PRIMM - 50 issues
PRIMM-Romanian Insurance&Pensions Magazine celebrates 50 issues.
The moment coincides with the apparition of PRIMM No. 5/2007, published
in English, as a retrospective over the most important anniversary event
of FIAR - International Insurance and Reinsurance Forum 2007.
Launched in 1999, as a part of a great project of raising the people's
awareness over the insurance industry's importance, PRIMM has become
the most known and read insurance and pension publication.
" We consider that the publication has had a similar evolution with the insurance
market. When PRIMM was first printed, insurance market represented little over
EUR 200 million, and this year, when we celebrate the 50th number of PRIMM, the
gross written premiums will surpass EUR 2 billion", Sergiu COSTACHE, General
Director of PRIMM-Romanian Insurance&Pensions Magazine stated.
"We started with 4 numbers a year and 24 pages and we have got to 12 numbers
a year, with substantial editing content, growing from month to month", Sergiu
"We are proud that we succeeded in being the main information source related
to insurance and private pension market. To the base of this performance there
are two factors extremely important: insurance industry and our readers", Adriana
PANCIU, Executive Director, Media XPRIMM declared.
"During 8 years of activity and 50 magazines apparitions, PRIMM has transformed
from a laudable intention into a efficient communication instrument, with international
During all this time, the magazine has presented the opinions of relevant
specialists from the market, profile articles provided by credible European
entities in the field, many photo-reports which promoted the national
and international insurance events, studies, analyses and polls. All
these successive transformations brought new rubrics dedicated either
to the connections with other financial markets, either to domestic insurance
activity or to profile market's presentation", Daniela GHETU, Editorial
" Surely, the 50 number of appearances will double with the help of our readers",
Alex ROSCA, Editor in Chief, stated.
Starting with 2003, PRIMM-Romanian Insurance&Pensions Magazine has
been member of PIA - Presse Internationale des Assurances, this being
a recognition of the Romanian publication's quality.
In the end, the editorial team wishes to thank all those who give their
by firstname.lastname@example.org, 3.07.2007
Insurance Day at Cluj
"One of the most important objectives of the Insurance Supervisory Commission
is to be in permanent and tight connection with the territory", Aurelia CRISTEA,
Member of the Insurance Supervisory Commission declared during the Insurance
Day at Cluj-Napoca event organized by Media XPRIMM with the support and participation
of the supervisory authority.
The conference gathered the leaders of the local insurance representatives
and those of the most important insurance brokers from the North-West
part of Romania and they had the chance of debating with the representatives
of the Insurance Supervisory Commission on the insurer-broker collaboration
on the local insurance market.
Aurelia CRISTEA provided information about the intentions of the supervisory
authority regarding the activity in the territory. "Your opinion, as
directly involved participants in the local insurance markets' development,
is very important to shape a much correct image over the general needs
of the Romanian insurance market. That's why, starting September, the
Insurance Supervisory commission will collect your suggestions for the
amendment proposals of the Law no.32/200, whom will be remitted to the
Also, the official presented the coordinates of a local project intended
for the solving of human resources crisis which the insurance market
is dealing with. "Together with the Babes-Bolyai University, we are working
at the establishment of a centre for professional education in insurance
as to easier cover the need for a qualified personal in the area. This
should be a natural completion of the efforts made by the Insurance Supervisory
Commission in order to support the Insurance Institute, so that to be
in the territory necessary resources for the professional preparation
of the employees in the field.", Aurelia CRISTEA stated.
"Besides, this project is intended to prepare the resources for the application
of a norm regarding the professional preparation, which will soon be presented,
one of the main aspect regulated by it being the compulsory internship period
for professional perfecting", the quoted official added.
The dialog between insurers and brokers approached a series of important
aspects as the commission amount, the solving damage files and the promptitude
of payments, the responsibility towards clients and so on. In the end,
Sergiu COSTACHE, General Director of Media XPRIMM declared: "We believe
that the territory represents the main source of development for the
Romanian market and the North-West region and Cluj, especially, has a
significant potential. In this regard, "Where to Get Insurance?" Program
will continue to provide information from territory and organize regional
meetings of the insurance professionals".
