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XPRIMM News FIAR Special Edition, May 22, 2013

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FIAR Special Edition, May 22, 2013
FIAR 2013
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The title above is not a figure of speech. It refers to the Romanian insurance market, the sole market in CEE region which provides, starting these days, a complete history of its insurance market evolution for the last five year in an interactive, fully customizable, quarterly updated data base: Interactive Insurance Profile (, a Media XPRIMM brand.
FIAR 2013  
img_lead_3662ASF: We expect more openness from all companies to settle differences of opinion
by, 2013-05-22
"The insurance market will have my full support, and I will do everything in my power to protect the customers' rights" stated Daniel TUDOR, Vicepresident of ASF, in charge with the insurance sector supervision.

img_lead_3651Doru Claudian FRUNZULICA, ASF: Brokers represent a key element in developing, reinforcing and increasing the insurance market transparency
by, 2013-05-22
"In the last year there have been clearly positive and encouraging signs announcing the expansion of the brokerage in Romania also due to some governmental policies. Insurance brokers represent a key element in developing, reinforcing and increasing the insurance market transparency in Romania," declared Doru Claudian FRUNZULICA, Member of the Financial Supervisory Authority Council (ASF), during the conference "Brokers' Day" that took place at the International Insurance-Reinsurance Forum - FIAR 2013.
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img_lead_3655GIURESCU, ASF: We are working on the retirement pay law, as well as on the implementation of occupational pensions
by, 2013-05-22
"In all these years we - authorities, administrators, supervisory authorities - have made together the history of this market. We succeeded in setting up a system in which many people believed and which was quite disputed even before, but also after it was applied. What I think is very good is that amid this turmoil we managed to obtain unexpected results, without bringing forth dissatisfaction and noise. Even if occasionally there were discussions, we all know that a solution that pleases everybody is not necessarily the right solution," pointed out Ion GIURESCU, ASF Vice President for the private pensions field, five years after the setting up of Pillar II.
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img_lead_3664Artur BOROWINSKI: The MTPL prices and the high claims frequency on Motor Hull are the main problems of the Romanian motor insurance market
by, 2013-05-22
"As far as the MTPL segment is concerned, the market's main problem is the unsustainable price of policies, resulting from the fierce competition, as certain insurance companies underwrite for cash-flow. Regarding Motor Hull, the main problem consists in the extreme high frequency (over 50%) of claims, and as a result, the Romanian insurers have the highest prices in Central and Eastern Europe", Artur BOROWINSKI, Vicepresident, OMNIASIG VIG, declared during the Motor Insurance Day at FIAR 2013.

img_lead_3663The reinsurers ask for an active management of risk exposure and sustainable prices in Romania
by, 2013-05-22
"We will stay in the Romanian market for a long time", Sinisa LOVRINCEVIC, Head of Business Development, Regional Director & Senior Underwriter, TRUST Re declared during the reinsurance workshop at FIAR 2013.

img_lead_3657Guy HUDSON: Non-material damages are the big problem on the reinsurance segment
by, 2013-05-22
"Are reinsurers preparing to leave the Romanian and Eastern Europe markets? No, but there are certain business classes on which they are not ready to underwrite. Non-material damages are the biggest problem - reinsurers cannot plan ahead properly in such cases, taking into consideration the diversity of decisions settled by law courts," explained Guy HUDSON, Partner, JLT Re, within the workshop dedicated to reinsurance at FIAR 2013.
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img_lead_3653Mihai TECAU, OMNIASIG VIG: We must change proportions and make more efforts jointly to sell non-motor premiums
by, 2013-05-22
"The structure of premiums written on behalf of the company by the insurance brokers shows a prevailing contribution of motor premiums, of 74%, as compared with 49% over the total market, which proves that insurers make more efforts to sell non-motor products. At OMNIASIG we created new products for goods, real estate and health insurance, as well as complete packages for SMEs, in view of providing a diversified updated offer to the client," declared Mihai TECAU, OMNIASIG VIG President, within "Brokers' Day" at FIAR 2013.
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img_lead_3660The Turkish market is becoming more and more dependent on the brokers for the reinsurance of the earthquake risk
by, 2013-05-22
Because of the exposure to the earthquake risk, Turkey was among the first countries in the world in which an insurance pool against this risk was set up. However, due to the relatively high damages and the rather weak technical results recorded by the local companies, the reinsurance against the earthquake risk is facing with some difficulties.
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img_lead_3658MILLI Re, the biggest reinsurer in Turkey, is betting on growing business in CEE
by, 2013-05-22
MILLI Re, the biggest local reinsurance company on the Turkish market, continued to develop its business, reaching a total underwritings volume of over USD 578 mil. in 2012. 76% of the revenues were achieved locally, their weight being on a falling trend as compared with the previous years.
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img_lead_3659Russian reinsurers can become an important source of supplementary capacity on the CEE market
by, 2013-05-22
"Russian reinsurers have capacity, but we are advising our partners to carefully choose their local collaborators," stated Dmitry GARMASH, Deputy Executive, UNITY Re.
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img_lead_3652Brokers are looking for the wonder panacea for the revival of the insurance activity at FIAR 2013
by, 2013-05-22
"I still believe the main problem of the insurance market is credibility," declared Bogdan ANDRIESCU, President of the Professional Association of Insurance Intermediaries and Consultants, on "Brokers' Day" at FIAR 2013. For a growth in the trust capital, the President of UNSICAR considers that "fair play in the relations with the business partners and consumers is needed as well as better communication - both among us, insurers, and with the clients. Moreover, we should increase our power of adaptation to the conditions of the economic environment and the consumer's behavior, through a higher professionalism."
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img_lead_3654Cristian FUGACIU: Insurers and brokers must educate the market for a sustainable growth
by, 2013-05-22
Lately the brokerage market has increased, but this growth needs to be a sustainable one. "If the brokerage market growth stems from compulsory motor insurance writing, I don't think it is sustainable in the long term, because the evolution of prices and the growth potential for this class of insurance are not unlimited. We should discuss about the added value we bring to the market, including the new products. Insurers and brokers should try to educate the market in order to obtain a sustainable growth. In Romania, the expenditure made by the average inhabitant on insurance dropped under 100 EUR, we are under Bulgaria's level. I think we reached the 2008 volume, which cannot be considered a growth," declared Cristian FUGACIU, General Manager, MARSH Romania, within "Brokers' Day" at FIAR 2013.
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The National Association of Insurance and Reinsurance Companies from Romania
The National Union of Insurance Brokerage and Consultancy Societies from Romania
Chartered Financial Analyst Romania
Association for Promoting Insurance

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