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XPRIMM News No. 140, September 17th, 2009

No. 140, September 17th, 2009
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All for insurance!

All about insurance! This is the motto of the most visited insurance web portal,, developed by Media XPRIMM for the last 10 years.

The name of the PRIMM Magazine is the acronym for "Promoting Romanian Insurance Market by Media". In all these years of activity, Media XPRIMM - or XPRIMM as our friends call us - has won an unique role and an unique place in the Romanian insurance landscape, as all our activities are dedicated and focused on promoting the insurance market.

We write about and for insurance. We organize events about and for insurance. We initiate, develop and support any idea that might lead to a better image of the insurance market - these were and are the foundations of our activity.
After more than 10 years of activity dedicated to insurance, the need of a new spirit, of a new attitude for the insurance market was felt. A shift from about insurance... to for insurance.

This is how the Association for Promoting Insurance was born. In short, A.P.P.A. The association represents a Media XPRIMM initiative and it is open to anyone working or supporting the development of insurance in Romania. Promoting the concept of insurance and supporting the enhancing of insurance education of insurance companies' clients and potential clients represents the main purpose of the association's existence.
A.P.P.A. has been authorized this summer. In the coming period, we will keep you up to date with all details regarding this initiative.

A.P.P.A. All for insurance!


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Insurance PROFILE Review
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BCR Asigurari de Viata

Credit Europe Asigurari


Interview with Antonio SOUVANNASOUCK,
Managing Partner

XPRIMM: The Romanian insurance market has been affected by the financial crisis for more than half a year. What were the most notable consequences upon the Romanian brokerage market?
Firstly, we refer to an economic crisis, which clearly affects the insurance market, too. Thus, a number of corporate clients have closed and many other companies have limited their activity.
On the other hand, in this economic climate, competition becomes fiercer. It is important to provide added value to services, especially since the premium rates were on an upward trend.

XPRIMM: Which are the lines of business where premium rates are still growing?
This trend can be noticed in all segments, starting with Motor Hull, where, actually, the increase is welcomed, given the registered claims rate. Although it is difficult for the client to understand, this increase is also in his benefit, as some insurers could be in a position of not paying the claims. I appreciate that this price increase will result in a homogenisation of the market and in an aligning to the European level. Meanwhile, one positive aspect is the introduction of the deductible, through which the education of drivers will increase, making them more responsible.

XPRIMM: How was the crisis felt by insurance companies in Romania?
The corporate segment posted a 10-15% turnover decrease both for brokers and insurance companies, firstly because many corporate clients have gone bankrupt, and then because most of the companies left on the market have decreased activity and had to cut costs, which often translates into purchase of cheaper insurance, the waiver of certain coverage or even of some types of insurance. But on the retail segment companies still delivers business growth, which makes the overall insurance market stagnate, or even register a slight increase.
This dynamics is also valid in the particular case of ASIGEST, because we have decreased on corporate, but we managed to maintain with a growth on retail. Even if retention rate fell from 77% to 65%, through marketing, through higher workload, by investing more in resources, we can make new business on retail.
Many individuals give up insurance during this period because of uncertainty about their financial future, which makes them prefer to keep as reserve the money they would pay on insurance premiums. However, we were able to find new clients that we convinced to buy insurance, but they can change their minds anytime and not pay rates.

XPRIMM: In what point of the crisis are we: the beginning, the middle or the final stage? How do you think the insurance market will evolve in this context?
I think that, for the insurance market, the third quarter of 2009 was the highest point and that starting the fourth quarter we will start seeing business growths again. It is true that in the first quarter the market had a 4% evolution, but this was due to increased premiums on the mandatory MTPL segment and on the Motor Hull segment; therefore, it was an increase in volume of premiums, and not in number of insurance policies or of customers.
For insurance brokers, however, the situation was more difficult because, although the volume of mediated premiums increased, the volume of MTPL and even of Motor Hull commissions decreased, which has very much adversely affected us. Renegotiating contracts with insurers, accepting in some cases to lower the commissions for Motor Hull insurance - these are consequences of the fact that we have long-term partnerships and we try to think in terms of win-win-win, to find the best solutions for us, for insurers, but particularly for the insured people.

