Optimistically looking at... 2012
Romania's economy will resume its growth in 2011, according to estimates
of most analysts in the field. However, among insurers there is a
mood somewhere in between moderate optimism and pessimism. This is
also because, between the moment when the economy gives the first
signs of "defrosting" and insurance recovery there is
a delay of eight months (two months for the banking industry and
another 6 for insurance).
What should profile companies do whilst
awaiting this to come?
Firstly, there is the cost restructuring option.
Thus, the development of alternative distribution channels, such
as online sales, strengthening
partnerships with brokers would be only a few solutions in this
Also, 2011 may be a good time to focus on improving the
quality of services and on customer loyalty. In a time when customers
is limited, insurers should be aware that any customer lost in
this period will be extremely difficult to regain...
Another very promising measure is to start extensive information
campaigns, in order to raise public awareness on the need for
It is known that 2011 will not be an easy year for
the market, but it will pass soon... We are all expecting the
You have been at the lead of BCR Asigurari for 4 years. How has
your company changed under your management, what are the changes
it has gone through?
On the 19th of December, we celebrated nine years since the
founding of BCR Asigurari, and this represented a memorial moment.
Throughout my entire career, I realized the importance of the
team that I have by my side, because performance can not be achieved
alone. People need leadership, as well as closeness, understanding
and open communication.
President of the Directorate, BCR Asigurari VIG
Mihail TECAU: On the 19th of December, we celebrated nine years
since the founding of BCR Asigurari, and this represented a memorial
moment. Throughout my entire career, I realized the importance
of the team that I have by my side, because performance can not
be achieved alone. People need leadership, as well as closeness,
understanding and open communication.
Indeed, since October 2006, when I took over the management of
BCR Asigurari, and until now, the company has undergone a series
of transformations. The company was created in a financial supermarket.
I have resized this collaboration, in terms of structure, product
portfolio and operating mode.
The results of these processes could be summarized by three milestones:
the constant performance, the permanent adaptation and the openness
I explain the constant performance through the stability of the
position that the company holds on the Romanian insurance market.
All these years, BCR Asigurari has remained among the first five
insurance companies, on the general insurance segment. Gross written
premiums volume increased year to year, as well as its product
| The most important milestones of 2010 in insurance
Although the insurance market has felt the decline of other sectors,
such as car sales or bank loans, and also rising unemployment and lower
incomes of the population, in terms of quality, the situation is
entirely different. Thus, "over the last two years, important projects
for the development of the insurance market and the increase of the
degree of protection of the policyholders' interests have been put into
practice", said Angela TONCESCU, President of the Insurance Supervisory
Commission, in an interview for PRIMM Publications. To the increase of the degree
of protection of the insured have contributed, according to ISC President, "the
introduction of the amicable report in case of accident, the establishment of
the Insurance Management Institute, organizing and holding numerous professional
training seminars with the insurance companies specialists for the implementation
of the future Solvency II concept".
The optimistic scenario of Cristian CONSTANTINESCU: 2011 will remain at 2010 levels only if the property, life and health insurance business recovers the Motor Hull decline. How does the pessimistic one look like?
The main threat that is hovering over the insurance market in 2011 still
remains the dependence of companies' business on the motor insurance
activity, which, untill 2008, had been sustaining double-digit annual
growths. "The macro-economic context and the pressures upon the incomes
of financial products consumers will not induce favorable effects on the
insurance industry in 2011". Turning now to the pessimistic scenario for
will continue to fight for the preservation of client portfolios, which will
translate to reduced premium rates, with a direct effect on the total volume
of revenues and also on the profitability of the market", warned Cristian
Bogdan ANDRIESCU is the new General Manager of the Insurance Management Institute
The Council of the Insurance Supervisory Commission (ISC) has decided to
appoint Bogdan ANDRIESCU in the position of General Manager of the
Insurance Management Institute (IMA). "Professional training for those working
in insurance has always been a priority for me, both as President of UNSICAR
and as a direct participant in the insurance activity. I am convinced that my
20 years of experience in direct relationships with insurance consumers will
help me contribute to the professionalization of everyone involved in the insurance
and insurance brokerage business, from this position of General Manager of IMA",
stated Bogdan ANDRIESCU, officially appointed in his new position on Monday,
the 17th of January 2011.
European Regulations on health insurance
The European Parliament has adopted, during the previous week, a directive which
states that patients have the right to receive medical care in any member state
of the European Union (EU).
STOICA is the new President of UNIQA Asigurari
Insurance Supervisory Commission (ISC) confirmed the position of Oliviu Gabriel
STOICA as President of the Directorate of UNIQA Asigurari, following his appointment
by the Supervisory Board of the company.
ROSU and Valeriu ROSU retire from AON
AON Corporation announced, on January the 14th, 2011, that the AON Romania management
team members, Karina ROSU, which holds the CEO position, and Valeriu ROSU, have
decided to leave the group as of May
1st, 2011. "Karina and Valeriu have been working for our office in Romania
for many years", said Onno JANSSEN, CEO of AON Central and Eastern Europe.
