Back to

XPRIMM News No. 108 - May 15th, 2008

No. 108, May 15th, 2008
Click here to subscribe!
Click here to unsubscribe!
Powered by Media XPRIMM

FIAR is writing insurance history and trends for 11 years by now

Like a cinematographic production where the strong character of a leading actor reshapes the original script with some new colors and shades, the 11 years long way got through by the Romanian insurance market, exponentially extended by the consistent presence of the top companies, wraps around itself the purl of another successful story: FIAR - The International Insurance-Reinsurance Forum, reaching its 11th Edition opening next week.
And because this moment asks for a parallel between these two histories, we will try to find out how come and especially how much have the first ten Editions of FIAR influenced the growth of the insurance market in Romania.
Taking as a start point year 1997, seven years later from the insurance privatization, the 44 insurance companies active then were reporting an underwriting volume of EUR 0.16 billion.

Within a ten years period, the national insurance market grew almost 18 times, reaching an underwriting volume of EUR 2.15 billion according to preliminary data for 2007.
2008 will bring, as estimated by the specialist in the market, gross written premiums of EUR 2.7 billion, as well as the first insurance product alone, namely motor hull, to outrun the EUR 1 billion threshold.
So, the non-life insurance will continue to grow in 2008 with high rates, of nearly 25%, the non-life share remaining thus stable around 80% of the insurance market. The perspectives are also favorable for life insurance, with a 25% growth estimated for 2008, in the context of rising populations' education level towards insurance and also as follows the private pension reform.
Meanwhile, on a medium to long term, the Insurance Supervisory Commission expects the local insurance market to grow as much as to EUR 7.5 billion GWP in a further ten years period.

Therefore, gliding away among the actors that have decisively left their mark upon the Romanian insurance market development, FIAR began its incursion with only 70 attendees from six countries.
Here that 2008 Edition of FIAR is waiting over 600 participants from 33 countries, on a local market background totally changed by the M&A rally in 2007 and the beginning of 2008. Thus, along with the finishing stroke of VIENNA Insurance Group, that bought all Central and Eastern European insurance operations of ERSTE and with French GROUPAMA taking over ASIBAN in April, "la creme de la creme" of the Romanian market is beginning a new age in the hands of the biggest European insurance groups.

As this battles' end is somewhere beyond the Romanian border, the recently internationalized local market has nothing left to do than follow its estimated favorable development trend, strongly sustained by the more complex and specialized works of FIAR, as a key remote of the new partnerships, strategies, "road-maps" and trends of European insurance and reinsurance.

by Andreea IONETE

sus up

BCR Asigurari de Viata




Interview with Mr. Andreas GROSSE
Market Coordinator Romania

XPRIMM: Do you think the reinsurance market is going to turn soft as estimations for 2008 indicate a drop in reinsurance rates?
Andreas GROSSE:
In the past renewal season we have seen a slight drop in reinsurance prices in the Romanian market, especially in some property reinsurance treaties. This can partially be explained by the fact that reinsurers increasingly seek to find an entry into the Romanian insurance market. We at MUNICH Re are only prepared to accept business at risk adequate terms and conditions. We focus on profitable business across all lines and are prepared to give up market share if necessary.

XPRIMM: How do see the major development of the re/-insurance markets in CEE and CIS region?
Whereas in motor business we have seen double-digit growth in the last three years, we consider that the Romanian market's future growth perspectives will come from property and engineering lines of business. If and when the NAT CAT Pool actually becomes a reality, this will certainly have a positive impact on insurance penetration in property, and also to some extent on reinsurance demand. As to the planned infrastructure projects, in part financed by the European Union, this is where the tremendous future potential lies.

XPRIMM: Taking into consideration the opportunities, what are the plans MUNICH Re made for this region in 2008?
The recent takeovers by large insurance groups / companies mean that a large part of the Romanian non-life market is now in the hands of foreign players. These players have a much lower need for reinsurance coverage than smaller local companies, mainly centered on property cat covers and accumulation XL covers in motor business.

