No. 166, October 21st, 2010
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XPRIMM
News - THE ROMANIAN INSURANCE MARKET NEWSLETTER No. 166, October 21st, 2010 Click here to subscribe! Click here to unsubscribe! |
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| EDITORIAL |
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With the desire to explore new business opportunities and to achieve
more and more important shares of the new emerging markets, more and
more groups and insurance companies in the European Union focus on countries
in Eastern Europe. Sergiu COSTACHE P.S.: If you want more information about this interesting market, Media XPRIMM has already prepared a series of products exclusively dedicated to the insurers from Republic of Moldova:
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Insurance
PROFILE Review Click here to order! PRIMM Magazine Special Report CEE, RUSSIA & CIS  
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| INTERVIEW |
| I. Ukraine EASTERN Re is one of the most important reinsurance companies in Russia, that currently sees Ukraine as the most important market in the Eastern Europe. The Russian reinsurance companies consider it to have a great business potential, due to the large number of figures in the insurance industry (over 400 companies), as well as the area close to Ukraine, according to the Russian historical perspective. Olga SIGALOVICI, General Manager, EASTERN Re, presents the current situation from the Russian reinsurance industry, as well as its targets, in an exclusive interview for XPRIMM Newsletters, at the International Yalta Forum (Ukraine, 20th-24th of September, 2010). Interview
with Olga SIGALOVICI Olga SIGALOVICI: 2010 will be significantly different from 2009, considering the market conditions at the moment. I anticipate that the industry will see a 10-15% decrease in 2010, in comparison with 2009. As far as our company EASTERN Re goes, we only saw a 2% decrease, in spite of the fact that many of our clients had to leave the market, due to the economical crisis. XPRIMM: What development plans does EASTERN Re have for Central and Eastern Europe, in the near future? O. S.: In 2009 our international business portfolio share was 12%, in 2010 it reached 25%. To be more exact, at the moment, we are in business with many countries, such as Ukraine, Moldova, India and Singapore. We've noticed that the international market is interested in partnerships with the Russian insurance and reinsurance companies. XPRIMM: How is the collaboration between EASTERN Re and Ukraine and how important is this market for the company? O. S.: We are one of the most active Russian companies in the Ukrainian insurance market; I think I may say that we are leaders on this segment. We have a branch in Kiev, helping this way the possibility of a relationship. This year we celebrated three years since the office was founded and we have been working here for over five years - this speaks about a long term partnership. XPRIMM: What can you say about your company's results in Ukraine? O. S.: We have registered good results, meaning income of USD 1.5 million, which is actually an excellent result, considering that we talking about a branch with only two employees and no international rating. We did find some political difficulties about the international ratings along the way, but we successfully faced them, due to our Ukrainian partner's loyalty. XPRIMM: Thank you! II. Turkey With the ocassion of the Istanbul International Insurance Forum (Turkey, the 30th of September - the 1st of October 2010), Dmitri DANILENKO, Chancellor of the General Director, EASTERN Re, explained the importance of this market for the company's business and the objectives in Asia Minor. All this in an interview for XPRIMM Newsletters.
