainable Growth Vincenzo Guzzo Resident Representative in Growth momentum remains strong 18 : Real GDP ( billion) 1 Deviation from Pre-Crisis Level and Trend (Percent)
More informationTrends in the European Investment Fund Industry. in the Third Quarter of 2018
Quarterly Statistical Release December 2018 N 75 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Third
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the
More informationANNEX. Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Strasbourg, 13.12.2016 COM(2016) 815 final ANNEX 1 ANNEX Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EC) No 883/2004 on the coordination
More informationEIOPA Statistics - Accompanying note
EIOPA Statistics - Accompanying note Publication references: Published statistics: [Balance sheet], [Premiums, claims and expenses], [Own funds and SCR] Disclaimer: Data is drawn from the published statistics
More informationTax Survey Effective tax ratesof employees with different income levels in 25countries. Ivan Fučík. Fučík & partners, Prague, Czech Republic
Tax Survey 2012 Effective tax ratesof employees with different income levels in 25countries Ivan Fučík Fučík & partners, Prague, Czech Republic E-mail: ivan@fucik.cz www.fucik.cz Content Introduction of
More informationIntroduction 283,602,000,000 ( 284 billion ) 71 billion 10.71%
Introduction Over the last 4 years (between 2012 to 2015 inclusive) the UK has imported 283,602,000,000 ( 284 billion ) more from the rest of the EU than the UK and NI have exported to the EU resulting
More informationQuarterly Gross Domestic Product of Montenegro 3 rd quarter 2017
MONTENEGRO STATISTICAL OFFICE R E L E A S E No: 224 Podgorica, 22 December 2017 When using the data, please name the source Quarterly Gross Domestic Product of Montenegro 3 rd quarter 2017 The release
More informationCorrigendum. OECD Pensions Outlook 2012 DOI: ISBN (print) ISBN (PDF) OECD 2012
OECD Pensions Outlook 2012 DOI: http://dx.doi.org/9789264169401-en ISBN 978-92-64-16939-5 (print) ISBN 978-92-64-16940-1 (PDF) OECD 2012 Corrigendum Page 21: Figure 1.1. Average annual real net investment
More informationTrust and Fertility Dynamics. Arnstein Aassve, Università Bocconi Francesco C. Billari, University of Oxford Léa Pessin, Universitat Pompeu Fabra
Trust and Fertility Dynamics Arnstein Aassve, Università Bocconi Francesco C. Billari, University of Oxford Léa Pessin, Universitat Pompeu Fabra 1 Background Fertility rates across OECD countries differ
More informationEIOPA Statistics - Accompanying note
EIOPA Statistics - Accompanying note Publication reference: Published statistics: [Balance sheet], [Premiums, claims and expenses], [Own funds and SCR] Disclaimer: Data is drawn from the published statistics
More informationEU Pension Trends. Matti Leppälä, Secretary General / CEO PensionsEurope 16 October 2014 Rovinj, Croatia
EU Pension Trends Matti Leppälä, Secretary General / CEO PensionsEurope 16 October 2014 Rovinj, Croatia 1 Lähde: World Bank 2 Pension debt big (implicit debt, % of GDP, 2006) Source:Müller, Raffelhüschen
More informationAging with Growth: Implications for Productivity and the Labor Force Emily Sinnott
Aging with Growth: Implications for Productivity and the Labor Force Emily Sinnott Emily Sinnott, Senior Economist, The World Bank Tallinn, June 18, 2015 Presentation structure 1. Growth, productivity
More informationEnergy poverty (Vulnerable consumers) in EU
Energy poverty (Vulnerable consumers) in EU Agnė Paškevičiūtė Head of General Information Division 2017-05-25 Austria No formal legal definition of consumer vulnerability in the energy sector. But various
More informationAIB - CEBS Stress Test. 23rd July 2010
AIB - CEBS Stress Test 23rd July 2010 Allied Irish Banks, p.l.c. ("AIB") [NYSE: AIB] welcomes today s earlier announcements of the EU-wide stress testing exercise co-ordinated by the Committee of European
More informationCourthouse News Service
14/2009-30 January 2009 Sector Accounts: Third quarter of 2008 Household saving rate at 14.4% in the euro area and 10.7% in the EU27 Business investment rate at 23.5% in the euro area and 23.6% in the
More informationMay 2012 Euro area international trade in goods surplus of 6.9 bn euro 3.8 bn euro deficit for EU27
108/2012-16 July 2012 May 2012 Euro area international trade in goods surplus of 6.9 3.8 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationFirst estimate for 2011 Euro area external trade deficit 7.7 bn euro bn euro deficit for EU27