XPRIMM: What are the major opportunities and threats of the Romanian insurance market, one year after joining EU?
The above-mentioned changes in market structure will in our view accelerate much-needed developments in the Romanian insurance market regarding the introduction of deductibles for motor hull business. There may also be necessary progress in relation to the bonus-malus system. It works on the basis that all companies in the insurance market exchange information on any insured's historical loss experience when the policyholder is looking for alternative quotations in the marketplace. In this way, fairer pricing can be achieved. Ultimately, technical risk analysis will become standard market practice in motor underwriting.

XPRIMM: What is the MUNICH Re's strategy in Romania in 2008?
We support the creation of a NAT CAT Pool in the Romanian insurance market since it represents a state-of-the-art insurance solution to protect Romania and its insurance industry against the risks of earthquake and flooding. It is also a major business opportunity for MUNICH Re. After final approval from the legislature, we are looking forward to in-depth talks with all parties involved in respect of all pool aspects.

XPRIMM: What are your expectations regarding the reinsurance demand in Romania for this year and for which lines of business do you think this demand would increase?
At Munich Re, we see an increasing demand for risk management services due to the upcoming new Solvency II regime in the European Union. MUNICH Re offers a variety of services - from pure and plain analysis of consequences for the market to coaching and software solutions, i.e. This is an open-source initiative sponsored by Munich Re to provide all participating clients with the required modeling tools to develop their own internal models.

XPRIMM: Thank you!

by Andreea IONETE

sus up

Andreas GROSSE
Mr. Andreas GROSSE
Market Coordinator Romania


Insurance market to triple in ten years
Romanian insurance market will triple in ten years and will totalize EUR 7.5 billion, according to estimation made by Insurance Supervising Commission (ISC).
Click here to read more!
by, 8.05.2008

Capitalization of EUR 550 million in 2007
Insurance companies in Romania realized share capital rises of over EUR 150 million during 2007.
Click here to read more!
by, 15.05.2008

Loss of over EUR 50 million for insurers in 2007
Romanian insurance market posted significant loss in 2007, especially due to motor insurance segment claims rate.
According to statements made by Cristian CONSTANTINESCU, President of UNSAR and also General Manager of ALLIANZ-TIRIAC, insurance companies have reached total loss of over EUR 50 million.
Click here to read more!
by, 13.05.2008

ALLIANZ-TIRIAC puts its stake on life insurance
Although ALLIANZ-TIRIAC reported a drop on the life insurance segment from EUR 8.35 million in T1/2007 to EUR 6.4 million in the first three months of 2008, the company will focus particularly on this line of business as it intends to mobilize its sales force and to introduce innovative products on the market.
Click here to read more!
by, 13.05.2008

PZU aims MTPL market in Romania
PZU, the biggest insurer in Poland and one of the most important Central and Eastern European groups intends to enter the Romanian MTPL insurance market.
Click here to read more!
by, 15.05.2008

ASITRANS becomes EUROINS Romania
Starting June the company currently known as ASITRANS-EUROINS will officially use its new name, EUROINS Romania.
The rebranding comes almost a year after the Bulgarian group EUROHOLD started the taking-over procedure for Romanian insurance company ASITRANS.
Click here to read more!
by, 15.05.2008

MUNICH Re look closely to UNITA
MUNICH Re has finalized due-diligence procedure and is looking for presenting an offer for the majority stake in Romanian-based UNITA, according to sources from the market.
Click here to read more!
by, 8.05.2008

Mandatory pension brokers earned EUR 55 million in fees
The mandatory pension brokerage market was worth EUR 55 million. During the four month big-bang campaign from September to January, CSSPP said in its annual report published yesterday. The average fee paid to a broker's agent was worth EUR 43, the same data showed.
Click here to read more!
by, 14.05.2008

Private pension companies, among the biggest foreign investors in Romania last year
The 18 mandatory pension fund companies that were set-up last year in Romania invested over EUR 200 million in share capital alone, to fund their campaign. This sum amounts for almost 9% of all foreign share capital investments registered in Romania in 2007, according to data published yesterday by the CSSPP, in its annual report.
Click here to read more!
by, 14.05.2008

ASITRANS-EUROINS has tripled its capital
Insurance company ASITRANS-EUROINS has tripled its authorized capital in 2007, following it's purchasing by the EUROHOLD Group.
Click here to read more!
by, 7.05.2008

EOS Risq marks a 25% increase
Insurance broker EOS Risq has increased its gross premiums commission by 25% in Q1/2008, compared to the same period of the last year.
Click here to read more!
by, 6.05.2008