UNIQA, majority share holder of ASTRA
ASTRA-UNIQA Company will have a new shareholding structure. After the
take over of the majority package of shares, UNIQA Group Austria will
be the majority shareholder, with a 50% plus one share participation.
UNIQA has purchased another 23% of ASTRA from the previous majority shareholder,
NOVA Trade. So, UNIQA has the control over its interests in ASTRA.
The transaction is about to be authorized by the local authorities. Also,
UNIQA will make a compulsory offer to the small shareholders of the ASTRA
Company listed on Stock Exchange, according to the legal requirements.
"In the new structure, UNIQA and NOVA Trade will continue their collaboration
as to apply special projects for promoting and selling of facultative insurance
policies, improving the services' quality, providing competitive services. They
will emphasize the promotion and development of life insurance", the company's
ASTRA-UNIQA will continue to develop its partnership with RAIFFEISEN
Bank, intending to extend their activity through investments in real
estate field, activity already launched by UNIQA Group which purchased
important objectives on Romanian market as Floreasca Tower.
At mid 2005, UNIQA Group, one of the main insurers on the European profile
market and leader of the Austrian market, purchased 27% of ASTRA, and
from the summer of 2006, the new logo contains the both names of the
companies, ASTRA and UNIQA. The launch of the new co-branded logo was
the precursory step of the UNIQA's participation extension in the shareholding
structure of ASTRA.
ASTRA-UNIQA, leader on maritime and aviation insurance segment in Romania,
aims for 2007 incomes from gross written premiums of EUR 140 million,
up at 63% compared to the last years' results, and the increase of the
profit, the diversification of the portfolio and the territorial extend.
At the end of the first trimester of 2007, the amount of gross written
premiums reached RON 120 million, which means a consolidation of the
volume of the last year premiums.
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EUR 2.28 million underwritings for travel insurance
Travel insurance underwritings of the Romanian insurance companies went
up to EUR 2.28 million in the first quarter of 2007, according to Insurance
PROFILE Review. Least years' same period brought gross written premiums
for this segment worth EUR 1.52 million.
Thus, the real growth in national currency on travel insurance class
Insurance company RAI Asigurari led this insurance segment in Q1/2007,
with a 30.52% market share, followed by OMNIASIG, with 19.95% and BT
Asigurari with 11.28%.
Travel insurance underwritings are estimated to grow in June-August period,
as this is the time when most of the Romanians leave the country for
The audited insurance market results for 2006 and Q1/2007 preliminary
results are now available for download at the official site of Insurance
by firstname.lastname@example.org 27.06.2007
EUROHOLD from Bulgaria purchase ASITRANS
EUROHOLD from Bulgaria has purchased the majority share package of ASITRANS
and of ASITRANS Leasing, according to a communicate release by the Stock
Exchange from Sofia, taken by the site novinite.com.
The transaction value will be revealed after the regulatory authorities
approves it", Asen HRISTOV, President of EUROHOLD, stated.
This acquisition represents the first extension of the holding outside
Bulgaria. EUROHOLD is the majority shareholder of EUROINS, company which
has already notified the supervisory authority regarding its intension
of operating on the Romanian territory.
The Bulgarian group intents to obtain a 3-5% market share in Balkans in
the next two years.
In the first 5 months ASITRANS underwrote RON 39.78 million gross written
premiums, 29.07% more than the similar period of the last year.
CASCO had a spectacular evolution, the registered increase on this segment
being 271.95%. In April, ASITRANS Launched a CASCO product, unique on the
Romanian insurance market. Daily CASCO provides for 1 EUR/day the coverage
against the damage of the insured car and the events independent of the
For 2007, the main objective of ASITRANS is a 50% growth, which means a
EUR 30 million premiums. In the same time, it intends to extend its territorial
network to 100-110 units.
