|
|
A positive… minus?
Recent estimates of the insurance market leaders regarding its evolution,
be they optimistic or pessimistic, indicate a negative dynamic for
the current year. Moreover, they are stating that in 2010 they were
forced to react, almost constantly, only in the sense of minimizing
undesirable effects.
What did actually happen? With a substantially diminished purchasing power, customers
had to choose between giving up insurance and “betting” on cheaper
ones. Meanwhile, with increasing claims, the insurers had to choose between commercial
underwriting and losing customers.
To these harsh conditions, another two things came up: the decrease
of the motor market and… a "gift" of the Romanian
state, the VAT increase to 24%, which have also amplified the negative
impact.
However, the market potential remains the single and most
important positive aspect of insurance. The potential of this market
has
brought here important international groups. The same potential
makes the shareholders support with capital the activity of the
companies in the market.
This contribution indicates that, at a
certain moment, all these investments will be recovered. In short,
shareholders are forced
to be optimistic. And, if investors in the market are optimistic,
why should't we be the same?
alex.rosca@mxp.ro
|
|
|
I believe the main challenge this industry has to face this
year is directly linked to each manager's ability to manage
the third year of crisis. Perhaps this will sound strange,
but the crisis has its clearly defined role - having
a cyclic character, it makes innovation, determination and
adapting to other unconventional strategies be the arguments
for insurance companies managers and for financial mediations
brokers, in order to find the optimal solution to relaunch
their activities.
Cristian BALANICA
General Manager, PIRAEUS Insurance Broker
|
 XPRIMM:
What are the main challenges that the insurance brokerage market
has to face in 2011? How has the perception of clients regarding
the insurance consultant's role changed over last year?
Cristian BALANICA: I believe the main challenge this industry
has to face this year is directly linked to each manager's ability
to
manage the third year of crisis. Perhaps this will sound strange,
but the crisis has its clearly defined role - having a cyclic
character, it makes innovation, determination and adapting to other
unconventional strategies be the arguments for insurance companies
managers and for financial mediations brokers, in order to find the
optimal solution to relaunch their activities. This economic situation
has "worked" more in favor of insurance brokers - I say this because,
in the past two years, on this market, a greater need for consultancy
than in previous years could be noticed, customers have adjusted
their insurance budgets in accordance with the requirements of the
economic environment and then, they needed that support only a broker
can provide.
More
|
|
|
 ECJ prohibits pricing depending on the gender of the insured after December 21, 2012. European insurance industry is disappointed by the decision and expects rates increases for motor and life insurance for women
by andreea.ionete@mxp.ro
European Court of Justice gave, on March the 1st, its verdict regarding
gender discrimination in pricing insurance matters. Thus, ECJ said that
after December 21st, 2012, insurance companies will be prohibited from
setting prices for insurance products based on a risk assessment founded
on statistical differences according to gender.
CEA, Federation of European Insurers and Reinsurers, also said, in the same
day, that it was "disappointed" by the ECJ decision, which stipulates
that insurance companies in Europe will not be allowed to use actuarial and
statistical factors based on sex in risk assessment and setting the premiums
levels for the insured.
 14% increase on MTPL in 2010. Motor Hull decreases by 25%
by mihai.cracea@mxp.ro
"MTPL insurance has registered an increase of underwritings of 14%, from
RON 2.15 billion in 2009 to RON 2.46 billion in 2010. Also, the number
of issued insurance policies increased by 7% in 2010, reaching 6.52
million", said Angela TONCESCU, President of the Insurance Supervisory
Commission.
Motor Hull insurance, amid decreasing auto leasing sales, fell 25% from 2009,
to RON 2.49 billion last year.
 The business of ASTRA Asigurari increased by 37% in 2010, surpassing the threshold of RON 1 billion
by andreea.ionete@mxp.ro
ASTRA Asigurari, the leader of the Romanian profile market, ended 2010
with a volume of underwritings of RON 1.11 billion, up 37% compared to
2009, according to preliminary results, in line with the target set by
the company for last year, of RON 1.16 billion. Also, ASTRA Asigurari
recorded a net accounting profit of RON 21.5 million, 3.5 times higher
than that achieved in 2009, of RON 6.2 million, thus managing to reach
nearly double the target profit set for 2010.
Of the total underwritings, RON 1.09 billion represents the volume of gross written
premiums of general insurance segment, up 37% compared to 2009.