ASIGEST, a 40% increase in Q1/2008
ASIGEST Broker de Asigurare has reported a 41% increase of income in the first three months of the 2008, in comparison to the same period of the last year.
Click here to read more!
by, 5.05.2008

AG2R and MKB Romexterra exit the mandatory pensions market
AG2R Fond de Pensii and MKB Romexterra Fond de Pensii requested the withdrawal of their license for mandatory pension funds administration, taking the number of requested exits to four (after MARFIN and ZEPTER also exited the market this way). The four pension fund administrators that filed for the withdrawal of their license were the last four in the market's rankings by number of clients.
Click here to read more!
by, 12.05.2008

APAPR to elect its new president, board and welcome new members on May 22nd
The Association for Private Administrated Pensions in Romania (APAPR), the organization representing the local private pensions industry, will elect its new president and management board on May the 22nd, Radu VASILESCU, CEO of ING Fond de Pensii told
Click here to read more!
by, 13.05.2008

Voluntary pensions' portfolios in March: 71% state bonds, 15% deposits, 5% corporate bonds
Voluntary pension funds had the following portfolio structure at end-March: 71% state bonds, 15% deposits, 7% listed shares, 5% corporate bonds and 2% mutual fund units, according to the quarterly report of the voluntary pension funds' market, published by CSSPP.
Click here to read more!
by, 9.05.2008

Nobel Prize winner: Romania should stimulate private pensions
Romania should encourage private savings in personal retirement accounts, meaning the private pensions system, said Edward PRESCOTT, Nobel Prize winner for economics in 2004, in a recent interview. The countries in the region should keep taxes as low as possible and shouldn't encourage unprofitable business, he added.
Click here to read more!
by, 5.05.2008

sus up


ROSGOSSTRAKH has purchased Moldavian Insurer MOLSDASIG
Russian-based insurance company ROSGOSSTRAKH, one of the leaders on the Russian and CIS markets, has purchased recently 80% in the authorized capital of the MOLDASIG, the main player on the Moldavian insurance market. Transaction has been made through acquisition of the additional issue of shares totalized 3 mil. EUR, following the decision of MOLDASIG shareholders to increase authorized capital five times, from EUR 750 thousand to EUR 3,7 million.
The deal was concluded by ROSGOSSTRAKH subsidiary LINEKERS, founded recently in Cyprus, especially for this acquisition, according to Russian insurer expanding strategy on foreign markets.
"The negotiations with Russian investors are still in progress and will be finalized at the end of May", MOLDASIG's officials declared for XPRIMM News.
ROSGOSSTRAKH is the fifth foreign investor on the local market, after Australian Group QBE, that purchased ASITO in 1998 and sold it's business last year; Austrian Group GRAWE, which acquired life insurer DONARIS and a majority stake in CARAT Insurance Company; Ukrainian Group UNIVERSALNA became the sole owner of ASCARGO and Romanian DELTA Asigurari bought SERVASIG, in 2007, renamed later in IPB DELTA Asigurari.
MOLDASIG was founded in 2002, and due to his important shareholders, as Banca de Economii (one the most important bank in Moldova), Calea Ferata din Moldova (the Moldavian Railways) and Posta Moldovei (the Post of Moldova) quickly became the leader on the market, pointing a market share of 30,1% in 2007. The company wrote in the same period EUR 13.6 million in premiums, up by 57% compared to the equivalent period a year ago, and paid EUR 3 million in claims. Insurance reserves totalized EUR 8 million, assets - EUR 11.7 million.
MOLDASIG has 10 representative offices across Moldova and more that 1.000 employees.
by, 7.05.2007

