The latest XPRIMM Insurance Report and two other XPRIMM Publications, launched at FIAR 2017
by Adina TUDOR, 2017-05-22
The specialists participating at FIAR 2017 are among the first readers of the 3 newest XPRIMM Publications, officially launched during the event: XPRIMM Insurance Report - FY2016, XPRIMM Insurance Profile Romania and PRIMM Magazine - Insurance&Pensions.
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 FRISS estimation: In Romania, the level of insurance fraud reaches 10-15% of paid claims
by Adina TUDOR, 2017-05-24
"I would say that probably the fraud level in the Romanian insurance market reaches 10% to 15% of paid claims", Thomas BRINKMANN, Country Manager Greece & Cyprus, FRISS, estimated during the Motor Insurance Conference at FIAR 2017.
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 EC projection for 2060: Pillar I pension will decrease in all EU countries, except for Luxembourg and Denmark
by Vlad BOLDIJAR, 2017-05-24
The most recent report published by the European Commission, "The ageing of the EU - implications for pensions", has a bleak conclusion: Europe's population is ageing and, as far as pension costs are concerned, their share in GDP will reach 11.2% in 2060, compared with 11.3% in 2013, Falco VALKENBURG, Chairperson Pensions Committee, Actuarial Association of Europe, OPSG Member EIOPA, declared during the Private Pensions Workshop at FIAR 2017.
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 BAAR has paid nearly RON 200 million for ASTRA and CARPATICA Asig claim files
by Andreea RADU, 2017-05-24
BAAR - the Romanian Motor Insurance Bureau has paid, in total, claims of nearly RON 200 million lei for more than 10.000 claim files of the bankrupt companies ASTRA Asigurari and CARPATICA Asig, stated Madalin ROSU, BAAR's President, at FIAR 2017.
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 Florin GOLOVATIC, ASF: "The following period will not be easy for the Romanian insurance market"
by Adina TUDOR, 2017-05-24
"I wish all of you good luck in the following months, because the next period will not be easy for the Romanian insurance market", Florin GOLOVATIC, Director, ASF - The Financial Supervisory Authority, declared during the Motor Insurance Conference at FIAR 2017, speaking to the professionals present at the event.
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 Digital claims self-assessment solutions bring benefits to all players
by Adina TUDOR, 2017-05-24
In the context of digitalization and its role in improving the claims assessments processes, Richard NATHSCHLAEGER, Region Manager Austria & Italy, Vice Chairman CEE Advisory Board, AUDATEX, presented, during the Motor Insurance Conference at FIAR 2017, a solution for digital claims self-assessment launched by Audatex.
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 Evgeny POTOKOV, SCOR: The biggest P&C line of business [in Romania] cannot be unprofitable
by Adina TUDOR, 2017-05-24
"I think that stability is essential for insurance and reinsurance companies alike and, in order to be active in the market, we need a transparent and stable legislative framework, otherwise the rules are not clear and it is hard to plan business activities in the market with too many uncertainties", Evgeny POTOKOV, Senior Underwriter SEE, SCOR, explained during the Motor Insurance Conference taking place at FIAR 2017, presenting the company's perspective, as reinsurer, on the MTPL market in Romania.
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 The impact of telematics on the motor insurance industry
by Adina TUDOR, 2017-05-24
"There is a wide variety of pricing parameters used on the motor insurance market today - in many cases it is doubtful if their validity is statistically proven. For fleets, there is a 'disconnection' between needed and available information", Michael THEILMEIER, Senior Vicepresident, GEN Re, explained during the Motor Insurance Conference at FIAR 2017.
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 Cees WERFF, CCN: The auto transformation will profoundly impact insurance as well
by Adina TUDOR, 2017-05-24
"We see a lot of technology developments coming up: robots, AI, telematics - all are coming into our [insurance] market as well. We see more and more often a customer centric approach, the customer is placed in the front of this process", Cees WERFF, President, Claims Corporation Network, pointed out during the Motor Insurance Conference at FIAR 2017.
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Regaining the consumers' trust is the main objective of the European legislation's revision
by Andreea RADU, 2017-05-24
The specialists who participated at the Brokers' Conference at FIAR 2017 pointed out that the revision of insurance legislation plays an important role for companies, but its main objective is regaining the consumers' trust.
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 Cornel COCA-CONSTANTINESCU: The Romanian insurance market is reaching its maturity point
by Andreea RADU, 2017-05-24
"After a trial period, the Romanian insurance market is reaching its maturity, in my opinion. I believe in this market. As proof of my belief, I took on my shoulders to lead the insurance-reinsurance sector in ASF - The Financial Supervisory Authority during the most difficult moment in the insurance market's history in the past years", Cornel COCA-CONSTANTINESCU, First Vice President, ASF - The Financial Supervisory Authority, during the Brokers' Conference at FIAR 2017.