 ALLIANZ-TIRIAC business fell 20% in 2010. The 2011 target is portfolio and market position strengthening, with focus on profitability
by andreea.ionete@mxp.ro
ALLIANZ-TIRIAC Asigurari ended 2010 with total revenues from
underwritings of RON 1.03 billion, down by about 20% compared to the
previous year, when the company recorded business of RON 1.29 billion.
Regarding the operational results, the company remained in positive
territory, with the value of RON 8 million, according to preliminary
annual figures in accordance with International Accounting Standards.
The level of profitability, located in 2009 at RON 46 million, was
negatively influenced mainly from two directions: increase of VAT and
further increase of the payment obligations for body injuries covered by
MTPL policies, according to General Manager of ALLIANZ-TIRIAC
Asigurari, Rangam BIR.
 Mihail TECAU: The target for 2011 is to maintain customers
by andreea.ionete@mxp.ro
"In 2010, we had to reorganize, because we were accustomed to years of
steady growth and now we had to adapt to new customer budgets", said
Mihail TECAU, President of the Directorate, BCR Asigurari VIG, during
the seminar organized recently by ISC. Also, he added, "the most
important target for 2011 is to maintain our customers and to do
important things, with less investments".
"The position of BCR Asigurari remained the same in the market in 2010 and
we tried to come up with innovative products to meet our clients needs. Since
consumer needs have remained constant in 2010, this led to a price maintenance,
as the main element used in the competition between insurers. The strategy for
2010 has started from a better price and a bonus system. But not only the price
was important. A prudential management requires to take into account the impact
of the price over the portfolio, because we can not afford to stop having profit",
underlined Mihail TECAU.
 BCR Life VIG: The 2010 increase of life insurance creates the premises for evolution in 2011
by alex.rosca@mxp.ro
Moderate growth of the life insurance market registered last year proves
that hard times for the field, culminating with the results recorded in
2009, have passed, and the figures of 2010 indicate an optimistic
potential for this year. "We must keep in mind that all the achievements
of 2010 will bring benefits for the year 2011", said Florina
VIZINTEANU, President of the Directorate, BCR Asigurari de Viata, in the
seminar organized by ISC on the 24th of January.
"We have an increase of 2.3% in 2010, a good increase considering that,
from all estimates, we are situated above the economic growth, above the evolution
of GDP, which only gives the certitude that life insurance industry has recovered
in 2010, after a difficult 2009, and we have all premises that 2011 will bring
increases for this field. However, this year's increase can be between 3-5%,
being influenced by the evolution of the economic environment", Florina
VIZINTEANU continued.
 Radu MUSTATEA: We anticipate a 20% decline of the average premium on MTPL in 2011, and the effect will be seen in the financial results of the market
by andreea.ionete@mxp.ro
"ASTRA Asigurari became market leader in 2010, enjoying some favorable
circumstances. Thus, 2010 was marked by fundamental changes, especially
regarding motor insurance: electronic issuance of policies, attitude and
technology changes etc. The fact that we have been prepared in time for
all these changes, as well as that fact that we adjusted our offer to
the current needs of the clients were the main advantages that we have
had last year", stated Radu MUSTATEA, President of the Directorate,
ASTRA Asigurari.
Looking at the big picture, the company leader added, "everything that happened
in the insurance market in 2010 was also drawn by the economic situation in which
we operated, all these negative evolutions going to contribute to an unfavorable
result in 2011. We anticipate a dramatic decrease, of 20%, of the average MTPL
premium, which, under the circumstances of the average claim increase, will affect
the market, and this will be seen in the financial results".
 VIDEO: Rangam BIR: 50% of customers who did not renew their Motor Hull policies have given up voluntary insurance definitively
by mihai.cracea@mxp.ro
"Almost 50% of our customers who did not renew their Motor Hull policies
have not at all renewed their policies, thus coming out of the system
of voluntary insurance. Therefore, we must ensure that these customers
maintain a form of coverage. This goal can be achieved by adjusting
existing premiums and by the development of new products", said Rangam
BIR, CEO, ALLIANZ-TIRIAC.