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Insurance brokers, mediatory on Pillar II
The insurance brokerage will be able to mediate pensions on Pillar II
without establishing a new specialized company.
"The Private Pension System Supervisory Commission and the Insurance Supervisory
Commission remitted to the Government a project of Emergency Ordinance in this
regard", Aurelia CRISTEA, Member of the Insurance Supervisory Commission Council,
declared for the first time.
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Another important name at start
GENERALI has put the necessary documents for the authorization of a pension
company GENERALI Fond de Pensii at the Private Pension System Supervisory
Commission. Thus, the Italian giant insurer stands in other important
names that have already shown their interest in the private pension
"By the 1st of August, we will prepare a big team of marketing agents which to
provide Romanian people quality services and information needed as to choose
the private pension scheme and not to be aleatory distributed by the Commission",
Ioan VREME, Project Manager, declared.
GENERALI aims a 12% market share, representing 300,000 participants,
according to the Prognosis National Commission, which estimated the total
number of participants at 2.7 million.
A few months ago the Commission's estimations highlighted that about
10-12 companies would activate on the private pension market. But, at
the moment, we have already 12 companies about to take the start and
this number may be overpassed in the next weeks. Among these companies
there are important insurers from the worlds' insurance and pensions
market as ALLIANZ-TIRIAC, AIG, AVIVA, EUREKO (through INTERAMERICAN),
ING or VIG (through OMNIASIG).
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Facultative pensions - a profitable activity for ING
ING signed 740 adhesion contracts to the ING Clasic Facultative Pension
Fund in less than one month from the facultative pension start. Also,
over 70 companies signed contracts with ING as to offer pension products
to their employees.
"We wish to be in the preferences' top of Romanians on the facultative pension
market and private pensions, with a 25% market share, respectively 30%", Bram
BOON, General Director of ING Asigurari de Viata stated.
"It's a promising start, but certainly the potential is much significant and
we expect the adhesion rhythm to increase while people will be aware of the facultative
pensions' advantages", Bram BOON added.
As regards the private pension field, ING Asigurari de Viata was the
first company which got the authorization for the establishment of ING
Fond de Pensii. The agents network prepared for the pension products'
promotion will overpass 30,000 agents according to the ING's officials.
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Share capital increase for GENERALI
Insurance company GENERALI will increase its share capital by EUR 22.5
million, the insurers' capitalization thus growing to EUR 38.57 million,
according to the decision made by the shareholders' General Meeting.
The move is to be financed by a 700 million nominative share issue, at
a unit value of RON 0.1 (EUR 0.03).
From the capital increase, EUR 16.87 million will be attributed for general
insurance and EUR 5.62 million for life insurance.
The capital increase aims to keep GENERALI in the legal solvency margin
required for the life and non-life insurance activity, according to the
document published in the Official Gazette of Romania.
In the first quarter of 2007, GENERALI Asigurari posted gross written
premiums worth EUR 32.04 million, up 49% from the last years' same period.
Life insurance underwritings volume of EUR 4.80 million outruns the Q1/2006
figures with 59% while general insurance headed up 48% to EUR 27.25 million.
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FIBA sets up insurance company
FIBA Asigurari received the authorization from the Insurance Supervisory
Commission in Romania for setting up an insurance company.
The new born company will have a share capital worth EUR 3.64 million.
To begin with, the new insurer will write only non-life business, according
to some previous statements made by the CREDIT EUROPE officials.
The majority owner of FIBA Asigurari is the Dutch subsidiary of the Turkish
financial group FIBA Holding, with a 99.9% stake. The rest of 0.01% shares
belong equally to four individuals including Tamer OZATAKUL and Omer
Now, for launching the underwriting activity, the company needs the functioning
authorization from the regulatory authority.
Setting up this company increases the number of Romanian insurance companies
Also, in less than six months since the Romania's EU accession, more
than 120 insurers from the European community notified the supervisory
authority regarding their intention to enter the national market.
by firstname.lastname@example.org, 26.06.2007