|
 FIAR 2012 goes on
by oana.radu@mxp.ro, 2012-05-22
FIAR - the International Insurance-Reinsurance Forum 2012 opened officially last evening with a Reception offered by UNIQA Asigurari and PIRAEUS Insurance Broker. The official opening came with a special awarding ceremony for the best performing reinsurance and reinsurance mediation companies, intended to reward the companies that contributed greatly to the growth of the insurance markets in Central and Eastern Europe.
 Q1 2012 comes with the first increase of the insurance market since 2009
by mihai.cracea@mxp.ro, 2012-05-22
The local insurance market experienced a slight growth this first quarter, for the first time after 2009. The insurers underwrote gross premiums that total almost RON 2.2 billion for the two categories - life and non-life - according to data centralized by the Insurance Supervisory Commission, indicating a slight 0.35% increase compared to the same period of 2011.
 The insured - central to the ISC strategy for 2012-2016
by vlad.boldijar@mxp.ro, 2012-05-22
The recent developments of the local and European insurance markets, as well as the economic prospects prompted ISC to adopt its new strategy: "As soon as the new ISC Board started to function, it adopted a new strategy for 2012 - 2016 and the action plan needed to meet the expected targets", stated Constantin BUZOIANU, President of the Insurance Supervisory Commission.
 Complaints fled to ISC were up almost 43% this first quarter
by mihai.cracea@mxp.ro, 2012-05-22
The Insurance Supervisory Commission received and settled 2,630 complaints between January and March 2012, which is 42.93% more than last year, over the same time period. As for the complainants' legal status, it seems that the complaints filed by individuals cover an 86% share of the total. Most complaints, more precisely 1,825, concerned the MTPL mandatory insurance class, accounting for 69.39% of the total. Voluntary Motor Hull insurance amounted to 16.27% of the total.
 2011 - challenging. 2012 - promising
by vlad.boldijar@mxp.ro, 2012-05-22
"2011 was a challenging year, ending with a steep decline of the market, as companies resettled and reconsidered their business. 2012 reveals a slight growth which may indicate a rebound of the industry", Mihail TECAU, President, OMNIASIG VIG, declared.
According to the head of OMNIASIG VIG, companies lost a lot of Motor Hull and MTPL business, as existing prices and tariff policies did not secure the business continuity of market players.
 Data management and information flows have become vital for company business
by mihai.cracea@mxp.ro, 2012-05-22
The insurance market dynamics is currently defined by the competitive environment, continuously changing regulatory requirements and the shareholders' pressure on financial results. Thus, data and information management is vital for a company's ability to react to changes in the relevant environment.
Many company-owned systems hinder data mobility within these companies. We all need to learn how to master data. This is what the insurance and reinsurance market operators want, as they now have to work with very large volumes of information", explained Glenn LOTERING, Senior Director EMEA, ORACLE.
 The return to recession will resume the pressure on market results
by vlad.boldijar@mxp.ro, 2012-05-22
"The market followed the economic growth trends, as the insurance industry lags half a year behind the economy. The economy grew in 2011, therefore it was only natural for the insurance market to experience growth in the first part of the year", said Rangam BIR, President of UNSAR.
According to him, "the economy returned to recession in the first quarter of the year, so the end of the year will reveal whether new pressure was placed on the insurance industry".
 USD 108 billion - Total insured losses for the global insurance industry from natural catastrophes and man-made disasters in 2011
by oana.radu@mxp.ro, 2012-05-22
According to recent studies, the claims generated by natural disasters in 2011 were only surpassed by those in 2005. The management of catastrophic risks is one of the main topics discussed during the Catastrophe Risks Seminar at FIAR 2012 - International Insurance-Reinsurance Forum. Daghan Dumanli, Head of Division, MILLI Re, summarizes the year 2011 in terms of losses caused by natural catastrophes, according to estimates.
 The reform continues on the Azeri market. Bonus-malus system to be introduced in 2013
by vlad.boldijar@mxp.ro, 2012-05-22
"According to our estimates, the Azeri insurance market will maintain its upward trend in 2012", said Azer ALIEV, Executive Director, AIA-Association of Insurers of Azerbaijan. He says that this forecast is based on numerous legislative measures that had a positive effect on the local market these past years, especially through the growth of the life and voluntary insurance segments.