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 Juan Ramon PLA: Although it's not perfect, the Insurance Distribution Directive is a balanced one
by Cristian SUCA, 2017-05-23
The Insurance Distribution Directive (IDD) is, as we speak, maybe one of
the most sensitive subjects, so the insurance brokers, and not only
them, are certain that the IDD implementation will have both positive and
negative aspects, stated Juan Ramon PLA - Managing Director,
Corporacion de Mediadores de Seguros, Spain Secretary General BIPAR,
Member of IRSG EIOPA -, stated, during the Brokers' Conference, at FIAR
2017.
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Valandis ELPIDOROU, ARCH Re: As a reinsurer, you have to find your strategic position
by Adina TUDOR, 2017-05-23
In the last years, the competition on the reinsurance market grew more acute and, given this context, the reinsurance companies must focus more on their competitive strategies, Valandis ELPIDOROU, Managing Director, Alternative Solutions, ARCH Re Europe, Switzerland, pointed out during the NatCat&Reinsurance Conference at FIAR 2017.
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Evgeny POTOKOV, SCOR: The current context presents challenges, allowing us to learn new approaches
by Adina TUDOR, 2017-05-23
"Because of Solvency II, many clients are now seeking alternative structures: not only traditional reinsurance, but also tailor made products which they need, and I think that this trend of complexity will also go on in the near future", Evgeny POTOKOV, Senior Underwriter SEE, SCOR, declared at FIAR 2017, speaking about the current risk landscape.
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 Sinisa LOVRINCEVIC: Reinsurance is about good knowledge, combined with trust and empathy
by Adina TUDOR, 2017-05-23
"Insurance and reinsurance are based on trust: we sell something they cannot taste and they cannot see", Sinisa LOVRINCEVIC, Branch General Manager, TRUST Re, explained during the NatCat & Reinsurance Conference at FIAR 2017.
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 The Romanian household insurance market, underinsured
by Adina TUDOR, 2017-05-23
In Romania, the number of insured homes is still reduced, but there are steps taken for the improvement of the situation. James GRINDLEY, CEO, CertAsig, spoke about the situation on the Romanian household insurance market at FIAR 2017.
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 Andrea FUCHS, Swiss Re: "The best incentive is to believe that in case of loss you will be covered"
by Adina TUDOR, 2017-05-23
The global protection gap continues to be significant, according to recent data published by Swiss Re. Andrea FUCHS, Head Market Underwriting CEE, Swiss Re Europe, talked, during the NatCat & Reinsurance Conference at FIAR 2017 about possible solutions for reducing this deficit.
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 Carlo Tozzi SPADONI: The sooner you gather relevant information, the sooner you can settle the claim
by Adina TUDOR, 2017-05-23
When natural catastrophes strike, it is highly important that the claims are settled fast, so that the companies are able to restart their activities as soon as possible. Dott. Ing. Carlo Tozzi SPADONI, Co-Founder, Insurance Engineering Services, talked, during the NatCat&Reinsurance Conference at FIAR 2017, about the importance of fast claims settling, analyzing a case study from Milan.
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 What are PAID Romania's objectives in 2017?
by Adina TUDOR, 2017-05-23
PAID Romania's achievements in 2016 included a 10% portfolio growth, as estimated, the transition to SII and the strengthening of its capital, a higher level of reinsurance protection, the inception of the Mass claims plan, as well as the optimization of IT system and processes, Nicoleta RADU-NEACSU, General Manager, PAID Romania - The Insurance Pool against Natural Disasters, explained during the Nat Cat&Reinsurance Conference taking place at FIAR 2017.
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The XPRIMM Reinsurance Awards, granted at FIAR 2017 Official Opening ceremony
by Adina TUDOR, 2017-05-23
The 20th edition of the International Insurance-Reinsurance Forum was officially opened on Monday night, with the XPRIMM Reinsurance Awards.
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 Mihai TECAU, OMNIASIG: "The potential of the Romanian insurance market does not depend only on MTPL"
by Andreea RADU, 2017-05-23
The Romanian insurance market stagnated at the EUR 2 billion threshold, but its growth potentials remains an important one, including on the non-motor insurance classes, according to Mihai TECAU, President of the Directorate, OMNIASIG VIG.
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 Eugene GURENKO: "International experience suggests that tariff capping brings opposite results to the objectives sought"
by Vlad BOLDIJAR, 2017-05-23
"Although the first quantitative impacts of the rate caps introduced last year will be only known later with the release of claims statistics for the current year, based on international experience one can expect an adverse impact of this legislative measure on the technical results for the MTPL line of business as a class, reduced overall profitability of the sector and the erosion of companies' capital base", Eugene GURENKO, Lead Insurance Specialist, World Bank explained during the "Insurance Market Trends" conference at FIAR 2017.
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 Adrian MARIN, UNSAR President: I hope that the reference tariffs for MTPL will not lead to a new form of capping
by Vlad BOLDIJAR, 2017-05-23
"2016 was a difficult year for the Romanian insurance market. It was an year marked by the implementation of Solvency II - that brought strict demands regarding the solvability capital, regulation and quality; an year marked by the ASTRA and CARPATICA bankruptcies, two companies with more than 50% of the MTPL market and over 15% market share; an year with transporters' protests that put pressure on the MTPL pricings - resulting in the capping of the MTPL prices and, since May 2017, a new law which includes reference tariffs for MTPL policies, that, I hope, will not lead to a new form of capping", stated Adrian MARIN, UNSAR President, at FIAR 2017.