MUSAT: The postponement of the mandatory household insurance
has led to a freezing of the voluntary policies sale
The fact that the rhythm of mandatory household insurance underwriting has decreased,
since January, does not mean that the Romanians have rushed into buying voluntary
insurance - the whole system has stopped, said Nicolae MUSAT, Vice President
of PAID and General Manager of CITY Insurance.
TECAU: Innovation is our chance now; in order to have
a strong market, insurers must not go back to fighting
If, for 2010, BCR Asigurari VIG estimates to have maintained at the level of
the results achieved in 2009, for the current year, the company hopes to surpass
it, its strategy having as main vehicle the innovative ideas, that should bring
to the insurer as many clients as possible.
businesses in Romania fell by 12.8% in 2010. BCR Asigurari
de Viata strongly supported the growth on the life segment,
Companies in Romania members of VIENNA Insurance Group (VIG) ended 2010 with
business of EUR 536 million, 12.8% below the level achieved in 2009, of EUR 614.8
million, according to results published on the 25th of January by the Austrian
Only a third of the Romania's population have a life
insurance and only a quarter a pension plan, despite
the expressed fear minding their financial future
Although almost 80% of the Romanian consumers administrate their personal finances
in a responsible manner, a study by "ING Customer
Resourcefulness" shows that over a global average of 70% are less active when
it comes to utilizing financial instruments for a more
Asigurari launched the first iPhone application dedicated
The company BCR Asigurari Vienna Insurance Group launches, in premiere for the
Romanian insurance market, "iPhone Insurance Assistance - BCR Asigurari
VIG". This application is specially designed to be downloaded and used on Apple
iPhone type cell phones and is offered FOR FREE to BCR Asigurari policyholders
who have Motor Hull "CASCO PLUS" insurance.
insurance from EUREKO is now also covering medical services
EUREKO Romania, the health insurance market leader, offers its clients the opportunity
to access hospital services and surgical interventions abroad, as a completion
to the existing products. Until now, the insurer granted such coverage only if
necessary medical treatment could not have been offered within the country.
Insurance, the broker who sold most PAD policies in 2010
Between July 15th - December 31st, 2010, PIRAEUS Insurance Broker has sold 12,176
mandatory household insurance policies, of which 9,000 only in December, a result
which has placed the company "on the first position among the insurance brokerage
companies that sold these types
of policies", said, exclusively for XPRIMM Newsletters, Cristian BALANICA, General
Manager, PIRAEUS Insurance Broker.
Romania has a new Claims Manager
Leonard STANCIU has been appointed Claims Department Manager for CHARTIS Romania,
at the end of 2010. "The end of 2010 gave me the pleasure and honor of joining
the CHARTIS Romania Claims Department team", Leonard STANCIU declared.
Life Asigurari is transferring its insurance portfolio
to KD Zivljenje and comes out of the Romanian market
The portfolio of KD Life, life insurance company placed under special administration
by the Insurance Supervisory Commission in early March 2010, was transferred
to the Slovenian company KD Zivljenje.
|Veronica MALCOCI, GRAWE CARAT: Amendments of the Contravention Code would allow insurance companies to contest the guilty parties
The evolution of the insurance market, on one hand, and of the company
she manages, on the other hand, in the year that has just ended, as well
as legislative, technical and procedural measures that should be
implemented in order to give an impetus to the profile market were the
main topics addressed, in an exclusive interview for www.xprimm.md, by
Veronica MALCOCI, Manager of Non-Life and Life Insurance, GRAWE CARAT
Asigurari. With all the difficulties of this year, in which there has been talked
about the consequences of the economic crisis, about the still insufficient maturity
of the insurance market of Moldova, the evolution of the market was, clearly,
an ascending one.
MEDIHELP International is expanding in Moldova, in 2011
MEDIHELP International, the largest broker in Central and Eastern
Europe, specialized in international health insurance, is taking its
first steps for entering the Moldavian market, in 2011. Thus, the company is
negotiating with the insurance companies in the Republic of Moldova minding the
expansion across the borders, as a natural step in its organic growth.
Europe ClassIQ takes place next week, in Athens
As the final preparations for the 2011 inaugural MDRT Europe ClassIQ regional
meeting in Athens in February are being made, we would like to highlight another
one of the educational and inspirational speakers that attendees can look forward
to: Tony GORDON, Past Chairman of MDRT's Top of the Table.