KBC sells its stake in NLB
Belgian bank and insurance group KBC is selling its 34% stake in NOVA Ljubljanska Banka (NLB) and the divestment of KBC's 50% stake in NLB Vita, a life insurance joint venture with NLB, Belgian group announced on April 30.
KBC decided to sell its participation in NLB after its unsuccessful attempt to acquire a major ownership share in the bank, and will become a purely financial investor in NLB. Tender was opened, and the new partner will be selected in collaboration with the Slovenian Government.
"The aim of KBC and the Slovene government is to organize an orderly, efficient and transparent tender process led by KBC, so that the most suitable new partner for NLB can be selected in mutual consent between KBC and the Republic of Slovenia" Andre BERGEN, CEO, KBC Group, stated.
Slovenian Government, controlling 25% and one share, ensured for the major share in NLB to remain in Slovenian ownership. However, the Finance Ministry expressed its regret for KBC's withdrawal from NLB ownership structure, according to REUTERS.
KBC has appointed U.S. investment bank Goldman SACHS to assist in the sale process.
The NLB Group is the largest financial group in Slovenia and an increasingly important player in South-East Europe. It is present in 17 countries, employs more than 8 000 staff and caters for 4 million customers.
In 2007, NLB contributed EUR 48 million to the KBC group's profit and NLB VITA contributed EUR 0.6 million.
NLB's current shareholder structure is as follows: 35.41% is held by the Republic of Slovenia, 34.00% by KBC Bank NV, 5.05% by SLOVENSKA Odskodninska Druzba, d.d., 5.01% by KAPITALSKA druzba, d.d., 5.00% by the EBRD and 15.53% by other shareholders.
KBC is the second largest bancassurer in Belgium and a top financial player in Central and Eastern Europe. The group is present in more than 30 countries worldwide, employs 57,000 staff and caters for 12 million customers.
by, 12.05.2007

BENFIELD launched an earthquake loss model in Kazakhstan
BENFIELD Group, one of the world's leading independent reinsurance and risk intermediary brokers, announced the launch of a fully probabilistic earthquake loss model for Kazakhstan, Business Insurance reported on Tuesday.
GAPQuake Kazakhstan, developed by the BENFIELD ReMetrics Natural Hazards team in Prague, Czech Republic, and London, is the latest addition to the firm's regional modeling tools.
The tools, under the GAP (Geographical Analysis Project) brand, helps customers to better quantify the risk to their insured portfolios from specific natural perils.
"The model will help our customers obtain a better understanding of the earthquake exposures, which are part of their Kazakhstan property insurance portfolios and enable them to optimize their catastrophe reinsurance buying", Bruce SELBY BENNETT, head of the Central & Eastern Europe and Commonwealth of Independent States team at BENFIELD, said.
The model uses historical data provided by Kazakhstan scientific institutions, and recently published scientific papers and maps to assess accumulation losses, and estimate the technical price of different reinsurance structures.
Kazakhstan is part of the most seismically active zones in Central Asia. Several strong earthquakes have occurred in Kazakhstan during the last two hundred years, four of which had magnitudes ranging from 7 to 8.5. The country's largest industrial centers, Almaty, Taraz and Shymkent, are all situated in regions with a high level of seismic activity.
by, 14.05.2008

Storm Damage pointed EUR 32.2 million and growing in Georgia
Severe weather across Georgia over the last weekend caused more than EUR 32.2 million in insured property damage, with more than 6,000 homes damaged, Georgia Insurance and Safety Fire Commissioner John W. OXENDINE declared on Tuesday.
"That figure may rise as new claims are reported. I've been commissioner for 14 years, and I don't recall ever seeing damage spread across the whole state like this", OXENDINE said.
The Commissioner sent consumer service personnel to storm-damaged communities on May 12 to get a first-hand look and to offer help to affected citizens.
"I've directed my staff to make every effort to work with consumers and help them through this difficult time", OXENDINE noted, quoted by Insurance Journal.
At least six tornadoes touched down in Georgia and are blamed for two deaths. The Georgia storms were part of a larger storm system that ravaged areas from Oklahoma to the Atlantic coast.
by, 14.05.2008

The brokerage commission rose 25.2% in Bulgaria
Bulgarian insurance companies received a EUR 205.4 million premium income through brokers, up by 49.64% compared to the same period a year ago, according to the Bulgarian Financial Supervision Commission. Non-life insurance premium income received through brokers amounted to EUR 189 million. Life premiums came to EUR 16.4 million.
At the same time, the brokerage commission in the accounting period totaled EUR 51.7% million (25.2%).
In 2007, the number of insurance brokers operating in Bulgaria increased from 187 to 221. The top ten brokers generated a premium income of EUR 92.4 million, accounting for 44.99% of total premium income received by the brokers.
MARSH was the leading insurance broker in the marker in 2007. However, the company's share fell from 12.84%, in 2006, to 7.51% in 2007. At the same time, RAIFFEISEN Insurance Broker increased its share from 2.72% to 7.29% and ranked second. Just as in 2006, third best was I AND G Insurance Brokers with the market share of 6.21%.
by RP Newsline, 6.05.2008

