EXCLUSIVE:
Top 10 Romanian insurance companies at the end of March
by alex.rosca@mxp.ro, 2015-05-18
Together, the first ten insurance companies in Romania underwrote
over EUR 400 million in the first three months of 2015, the market's
concentration degree being almost similar to the one in the first
three months of 2014, according to data published by INSURANCE Profile.
At the end of March 2015, the Romanian insurance market reached EUR
506 million, increasing by 11% compared to the first quarter in 2014.
 More
 The
regulation of moral claims on the motor segment would reduce the
claims and reinsurance costs
by andreea.radu@mxp.ro, 2015-05-20
The bodily injuries and death caims reported a significant increase
in the past years. In 2014, these represented 25% of the total claims
paid by Romanian insurance companies, compared with only 2.7% in
2007, Madalin ROSU, Motor Insurance Section Responsible, UNSAR, explained.
More
 A
common data base on the Motor Hull segment would reduce the motor
insurance fraud
by andreea.radu@mxp.ro, 2015-05-20
In Romania, a common data base used by insurers exists only on the
MTPL segment. The market specialists that participated at the Motor
Insurance Conference at FIAR 2015 believe that a similar data base
for the Motor Hull insurance class would reduce the fraudulent cases.
More
 Richard
NATHSCHLAEGER, AUDATEX: "Share as much as you can and protect yourself as little as possible"
by adina.tudor@mxp.ro, 2015-05-20
Data collection is a very interesting and very demanding activity.
However, insurers are very bad at collecting data. Many of them have
no good collection centers, Richard NATHSCHLAEGER, Region Manager
Austria & Italy,
Vice Chairman CEE Advisory Board, AUDATEX, explained in a debate
about the importance of data bases for the insurance industry.
More
 Romania
must have a proactive approach regarding "claims farmers"
by adina.tudor@mxp.ro, 2015-05-20
Romania must anticipate the risk and avoid the UK 'claims epidemic'
generated by the so called "claims
farmers" (or "ambulance chasers"), Anthony MADDEN, Legal Manager, InterEurope UK explained.
More
 Roland
VOGGENAUER, SWISS Re: We need models and data bases for a more accurate
pricing and reserving
by adina.tudor@mxp.ro, 2015-05-20
In the late 90s, SWISS Re started to use a hypothetical victim approach
to understand and analyze the development of severe bodily injury
claims, according to Roland VOGGENAUER, Director, Casualty Underwriting,
SWISS Re. Later on, the model case (hypothetical victim) expanded
to include paraplegic to better reflect the composition of SWISS
Re's claims portfolio.
More
 The
Reinsurance Awards were granted!
by oana.racatej@mxp.ro, 2015-05-19
FIAR 2015 officially started on Monday evening with The Insurance
Market Awards granted by PRIMM Magazine - Reinsurance Awards. The
best reinsurance companies and reinsurance brokerage companies were
rewarded.
More
 PAID
Romania: In 10 years, we want to increase the number of insured homes
to 60%
by andreea.radu@mxp.ro, 2015-05-19
One of the main long-term objectives of PAID Romania - The Pool for
Insurance against Natural Disasters is the progressive increase of
the insurance penetration degree, the company aiming to increase
the number of insured homes to 60% in 10 years, through an educational
program, Nicoleta RADU-NEACSU, General Manager, PAID Romania, declared.
More
 MILLI
Re aims to expand its business on the CEE markets
by vlad.boldijar@mxp.ro, 2015-05-19
The Turkish reinsurance company MILLI Re reported a premiums volume
of approximately USD 413 million in 2014. Three quarters of this
volume corresponded to risks covered on the local market, while the
remaining 25% represented risks covered outside the Turkish borders,
according to Naciye Esra KULAN, Deputy Head of Department, Foreign
Inward Business, MILLI Re, who participated at the Reinsurance & NatCat
Conference taking place at FIAR 2015.
More
Turkey
is ready for a major earthquake as far as claims management and the
reinsurance program are concerned
by vlad.boldijar@mxp.ro, 2015-05-20
"The penetration degree of the compulsory household insurance policies written
by TCIP - the Turkish Catastrophe Insurance Pool reaches 40% at the moment", Menekse UCAROGLU, CEO, IUC Group, explained during the Reinsurance & Nat Cat Conference taking place on Tuesday, May 19, at the International Insurance-Reinsurance
Forum - FIAR 2015.
