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 Doru FRUNZULICA, ISC: We must go from having potential to capitalizing on it, while conducting a differentiated supervision based on intermediation volume
by andreea.ionete@mxp.ro, 2012-05-21
"FIAR is a tradition that we should all foster in order to help the market grow. The new ISC Board has brought a new vision that you could see in the meetings with the brokers from Romania that we have had to date. The idea is to upgrade the insurance market from Romania. We need to move from having potential to actually capitalizing on it. We need to balance the market, upgrade the secondary legislation so as to benefit the brokers and the overall market and the ISC has already started to amend certain regulations", stated Doru FRUNZULICA, ISC Board Member, at the opening of the Brokers' Day at FIAR 2012.
 The trend of the brokerage market must be reviewed based on qualitative indicators, not only on the growth we have experienced so far
by mihai.cracea@mxp.ro, 2012-05-21
"I am not happy with the way things work, although the numbers indicate a higher mediation rate. We should not forget that we all live on this market and I am talking about insurance companies, brokers, supervisory bodies and media. So the time has come to try and see the big picture. But if we really want, we can solve all these issues", underlined Bogdan ANDRIESCU, President of UNSICAR.
 The online market has yet to become a real source of income for brokers
by mihai.cracea@mxp.ro, 2012-05-21
"I don't think the online market is spectacular at the moment. Maybe the growth will become more evident in the years to come and this field will become a treu business source", says Viorel VASILE, Managing Partner, SAFETY Broker. "Our portfolio is currently holding around 70% retail insurance policies, of which only 1.2% are sold online. Of course, we can now start debating on the meaning of online: whether it is about receiving orders alone or the actual card payment followed by policy delivery", added Viorel VASILE.
 Market players welcomed the amendment of the regulations on professional training
by mihai.cracea@mxp.ro, 2012-05-21
On a continually changing insurance market where the participants must constantly adjust to the challenges posed by the economic environment and comprising over 100,000 people, both companies and customers believe that relevant professional training has become a must
"The developments taking place in education present us with two important aspects. Education makes people aware of the risks they live with on a daily basis. Our role is to realize we are the drivers of change in market education. Everything that ISC has done in terms of requiring a certain level of training and making professional training mandatory is a positive approach, meant to bring discipline to the relevant market", outlined Octavian TATOMIRESCU, General Manager, CAMPION Broker.
 Iulius BUCSA: Soon enough, half the market will be mediated by brokers
by mihai.cracea@mxp.ro, 2012-05-21
The experts attending FIAR anticipate further growth of the brokerage market, stating that soon enough the mediations volume will reach a significant share in the total underwritings.
"Brokers will mediate half the market. But the financial impact of professional development is very high. I must say I am concerned about the individual agents who will gradually exit the market. This is why we need to be very careful about the legislative policies in the upcoming period. We are also dealing with more fiscal requirements regarding the agents' activity and we need to find solutions that can help up maintain the insurance coverage rate and the distribution network", stated Iulius BUCSA, CEO, EUROINS.
 The fierce price competition, even among major brokers, is an issue
by andreea.ionete@mxp.ro, 2012-05-21
"We identified and reviewed the issues, which is good, but I think we should try to discuss some solutions, too. Everything we discussed - even the market trend, which depends on the economic situation and on what we do as a market - is not entirely in our hands. We also need to focus on what we can do and what the economic context allows us to do, on what customers want. If we manage to put the issues into this context, we can also improve the market", stated Cristian FUGACIU, General Manager, MARSH Romania.
 Rates should be set by insurers, not by brokers
by mihai.cracea@mxp.ro, 2012-05-21
"The rates issue is serious and insurers are responsible for setting the prices that can cover the risk. The decision belongs to the company, regardless of the pressure coming from the broker. Non-motor classes are becoming increasingly important. The market must be transparent and customers should understand the coverage they get and the price they need to pay", stated James GRINDLEY, Director General, CERTASIG.
 Razvan PAVEL, NETRISK Broker: "Online sales cannot become profitable unless long term investments in start-ups become available"
by mihai.cracea@mxp.ro, 2012-05-21
"Online sales cannot become profitable unless long term investments in start-ups become available. Such a business can generate profit in the first five years only through streamlined processes and cost control", stated Razvan PAVEL, Director General, NETRISK Broker, owner of Asigura.ro portal.
The seed capital for any business for online sales of insurance policies amounts to EUR 30,000 for the IT component and another approximately EUR 30,000 for promoting the launch. Thus, the acquisition cost per visitor is RON 2, according to the research conducted by NETRISK Broker. |
 The 5-year count of private pensions
by vlad.boldijar@mxp.ro, 2012-05-21
2012 marks five full years of operational activity for the private pension market in Romania. Now in its sixth edition, the Private Pension Day of FIAR 2012 - International Insurance-Reinsurance Forum took this opportunity to focus on the evolution of this system at national level, as well as on the current priorities of the players working in this industry. "The pension market has been actually operating for six years, since the official start of the system required one year of preparation", Mircea OANCEA, President of CSSPP explained in the opening speech of the conference.
 The EU is more and more concerned with retirement provision
by vlad.boldijar@mxp.ro, 2012-05-21
"The collapse of Lehman Brothers, the sovereign debt crisis, in the Eurozone especially as well as the aging of the population may adversely impact the retirement provision", stated Jens TINGA, Legal Advisor of EFRP - European Federation of Retirement Provision - on the Private Pension Day. The European Federation manages as much as EUR 3.7 billion both under the 3rd and the 2nd Pillars.
 2nd Pillar: earnings in excess of RON 1 billion within four years. 3rd pillar: net assets worth half a million RON within five years
by vlad.boldijar@mxp.ro, 2012-05-21
Romania's mandatory private pension market generated RON 1.05 billion in net earnings for the participants within four years of activity, according to the data presented by APAPR at FIAR 2012.
The net assets managed by the nine mandatory pension funds have reached RON 7.5 billion and the gross contributions that CNPP transferred to the pension funds amounted to RON 6.45 billion. The average return from start to date was 12%.
 GENERALI Pensii: The collection rate is 72%
by vlad.boldijar@mxp.ro, 2012-05-21
According to a survey conducted by GENERALI Pensii and presented at FIAR 2012, the total value of expected contributions for the 2nd Pillar in December 2011 by the company exceeded 18.71 million. Only 13.49 million of this total amount was actually collected, accounting for a 72% collection rate.
The survey also shows that while the market average expected contributions number per participant was 37, the average collected contributions number was only 27. |
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Mihaela CIRCU - GEOX Shoes
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Adriana PANCIU - CLARKS Shoes
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Oana RADU - EPICA Shoes |
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