Clients come first!
Increasing customer satisfaction should be, theoretically speaking,
the main development path of a company, be it dedicated to consumer
goods, real estate or financial services market.
Practically, experts say, as customer requirements increase, until
recently marketable products become obsolete and small and flexible
companies, apparently doomed to extinction but full of innovative
ideas, have a chance to fight for their market place.
However, if we pay attention to the evolution of the insurance market
in recent years, we see that, in many cases, the client is missing
from the strategies of the profile companies. Although leaders of
insurance companies are seeking solutions to reduce the claims ratio,
to increase profitability, to develop the portfolio, their strategies
are lacking of concerns for raising the degree of satisfaction of
the final beneficiary of the insurance - the customer...
Increasingly fierce competition on the Romanian insurance market
between world class groups will lead more and more to fights for
leading positions in the hierarchies. Still... only players who will
provide high quality services will succeed in this direction... Only
those companies that will put their clients first will become winners...
The economic landscape of the past two years has brought a number
of challenges for the insurance market. However, this industry can
be characterized by one word - stability. What were the main measures
through which the supervisory authority has contributed to maintaining
|Find everything about the milestones of the insurance market
evolution in Romania in 2010, as well as about current year
trends and other fundamental issues of the field, such as the
stage of preparation of Romanian companies for Solvency II,
from an interview with…
President, Insurance Supervisory Commission
Angela TONCESCU: All the Insurance Supervisory Commission's efforts
are focused to prevent and act in due time, so that the effects of
the financial crisis upon the market be reduced to minimum. In this
respect, we are permanently monitoring the activity of insurance
companies and brokers and we are taking all measures required to
ensure that prudential parameters are met by the insurers in particular.
Since 2010, the ISC has a new approach on the supervisory and control
process, which starts, in the first place, from the analysis of the
manner in which the insurers activity is conducted, from the way
of establishing objectives, as well as from the means of implementation
and monitoring performances. Also, the objective examination of risk
management and of internal control systems has become an important
target of the supervisory process.
At the same time, through all the decisions taken, but also in the
meetings we have with the representatives of insurance companies
and brokers, we are trying to stimulate the adoption of prudent behavior
in terms of underwriting activity, risk transfer, intermediation,
so that the main objectives of each company will be market stability,
protection of insurance products consumers and loyal competition,
founded on the business ethics principles.
At least until now, I can say we did this, as long as insurance companies' reserves
meet all the legal requirements, while liquidity and solvency parameters
are compliant with the prudential norms as well.
Currently, the Commission representatives are involved, at European
level, in elaborating measures of implementation of the future solvency
regime directive, Solvency II. Together with similar authorities
in some countries with which we were able to establish informal partnerships,
especially those with whom we already have close collaboration relationships,
we will make every effort for these measures neither to allow further
interpretations, nor disfavor states with a structure of the insurance
market similar to the Romanian one.
main moments and interviews from FIAR 2011, now on XPRIMM TV
One of the major advantages of taking part in FIAR - The International
Insurance - Reinsurance Forum is that of being with the leaders and
specialists of the market and exchanging ideas regarding the most
important subjects of the moment.
10 general insurance in the first quarter of 2011
According to INSURANCE Profile, underwritings correspondent to general
insurance amounted to EUR 397 million in the first three months of
2011, down by almost 12% from last year's first quarter figures.
This way, the market share decreased to 79.07%, the value of the
premiums being about EUR 54 million less than the total recorded
in the same period of last year.
Compared with the results reported at the end of March last year,
the hierarchy of the first three companies in the general insurance
top remains unchanged, ASTRA, ALLIANZ-TIRIAC and OMNIASIG being,
in that order, occupants of the first three positions. The evolution
of ASIROM, materialized in a 21.7% positive dynamics in european
currency, qualifies it as the leader of the first quarter's hierarchy.
10 life insurance in the first quarter of the year
With a value of underwritings very close to the amount registered
at the end of the first quarter of 2010, life insurance has a constant
evolution, contrasting with the decrease registered in the general
insurance segment, shows the latest issue of INSURANCE Profile. This
led to an increase of life insurance market share, up to 21% of total
six million Romanian citizens did not purchase a household insurance
Only 520.000 houses out of 8.3 million households in Romania have
been insured for catastrophic risks (AOL) until the end of May, and
the underwriting rhythm remains at a low level: 1,000 - 1,500 policies
a day. According to Marius BULUGEA, General Manager, PAID - The Romanian
Insurance Pool Against Disasters, maximum 600.000 households will
be insured against earthquake, floods and landslides risks by July
Asigurari businesses increased by 7% in 2010, above the market average,
and the profit exceeded RON 81 million
ALICO Asigurari ended 2010 with incomes from gross written premiums
of over RON 205 million, 7.07% more compared to 2009, according to
audited financial results announced by the company on the 8th of
June, 2011. Nominal increase of ALICO Asigurari underwritings exceeded
the average growth of the life insurance market, which stood at 2.32%.