More
TRUST
Re: Romania is important to us and we will remain on this market
for many years
by andreea.radu@mxp.ro, 2015-05-19
"We have been activating on the Romanian market for 5 years and I am very
happy that the reinsurance market continues to have a positive perspective on
a long-term cooperation. Romania is important to us and we will remain on this
market for many years", Sinisa LOVRINCEVIC, Branch General Manager, TRUST Re, declared during FIAR
2015.
More
What
damages could an earthquake produce in France?
by andreea.radu@mxp.ro, 2015-05-19
The French territory is exposed to almost all types of natural catastrophes,
Malgorzata SROKA-PICOT, Foreign Relations Officer, CCR, declared
during the Reinsurance & Nat
Cat Conference taking place on Tuesday, May 19, at FIAR 2015.
More
SCOR:
We see a strong competition between reinsurance companies
by andreea.radu@mxp.ro, 2015-05-19
"The reinsurance market is sensitive. We see a strong competition between
the reinsurance societies, as well as a fierce competition between the reinsurance
brokers", Evgeny POTOKOV, Underwriter South Eastern Europe, SCOR Global P&C Deutschland, explained during the Reinsurance & NatCat Conference, which took place at FIAR 2015.
More
Guy
HUDSON: We must not seek the cheapest reinsurance solution
by vlad.boldijar@mxp.ro, 2015-05-19
"At the moment, we have an interesting regional reinsurance market, where
many business lines are characterized by a strong competition as far as the tariffs
are concerned. The insurance companies, when choosing a reinsurance company,
must take into account its stability and other certain aspects, so that their
activity should not be affected in the future. I say this once again: one must
not search for the cheapest reinsurance solution", Guy HUDSON, Partner, JLT Re, declared during the "Reinsurance & NatCat" Conference taking place at FIAR 2015.
More
SWISS
Re: We want sustainability and profitability on the Romanian market
by vlad.boldijar@mxp.ro, 2015-05-19
"From SWISS Re's point of view, on short term, we do not except significant
changes as far as the Romanian market is concerned. Indeed, being one of the
international leaders in the reinsurance sector we do not offer cheap reinsurance
solutions. Being one of the leaders, we must take a leader's responsibilities.
We want continuity and conditions in which to be able to share our international
know-how. What we want from Romania is sustainability and medium term profitability
on the market", Andrea FUCHS, Head Market Underwriting CEE, Director, SWISS Re, declared during
the Reinsurance & Nat Cat Conference at FIAR 2015.
More
Martin
SIMHANDL, VIG: As an insurer, you must face an event that can have
consequences even 200 years later
by vlad.boldijar@mxp.ro, 2015-05-19
"The European Union initiated Solvency II as a way to reform the Solvency
I regime. The aim was to ensure financial stability during difficult periods
and to better manage difficult risk situations, such as natural catastrophes,
financial crises or similar events", Martin SIMHANDL, Group CFO, VIENNA Insurance Group, declared during the "Insurance Market Trends" Conference taking place at FIAR 2015.
More
Cristina
MIHAI, Insurance Europe: "The implementation of the Solvency II regime is challenging"
by andreea.radu@mxp.ro, 2015-05-19
"Good regulation is important for a healthy industry",
Cristina MIHAI, Head of International Affairs and Reinsurance Department, Insurance
Europe, declared during the "Reinsurance & NatCat" Conference taking place during FIAR 2015.
More
Remi
VRIGNAUD, UNSAR: The biggest challenge in 2015 is the preparation
for Solvency II
by andreea.radu@mxp.ro, 2015-05-19
This year brings multiple challenges, but the biggest one is represented
by the companies' preparation for Solvency II, given the fact that
there are only 225 days until the implementation of this Directive
on the European re/insurance market, Remi VRIGNAUD, President, UNSAR,
declared during the Insurance Trends Conference taking place at FIAR
2015.