XPRIMM: As a first question, I would like to
ask you: what exactly are EASTERN Re's interest and business
here in Turkey? |
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| TOP PRESS |
Three days left until the Baden-Baden XPRIMM Reception There are only three days left until the second edition of the Baden-Baden XPRIMM Reception, an event that continues the campaign launched last year by the Romanian insurance industry in Baden-Baden. The events will gather leaders and specialists in insurance, reinsurance and related areas that are attending the annual Baden-Baden Meetings. Click here to read more! by andreea.ionete@mxp.ro, 21.10.2010 1H 2010 insurance markets of CEE and CIS countries - in the spotlight "Most probably, the 'double digit' growth rates, as we were used to before the crisis, will not return soon in the CEE countries. Still, there are clear signs of recovery in the region. Looking further to the East, the CIS insurance markets offer huge possibilities of growth, as the CIS economies were less hit by the crisis and their insurance industries are still very young. This is why, getting as much as possible information about all these market may be vital for the European players, looking for future growth reserves. Twice a year, the Special Report offers you the necessary tool to asses the region's progress", said Daniela GHETU, Editorial Director, PRIMM Publications. Click here to read more! by vlad.boldijar@mxp.ro, 21.10.2010 ICAR Forum 2010 Photo Gallery The photos were made at the seventh edition of ICAR - International Catastrophic Risks Forum and have been posted on the official site of the event. The event took place on the 12th of October 2010, at the Parliament Palace. Click here to read more! by andreea.ionete@mxp.ro, 15.10.2010 Historical territorial expansion: ASTRA Asigurari opens a branch in Hungary ASTRA Asigurari, the largest company from the profile market with Romanian capital and shareholding, received on October 12, 2010, authorization to open a branch in Hungary. The first foreign branch of a profile company from Romania, opened in the right of establishment, will be based in Budapest and, for starters, will underwrite on the business segments where the company holds important positions on the national market: property, Motor Hull and MTPL. The decision to expand the market in Hungary is part of a strategic development plan that ASTRA Asigurari has set for 2010. The final decision in approving the project of territorial expansion belonged to the forums that supervise the insurance-reinsurance activities in Romania and Hungary - ISC and HSFA - Hungarian Financial Supervisory Authority. Click here to read more! by andreea.ionete@mxp.ro, 14.10.2010 BCR Life and ING Life are in CEE TOP 50 Life Insurance Life insurers BCR Asigurari de Viata and ING Asigurari de Viata are the only companies in Romania that were situated, in the first half of 2010, in the Region of Central and Eastern Europe, among the top 50 companies in the field, according to a top presented in "CEE, RUSSIA & CIS 1H 2010 Insurance Regional Survey". Thus, with a volume of underwritings of about EUR 66.2 million, ING Asigurari stood on the 31st position in the CEE insurance top, while BCR Asigurari de Viata VIENNA Insurance Group was ranked 41st (underwritings of EUR 37.10 million). In the first six months of 2009, ING Asigurari de Viata ranked 27th, while BCR Asigurari de Viata was ranked 57th. Click here to read more! by vlad.boldijar@mxp.ro, 20.10.2010 ASTRA and ALLIANZ-TIRIAC in CEE Top 20 General Insurance After the first six months of this year, the companies ASTRA and ALLIANZ-TIRIAC rank among the top 20 companies (by gross written premium volume criterion) in the region. They occupy places 14 and 19, according to "CEE, Russia & CIS Insurance Markets Survey", a complex analysis report conducted by PRIMM Insurance & Pensions Magazine in the insurance markets of countries belonging to the space of Central and Eastern Europe, in ex-Soviet states, as well as in Russia and Turkey. Click here to read more! by vlad.boldijar@mxp.ro, 19.10.2010 WILLIS Re: Romania could have the largest catastrophe reinsurance program in Europe. Attention at Solvency II, however! "If PAID buys the Solvency II levels of reinsurance or alternatively finds more capital to take the place of the reinsurance and if everything is successful, PAID will have the largest reinsurance program in Europe in terms of catastrophe capacity", explained Guy HUDSON, Executive Director, WILLIS Re, at ICAR 2010. Click here to read more! by andreea.ionete@mxp.ro, 14.10.2010 PAID counted 75,000 policies so far. Reinsurance placement is 100% done "So far, there have been sold 75,000 policies, representing an average of 1,200 policies a day. At the moment, there are sold approximately 2,000 policies per day, but we have to double this number in order to reach our goals. Remarkably, all societies have issued policies all over the country, with a share of 