The insurance market - EUR 2 billion in 2007
The total volume of underwritings on the Romanian insurance market, in
the first trimester of 2007, has reached, according to the preliminary
data, to RON 2,227 million, which means more than EUR 670 million.
"We are talking about a market that has all the chances to exceed this year
EUR 2 billion. This is a achievable figure, if we take into account the results
of the first trimester of 2007", Angela TONCESCU, the President of the Insurance
Supervisory Commission has declared.
The structure presents an 80% general insurance segment, that has grown
by 37% by comparison with the previous year and a life insurance segment
that has grown by over 60%.
The credit insurance segment can also be highlighted, in which the gross
written premiums' volume have exceeded by far the market's average (growth
of over 133%). This thing had as consequence the growth of the credit
insurance class in the total underwritings volume, from 4.9% in the first
trimester of 2006 to 8.4% in the first trimester of 2007.
The claims have exceeded in the first three months of the current year
RON 790 million, which means EUR 240 million. By comparison with the
previous year the claims paid have risen by 35%. By the total volume
of claims paid, over 95% of these were supported by the general insurance
segment, from which 78% are motor insurance claims.
by firstname.lastname@example.org, 11.05.2007
A decade like ten
"In Europe there is no similar event like FIAR (The International Insurance-Reinsurace
Forum), with such an original component; therefore I consider that an event like
this is absolutely necessary", Dumitru Mugurel CERACEANU, President - General
Director of ASIBAN declared.
The company is supporting, as Official Partner, FIAR and it is the Welcome
Cocktail Host, which will take place in the first evening of the most
important European insurance event of the spring.
"Romania was accepted in the EU with a great dowry and FIAR is part of it.
If, till now, there were 'only' nine Romanian editions, I'm sure the number of
the European editions will be endless", added the stated official.
ASIBAN is one of FIAR Traditional Partners. ASIBAN, which celebrated,
last year, 10 years of activity, has subscribed, in 2006, 450 times more
than in 1997. The company's market share has grown from 1.58% to 7.63%
FIAR 2007 will take place between May 21st and 25th, 2007, at Sinaia.
to see the participants list!
to access the event's official webpage!
by email@example.com, 11.05.2007
Private pensions - on highlight at FIAR 2007
Year 2007 will mark the private pension system's inauguration - moment
that brings numerous challenges to the players involved in this system.
Also, this will lead to significant changes on the Romanian financial
In this context, The Private Pensions Day, an internationally event held
by FIAR 2007 - The International Insurance-Reinsurance Forum, is mainly
dedicated for debating practical aspects that have the most impact on
the companies that enter the private pension market.
Mediator of the meeting, Crinu ANDANUT, the General Manager of ALLIANZ-TIRIAC
Pensii Private, traditional Official Partner of the event stated: "We
are looking for dialog, thus all the issues that leads to serious question
marks about our future activity should be solved as soon as possible
in a reasonable manner. Beside our business interests, we are aware to
the fact that as first comers we have the most important role - of creating
the market. That is why we constantly support the initiatives that can
lead to this objective".
The debates' efficiency of The Private Pensions Day will be assured by
the active support of The Private Pension System Supervisory Commision
represented at the event by a multidisciplinary team lead by Mircea OANCEA,
the President of CSSPP. Specialists from The Ministry of Economy and
Finance are also invited.
And because, inevitably, the Romania's new status will mark the development
of the private pension system, we will dedicate a section of the meeting
to the newest trends present on the Europeans private pensions markets.
by firstname.lastname@example.org, 11.05.2007
The 23rd of May - Motor Insurance Day at FIAR
The motor insurance stake in the total insurance market exceeded 54%
in 2006, meaning more than 65% of the general insurance segment. Their
leading position has also the disadvantage of being a great risk factor
for the market destabilization.
Thus, the 23rd of May, the third day within FIAR-The International Insurance
Reinsurance Forum, is dedicated to the motor insurance. This occasion
will bring in discussion issues regarding the past, present and future
of the motor insurance market in Romania and will approach the most actual
problems the local market is facing, the first one being the claims rate
at highest levels ever.
Ionel DIMA, Director at AVUS Romania is the moderator of the Conference.