More
Paul
MITROI, ASF: Solvency II changes the paradigm through which shareholders
analyze the insurance companies' activity
by vlad.boldijar@mxp.ro, 2015-05-19
"As far as Solvency II is concerned, I don't believe that its first phase
will be impressive, given that everything that will happen starting January 1st,
2016 has been foreseen in the past years. We have a directive that needs to be
implemented. Moreover, the secondary legislation will not be generated by the
local authority anymore, because it will be created by the European supervisors
gathered under EIOPA", Paul MITROI, Director, Regulation/Authorization Direction, Insurance-Reinsurance
Sector, ASF - Financial Supervisory Authority, declared during the Risk Management & Solvency II Workshop at FIAR 2015.
More
CertAsig:
We have a successful partnership with the brokerage companies
by andreea.radu@mxp.ro, 2015-05-19
The company's stability, its stern reinsurance policy and its high
quality claims services are the attributes that recommend CertAsig
in its relationship with clients and its brokerage partners alike,
according to Cristina OTET, Head of Brokers Department, CertAsig.
Moreover, 95% of the company's portfolio is mediated by brokers.
More
Online
insurance sales in Romania, estimated to EUR 15-17 million in 2015
by mihai.cracea@mxp.ro, andreea.radu@mxp.ro,
2015-05-19
Online insurance sales in Romania, more precisely MTPL and travel
insurance, might reach EUR 15 - 17 million at the end of 2015, which
clearly shows the need for a specific regulation, Razvan PAVEL, Deputy
CEO, SAFETY Broker, declared during the Brokers' Conference taking
place at FIAR 2015.
More
How
do the Romanian brokerage players explain the market increase in
the first quarter?
by andreea.radu@mxp.ro, 2015-05-18
The Romanian insurance market reported an 11% surprise increase in
the first quarter of 2015, after decreasing constantly for the past
years, according to financial data published by INSURANCE Profile.
The market players present at FIAR - The International Insurance-Reinsurance
Forum 2015 offered explanations for this increase during the Brokers'
Conference.
More
Private
pensions: ASF registered 335 complaints in the first quarter of 2015
by vlad.boldijar@mxp.ro, 2015-05-18
"ASF's main objective for the private pensions sector is the protection of
the participants' interests, by ensuring an efficient functioning of the private
pensions system and by informing the public about this system", Calin RANGU, Director, Consumer Protection Direction, ASF - Financial Supervisory
Authority declared during the Private Pensions Workshop taking place at FIAR
2015.
More
Ion
GIURESCU, ASF: "Nobody must believe that they will be able to live in their old age only with
their 2nd pillar pension"
by vlad.boldijar@mxp.ro, 2015-05-18
"In Romania, the law for the second Pillar was well built, with a gradual
increase. Nobody must believe that they can live in their old age only with their
2nd Pillar pensions. An accumulation is necessary between the 1st, 2nd and 3rd
Pillars. Moreover, we have an additional project, focused on occupational pensions,
especially given that the 3rd Pillar, in its over 8 years of existence, did not
report a spectacular growth", Ion GIURESCU, Vice-president - Private Pensions, ASF - Financial Supervisory
Authority, declared during the Private Pensions Workshop taking place at FIAR
2015.
More
Romania:
The Financial Supervisory Authority takes the first steps towards
regulating online sales
by mihai.cracea@mxp.ro, 2015-05-18
The Romanian Financial Supervisory Authority is taking the first
steps towards regulating the online sales of insurance products in
Romania. The authority published in May the first legislative project
meant to regulate these activities. The project is under public debate
until June 15.
More
OXERA:
Wide-ranging blanket bans on commission payments are unlikely to
be effective
by mihai.cracea@mxp.ro, 2015-05-18
Regulation of payment systems is a hot topic in regulation, according
to an OXERA research conducted in Spain, Germany, the UK and the
Netherlands. The main conclusions were presented during the Brokers'
Conference taking place on Monday, at the International Insurance-Reinsurance
Forum 2015.
More
Insurance
Europe responds to the European Commission green paper on the Capital
Markets Union
by adina.tudor@mxp.ro, 2015-05-18
Insurance Europe recently offered a response regarding the European
Commission green paper on the Capital Markets Union, welcoming the
opportunity to provide input to the Commission. IE highlighted multiple
points and also offered some specific recommendations.
More |
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