75% in the urban region and 25% in the rural region", declared Marius BULUGEA, President of PAID, at ICAR Forum. Click here to read more! by mihai.cracea@mxp.ro, 13.10.2010 PAID is a full member of the World Forum of Catastrophe Programmes PAID - the Pool of Insurance Against Natural Disasters hosted in the period October 12th - 13th, 2010, in Bucharest, the fifth edition of the works of the World Forum of Catastrophe Programmes (WFCP). On this occasion, PAID has been accepted as full member of WFCP, along with the other 12 existent members (national schemes in Australia, California, France, Iceland, Japan, New Zealand, Norway, Spain, Switzerland, Taiwan and Turkey, plus the scheme which covers 16 countries from the Caribbean). Click here to read more! by andreea.ionete@mxp.ro, 14.10.2010 ISC: Mandatory household insurance is not a tax, but an instrument of minimal financial protection against disasters "Althow controversed - evidence being the fact that it took as nearly a decade to reach this stage - mandatory household insurance is the only viable solution, for Romania, of financing potential housing damages done by natural catastrophic events. And this is, in our case, because of a great imballance between the high risks we are exposed to and the minimal degree of protection that the policy offeres, this effect being doubled by epic buget constriction", emphasised Angela TONCESCU, ISC President, in the opening of ICAR Forum 2010. Click here to read more! by andreea.ionete@mxp.ro, 13.10.2010 Household database will be completed in 12 months At the moment, only a little over 30% of the counties in Romania transmited the household database to PAID. At the same time, 44% of the households (3.8 million) have already been included in this database. Click here to read more! by mihai.cracea@mxp.ro, 13.10.2010 Radu MUSTATEA: We have a 30% success rate in voluntary policy conclusion. It may sound pleasing, but it is by no means spectacular "Resources for financing the Pool have been found. It may seem that the raised capital is not very large, but it did represent an efort on behalf of all companies which took part in this process. PAID is an oportunity to acces new markets with new products. Among our selling force we promoted up-selling methods, as well as cross-selling", explained Radu MUSTATEA, President of the Directorate, ASTRA Asigurari, with the occasion of the ICAR Forum. Click here to read more! by mihai.cracea@mxp.ro, 13.10.2010 AOL Law needs a new informative campaign "There is a need for a sustained informative campaign on behalf of each and every insurer. We all try to educate the population, but at a global scale there is a need for a different approach in order to obtain any effect on a relative short term. Moreover, there is the urgent need of adopting the amendments now present in Parliamentary debate, because we do suffer from lack of legislative precision", declared Radu MANOLIU, Deputy General Manager, CREDIT EUROPE Asigurari. Click here to read more! by mihai.cracea@mxp.ro, 13.10.2010 PLATINUM has set as objective 150,000 mandatory household policies within a year The company PLATINUM Asigurari-Reasigurari, one of the three main shareholders of PAID, reached an average of 420 mandatory household insurance policies issued per day and expects to have concluded at least 150,000 such contracts during the next year, said the insurer on the 19th of October 2010. Click here to read more! by andreea.ionete@mxp.ro, 20.10.2010 GENERALI Asigurari is offering up to 20% discount for MTPL to responsible drivers GENERALI Asigurari is starting a promotional campaign on the 15th of December 2010, dedicated to the MTPL segment, the company's new clients benefiting of up to 20% discount and extra roadside assistance services, territorial extension outside Romania and fast claims settlement. The discount is personalized depending on each client's profile, rewarding those drivers that proved themselves as being responsible and cautious in traffic, announced the company. Click here to read more! by andreea.ionete@mxp.ro, 12.10.2010 AVIVA, ten years and RON 243 million invested in Romania In the ten years of activity on the local insurance market, celebrated on October 11th, British group AVIVA has invested RON 243 million in Romania, of which RON 30 million represented market capitalization throughout 2010. During this decade, AVIVA Romania has continuously developed and expanded its distribution network, the company now having assets under management of RON 600 million, up 21.4% compared to 2009, and 700 financial advisers across country. Click here to read more! by andreea.ionete@mxp.ro, 14.10.2010 |
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| REPUBLIC OF MOLDOVA |