Among the speakers we name Ioan MATEI, Juridical Director within BAAR
- Romanian Motor Insurers Bureau and FPVS-Street Victims Protection Fund,
Ovidiu CIOBANU - President, FPVS, Nicu CRACEA - Chief Commissary, Traffic
Police Department within the Ministry of Interior and Administration
Reform, Richard NATHSCHLAGER - Executive Vice President, AUDATEX, Gheorghe
ANGHEL - General Manager, EUROTAXGLASS's Romania, Maria BOGHIAN - President
of ANSDAR-National Association of Automotive Dismantling and Recycling
Societies and other market specialists.
The event will host leaders and specialists in the motor insurance field
within the principal foreign and Romanian insurers, as well as services,
claim adjusters and mass-media representatives.
by email@example.com, 08.05.2007
FIAR, 24th of May - Private Health Insurance Day
Private health insurance posted the biggest growth in the insurance market
in 2006, with gross written premiums growing up 208% to EUR 9.77 million,
according to Insurance PROFILE Review.
Although this underwriting volume is pretty low, if we consider the estimation
at the end of 2005 then the private health insurance segment has a significant
growth potential, confirmed by the increase in the number of interested
companies and also by previsions which say that by 2010, this market
will reach EUR 150 million.
The recent debates at the Parliament Palace happened with the National
Conference of Health Insurance occasion emphasized that private health
insurance products are the only real solution for vivifying the Romanian
In this context, Thursday May 24th, 2007 within FIAR-International Insurance
reinsurance Forum is dedicated to the Private Health Insurance.
The Conference, organized in two main sessions, will take place at FOISOR
Palace in Sinaia, and will approach two principal issues: first, pointing
up the present condition of the health insurance market by identifying
the potential and real benefits and second, the operational issues in
private health insurance activity.
The event will host leaders and specialists within the principal foreign
and Romanian insurance and brokerage companies, CNAS (National House
of health Insurance), ISC (Insurance Supervisory Commission), Specialty
Commissions within the Parliament, County Houses of Health Insurance,
private medical services providers and mass-media.
by firstname.lastname@example.org, 09.05.2007
Solvency II - strategic objective
ISC (The Insurance Supervisory Commission) Council approved on May 8th,
2007 the Commission's Strategy for 2007-2011 year period. The strategy's
main objective is the Romanian insurance market's consolidation and
development and also the increase of ISC's role on a national and European
level by taking full advantage of the EU membership status.
"We intend and we will work very hard for this Strategy not to remain only
on paper, but to be truly implemented and to fulfill the main objective. Thus,
periodical evaluations will be made to analyze the stage of the Strategy's implementation
and proper measures will be taken to correct the course towards the main objective",
Angela TONCESCU, President of ISC, stated.
"I want to emphasize the priority the importance of one of the strategic
objectives, respectively the supervisors' philosophy, because it is an absolutely
mandatory preceding stage for the implementation of the future Solvency II system.
This system consists in a transition from administrative like measures to actions
based on principles", the cited official mentioned.
The strategic objectives identified by ISC can be grouped in three categories:
the institutional capacity's increase, the change of supervisors' philosophy
from one based on "accordance" type with one based on risk
evaluation and to redefine the ISC's role and status into the EU's commissions
and specialized committees of the European Commission and also of the
IAIS (The International Association of Insurance Supervisors).
The priority of this objective comes from the fact that on July 10th,
2007 The European Commission will adopt the framework Directive of Solvency
II and, based on the time schedule, in 2012 the Directive will be in
by email@example.com, 09.05.2007
RON 19.1 million written premiums for AVIVA
The first quarter of 2007 meant for AVIVA Life Romania an increase of
its volume of gross written premiums with 30.45%, to approximately
RON 19.1 million (EUR 5.82 million), compared to RON 14.64 million
(EUR 4.46 million) in the similar period of 2006.
The total value of the company's assets amounted to RON 164.7 million
(EUR 50.19 million) at the end of March through an increase of 56.95%.
The AVIVA's investment programs had a similar positive evolution in the
first three months of 2007, Practic MAX (launched on February the 1st,
2006) having the most important increase. The program had, in the first
12 months from its launch, one of the best development on the market,
with an 18.33% increase, outpacing BET index in the similar period with
4.34% percent points.
