Awards for insurance pioneers
The Insurance Supervisory Commission (ISC) celebrated on the 19th
of February 2007 15 years of supervision and control over the insurances
In a classy event an award ceremony for the pioneers of insurance supervision
and control took place. University professors that have developed the
Romanian insurance literature, leaders of the first insurance Romanian
companies and journalists that paid constant attention to the field,
thus understanding and highlighting its importance were celebrated.
"We would like to mark a new beginning for the ISC by its transformation
from a controller into a supervisor", Angela TONCESCU, President of the supervisory
authority, mentioned during the event.
During the event, three types of awards were handed out: of Excellence,
Special and Honorific.
"The Excellence Awards were offered to important personalities of the insurance
field, politics or social, those that have had a major contribution to the development
of insurances, to the increase of supervision and control capacity of the ISC,
to the legislative framework for insurances, to the development of the insurance
culture by educating specialists and publishing specific materials", Angela TONCESCU
The Special awards were offered to those that have had a contribution
to the creation and development of a competitive market, by their direct
or indirect involvement in the insurance system.
"The Honorific awards were handed out to those that, by their daily activities,
have contributed to the development of a functional supervisory mechanism, as
well as to journalists that have paid special attention to the field", the ISC
With this occasion, Media XPRIMM was rewarded with three Honorific awards
for Sergiu COSTACHE, General Director of Media XPRIMM, Daniela GHETU,
Editorial Director of PRIMM Publications and Alexandru CIUNCAN, XPRIMM
by email@example.com, 20.02.2007
EUR 1.6 billion for the Romanian insurance market
The Romanian insurance market reached by the end of 2006 the level of
EUR 1.6 billion according to the data provided by the Insurance Supervisory
The growth level, compared to the 2005 results, is about 31%.
General insurance underwritings have reached a volume of EUR 1.3 billion,
and the life insurances had a contribution of about EUR 300 million
by firstname.lastname@example.org, 20.02.2007
Increasing competition on the MTPL segment
Six of the 50 companies that have notified the Insurance Supervisory
Commission on the intention of activating in Romania intend to operate
on the MTPL segment.
The six insurers originate from the United Kingdom, amongst which we
can notice NORWICH Union, QBE Insurance and XL Insurance.
" The companies that have notified their intention of providing insurance
products on the Romanian market should not be underestimated", Angela TONCESCU,
President of the supervisory authority, has recently stated.
Now, there are 15 insurers authorized by the ISC to provide MTPL insurance.
by email@example.com, 21.02.2007
ASITRANS finances its development plans
The insurance company ASITRANS intends to increase its share capital
in order to finance the development plans for the upcoming period.
"We will increase our share capital with RON 3 million , in order to finance
our objectives for this year", Bogdan STAN, ASITRANS CEO stated.
Based on the free circulation of services principle the company will
expand its activity in Bulgaria and Hungary, first through the aid of
brokers and after by establishing subsidiaries in the two countries.
The insurer underwrote almost EUR 14 million during the first 9 months
of the previous year, covering 1.14% of the market. The company grew
by 140%, in the European currency, compared to the results registered
in the same period of 2005, and the real growth, in the national currency,
was of over 121% in the analyzed timeframe.
by firstname.lastname@example.org, 21.02.2007
Editorial release for the health insurance field
The first specialized book for private health insurances was launched
on the 19th of February within the Award Ceremony for the ones that had
a contribution to the establishment and development of the insurance
supervision and market, as one of the events that mark's 15 years of
efficient supervision in insurances.
Entitled "Health insurance between the paternalist state and individual
responsibility", signed by univ. reader Dr. Dan CONSTANTINESCU, member
of the Insurance Supervisory Commission Council.
"Published under favorable circumstances, the present volume obliges the author
to continue the research in this field. We would also like to thank all those
that want to improve this work", Dan CONSTANTINESCU stated.