XPRIMM: What strategies do you use to attract new clients, especially on retail?
Currently, we have new clients, but they are mostly people who have had until now an insurance policy with another broker or insurance company, and they choose to renew it at ASIGEST, due to the competitive advantages we offer: the best offers for insurance and for additional services (management contracts, prompt assistance in case of damage, partnerships with repair shops etc.).

XPRIMM: How did the introduction of the amicable report influence the perception of customers regarding motor insurance and the services offered to them?
From the general information I have, I can notice a state of normality and a natural evolution of things regarding the MTP amicable report. Its introduction is a step forward towards a higher degree of civilization and towards reducing the times for claims solving. Now, not even two months away since the implementation of the amicable report, inspectors of the insurance companies dealing with this are still losing a lot of time, but it is normal for this early period - the evolution in time of the processes should be followed.
We had and we still have clients who want to be advised by our people from the claims department in completing the amicable report form, and we have provided all additional information they needed, but only those insurers have the authority to tell their clients exactly how to proceed.

XPRIMM: Do you consider that, in the current economic context, voluntary household insurance has an increased potential?
Yes, I am sure there will be an increase on this line. Since the business line which bore substantial increases in insurance, the motor segment, no longer produces volumes, on the contray, has the biggest claims rate, it is clear that both insurers and brokers have to switch to retail, to property and health insurance, pensions etc. There is already a very substantial decrease in household insurance costs felt on the market, somewhere to 20-25% of the costs of two years ago - to increase the volume on this segment -, so the premium rate reaches the value 0.12 (for an EUR 100,000 apartment, a premium quotation of 0.12 means EUR 120 per year, or EUR 10 per month). Enforcing the mandatory household insurance law will lead to market growth on this segment, because people will become more and more aware that voluntary insurance is not very expensive, and it provides coverage for many other risks.
Certainly, I think there is still is place for further decrease, because for any insurance portfolio, in order to enter the market you should start with the lowest costs, to sell as much as possible, this being followed by an improvement in the portfolio over time, especially since the claims rate is low in this sector.
A problem is that people do not have the necessary information, not that they have no money to pay. Basically, who owns an EUR 100,000 apartment can also afford an insurance of EUR 120 per year (currently, this is the cost of a weekend at the seaside or in the mountains) - the problem is to realize the need for such insurance, especially in times of crisis, when it is a lot harder to find resources and any damage can unbalance you and may even lead to loss of property. It is important that the public is educated on the matter: what risks can voluntary household insurance cover, what advantages you can have for the amount you should monthly pay for the premium.
From this point of view, the law of mandatory household insurance is important precisely because of its educational value and for the cross-selling opportunities which we estimate it will provide.

XPRIMM: Do you think the number of insurance brokers will decrease?
Certainly. On the one hand, those brokerage companies that were born in recent years, due to momentary opportunities, will most likely be closed.
Moreover, small brokers, who had a relatively stable business, will realize that it does not pay to maintain such a separate activity, and will give their insurance portfolio to other companies.

XPRIMM: Are you or have you been interested in purchasing such portfolios, from the brokers who have decided to leave the business?
No, we were not yet involved, nor are we seeking to purchase portfolios. In the insurance field and at this stage of development of the profile companies, still in the "family" stage, it is quite risky. We try to grow organically, naturally, to find new clients with our own resources. However, we can say that we made such an acquisition when we switched to retail, because we preferred not to start from scratch, but to start from a clients' base - and we did very well. We are further expanding this clients' base; in the first six months we have increased by about 16% on the retail; unfortunately, this is offset by the negative results on the corporate segment, where we are very affected. But, certainly, there are opportunities in times of crisis, you just have to know how to find them and to use your experience, to use your strengths, to keep on being dynamic.

XPRIMM: Thank you!