"The results registered in the first quarter of 2007 were in line with our
initial estimations. We are pleased of the current outcome, considering the important
changes that we are facing at an organizational level for us to be able to successfully
enter the private pension market. We do not analyze our company's performances
only just by the first quarter of 2007, but we try to focus on a long term development.
We are certain that, in short time, Romania will become the second most important
insurance pension market in the Central and Eastern European private pension
market, after Poland", Shah ROUF, CEO, AVIVA Life Romania stated.
Concerning the private pensions, AVIVA was licensed in April to activate
as an administrator of private pension funds (IIIrd Pillar).
At this moment, the company is waiting for approval from the Private
Pension System Supervisory Commision (CSSPP) for "Pensia mea" -
a private pension fund, to step into the operational phase of the project.
"We are prepared to advance into real action! If until now we have tactically
prepared the private pension project, now we are eager to put it into practice.
We estimate to sell the first private pensions starting with the middle of May
by using a selling force comprised of 2,000 marketing agents. The first targets
will be the big companies that are already in our portfolio. 1,200 marketing
agents are in process of licensing by the CSSPP for full time jobs and another
800 for a part-time jobs", the cited official mentioned.
For the IIIrd Pillar, AVIVA will administrate one moderate-risk pension
fund. In parallel, the insurer started the licensing procedures of an
IInd Pillar private pension company, by filing at the beginning of this
month the authorization request, according to Law no. 411/2004. Thus,
AVIVA Life Romania becomes one of the first company that puts into action
its developing plans for IInd Pillar.
by firstname.lastname@example.org, 10.05.2007
Insurance Brokerage, debated at Sinaia
The year 2006 means for the Romanian brokerage industry an increase of
the mediated premium volume with 40%, the domination of the motor insurance
and of the brokerage companies specialized in leasing related mediation
insurance, but also an increase in business in total insurance market
with 1% reaching 20.35%.
According to Insurance PROFILE, the first 10 brokerage companies have
almost 54% of the market share. The cumulated value of the mediated premium
of the mentioned companies excelled EUR 178 million, with over 50% more
than in 2005 and with over 10% more than the growth in the European currency
recorded for the whole market. In this context, on Tuesday, May 22nd,
2007 will be organized - part of FIAR - The International Insurance Brokerage
At the event will be present the leaders and the specialists of the insurance
and brokerage market, representatives of the Insurance Supervisory Commission,
of the National Union of Insurance Brokerage and Consultancy Societies
and of the press.
by email@example.com, 11.05.2007
ISC talks with territorial insurers
The Romanian Insurance Supervisory Commission (ISC) has organized a meeting,
on 10th of May, 2007, in Cluj-Napoca, between the insurance market,
local public administration and mass-media representatives, as well
as businessmen from North-West region.
The event was part of the manifestations series organized by CSA with
regard to the Anniversary of 15 years of Romanian insurance supervising,
being, at the same time, the first direct territorial contact of such
Thus, ISC, UNSAR (The National Association of Insurance and Reinsurance
Companies from Romania) and UNSICAR (National Union of Insurance Brokerage
and Consultancy Societies from Romania) discussed with the leaders and
specialists of the local insurers and brokers.
"The role brokers have will become more and more important", Angela TONCESCU,
President of ISC had declared with this occasion.
"The regional and especially central region market's realities are very different
from what wee see in Bucharest", the insurers at the event emphasized.
They dignified the need of ditching the sale politics based on marking
up the premiums.
PRIMM Insurance&Pension Magazine has been represented at CSA's event
by Sergiu COSTACHE, General Manager of the most popular specialized publication,
who asserted the importance of Cluj County in the Romanian insurance
Thereby, the second stage of the "Where To Insure Myself?" National Program
initiated and coordinated by PRIMM Magazine, will also start with Cluj,
in June 2007.
Gross written premiums posted in Cluj in 2006 amounted to 4% in the total
insurance market. Thus, the county had the biggest stake in the total
underwriting in Romania excluding Ilfov county and Bucharest.
by firstname.lastname@example.org, 11.05.2007
ERGO enters Romania
UNICREDIT's Board of Directors has approved a framework agreement between
UNICREDIT, MUNICH Re and ERGO to extend the existing co-operation in
Germany, Austria and Poland to further growth markets in the CEE region.