Russian Insurance Market grew by 20.2% in Q1 2008
The Russian insurers wrote EUR 6.2 billion in premiums, up by 20.2% compared to the equivalent period a year ago and paid EUR 3.4 billion in claims, a rise by 28.9%, according to Olga FEDOSEYEVA, Head of the Accounting and Economic Analytics Department of the Federal Service for Insurance Supervision (FSIS).
As of March 31, 2008, there were 842 insurance organizations registered in the Unified State Register of Insurers. The FSIS generalized the Q1 2008 online results received from 786 insurers.
According to FEDOSEYEVA, 110 insurance companies accounted for 90% of total premium income in the Russian insurance market, and 99 insurers - for 92% of total claims paid.
In the reported period, the Russian insurers wrote EUR 3.4 billion in voluntary premiums, up by 117.4% compared to 2007. Property business accounted for 31.8% of the companies' total voluntary insurance premium income, personal insurance - for 19.3%, liability and life - for 2.4% and 1.7%, respectively.
Income from the obligatory lines rose 123.8% to EUR 2.7billion. Mandatory health business accounted for 34.5% of total obligatory premium income. The proportion of compulsory MTPL insurance was 7.4%.
In the near future, the FSIS plans to review the rates and claims paid in the compulsory MTPL segment, FEDOSEYEVA noted. The study will be based on the information provided by market players and is scheduled to complete by the autumn of 2008.
Compared to the first quarter of 2007, the number of life insurers decreased from 129 to 93. According to the FSIS, the top three companies writing life insurance were AIG Life, RUSSIAN Standard Insurance and ROSGOSSTRAKH-Life.
by RP Newsline, 12.05.2008

SAVA Re IPO to begin next week
The state-run Restitution Fund (SOD) has received the green light from the Securities Market Agency, Slovenia's stock market regulator, for the initial public offering (IPO) of reinsurer SAVA Re, according to Slovene Press Agency.
The price for a single share is to range between EUR 28 and EUR 38, has declared Marko POGACNIK, Director, SOD.
Subscription will start on May 13 and close on 22 May for small investors, who will be able to buy up to EUR 30,000-worth of shares each. Well-informed investors will have time from Saturday until 23 May.
The shares will be offered for sale in branches of UNICREDIT and NKBM banks, and in selected offices of Posta Slovenije. Existing shareholders of SAVA Re will meanwhile be able to buy new shares at the ceiling price of EUR 38 apiece between Saturday and 26 May, when the final price for the share is also to be set.
SOD is planning to sell just over 7 million of its shares in the Slovenian company. This will be topped by another 1.5 million of new shares the reinsurer plans to issue as part of a capital increase. Also, SOD wants to retain 25% plus 1 share in the SAVA Re after the IPO.
State-run Restitution Fund SOD controls 99.9% of SAVA Re's shares. In 2007, the reinsurer has written EUR 118.540 million in premiums and paid EUR 70.359 million in claims.
by, 13.05.2008


sus up


Foreign direct investments up 27.5% in Q1 2008
Foreign direct investments (FDI) in Romania amounted to EUR 1.68 billion in the first quarter of 2008, some 27.5 percent higher year-on-year, and covered 47.6 percent of the current account deficit, higher compared to Q1 2007.
In January-March 2007, FDI totaled EUR 1.3 billion, covering 43 percent of the current account deficit.
In Q1 2008, capital participation and reinvested profit amounted to 57.2 percent of total FDI, while intra-group loans made up for the remaining 42.8 percent.
As for the country's medium and long-term foreign debt, this rose 4.2 percent compared to the end of 2007, up to EUR 39.95 billion. The increase was due to higher direct public debt and higher debt not guaranteed by the state, according to the central bank on Thursday.
At the end of last year, medium and long-term debt was worth EUR 38.3 bln, according to the National Bank of Romania.
by, 15.05.2008