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Managing Partner


FIAR 2010 is officially launched
The most important European spring event dedicated to the insurance, reinsurance and private pensions markets, FIAR 2010 - International Insurance-Reinsurance Forum , is now officially launched.
FIAR gathers representatives of all major European insurance and reinsurance companies which use this opportunity to meet with their high level counterparties from CEE, Russia&CIS.
You can SAVE EUR 600 if you register and pay before September 30th, 2009!
All details are available at
Click here for the on-line registration form!
by, 17.09.2009

EXCLUSIVE: Who will sell mandatory insurance in 2010?
PAID - the Insurance Pool against Disasters could be composed of 16 shareholders, 4 insurers following to have a maximum share of 15% (ASTRA Asigurari, CLAL Romania, GROUPAMA and UNIQA Asigurari); the other 12 insurance companies will each own approximately 3.33% of the pool.
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by, 16.09.2009

Major insurance groups lose market share
The companies of the major European insurance groups present in Romania finished first half of this year with underwritings of EUR 741.6 million, a nominal decrease, in EUR, of over 17% compared with H1/2008, when they cumulated EUR 894 million. Thus, the contribution of large insurance groups to the total volume of gross written premiums in the first half was reduced by four percentage points compared to 2008, to 68.33%.
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by, 11.09.2009

Changes and new entries in Top 10 non-life
On the general insurance segment, the top 10 companies have underwrote premiums of over EUR 773.5 million, a nominal decrease, in European currency, of 8.28% compared with the first half of 2008, according to the Specialty Review INSURANCE Profile. The podium underwent a change from the previous year, at the level of the third position, where ASTRA-UNIQA has taken the place of ASIROM, advancing three positions compared to H1/2008.
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by, 9.09.2009

BCR Asigurari de Viata, the only increase in Top 10 life
Life insurance companies in Top 10 have obtained in the first half of this year a negative evolution lower than market average (-19%, compared to -8.28% - nominal evolution in EUR), according to INSURANCE Profile Specialty Review.
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by, 10.09.2009

Lowering Operation
-9%. This is the nominal decrease (in EUR) estimated by the Specialty Review INSURANCE Profile for the national brokerage market after the first six months of the current year. So, from January to June 2009, insurance brokers operating on the Romanian profile market have mediated premiums of about EUR 250 million - practically, in absolute value, the market decreased by around EUR 25 million. Despite these unfavourable figures, the brokerage market maintained its share of 23% of the total insurance market.
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by, 15.09.2009

GENERALI will participate with EUR 500,000 in PAID
The shareholders of the company GENERALI Asigurari approved, in a General Meeting of Shareholders, increasing the participation to the share capital of PAID - the Pool of Insurance against Natural Disasters. Thus, GENERALI will contribute to the capital of PAID with at least the minimum share established by the Insurance Supervisory Commission or by the Initiative Group, representing EUR 500,000 the most.
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by, 4.09.2009

The business of OMNIASIG - down 3% in first half
OMNIASIG, member of VIENNA Insurance Group, finished the first half of this year with business of RON 596 million worth, 3% less compared with the underwritings registered in H1/2008, given the current economic environment, the company announced yesterday. Also, the claims paid by the company have continued their evolution on the upward trend, increasing by 33.6% compared to the same period of the previous year, up to RON 446.7 million.
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by, 15.09.2009

EUR 1 million - the stake of AEGON in 2009
AEGON Asigurari de Viata has achieved, in the approximately five months from the debut of sales, a volume of gross written premiums of approximately EUR 700 thousand and it reached 1,000 clients, estimating, for the end of this year, business of EUR 1 million, according to the General Manager of the company, Silvia SIRB.
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by, 14.09.2009

PIRAEUS Broker is preparing its network for the Mandatory Household Insurance Law
Since the beginning of the year, PIRAEUS Insurance Broker has had a complex activity for optimizing company processes and procedures and it has designed new products for the next period and a cross-selling campaign nationwide. Also, the broker is preparing for the introduction of the mandatory household insurance, by the intensive extension of its territorial network - 185 new branches have been authorized in the last nine months.
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by, 17.09.2009

GROUPAMA Asigurari, at the start line
Born from the merger of ASIBAN and BT Asigurari, GROUPAMA Asigurari officially launches on September 28. The French group, the largest investor on the local insurance market, will complete the full integration of the three companies it owns in Romania - ASIBAN, BT Asigurari and OTP Garancia - by the end of this year.
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by, 17.09.2009

"Intelligent saving", from BT and AEGON
Insurance products closer to those of banks, especially on the savings part, appear more and more often on the insurance market, either because of the companies' need to accumulate capital, or due to the bancassurance business opportunities.
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by, 8.09.2009

