No. 134, June 11th, 2009
Click here to subscribe!
Click here to unsubscribe!
|
|
XPRIMM
News - THE ROMANIAN INSURANCE MARKET NEWSLETTER No. 134, June 11th, 2009 Click here to subscribe! Click here to unsubscribe! |
| Powered by Media XPRIMM | |
| MENU: EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS | |
| |
|
| EDITORIAL |
|
We are obviously talking here about the implementation, from the 1st of July 2009, of the amicable report, and about the introduction, from the 1st of January 2010, of the mandatory household insurance, two actions that will influence the great mass of the citizens of Romania. But, although there are only 26 days left until the radical change in the way the finding of the claims in the event of road accidents without victims will take place, drivers do not know too many details about the new procedure. Also, most of the general public appreciates that mandatory household insurance is a kind of additional tax, another extra tax, not understanding its protection component. What is the main cause of the presented situations? Clearly, the problem is the lack of communication and information campaigns for the population. Up to date, there have only been shy attempts for the popularization of these new concepts with which we will operate very soon. The discussions were quite technical, however, and the lack of cohesion of the message which comes through from the insurance market is not of nature to help. And yet... the bets are placed on results... It is hoped that the AOL Law will contribute to the popularization of the concept of insurance and of its benefits and, therefore, to the evolution of voluntary household insurance, if all state and private institutions collaborate in the respect of educating the population. Also, the successful implementation of the amicable constat is linked to the hopes of the motor insurers to attract new clients, from among the about 2.7 million owners of vehicles without Motor Hull insurance. The opinion of specialists is that the success of these operations, the manner in which both mandatory insurance and the amicable report will be perceived and understood, all these are directly related to the future credibility of the entire insurance industry. And, for that, "communication is the solution"! by mihaela.circu@mxp.ro |
Insurance
PROFILE Review Click here to order! 
 |
|
|
|
| INTERVIEW |
|
Interview
with Silvia SIRB, Silvia SIRB: I believe that in Romania the life insurance market will continue to grow, but with a considerably lower pace than in 2008. The growth is, in my opinion, a natural one and it is based on the gap of this type of products consumption between Romania and the Western markets: Romania is far below the European average, both in terms of penetration and in terms of the value of the average premium per policy. I would also like to state the fact that not all insurance companies will register growth compared to 2008 and that we will certainly attend to a revalorisation of the products that are preferred by clients and to a downward adjustment of average written premiums. Regarding AEGON Asigurari de Viata, the results we've already recorded in the approximately 4 months since the beginning of sales confirm us that we have a correct approach of the market, and the AEGON increase will have a much higher rate than the one of the market - but this is also because we are at the beginning of the activity. XPRIMM: What more products do you intend to launch on this segment and how do you intend to make them more attractive, in order to face competition? S.S.: With over 9 months of preparation, from the very beginning of our activity in Romania, we had the opportunity to launch ourselves with a wide range of life insurance products: from pure risk products, to products with guaranteed savings, respectively with placements in investment funds, each with the possibility of attaching a multitude of additional clauses. Therefore, today we are focusing on promoting what we have already created, in front of the existing and the potential distribution partners. This does not mean that we don't make any modifications of the start portfolio, but these changes are mainly due to the fact that we are open to creating, for our strategic distribution partners, exclusive products, and this involves implementing certain differenciating features from one product to another. I will not hide from you the fact that we are involved in a large project, at regional level, of launching, towards the end of the year, a product less known to the local market. The fact that we have built the operations in Romania from scratch represents an unique advantage, under the circumstances of the year 2009, as flexibility and capacity to adapt and to control are the most critical elements, in the context of the current global economy. And these are the conditions in which we were born. Therefore, now we find ourselves in shape and with the proper luggage, ready to go. XPRIMM:To what extent do you believe the volume of insurance products granted as extra-salary benefits by the employers will be affected, considering that their financial availability is decreasing? S.S.: On the short term, the market for group insurance (employee benefits) is stagnating, because employers are extremely preocupied, in this period, with cost reduction. On the medium and long term, however, this market segment will gain strength and it will grow consistently, because in this area, too, we find ourselves at great distance from what exists in more developed economies. XPRIMM: What steps should/could be taken by the state in order to support the development of life insurance? Is deductibility a solution for this field - life insurance? S.S.: I think a good measure, that is clear and has substance (and which will not be abrogated in the future) can do more than more minor measures. I consider deductibility to be a measure able to consistently stimulate the market, but only if properly designed, with appreciable benefits for the large mass, to which a proper promoting must be added. XPRIMM: What is the message that AEGON Asigurari de Viata wants to express by supporting two of the most important conferences of FIAR 2009? S.S.: I congratulate, whenever I have the chance, the whole XPRIMM team and Mr President Sergiu COSTACHE for all that they are doing for the Romanian insurance and pensions market! We are in this business to gain profit and to create value for all: clients, partners and ourselves. As we are all in the same boat, the contacts and the networking facilitated by XPRIMM are very valuable. In this context, AEGON Romania considers that it is important to contribute to the support of these events, because such events contribute to the development of the whole market, with the desired benefits for all parties involved. Romania really needs this, in every field! XPRIMM: Thank you! |
|
  |
|
|
| TOP PRESS |
|
Towards FIAR 2010 ... First decrease! The life insurance top in Q1/2009 Increase on 4 wheels OMNIASIG, the new non-life leader 4 large groups hold 73% of the motor insurance market GENERALI PPF wants the delisting of ARDAF AEGON Asigurari de Viata will increase above the market average
in 2009 MARSH Romania is strenghtening its position on the "affinity" products
market EUREKO and ALLIANZ-TIRIAC hold 77% of the health insurance market ASIROM losses have doubled in 2008 Capitalizations of RON 65 million for the Romanian insurers in
April The Insurance Management Institute is beginning its activity
|
 |
|
|
|
|
| CEE, RUSSIA&CIS |
|
"Sopot Summer Insurance and Reinsurance Days" begins on Monday Bulgarian insurance market - a 2% growth Ukrainian insurance market - free falling Tashkent - Results of the Forum UNIQA Group doubled its profit in Q1/2009 The Russian insurance market will face a rates increase |
|
|
|
|
| FINANCIAL NEWS |
|
Capital Stock market's richest in crisis Top foreign investments in April: Trade is consolidating Romanian leu gains ground versus euro Four companies in Romania receive the Best Employers title |
|
|
|
| EVENTS | ||
|
|
|
THE EDITORIAL STAFF: |
 |
|
| XPRIMM
News - The Romanian Insurance Market Newsletter is best viewed with
an active Internet connection. Click here to subscribe! Click here to unsubscribe! |
|
| |