CEC re-braded as CEC Bank
Romanian Savings House (CEC), the oldest banking institution in Romania and still owned by the state will change its name to CEC Bank starting with Tuesday and will have a new image, a green logo with an oak tree. The rebranding operation will end by 2010 when all 564 units in urban areas and 840 units located in rural areas will be totally reshuffled.
Moreover, CEC launched an internet banking service, a credit card and three products for EU fund accession programs, CEC's President Radu Gratian GHETEA declared. He added that the Bank currently has a deposit portfolio of over EUR 2.7 billion, over 600,000 cards and about 3 million clients.
CEC Bank will improve its services and locations to adapt to the new changing market in order to better cater for the needs of its clients. Moreover, CEC board members decided to increase its social capital by RON 69.5 million from last year's profits.
by, 6.05.2008

BNR raises key interest to 9.75%
The board of the National Bank of Romania (BNR) raised the monetary policy interest rate by 0.25 per cent, to 9.75%, and kept the current level of compulsory minimum reserves, reads a news release issued by BNR.
The central bank undertakes to work to handle cash flows in the monetary market, via market operations, reads the respective news release.
The BNR decisions were prompted by the inflation increase, which was primarily fuelled by the rise in payroll costs and in foodstuff prices. The annual inflation rate reached 8.6 per cent in March, a two-year high.
The monetary policy interest rate is a ceiling of interest rates for which BNR attracts one-month deposits from the inter-banking monetary market. As a result, the rise in the key interest affects the costs of refinancing in the inter-banking market. Interest rates charged in the Romanian monetary market are strongly related to the key interest, and any increase in the latter will reflect on the interests for the products offered by commercial banks.
by, 7.05.2008

EBRD adopts new strategy for Romania
The European Bank for Reconstruction and Development Bank (EBRD) adopted a new investment strategy for Romania which outlines its three years time priorities, an official press release of the bank informs. Thus, EBRD investments will focus on the private sector and on energy and infrastructure.
EBRD investments in key sectors will focus on production activities to support Romania's development as a European Union member state, the press release adds. EBRD will offer local private companies its support to become more competitive and be able to develop more. Thus, the institution will take up high risks and will participate in their capital to improve their restructuring and development.
The press release informs that the bank will target mostly rural based companies in order to encourage regional integration, to create more jobs and stimulate Romania's economy. EBRD will also get involved in the energy sector and will support the infrastructure development.
Until now, EBRD invested some EUR 3.5 billion in 248 projects in Romania and had a say in the mobilization of EUR 6.5 billion from foreign sources.
by, 12.05.2008

sus up




FIAR - International Insurance-Reinsurance Forum
May 19-23, 2008
Sinaia, Romania
Organizer: Media XPRIMM

II International Conference "Insurance in Central Asia"
May 26-27, 2008
Almaty, Kazakhstan
Organizer: RUSSIAN Polis Information Group
Media Partner: PRIMM Magazine - Insurance&Pensions

The aim of the conference is to discuss the current state and prospects of insurance development in Central Asia, to attract attention and investments from the world market in order to stir up the development of the local insurance industry, to create favorable market environment in the region.
Countries of participants are Kazakhstan, Russia, Turkey, China, India, EU member states, Korea, Azerbaijan, Uzbekistan, Kyrgyzstan, Tajikistan, Turkmenistan, Iran as well as other countries of the Middle East and South-Eastern Asia.

Sopot Summer Insurance and Reinsurance Days 2008
June 16-18, 2008
Sopot, Poland
Organizer: RESOURCE
Media Partner: PRIMM Magazine - Insurance&Pensions

Life Insurance Securitisation Conference
September 17th-18th, 2008
London, Great Britain
Organizer: JACOB FLEMING Conferences
Media Partner: PRIMM Magazine - Insurance&Pensions

sus up




XPRIMM Newsletters


President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU
International Column Coordinator: Andreea IONETE
Private Pensions Coordinator: Mihai BOBOCEA
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Vlad BOLDIJAR, Oana NECULA
Web Responsible: Costi BORODA

General Secretary: Lidia POP

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE

Edition Responsible: Mihaela CIRCU


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©2008 MEDIA XPRIMM

XPRIMM News - The Romanian Insurance Market Newsletter is best viewed with an active Internet connection.
Click here to subscribe!

Click here to unsubscribe!