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Casco Ieftin

Safety Broker

Economic recession changes the rules in insurance

European insurance companies could be forced to pay more for reinsurance coverage in the 2009-2010 renewal season, following the financial crisis affecting the world economy, , Jean Philippe THIERRY, Chairman of the Organizing Committee of Rendez-Vous de Septembre in Monte Carlo, stated for the XPRIMM Publications. THIERRY, who runs one of the largest insurance companies in France, AGF, now part of ALLIANZ Group, believes that negotiations that mark the end of the year will focus more than ever on matters such as financial security and capacity offered by the reinsurers, rather than on prices.
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by, , 3.09.2009

Enviable performance for reinsurers
European reinsurers have achieved excellent performance during the crisis, without any financial support from outside the industry - this is the conclusion of the report released by the broker AON Benfield at the most important event of the industry, Rendez-Vous de Septembre, taking place these days in Monaco. "Given the renewal in 2010, the industry is, in our opinion, in a "strength" position", Andrew APPEL, CEO of AON Benfield, stated exclusively for XPRIMM Publications.
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by, , 7.09.2009

Global insurance market - up 3%, in 2008
World insurance industry reached EUR 3,067 billion in the previous year, which means an increase of 3% compared to 2007. Meanwhile, the global reinsurance amounted to EUR 130 billion, maintaining at the same level as in 2007, said Jean Philippe THIERRY, Chairman of the Organizing Committee of "Rendez-Vous de Septembre", in Monte Carlo.
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by, , 9.09.2009

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YALTA: Emerging markets of Eastern Europe - most affected by crisis

Emerging insurance markets in Eastern Europe were more affected by the financial crisis than the mature ones, in the West, Ukraine being a good example - this was the conclusion of the first part of the International Financial Forum in Yalta.
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by,, 17.09.2009

The 5th International Conference "World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia"
17th - 18th November 2009, Hotel Baltschug Kempinski, Moscow, Russia
In November, Moscow will once again host one of the key conferences on life, banc-assurance and asset management in emerging markets.
Click here for more details!
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by, 17.09.2009

November Business Meetings in Moscow
On 24-25 November 2009, for the 8th time, Russian capital, Moscow, will be the venue of the November Business Meetings of Reinsurers, organized by All-Russian Insurance Association and "Business Character" Group, with the support of PRIMM - Insurance & Pensions Magazine as Media Partner. The event will be held at Holiday Inn SOKOLNIKI.
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by, 17.09.2009

Russian authorities reject mandatory households' insurance project
Authorities from Moscow declined the intention to modify insurance legislation and Civil Code that would lead to implementation of mandatory households' insurance, according to
Click here to read more!
by, 10.09.2009

Russia: Local reinsurance market down by 10%
In the first half of 2009, Russian reinsurance market lowered by 10%, to RUR 23.32 billion (EUR 515.3 million), compare to same period of 2008. On the over hand, the volume of paid claims decreased by 16%, to RUR 7.5 billion (EUR 154.7 million).
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by, 15.09.2009

S&P: Negative outlook for ALLIANZ Russia
ALLIANZ subsidiary from Russia received a revised outlook to negative from STANDARD & POOR's rating agency with downgrade to BBB-' long-term counterparty credit and insurer financial strength rating for Moscow-based insurer. S&P also affirmed the 'ruAA+' Russia national scale rating.
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by, 14.09.2009