| NCFM: Adjusting the regulatory framework, reforming, strengthening and restoring public confidence - the development perspectives of the national insurance market Prospects for the Moldavian insurance market reffer to "the adjusted regulatory framework, the "acquis communautaire" and international practice, further reform and strengthening of the insurance market, as well as insurance market infrastructure development", said Aurica DOINA, Vice President, National Commission of Financial Markets - NCFM, during the National Insurance Conference "Republic of Moldova - Realities and Perspectives". Click here to read more! by andreea.ionete@mxp.ro, 19.10.2010 Moldavian insurance market grew by 8% in the first nine months of the year Preliminary results indicate an increase of up to 8% for the insurance market of Moldova in the first nine months of this year, said, during the 2010 National Insurance Conference, Vladimir STIRBU, Insurance Department Director, NCFM, the regulatory organization of the local profile industry. "At this time, gross written premiums reached MDL 645 million (editor's note: about EUR 40 million)", added Vladimir STIRBU. Click here to read more! by vlad.boldijar@mxp.ro, 19.10.2010 The introduction of mandatory household insurance - a challenge for the Moldavian market "For insurers in Moldova, the introduction of mandatory household insurance is a primary goal and a challenge that involves high costs of media, popularization and education, but it must be done", said the Director of EUROASIG Group, Ion LACATUS. Also, mandatory insurance type is limited, in terms of limits of compensation. "I do not expect that at each 100 mandatory policies I will sell more than 5-10 voluntary ones", said Ion LACATUS. Click here to read more! by vlad.boldijar@mxp.ro, 19.10.2010 Lack of foreign investment leads to a fierce battle for market share "The achievements of the profile industry in 2010 are great, but they require to be continued", said Vitalie BODEA, General Director of MOLDASIG, the market leader. He points out that 2010 was still a "harder" year, with significantly increased claims rates. Click here to read more! by mihai.cracea@mxp.ro, 19.10.2010 Ionel DIMA: We are witnessing a shift in the center of gravity in insurance towards prudence and capitalization "A reality of the market is the fact that we are witnessing a shift in the center of gravity in insurance towards prudence and market capitalization. We have made huge steps in this direction in the world. Another reality is globalization, including the insurance market. Over 1.5 million people have gone to work abroad and come home with foreign cars for which claims are registered", warned Ionel DIMA, Vice President of AVUS Group. Click here to read more! by mihai.cracea@mxp.ro, 19.10.2010 |
| CEE, RUSSIA&CIS |
CEA welcomes EC report on Environmental Liability Directive CEA, the European insurance and reinsurance federation, welcomes the European Commission's acknowledgement of the challenges that the insurance industry faces in developing products because of a lack of available data on Environmental Liability Directive (ELD) claims and on the cost of preventive and remedial measures due to late implementation of the ELD into national law in many countries. Click here to read more! by andreea.ionete@mxp.ro, 13.10.2010 AON: The disaster in Hungary is a warning sign regarding environment protection Regarding the ecological disaster in Hungary, specialists warn that there is a real danger that pollution reaches the Danube and affects other countries, including Romania. "An event such as the ecological disaster in Hungary may lead to the bankruptcy of the industrial center, if it does not have insurance to cover these risks. If the responsible company goes bankrupt, the affected countries may turn against the country where that company is located", said Simon JOHNSON, Environmental Director of the AON Risk Solutions. Click here to read more! by mihai.cracea@mxp.ro, 12.10.2010
VIDEO: The Istanbul International Insurance Conference
VIDEO: MILLI Re will be more present in the Eastern European countries over the next few years MDRT Europe ClassIQ - The road to Athens As the final touches to the program for the 2011 inaugural MDRT Europe ClassIQ regional meeting in Athens in February are being made, we would like to highlight just a few of the educational and inspirational speakers that attendees can look forward to. Some of the best member speakers are lined up, including MDRT President, Julian GOOD, and Past Presidents Phil HARRIMAN and Tony GORDON. Also not to be missed are the extraordinary Mehdi FAKHARZADEH, the top producer of his company for the past 55 years, and the hugely uplifting Solomon HICKS. Click here to read more! by Sunit ARORA, 21.10.2010 |
| FINANCIAL NEWS |
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ALINSO Group launched EURO GATE TERMINAL Ploiesti New LOGAN to be cheaper Romania interested in effective partnership with Italy, Canada Ronald BINKOFSKI, the new General Director for MICROSOFT Romania Finance Ministry, Gheorghe IALOMITIANU: Bonuses will be offered on
performance and competence criteria |
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