"We adopted the insurance law in 2008 and the law on occupational accidents in 2010, thus enabling a strong development of the life insurance segment, as employers had to buy insurance for employees to cover the risks of occupational accidents. Of course, the life insurance potential is huge in Azerbaijan, as only 15% of the market is covered", continued Azer ALIEV. |
 Cornel COCA-CONSTANTINESCU: MTPL market needs a professional approach, a shift in business philosophy and appropriate respect for the client
by andreea.ionete@mxp.ro, 2012-05-22
"Comparing the reality of 2011 to the developments taking place this year, I can tell that MTPL was a market growth driver. Thus, demand meets supply on this market due to its mandatory character imposed by the law-makers, but there is still a lot to do in terms of promoting this product and professionally managing this business", stated Cornel COCA-CONSTANTINESCU, ISC Board member.
 Motor insurance dropped below the 60% threshold of non-life insurance after the first three months, to RON 1 billion. The claim rate was 115%
by andreea.ionete@mxp.ro, 2012-05-22
The gross written premiums for motor insurance (Motor Hull and MTPL) totaled RON 1.03 billion in this first quarter, accounting for 59.43% of the total non-life insurance segment. The underwriting declined by 6% and the share in the total non-life insurance segment dropped compared to January-March 2011, when it was almost 64%, according to data presented at the Motor Insurance Day by Mona CUCU, General Manager, Regulation and Authorization Division for Compulsory Insurance, ISC.
 Rebuilding trust, consumer protection and discipline - the three challenges of today
by andreea.ionete@mxp.ro, 2012-05-22
The motor insurance market must go through a recession period and overcome three main challenges, according to Ionel DIMA, Vice President, AVUS Group and the host of the Motor Insurance Day, scheduled for today at FIAR - International Insurance-Reinsurance Forum. "First of all, we go through a period marked by the customers' loss of confidence in the insurance market. It will be very difficult and it will take some time before the motor insurance industry recovers the share lost these past years, hence the need for rebuilding trust", Ionel DIMA declared.
 Mariana DIACONESCU: We witnessed a complex phenomenon, even an abuse in this field
by mihai.cracea@mxp.ro, 2012-05-22
"The nature of the insurance contract makes us accountable both to our insured and to the damaged parties when the insured does not act responsibly behind the wheel", emphasized Mariana DIACONESCU, President, ASIROM V.I.G.
"We, as a company, believe that we should not fail in meeting our obligations, but we should also keep in mind that these obligations come with certain limits", added Mariana DIACONESCU.
 Sorin GRECEANU: Moral damage is difficult to estimate without a benchmark
by mihai.cracea@mxp.ro, 2012-05-22
"Moral damage is difficult to estimate without a benchmark. The lack of objective criteria in the national legislation led to a "relatively" inconsistent legal practice that also hindered the amicable claim adjustment process, as the parties involved could not resort to a common benchmark system", explained Sorin GRECEANU, General Manager, FPVS (Street Victims Protection Fund).
We currently have only one provision in the MTPL rules in Romania stipulating that moral damage shall be granted in accordance with the legislation and jurisprudence from Romania (amicably only starting 2005). Based on these provisions, FPVS has started to establish a database with legal practices in Romania since 2007. |
 Nature and crisis alter the reinsurance programs
by vlad.boldijar@mxp.ro, 2012-05-22
Nat cat risks are highly topical both for Romania and for many other countries, given that the year of 2011 was the most "abundant" in catastrophic events worldwide since 2005. Thus, the insurance and reinsurance industry reported record claims last year, as most reinsurers chose to revise their risk models and re-evaluate the tariffs. |
 |
Oana RADU - EPICA Shoes
|
Sergiu COSTACHE - CLARKS Shoes
|
Andreea IONETE - EPICA Shoes |
Presedinte: Sergiu COSTACHE CEO: Adriana PANCIU
Managing Partner: Alexandru D. CIUNCAN
Development Director: Mihaela CIRCU
Director Editorial: Daniela GHETU
Redactor Sef: Andreea IONETE
Senior Editori: Vlad PANCIU, Oleg DORONCEANU
Editori: Vlad BOLDIJAR, Oana RADU, Mihai CRACEA
Junior Editori: Olesea ADONEV, Adina TUDOR
Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU
e-mail: media@mxp.ro
Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.
Copyright©2012 Media XPRIMM |
|