Meanwhile, the company's gross profit exceeded RON 81 million.
"The increase registered last year was supported by projects launched in
2009, when we expanded distribution lines and types of products, to prevent customer's
pragmatism, expressed in satisfying his insurance needs. The results of the initiatives
were visible last year and continue in 2011. Both in 2010, as well as in the
previous period, our projects were based on a profitable growth strategy, paying
attention to market opportunities", said Theodor ALEXANDRESCU, General Manager,
ALICO Asigurari Romania.
announced the new componence of the company's Directorate
The Supervisory Board of ASIROM decided, in the extraordinary meeting
held on May the 30th, the new componence of the company's Directorate.
Thus, Mariana DIACONESCU was named President of the Directorate,
and Martin STENITZER is the new Vice President of the Directorate
of ASIROM. Also, Dragos Marius CALIN is joining the Directorate of
the company, taking over the coordination of sales activity, while
Daniela MEGHEA will coordinate the life insurance activity.
TUCA, confirmed as CEO of AON Romania
AON Corporation announced that Valentin TUCA would join the management
of AON Romania as CEO, replacing Karina ROSU, who left the company
on May 1st, 2011.
"Valentin has shown great success in the broking arena in Romania as well
as in the Central and Eastern European and the Commonwealth of Independent States
(CIS) Region through his former professional commitments. We see his addition
to our team as a great step in making our organization an even stronger and more
effective competitor in the market. We believe that Valentin will bring a new
strength to our organization. He comes with a strong insurance background and
extensive broking expertise and we are very happy to welcome him to AON",
said Onno JANSSEN, CEO for AON Risk Solutions Central and Eastern Europe.
insurance - back to growth after four years of negative
Cumulated value of gross written premiums of health insurance
segment in the first three months of this year amounted to
EUR 1.74 million, registering an increase of 33.7% compared
Kapital could be taken over by the Moldavian insurer MOLDASIG
The leader of the Moldavian insurance market, MOLDASIG, received
the positive notice of the local supervisory authority for
the acquisition of 99.9% of the shares of the company ASITO
Kapital in Romania.
Insurance" by BCR Asigurari
BCR Asigurari VIENNA Insurance Group in partnership with STEM
Sure, launched "Stem Insurance - Insurance for stem cells medical
interventions". The product is a first on the health insurance
market in Romania and it is addressed to parents and future
parents that own a contract regarding stem cells harvesting
at the birth of their children and wish to benefit from financial
support in case one of the family members might require such
Asigurari, ASIGEST and BIOGENIS launched STEM CELL - Insurance
for stem cell transplant
PLATINUM Asigurari-Reasigurari, at the initiative of BIOGENIS
- Stem Cell Bank in partnership with ASIGEST Broker de Asigurare,
has launched the insurance product dedicated to stem cell transplant
- STEM CELL, a niche insurance product, that covers all costs
and expenses genetared by a stem cell transplant.
Kapital estimates a 30% increase of underwritings and a
profit of USD 400,000 in 2011
Contrary to trends of severe contraction of the insurance market
in recent years, caused by recession and financial crisis,
for the company ASITO Kapital, this was a very good period,
according to the General Manager of the company, Valentin MISOV.
CHIRVASE is the new Human Resources Manager at GROUPAMA
GROUPAMA Asigurari named Gabriel CHIRVASE as Human Resources
Manager, replacing Monica MARCHIS, who has been promoted within
the French group as International HR Coordination Director.
International Insurance Forum, on July 7th-8th, in Baku
Azerbaijan Insurers Association, together with Media XPRIMM and with
the official support of the Ministry of Finance of the Azerbaijan
Republic will hold the 2nd Edition of The Azerbaijan International
Insurance Forum, on July 7th-8th, 2011, in Baku. The event takes
place in Baku Business Center and will focus on discussion of conditions
and priority directions of development of insurance and reinsurance
business in the local and Middle Asia insurance markets.
65 million profit for ALLIANZ in CEE
The total value of gross written premiums of ALLIANZ in Central and
Eastern Europe has slightly exceeded the EUR 1 billion level, compared
to EUR 1.115 billion in the first quarter of last year. The 5% decrease
is largely attributed to the life and health insurance segment, which
benefited last year from the effects of growth exhibited by some
of the markets. The operating profit remained at the previous year
level of EUR 65 million.