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ISARESCU: It's time Romania returns to saving
Romanians must return to saving in order to be able to support long-run investments, but not too suddenly, so as not to jeopardize the economic rebound. This is the main conclusion of the speech and ensuing debate given yesterday by the Governor of the National Bank of Romania (BNR), Mugur ISARESCU.
Why? Because Romania must foot the bill for growth that was too dependent on foreign savings, namely the money invested by foreigners in this country, and which reflected in the widening of the current account deficit. "The crisis was a trigger and an accelerator for the current adjustment. If it had not come, we would have issued forth from the euphoria with greater difficulty. The adjustment would have come anyway, but we could have had a softer landing. Now, we are expecting a hard landing, at least in terms of GDP [gross domestic product]. If we look at unemployment, this is not exactly a hard landing," ISARESCU added.
Lenders, companies, and consumers all demonstrated "pro-cyclical" behavior, meaning they stretched loans more than productivity allowed them to, which adds to the bill even more in this time of crisis, ISARESCU indicated. "I did not expect Romania to turn into a shopping center so fast," BNR's Governor said.
Things started to skid out of control as far back as 2006, and the final straw was the inefficient fiscal policy, the official said. "The public sector should not have been jealous of the private sector (...) it would have been best if Romania had enjoyed a budget excess," the Governor indicated. The situation is still unsolved: although the private sector has most probably switched to current account excess, the budget deficit is even wider, ISARESCU mentioned.
"The most important problem that must be solved is the unsustainable structure of budget expenses," BNR's Governor said, adding that Romania could still finalize the process of converging to the euro zone, provided the country changes its focus from inflation and interest rates to the public deficit. Convergence is the process by which there is a narrowing in the gap of both prices and revenues in an emerging country, that recently became a member of the European Union, and those of other EU members.
The phenomenon is possible only in the presence of economic growth supported by productivity. In turn, productivity is only possible through investments. "Romania will have current account deficits for a few decades to come, because we will have things in which this country must invest, such as roads," the official said. Part of the money should come from European funds. But absorption is more difficult than it should have been. "How will Romania repay the 20 billion it borrowed? With the 30 billion the country can obtain from the EU. (...) The problem is that, if these EUR 20 billion represent a loan, the EUR 30 billion are made up of tens of thousands of small projects, which are subject to bureaucratic or legislative interpretation differences," ISARESCU indicated.
by, 10.09.2009

The end of the European economy recession is near
"The situation has improved, especially due to an unprecedented amount of funds injected into the economy by central banks and public authorities, but the weak economy will continue to take its toll on jobs and public finances," according to a declaration by European Union Commissioner for Economic and Monetary Affairs Joaquin ALMUNIA. The European Commission yesterday presented its interim economic forecast for the 27 countries of the EU, the EURO zone, and the region's seven largest countries.
The improved situation is due mainly to powerful strategic interventions. As such, the global economy is no longer in free fall, with recent data regarding trade, industrial production, confidence in the business environment, and consumers encouraging.
According to the EC, the improvement in financial conjunctures has contributed to a slowing in the decline of the EU's gross domestic product (GDP) in the second quarter (to -0.2 percent inter-quarter from -2.4 percent in Q1 2009). The Commission revised projections for growth upwards slightly in the second half of the current year, but the decline in the GDP rate estimated for the full year remains unchanged, at 4 percent, for both the EU and the euro zone.
This calculation is based on updated forecasts for France, Germany, Italy, the Netherlands, Poland, Spain, and the United Kingdom, which together make up some 80 percent EU's GDP.
"The acceleration of economic growth in the euro zone is good news for Romania, which has benefitted from programs to support consumption from countries in this zone - such as the programs to renew the auto parks, but it should be remembered that many of these will end in the coming months. However, Romanian economic data, such as poor internal demand, the fiscal burden, and low lending, have led us to change our projections," according to a declaration for Business Standard by Christian KELLER, Senior Economist of BARCLAYS Capital in London.
by, 15.09.2009

Credit card demand to continue to rise in spite of the recession
The demand for credit cards is unlikely to be affected by the recession which has affected the Romanian economy, and this sector will continue to grow slightly until the end of the year, according to specialists contacted by BUSINESS Standard.
Denisa MATEESCU, General Manager of MASTERCARD Europe for Romania and the Balkan region, believes that there should normally not be a negative effect on credit card demand. She cited Turkey as an example, where in spite of the recession the demand for credit cards has risen. The MASTERCARD representatives believes that the number of approvals for this segment will depend on how restrictive bank policies will be in terms lending, coupled with measures to be adopted by the central bank in this area.
According to the latest data published by the National Bank of Romania (BNR), card payments at points of sale (POS) have increased 32.5 percent in the second quarter year-on-year, to some 19 million transactions, worth an average RON 145 (some EUR 34) per transaction. However, they withdraw almost three times that amount from ATMs.
Cristian TUDORANCEA, Vice President of CEC Bank, believes that Romanians will continue to be interested in credit cards, because they have begun to realize what the advantages of revolving credit are. CEC Bank manages a network of 760 ATMs and had some 714,000 active cards at the end of the first half of the year.
by, 9.09.2009

