Interviews

NATIONAL BANK OF SERBIA
Insurance Supervision Department

There is a lot of catchup potential of the Serbian insurance market, having in mind the level of its development compared the EU average. We can expect to see a continuation of positive premium developments coupled by a healthy increase of technical provisions. This should translate into sufficient capital adequacy and a continuation of positive trends in profitability, provided that cost pressures are kept in check.

Vyacheslav CHERNYAKHOVSKY
Chairman of the Committee
Ukrainian Society of Financial Analysts

There is a tendency to withdraw from insurance business, both on the foreign investors side and on domestic owned companies. In case of the national companies the trend  is more connected with obvious or provoked bankruptcies, while for foreign investors turning off Ukrainian business was caused by the high level of sovereign risk, low rates of economic recovery, insignificant (or even negative) return on capital, etc.

Nathalie BERGER
Head of Unit Insurance and Pensions Directorate General for Financial Stability
Financial Services and Capital Markets Union (FISMA)
European Commission

Deeper financial integration will need to be accompanied by increased convergence of supervisory outcomes across the EU and necessary adjustments to strengthen the supervisory framework in order to ensure that the capacity to supervise and manage risks keeps pace, in particular in cross-border and critical areas.

Fadi AbuNahl
Group Chief Executive Officer & Director
TRUST Re

Slowing economic growth, continued pressure on pricing, emerging risks (e.g. Cyber hacking) and regulatory changes such as Solvency II in Europe, C-ROSS in China, IRDA in India, and new South African regulations are some of the main challenges we face. Understanding the challenges of reinsurance activity in the CEE also means understanding what stakeholders perceive, what they want, and meeting these expectations. 

Emmanuil MKRTCHYAN
General Director
ArmInfo News Agency

The supervisory authority pays attention to the process of automation, digitizing, the creation of databases and on-line services in order to improve the quality of customer service and, last but not least the reduction of the level of fraud not only among unscrupulous customers, but also in the case of insurance agents. A similar database has already been created for the MTPL segment and it will be useful for insurers to promote the voluntary types of insurance.

Ervin KOCI
Executive General Director
Albanian FSA

We expect that 2017 will be a better year towards the performance and expansion of the insurance market, the increasing of transparency and trust of the consumers, the fostering and diversification of insurance products, as well as towards the strengthening of inter-institutional cooperation, to promote exchange of experiences in terms of the regulation and stabilization of the market.

Michael J. MORRISSEY
President and CEO
IIS - International Insurance Society

Young buyers don't care if the insurance company has been in business for a hundred years. They don't care if the company has a multibillion dollar balance sheet or not. They are spoiled by an entirely different level of customer experience. People who buy products from Apple or people who go to Starbucks have a different expectation of what they get for the money they spend. They want something different, they want something better. And it's hard for legacy companies to adjust. It's hard from the change of computer systems, it's hard from the change of their attitudes ... but however, traditional carriers will have to adjust in the future so it is tough for legacy companies.