The third Romanian insurer in terms of GWP volume - OMNIASIG VIG - recently announced payments of more than EUR 4.2 million to the victims of the bus accident in Montenegro last year. According to the statement released by the insurer, the company already settled 42 cases based on the MTPL policy (out of a total of 46) for which it paid EUR 4.15 million.
26 June 2014
GWP on the Romanian insurance market has dropped by 3.43% in the first three months of 2014, reaching EUR 466 million. The non-life sector generated premiums of EUR 380 million, 2.09 percent less than in the first three months of 2013, while life insurance decreased was even more - by almost 9 percent, amounting to EUR 87 million.
12 June 2014
The sale of ASTRA Asigurari, the second largest company on the Romanian Market, is the most suitable solution to bring the insurer back on track, according to Misu NEGRITOIU, the President of the Romanian Financial Supervisory Authority.
12 June 2014
"MUNICH Re left Romania in 2001, but it came back in 2005. The reason of
it leaving: it stated it could not make profit in Romania. Upon coming
back, MUNICH Re said that motor insurance activity would be strictly
conditioned by a sound underwriting policy and a correct damage
management", declared Richard NATHSCHLAEGER, Managing Director, AUDATEX
Austria, in the opening of the Motor Conference at FIAR 2014.
4 June 2014
"The penetration degree of the compulsory household insurance policies
issued by the catastrophe insurance pool in Turkey - TCIP, was about 30%
last year. Similar to the situation in Romania, this compulsory
insurance is regarded by the population as a fee, not as a safety belt
in case of an earthquake. TCIP carried out an advertising campaign all
over the territory of Turkey and about 300.000 people were contacted
directly," explained Menekse UCAROGLU, President of the Board, Istanbul
Underwriting Center - IUC, at FIAR 2014.
4 June 2014
"Insurers wonder how they can offer health services as long as the basic package is not clearly defined. In order for them to overcome this obstacle, the level of the discussion [between insurers and authorities] should be taken to the technical area of the Ministry of Health - to the commissions of the Ministry of Health, which can draw up public health insurance policies, which will be impossible to change depending on the political agenda of those leading the Ministry of Health," stated Petru MELINTE, Manager of the Coordination and Monitoring Policy Department for Emergency Care, Telemedicine and Strategic Programs within the Ministry of Health, at FIAR 2014.
4 June 2014
"The market in Romania is very competitive. Moreover, almost 70% of the premiums underwritten on the general insurance segment are represented by motor insurance, a field marked by harsh competition. Thus, it is no surprise that reinsurers as well as insurers want to steer away from the motor segment and to diversify their portfolios," stated James GRINDLEY, CertAsig CEO, during the Conference on Reinsurance held within FIAR 2014.
28 May 2014
As long as it is impossible to forecast natural catastrophes that affect the crops, a protection of farmers as adequate as possible is necessary in Romania. In this context, Florentina ALMAJANU, General Manager, UNSAR - National Association of Insurance and Reinsurance Companies in Romania and Member of the Executive Committee - Insurance Europe, presented a few European experiences in the agricultural catastrophic risks insurance, within the workshop dedicated to the agricultural insurance held at FIAR 2014.
28 May 2014
"The clients are the winners of the tough competition on the optional
household
insurance market, succeeding to insure their properties at accessible
prices.
The average premium was reduced by about 20-25% as compared with the
period preceding
the implementation of the legislation providing for the compulsory home
insurance," showed Adrian MARIN, Responsible for the Property Insurance
Department, UNSAR,
at the workshop dedicated to the catastrophic risks held within FIAR
2014.
28 May 2014
The 10th edition of XPRIMM Insurance Report, officially launched during FIAR - The International Insurance-Reinsurance Forum 2014 brings to its readers the insurance market results for 32 countries in the CEE, CIS and SEE regions, interviews with well-known specialists and ample materials which include regional trends and facts.
28 May 2014
"The MTPL pricing policies will be based, in the future, on individualized models - basically, on personalized risk profiles, not on risk profiles for entire groups, as it happens now", Richard NATHSCHLAEGER, Managing Director, AUDATEX Austria, explained during the Motor Conference organized at FIAR 2014 - The International Insurance-Reinsurance Forum.
28 May 2014
Solutions for preventing losses on the motor insurance segment exist
and they can be applied even from the moment when the policy
is underwritten. "Even
from the start, the insurer can see if the MTPL or Motor
Hull policy
that he/she sells is appropriate for his client, using some
very
exact parameters, using official technical data for each
car", Sorin IACOB, General Manager, EUROTAX Romania, explained during
FIAR 2014.
28 May 2014
"Every year, the insurance companies try to be more competitive and wish to position themselves better on the insurance market. For example, lately we noticed how the insurers develop more and more their own online sales channels. Eliminating, for example, the brokerage companies, the company risks not to be able to understand its clients anymore. And when a company doesn't know its clients, it becomes vulnerable", Leetha SPYROPOULOU, International Sales Manager, FRISS, explained during FIAR 2014.
28 May 2014
"The latest numbers show that the brokers are not as involved on the life
segment, compared to their role on the non-life market, which shows an important
potential which is not yet used", Paul SWOBODA, General Manager, GRAWE Romania, explained during FIAR 2014. A
solution is represented by the personalized products, built on the clients' specific
needs.
28 May 2014
At the International Insurance-Reinsurance Forum - FIAR 2014's Official
Opening ceremony, four important prizes dedicated to the reinsurance
market were awarded during the Insurance Market Awards Granted by
PRIMM Magazine - Reinsurance Awards. The distinctions acknowledged
the dynamism of the reinsurers as well as that of the reinsurance
brokers. The reinsurer of the year, as well as the reinsurance broker
of the year were decided according to the votes of the Romanian insurers.
27 May 2014
Bogdan ANDRIESCU, President of UNSICAR - National Union of the Insurance Brokerage and Consultancy Companies in Romania, declared at FIAR 2014 that two pieces of documentation have already been submitted to the Financial Supervisory Authority (ASF) in view of boosting the trust among clients.
27 May 2014
"There have been some quakes on the insurance market that we have all felt.
The public opinion had a series of questions and most of them still have remained
unanswered. Despite all of this, in my opinion the market is doing well now because
it had the strength and maturity to resist. I consider there is enough responsibility
so that the market heals itself from the inside", said Daniel FLOREA, Deputy in the Romanian Parliament.
27 May 2014
The economic downturn on the background of the crisis was transferred to the insurance market starting 2009. However, 2012 was the year in which the market got back on the positive trend, also helped by the weight of underwritings concluded outside the Romanian territory. 2014 is showing encouraging perspectives, being a year of challenges, when the companies also need profitability, declared Remi VRIGNAUD, President of UNSAR - National Union of the Insurance and Reinsurance Companies in Romania, during the conference "Insurance Market Trends" held on Tuesday, May 27, at FIAR 2014.
27 May 2014
Albin BIRO, non-executive Member of the Financial Supervisory Authority (ASF), presented within the conference "Insurance Market Trends", held at FIAR 2014, an overview of the insurance market in Romania.
27 May 2014
"I would like to point out that, for a reinsurance portfolio, the quality and its continuity are much more important features compared to its quantity", Andrea FUCHS, Director, SWISS Re Europe, explained during FIAR 2014.
27 May 2014