Organic boom in retail, 20% growth in small shops
The evolution of organic product sales in major international chains is more than satisfactory, with Carrefour registering a some twenty-fold increase compared to last year, according to Andreea MIHAI, Marketing Manager of CARREFOUR Romania.
Local networks of specialized stores are more reserved, expecting a growth rate of 15-20 percent in this year marked by the economic crisis, which has led to one positive element: an increase in the number of clients, although the value of the shopping basket has dropped. The most sought-after products, on a market worth some EUR 15 million, include dairy (yoghurts and cheeses) and baked goods. Unfortunately, about 80 percent of sales are imported products, considering that Romania is exporting raw materials which are then imported as finished goods.
Data provided by the Ministry of Agriculture, Forests, and Rural Development (MAPDR) indicates that exports of ecological products will drop 23 percent this year, to 100,000 tons, due to low demand and prices. On the other hand, local organic product store chains, such as NATURA Food, Biofood, and Biomarkt in Bucharest, are just starting out.
"Demand is rising. We have more clients, considering that the value of the shopping basket per client is lower. Compared to last year, we have a 20 percent increase in sales," said Anca TANASA, General Manager of NATURA Food.
Total ecological goods production is expected to decline by up to 15 percent this year, to 226,270 tons, according to MAPDR data. One of the segments that seems to be raising the interest of shoppers lately is that of natural cosmetics, which makes up six percent of total cosmetics on mature markets.
Considering that the local market is valued at EUR 600 million, the potential of the natural cosmetics market is of some EUR 36 million.
by, 15.09.2009

Romania remains a commercial center El Dorado
Europe witnessed the opening of 120 new commercial centers in the first half of the year, with Romania one of its leaders in terms of surfaces delivered, according to a report by the CUSHMAN&WAKEFIELD real estate advisory firm.
The retail market is far from being blocked, and major retailers in Romania, based on number of stores, are interested in opportunities on the market, and continue to have plans for expansion. Although demand is now no longer the same as it was in previous years, interest in new stores exists, especially for very central locations and in cities with over 200,000 inhabitants.
"The problem is that the financial expectations of these retailers often make the financing and developing of such quality commercial projects impossible, with developers opting recently to wait for rents to return to a level to make the development worthwhile," said Razvan GHEORGHE, General Manager of CUSHMAN&WAKEFIELD.
There are several major players who are taking advantage of the current decline, and are continuing to invest in significant local and international expansion.
"The market presently belongs to tenants, and retailers can take advantage of their own brands and the strategic importance as anchor stores to negotiate attractive conditions. At the same time, smaller and less efficient retailers in terms of costs are facing difficulties, which is creating expansion opportunities for newer brands," added GHEORGHE.
In Romania, the stock of commercial centers at the end of 2008 was 2,020,000 square meters, or 94 sqm per inhabitant. The stock of completed commercial centers in 2009 to date is 164,000 sqm, while that in construction and due to be finalized by the end of the year, is 89,000 sqm.
by, 16.09.2009

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11th Insurance and Reinsurance Conference Hydra
September, 17th-19th, 2009
Organizer: Hellenic Association of Insurance Companies
Media Partner: PRIMM Magazine - Insurance & Pensions

Health 2009
October 8th & 9th, 2009
Berlin, Germany
Organizer: UNIGLOBAL Research
Media Partner: PRIMM Magazine - Insurance & Pensions

31st Baden-Baden Meeting 2009
October 25th-29th, 2009
Baden-Baden, Germany

5th International Conference "World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia"
November 17th-18th, 2009
Hotel Baltschug Kempinski, Moscow
Organizer: Russian Polis Information Group
Media Partner: PRIMM Magazine - Insurance & Pensions

November Reinsurance Meetings
November 24th-25th, 2009
Holiday Inn Moscow Sokolniki Hotel
Organizer: All-Russian Insurance Association (ARIA)
Coorganizer: Business Character Group
Media Partner: PRIMM Magazine - Insurance & Pensions

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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
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