Mr. Dan CONSTANTINESCU is a visionary as he saw the necessity of approaching
the health insurance field and of the medical service providers", Eugen
NICOLAESCU, Health Minister stated.
Ioan Aron POPA, President of the Senate's Budget-Finance-Banking Commission,
saw a true "starting point for private health insurances" in the book.
" It's a economic analysis, and this approach on private health insurance development
is a major step for Romania. We live in a society of risk, thus no work in the
insurance field should lack its juridical reinforcement", Mircea DUTU, Rector
of the Ecologic University mentions.
The Academician, Constantin BALACEANU-STOLNICI saluted this book by stating: "I
would like to join forces with the author in supporting the private-public
partnership, not only in health insurances, but also in the university
field, as it can represent a good source of benefits".
"The work that has been presented to us today completes the specialized literature
with a pragmatic and convincing approach of an important social issue", univ.
prof. dr. Florian BERCEA mentioned.
"I feel that this work fills a void in the specialized literature and can be
useful to those training for the health insurance experts, economists, jurists
and medics", univ. prof. dr. Mircea CINTEZA underlined.
by email@example.com, 20.02.2007
ING, biggest profit on the market
The profit of ING Life in 2006 reached EUR 14 million , 40% more
than in 2005.
There is the possibility that the insurer has registered the biggest
profit on the market as the largest insurance company in Romania, ALLIANZ-TIRIAC
estimated a profit of EUR 11.7 million for 2006.
The underwriting volume of ING Life has reached EUR 123 million in 2006,
15% more than in the previous year.
The growth rate registered by the Dutch group's subsidiary surpassed
the ones in Slovakia, Poland or Czech Republic, and its share in Central
European operations is about 10%.
The ING officials announced their participation on the private pensions
market on both Pillar III, and Pillar II in the future.
"The ING's file for Pillar III is almost ready. So, we want to operate on
this market and be a much significant player", Bram BOON for XPRIMM Newsletters
ING Asigurari de Viata is the leader of the life insurance market in
Romania. The company had, after the first three quarters of last year,
a market share of 39%, registering a growth, in EUR, of 15% compared
to the first nine months of 2005.
by firstname.lastname@example.org, 19.02.2007
RON 53.16 million underwritings for INTERAMERICAN
INTERAMERICAN finalized 2006 with a total volume of underwritten premiums
of RON 53.16 million , 14% more than in 2005.
"We are proud of our results. The preliminary data that we have show that we
are amongst the first four companies in the life insurance segment, in terms
of growth, one that was achieved solely through our network of insurance consultants",
Timo VAN VOORDEN, President and CEO, INTERAMERICAN Romania stated.
The biggest growth, 23% compared to 2005, was registered on the life
insurance segment. The volume of underwritten premium on this segment
was of RON 27.41 million , out of which, life insurances with an investment
component registered a growth of 99% compared to 2005, supported by the
excellent evolution of INTERAMERICAN's investment funds.
General insurances registered a growth of 5% compared to 2005 and the
underwritings volume was RON 25.75 million , as there was prudential
approach to the motor insurance segment because of its high claims combined
with a successful property insurance policy.
The health insurance segment registered a growth of 141%. This performance
is due to the expansion of the MEDISYSTEM network. In present this network
holds the EUROCLINIC private hospital and other 75 health service providers,
employing 1000 medics and specialized personnel offering services in
16 cities: Bucuresti, Buzau, Focsani, Iasi, Cluj, Targu Mures, Brasov,
Alba Iulia, Craiova, Timisoara, Arad, Oradea, Sibiu, Constanta, Satu
Mare si Baia Mare.
The medical services offered by the INTERAMERICAN Romania group, through
the EUROCLINIC Hospital registered a profit of RON 7.5 million in 2006,
300% more than in 2005. Above the financial results of EUROCLINIC one
must notice the 99% patient satisfaction. "The EUROCLINIC Hospital's
results confirm our strategy of quality without any compromise", Timo
VAN VOORDEN stated.
by email@example.com, 15.02.2007
Optimism on the agricultural insurance market
The growth perspectives of the Romanian agricultural insurance market
are regarded with an encouraging optimism by the companies that activate
mainly on this segment.