ERGO, the insurance unit of MUNICH Re, posted gross written premiums
revenues of almost EUR 17 billion in 2006. The extended co-operation
focuses on the development of the distribution of both life and non-life
insurance products of ERGO through the branches of the UNICREDIT subsidiaries
operating in Romania, Slovakia, Slovenia, Hungary, Russia and, partially,
Poland where co-operation with Bank PEKAO's existing partner will continue.
In the medium term, the same type of co-operations will also be extended
to Serbia, Ukraine, Bosnia and the Baltic States. In this context, Munich
Re and ERGO will set-up a centralized hub for the supply of cost efficient
and effective services to support local operations.
With this agreement the two Groups aim to implement a long-term partnership
and create value for both parties ensuring high quality standards for
by email@example.com, 11.05.2007
GENERALI enters the private pensions market
GENERALI intends to soon enter mandatory private pensions system, as
a private pension fund administrator.
In the very next period, the company will do the necessary documentation
as to request authorization by CSSPP (The Supervisory Commission of the
Private Pensions System) for the establishment of a new pension society,
named GENERALI Pension Fund. The second stage in the authorization process
is applying as a private pension administrator.
The new Project Manager for the mandatory private pension activity within
GENERALI is Ioan VREME. Insurance specialist Ioan VREME worked in the
last 12 years within insurance company BT Asigurari in leading positions:
IT Director, Life Insurance Director and, in the last eight years, he
was Deputy General Manager.
The official declared he is ready to establish a new company with the
help of his experience in insurance, as he developed along with BT Asigurari
since the very beginning of the companies' activity in the insurance
"I'm already preoccupied in building up a new team for GENERALI Pension Fund,
because we must be prepared and we have to face the calendar of the systems'
implementation. We do not want to overawe through our employees number but through
their professionalism, as efficiency will be the key-word. Taking advantage of
the GENERALI global experience in pension funds administration, we aim to reach
similar positions in Romania as the Italian Group has in countries like Poland,
Hungary, Czech Republic and Slovakia", Ioan VREME said.
by firstname.lastname@example.org, 10.05.2007
The Romanians prefer the risk
"Until the end of this year, the Guaranty Fund will become a reality of
the private pensions market", Crinu ANDANUT, The General Director of ALLIANZ-TIRIAC's
Private Pensions company (SAFPF) stated with the occasion of an informal meeting
with the journalists from the economic media.
"The four operators, already authorized for the administration of the voluntary
pensions, have decided to go on with all the procedures in order to create the
Fund as soon as possible.
The brands' reputation, the financial strength, the team's quality will
be, at least in the first instance, until the results of our activity
will grant us with the proofs of the quality of our products and our
competence, the basic arguments we will show to our clients. Furthermore,
the existence of the Guarantee Fund will represent a factor of increase
of the public's trust in the solidity of the investment in a pension
fund", the company's official has added.
Talking to the journalists present at the event about the future intentions
of the first private pensions company authorized in Romania, Crinu ANDANUT
has added: "Apparently hard to conceive, the results of a market
search made by ALLIANZ-TIRIAC to it's customers all over the country
have revealed the fact that our audience has a much higher appetite for
risk than we had expected, preferring investment products with a high
possible revenue, even if it also means a greater risk".
Dorin BOBOC, the Head of Investment of ALLIANZ-TIRIAC SAFPF, has added
a couple of explications: "Our role, in this issue, will be one
of a market opener. The public must be educated in order to understand
correctly the level of financial risk associated to this type of investment.
Only this way our clients can make a good decision and we will receive
an over-average degree of enrolment and retention in the private pension
funds. We have thought the products that we are going to launch as to
offer all the options possible: from AZT Adagio, a pensions fund with
a conservatory character and with a main objective of conserving the
value of the contributions, going thru AZT Moderato, a private pensions
fund whose assets will be invested in a proportion of about 25%, in financial
instruments with conserving the value of investment, till AZT Vivace,
the private pensions fund with the highest ratio, for which we will go
up untill the very limit of investment in this type of products".
by email@example.com, 08.05.2007