27/2012-15 February 2012 First estimate for 2011 Euro area external trade deficit 7.7 152.8 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationGross to net salary of a local executive and total cost to employer comparison for selected countries
Gross to net salary of a local executive and total cost to employer comparison for selected countries Married, two dependant children All the numbers are in EURO Country Gross Salary Employee Income Net
More informationJune 2014 Euro area international trade in goods surplus 16.8 bn 2.9 bn surplus for EU28
127/2014-18 August 2014 June 2014 Euro area international trade in goods surplus 16.8 bn 2.9 bn surplus for EU28 The first estimate for the euro area 1 (EA18) trade in goods balance with the rest of the
More informationCANADA EUROPEAN UNION
THE EUROPEAN UNION S PROFILE Economic Indicators Gross domestic product (GDP) at purchasing power parity (PPP): US$20.3 trillion (2016) GDP per capita at PPP: US$39,600 (2016) Population: 511.5 million
More informationFAS Fee-paying students
Page 1 (12) Terms and conditions 01/01/2018 Serial no.. 01/01/2018 Page 2 (12) Contents Content 1 Scope, definitions and deductible... 4 1.1 Who does the insurance apply to?... 4 1.2 Where and when does
More informationInternational Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org) Worldwide Investment Fund Assets and Flows Trends in the
More informationSTAT/12/ October Household saving rate fell in the euro area and remained stable in the EU27. Household saving rate (seasonally adjusted)
STAT/12/152 30 October 2012 Quarterly Sector Accounts: second quarter of 2012 Household saving rate down to 12.9% in the euro area and stable at 11. in the EU27 Household real income per capita fell by
More informationTax Card 2018 Effective from 1 January 2018 The Republic of Estonia
Tax Card 2018 Effective from 1 January 2018 The Republic of Estonia KPMG Baltics OÜ kpmg.com/ee CORPORATE INCOME TAX In Estonia, corporate income tax is not levied when profit is earned but when it is
More informationJune 2012 Euro area international trade in goods surplus of 14.9 bn euro 0.4 bn euro surplus for EU27
121/2012-17 August 2012 June 2012 Euro area international trade in goods surplus of 14.9 0.4 surplus for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the world
More informationVALUE ADDED TAX COMMITTEE (ARTICLE 398 OF DIRECTIVE 2006/112/EC) WORKING PAPER NO 924
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration Value added tax taxud.c.1(2017)1561748 EN Brussels, 14 March 2017 VALUE ADDED TAX COMMITTEE (ARTICLE
More informationPERSONAL MENU PLAN LIFE OR CRITICAL ILLNESS COVER
PERSONAL MENU PLAN LIFE OR CRITICAL ILLNESS COVER Plan details - January 2018 Protection - Personal Menu Plan WE GIVE THIS BOOKLET OF TERMS AND CONDITIONS TO EVERYONE WHO BUYS LIFE OR CRITICAL ILLNESS
More informationPUBLIC PROCUREMENT INDICATORS 2011, Brussels, 5 December 2012
PUBLIC PROCUREMENT INDICATORS 2011, Brussels, 5 December 2012 1. INTRODUCTION This document provides estimates of three indicators of performance in public procurement within the EU. The indicators are
More information2017 Figures summary 1
Annual Press Conference on January 18 th 2018 EIB Group Results 2017 2017 Figures summary 1 European Investment Bank (EIB) financing EUR 69.88 billion signed European Investment Fund (EIF) financing EUR
More informationAugust 2012 Euro area international trade in goods surplus of 6.6 bn euro 12.6 bn euro deficit for EU27
146/2012-16 October 2012 August 2012 Euro area international trade in goods surplus of 6.6 12.6 deficit for EU27 The first estimate for the euro area 1 (EA17) trade in goods balance with the rest of the
More informationDRAFT AMENDING BUDGET N 6 TO THE GENERAL BUDGET 2014 GENERAL STATEMENT OF REVENUE
EUROPEAN COMMISSION Brussels, 17.10.2014 COM(2014) 649 final DRAFT AMENDING BUDGET N 6 TO THE GENERAL BUDGET 2014 GENERAL STATEMENT OF REVENUE STATEMENT OF EXPENDITURE BY SECTION Section III Commission
More informationBENEFITS AND TAX CREDITS FOR EUROPEAN STUDENTS
BENEFITS AND TAX CREDITS FOR EUROPEAN STUDENTS Child Poverty Action Group works on behalf of the one in four children in Scotland growing up in poverty. It doesn t have to be like this. We use our understanding
More informationFCCC/SBI/2010/10/Add.1
United Nations Framework Convention on Climate Change Distr.: General 25 August 2010 Original: English Subsidiary Body for Implementation Contents Report of the Subsidiary Body for Implementation on its
More information