MDRT Europe ClassIQ regional meeting, a forum designed for the world's best insurance
agents and financial services advisers, is organized by MDRT Europe and will
take place on February 2-4 in Athens Greece. XPRIMM Insurance & Pensions
support the event as Media Partners. The idea this concept is based on is learning
to be successful in every aspect of your life, because to be professionally successful
is not always the same with a successful life.
insurers estimate a price increase for MTPL
The price for MTPL premiums issued in Bulgaria could see
an increase of 5-10% by the end of this year, according
to the estimations made by representatives of the profile
local companies, quoted by www.insurance.profit.bg.
estimates a net profit of EUR 54 million for 2010
Zavarovalnica TRIGLAV has reached a net profit of EUR 54.2
million in 2010, the volume of cashed premiums exceeding
EUR 1 billion, the capital reaching EUR 607 million, according
to Matjaz RAKOVEC, the company's
acquires B&B Insurance in Belarus
AXA announced on the December 29th 2010 its 80% B&B Insurance
Belarus share purchase, a company holding the first place
on the local profile market and the second place on the local
expands on the life insurance market in Macedonia
Insurance company WINNER Osiguruvanje, member of VIENNA Insurance
Group, received from the national supervisory authority its
practice license for life insurance, starting January the
PUTIN supports the offer of a Russian investment group
The Russian Prime Minister, Vladimir PUTIN, committed to
help the Russian investment group PAMPLONA to raise its stake
in British insurer
CHAUCER, member of LLOYD's.
Osiguranje - Serbian leader in professional liability
insurance for physicians
Only 3 years after entering the Serbian insurance market, BASLER, member of the
BALOISE Swiss group, is now first place on the professional liability insurance
for physicians segment.
increases for the first two insurers in Montenegro
The end of 2010 brought with it important capital increase operations for the
largest insurance companies in Montenegro (LOVCEN and SAVA MUNTENEGRU). Thus,
at the end of December, the General Shareholders Meeting of LOVCEN Osiguranje
decided a capital increase and issuing some new shares.
first private insurance company in Bosnia ended 2010
with 16% increase
The Bosnian insurance company VGT Osiguranje closed 2010 with a 16% growth in
the gross underwritten premiums, in comparison with 2009. According to the company's
officials, the increase is due to an operational extension in the whole country,
as well as to offering more protection products for small and medium enterprises.
in inflation rate is certain
The annual inflation rate will drop from the peak level of 8 percent reported
in December to 6.7 percent in January, is stated in a RAIFFEISEN report on Romania's
economic prospects in 2011, "Financiarul" informs. Inflation will fluctuate between
6.6 percent and 7 percent up to June, while July will bring about another significant
slump, a little below 5 percent, analysts further say.
approved EUR 300 million-loan to Romania
Romania receives another instalment from the World Bank. The country had already
been transferred EUR 300 million out of the EUR 1 billion-loan, the transfer
of another EUR 300 million was approved on January 20th, and the remaining EUR
400 million will be included in the new loan agreement between Romania and the
World Bank, Realitatea.net reports.
Ministry plans to obtain in 2011 almost RON 3 billion of privatizations
and stock exchange listings
Economy Ministry relies in 2011 on revenues of RON 3.11 billion, of which RON
2.88 billion would come from privatizations. The institution dealing with the
state's participations and privatizations in the industry on behalf of the Economy
Ministry, OPSPI, manages the
Ministry's economic operators, mainly energy companies.
to economic recovery lies in higher efficiency, IMF's FRANKS
Romanian economy can start to grow particularly by increasing capital value,
as well as by boosting work productivity and an effective use of workforce and
investments, the head of the IMF mission to Romania, Jeffrey FRANKS, said on
January the 26th, according to sources who attended the meeting between the IMF
mission and the members of the
Social and Economic Council (CES), "Romania Libera" reports.
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|Special Report CEE,
RUSSIA & CIS
|MDRT Europe ClassIQ Regional
February 2nd-4th, 2011
Organizer: MDRT Europe
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: mdrteuropeclassiq.com
|International Reinsurance Conference - 15th Edition
March 24th-25th, 2011
Media Partner: PRIMM Magazine -Insurance & Pensions
For details: www.re-conference.ru
|International Insurance Mediation Conference - 1st Edition
March 28th-29th, 2011
Istanbul, Turkey, HYATT Hotel
Organizer: Media XPRIMM and Istanbul Underwriting Center
With the Official Support of: UNSICAR
With the Support of: SAIPRO and INSMARKET
Official web-page: www.xprimm.com
|VII International Risk Management Conference
April 14th-15th, 2011
Organizer: EURASIA Insurance Company
Media Partner: PRIMM Magazine -Insurance & Pensions
For details: www.IRMC.kz
|Tashkent International Insurance Forum
April 14th-17th, 2011
Organizer: Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.tiif.uz
|II Central European L&H Leadership Forum
May 17th-18th, 2011
Organizer: Russian POLIS Information Group
Media Partner: PRIMM Magazine - Insurance & Pensions
For details: www.in-sure.ru
|FIAR - International Insurance-Reinsurance Forum
May 23rd-26th 2011
Organizer: Media XPRIMM
Official web-page: www.fiar.ro
|3rd CEA International Insurance Conference - "Insurance
reform: opportunity or threat?"
June 16th, 2011
Divani Apollon Palace & Spa, Vouliagmeni, Athens, Greece
Organizer: CEA - Comite Europeen des Assurances
For details: conference.cea.eu