18.1% insurance market growth in 1Q/2011
Insurance companies in Russia have underwritten in the first quarter
of this year gross premiums worth EUR 7.53 billion, 18.1% more than
in the same period in 2010. Meanwhile, claims paid by Russian insurers
in the first three months amounted to EUR 4.78 billion, up by 11.3%
compared with 1Q/2010, according to the report of the local supervisory
insurance market - down by 0.7% in the first four months
The gross underwritten premiums of the 26 operating companies
on the Croatian market, during January - April of 2011, went
down by 0.7%, to EUR 447.40 million, in comparison with the
same period of 2010 (EUR 450.70 million). Altogether, paid
claims by the insurance companies accounted for EUR 195.99
million, 2.5% more when comparing to the results of the first
four months belonging to 2010, when the level of indemnities
was EUR 191.06 million, according to the official data published
by the Insurance Bureau of Croatia (HUO).
Underwritings have increased by 19%, to EUR 329 million,
in the first four months of 2011
In the first four months of the current year, insurance companies
in Kazakhstan have underwritten gross premiums worth EUR 328.88
million, up by 19% compared to the same period in 2010, when
premiums had totaled EUR 276.39 million. Also, claims paid
by insurers amounted to EUR 54.52 million, 39.2% more than
in the first four months of 2010 (EUR 39.15 million), according
to official data published by the Financial Markets Supervisory
||S & P
affirmed Romania's rating to "BB +" with stable outlook
The country continues to display reasonable economic growth
potential, but relatively low prosperity, rating agency analysts
saying that the Government will continue to consolidate its
public finances largely in line with the targets it has specified.
Flyover 60 pc completed
Bucharest Mayor Sorin OPRESCU stated on Friday, the 3rd of
June, that the Pipera Flyover is approximately 60 percent completed.
The project that consists of widening the Pipera Street and
building the flyover could be completed by the end of the year.
The Bucharest Mayor expressed his satisfaction with the stage
of the construction works, pointing out that they are ahead
tax lowered by 30 pc except for Euro 5 engines - draft
According to the draft ordinance on modifying the auto tax,
the auto pollution tax will be lowered by 30 percent for all
types of Euro engines except for Euro 5 engines, Mediafax informs.
At the same time, the tax will be lowered by a smaller amount
or not at all for the most polluting cars of non-Euro categories.
Number of overnight tourists up by 5.1 pc in April
According to the National Statistics Institute (INS) data,
in April this year the number of overnight tourists in Romania
has grown by 5.1 percent from a level of 433,300 in April last
year, Mediafax informs. A quarter of them were foreign tourists.
Tourist arrivals in hotels represented 77.9 percent of total
arrivals, up by 7.1 percent compared to the same month in 2010.
TIRIAC remains UNICREDIT shareholder
UNICREDIT has an excellent relationship with businessman Ion
TIRIAC, who holds 45 percent of UNICREDIT Tiriac Bank, and
predicts the bank's main shareholding structure will stay the
same, said Roberto NICASTRO, CEO UNICREDIT, Mediafax reports.
He also said that paying dividends is not a priority.
THE EDITORIAL STAFF:
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Business Development Director: Alexandru
Editor in Chief: Mihaela
Scientific Advisor: Daniela
International Column Coordinator: Andreea
Senior Editors: Vlad
PANCIU, Oleg DORONCEANU
BOLDIJAR, Oana RADU, Mihai CRACEA, Andreea STATE
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ALECU, Olesea SERGHIESCU
Accounts Manager: Georgiana
IT Department: Octavian
GRIGOR, Dorin PALADE, Cosmin ARMASESCU
PUBLISHED BY: Media
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Copyright©2011 Media XPRIMM
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|SORS 2011 - 22nd Meeting of Insurance and Reinsurance
June 15th-17th 2011
Sarajevo, Bosnia and Herzegovina
Official web-page: sors.ba
|3rd CEA International Insurance Conference - "Insurance
reform: opportunity or threat?"
June 16th, 2011
Divani Apollon Palace & Spa, Vouliagmeni, Athens, Greece
Organizer: CEA - Comite Europeen des Assurances
For details: conference.cea.eu
|Azerbaijan International Insurance Conference
July 7th-8th, 2011
Baku Business Center, Baku, Azerbaijan
Organizer: Azerbaijan Insurers Association and Media XPRIMM
Official web-page: www.xprimm.com