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 Calin RANGU, ASF: 3 proposals to increase the innovation in the Romanian insurance industry
by Andreea RADU, 2017-05-22
Calin RANGU, Director, ASF - Financial Supervisory Authority spoke, during the "Insurance Market Trends" conference at FIAR 2017 about financial innovation and ASF's proposals regarding this aspects.
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 Jure KIMOVEC: Claims paid for bodily injuries grew rapidly in the past years in CEE
by Andreea RADU, 2017-05-22
"In the last years, there's no recording of a significant growth of premiums on the CEE market and the penetration rates have dropped. From where we stand, this move is tied to the modern insurance market's challenges", stated Jure KIMOVEC, FIG Analyst, Standard & Poor's, at FIAR 2017.
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BIPAR's perspective on the IDD implementation process
by Vlad BOLDIJAR, 2017-05-22
Entered into force on 23 February 2016 (with implementation period starting on February 23, 2018), the IDD "repeals the IMD and is also a minimum harmonisation Directive, hence allowing to take into consideration each market specificities. The IDD seeks to improve regulation in the retail insurance market and to create more opportunities for cross-border business, to establish the conditions necessary for fair competition between distributors of insurance products, and to strengthen consumer protection", said Juan - Ramon PLA, Secretary General, BIPAR, Managing Director, Corporation de Mediadores de Seguros, Spain, Member of IRSG, EIOPA, at FIAR 2017.
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 CEE vs. EU markets: principle based vs. rule based
by Vlad BOLDIJAR, 2017-05-22
"In relation to other European markets the CEE markets are relatively small and diversified. Having said this in my opinion the principle of proportionality has to play an even more important role than in other markets. Being small often means that your voice is not heard in an adequate way which could result in a high risk of unintended consequences. Meaning that on EU level issues might have a neglectable size but have huge consequences on a small market. This brings me automatically to the question of the influence of the CEE region on the EU legislative process", said Michael BRANDSTETTER, EU & International Affairs, VVO - Austrian Insurance Association.
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 Lenka de MAURO: In Germany we expect the IDD law to be enforced by summer
by Andreea RADU, 2017-05-22
In the following period, new changes regarding the European insurance legislation are expected. "Regarding IDD - Insurance Distribution Directive, in Germany we have made progress as far as the implementation process is concerned and we expect the IDD specific legislation to be enforced by this summer, taking into account the fact that we have elections coming up this autumn", Lenka de MAURO, Deputy Head of Office GDV - German Insurance Association - European Office, explained during the Insurance Market Trends Conference at FIAR 2017.
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 Cristian SAS: People have been accustomed with the idea that medical services are free
by Andreea RADU, 2017-05-22
"The Romanian market needs private health insurance. The bad news is that people have been accustomed with the idea that medical services are either free or paid by someone else", stated Cristian SAS, ANIMA's CEO and the President of the Patients College, present at FIAR 2017, at the Health&Life Insurance Conference.
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 The health insurance client is a client won for the long term
by Vlad BOLDIJAR, 2017-05-22
"We have to change the way we think and we have to see the good things that the health insurance market can offer. It is a market with a two-digit growth and, for at least 5-6 years, we'll have a similar dynamic. Therefore, the client must be in the centre of attention. He/she is the starting point and, year by year, we have to improve the product portfolio", stated, during the Health&Life Insurance Conference, Dan DOBRE, Commercial Manager, SIGNAL IDUNA.
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 Insurance governance and distribution: two aspects that need to be radically changed in order for the private health insurance segment to grow in Romania
by Vlad BOLDIJAR, 2017-05-22
"Personally, I believe that the public health system is a partner, not a competitor, but it mainly offers only social assistance", Sorin MITITELU, President, BCR Asigurari de Viata VIG, declared during the Health & Life Insurance Conference at FIAR 2017.
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 Virgil SONCUTEAN: "The private health insurance market in Romania will report two-digit growths for many years"
by Andreea RADU, 2017-05-22
"In the last 2-3 years, the health insurance market in Romania reported a significant development, but it started from a small base and that is why we shouldn't be impressed by the growth percentage. But the buying intention is developing", stated Virgil SONCUTEAN, CEO, ALLIANZ-TIRIAC Asigurari, during the Health & Life Insurance Conference taking place at FIAR 2017.
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CCN to acquire majority stake in Romanian claims company.
by Adina TUDOR, 2017-05-24
Claims Corporation Network - CCN acquired the majority stake in the local Romanian claims company CSC, announced the company in a press release.
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Improvement in all key performance indicators for Vienna Insurance Group in the first quarter of 2017
by Adina TUDOR, 2017-05-24
Following the favourable results achieved in the financial year 2016, Vienna Insurance Group (VIG) can now also report very positive figures for the 1st quarter of 2017.
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