"The agricultural insurance market will see a strong development in the next
few years, due to the foreign investments that will create new potential clients
in the field", Alexandru BARBU, Marketing Manager, FATA Assicurazioni, for the
XPRIMM Newsletters stated.
"Also there is the possibility of accessing an credit for agricultural investment
or the legislation that will bring the Romanian agriculture closer to the European
practices, will intensify the positive evolution of this segment", the quoted
"Romania's geographic position, its big enough agricultural surfaces and the
climate are some of the elements that place Romania in a very good spot on Europe's
economic map. A proof of that is the highest number of investors that have taken
over large areas, due to the favorable conditions", George RADU, General Manager
ASIGEST Agri Insurance Broker mentioned.
The general perception is that the agricultural insurance segment will
register a positive dynamic, according with the positive factors mentioned
And in order to prove all of the above we should think about the fact
that the agricultural financing programs have a mandatory insurance component
(for machinery, deposits, farms) thus it is possible that the agricultural
insurance will have the sharpest growth rate of all types of insurances
as George RADU feels.
by firstname.lastname@example.org, 15.02.2007
ASIGEST Agri grows one year like others in...
The first and the only insurance broker on the agricultural insurance
segment, ASIGEST Agri, ended its first year with a new name ASIGEST
and with a double amount of mediated premiums than 2005.
"Though at the beginning of 2006, estimations seemed to be more than optimistic,
the results obtained were in the stipulated margins, in principal because of
the costumers portfolio expand in the agriculture sector from Romania. Of course,
agriculture insurances were in top during the APRIL-MAY campaign and November-December
campaign, when the period is optimum for the insurance of risen crops", George
RADU, General Director of ASIGEST Agri exclusively declared for XPRIMM Newsletters.
George RADU makes the following comments as regards the evolution of
this segment in 2007: "The Romanian's geographic position, the agricultural
surface, the peculiar climate are elements that advantage Romania on
the Europe's economic map and a proof in this direction is the major
interest of the foreign investors, who have purchased large area of land
to explore and continue to come in all Romanian regions. From this point
of view, it's normal for agricultural insurances to have the same growth
"Personally, I believe that agricultural insurances will increase more rapidly
than other insurances", the ASIGEST Agri"s official added.
by email@example.com, 13.02.2007
Ambitious plans for CARDIF Asigurari
CARDIF Asigurari, the Romanian branch of BNP Paribas Assurance, intends
to develop the products of financial protection for credit institutions
and banks from Romania.
The company is the second in the world and the first in the Central -
East Europe on the segment of insurance products attached to credits,
generic named Payment Protection Insurance.
"We want to have in Romania the same success as our colleagues from other countries,
either we refer to Asia, Europe or South America", Carmen BAHRIM, CEO of CARDIF
Asigurari declared for XPRIMM Newsletters.
Regarding the Romanian insurance market's challenges, the insurer appreciates
that a high level of competitiveness can only increase the quality of
services and business environment and also creates completed products
"It's obvious there are a lot of opportunities for a new entered company on Romanian
market and it's not necessary for me to mention them. CARDIF is a specialized
company on bancassurance and this segment is only at the beginning", the quoted
The life insurance division of BNP Paribas Assurance develops and offers
saving and protection solutions distributed through alternative channels.
CARDIF holds important positions in ASIA, Europe and South America, having
operators in 35 countries.
"We highly believe in our arrangements' success in Romania, and knowing the East
and Central European market offers us the advantage of anticipating tendencies
and evolutions of the Romanian financial market", Carmen BAHRIM concluded.
by firstname.lastname@example.org, 12.02.2007