Brokers
were able to compensate the decrease of the Motor Hull
portfolio generated by leasing
by andreea.ionete@mxp.ro
"It is true that in 2010 things did not go too well on leasing
and bank loan segments, but for this year we anticipate a revival
of the leasing. We have managed to maintain the same level
of business, compensating the decrease of the two segments
through partnerships with brokers. This was the only solution
for development and independent brokers", said Radu MANOLIU,
Deputy General Manager, CREDIT EUROPE Asigurari. |
EUROTAXGlass's
launches Car Clasification System
by mihai.cracea@mxp.ro
"The product provides a technical link between the insured good and the insured
risk. The result is an active risk management and the possibility to reduce claims
costs. The market has understood that and has begun to segment. We will be able
to estimate, from the moment of concluding the policy, the possible car repair
costs", explained Sorin IACOB, General Manager, EUROTAXGlass's Romania. |
The
other insurance classes can not replace the underwritings
of the motor segment
by mihai.cracea@mxp.ro
The 25% underwritings decline of last year on the Motor Hull segment has lead
to an end of 2010 filled with many promotional offers and more aggressive pricing
policies of the players in the market, even under the circumstances in which
motor insurance is responsible for the growing losses from last year, at insurance
industry level. |
PLATINUM
business went up by 47%, reaching EUR 4 million
by vlad.boldijar@mxp.ro
2010 was a good year for PLATINUM insurance company, financially
speaking, with a total gross written premium's volume of RON
16.4 million, the equivalent of about EUR 3.9 million, representing
an upward evolution of 46.7% in European currency, when reported
to 2009. |
Business
of EUR 47 million for MARSH Romania, 1% up year-on-year
by vlad.boldijar@mxp.ro
EUR 47 million (RON 197.8 million) is the value of the premiums
mediated by MARSH Romania in 2010, according to INSURANCE Profile
estimates, the figure representing an increase of 1% compared
to January-December
2009. |
Mediations
of EUR 15 million for SAFETY Broker in 2010
by mihai.cracea@mxp.ro
SAFETY Broker ended 2010 with a total volume of mediations
of EUR 15 million, up 70% from 2009. The main driver of growth
was the development of the retail segment, which experienced
a 60% increase. |
Underwritings
of EUR 15 million for CITY Insurance in 2010
by vlad.boldijar@mxp.ro
CITY Insurance revenues from gross written premiums have reached, in 2010, the
value of EUR 15 million (RON 63.2 million), which represents, compared with 2009,
a nominal increase in European currency of about
123%.
|
OMNIASIG
and PILKINGTON opened the first quick repair shop
by oana.radu@mxp.ro
On the 28th of February 2011, OMNIASIG Vienna Insurance Group,
together with its partner, PILKINGTON - Windscreen-center,
inaugurated, officially, the working point PILKINGTON Bucuresti-Grivitei,
located inside the OMNIASIG Claims Center, Grivita Street,
No. 355-357. |
ATE
Insurance launched a money insurance product for non-banking
companies
by andreea.ionete@mxp.ro
ATE Insurance Romania has recently launched a specialized money
insurance product, addressed to companies that are not engaged
in banking activities. |
HIZIR
International aims to expand its services in Romania in
2011
by oleg.doronceanu@mxp.ro
HIZIR International, one of the regional leaders in providing
private healthcare services, intends to develop its business
in Romania, in the context of its strategy of expanding its
operations in Eastern Europe. |
|
|
|
 Underwritings of USD 1 billion for the Kazakhstan insurers in 2010
by oleg.doronceanu@mxp.ro
Insurance companies in Kazakhstan registered last year a volume of gross
written premiums worth around USD 1 billion, up 24% compared with the
previous year, said Alina ALDAMBERGEN, Vice President, Insurance
Supervisory Agency of Kazakhstan, in opening of the International
Conference "Insurance in Central Asia", that took place on the 3rd and
4th of March, 2011, in Alma-Ata. This evolution comes after two
consecutive years of decline, of 9% in 2008 and of 15% in 2009,
according to official data.
"Insurance goes in tandem with the evolution of the national economy. In
2010, GDP grew by 7% and inflation dropped to 8% level", said the quoted
official. In this context, 2010 is characterized by the evolution of underwriting,
increased capitalization of companies and financial stability. Thus, the insurance
segment registers the most significant growth in the financial market, the assets
of the profile companies reaching 3% of the total.
 EUR 19.52 million underwritings for Russian insurers in the first nine months of 2010
by olesea.serghiescu@mxp.ro
Russian insurers have underwritten, in the first nine months of last
year, gross premiums amounting to EUR 19.52 billion, up by 7.2% compared
to the same period in 2009, and recorded claims of EUR 13.99 billion,
an evolution of 4.3%.
On insurance classes, the voluntary segment underwritings reached EUR 8.7 billion,
a 7.4% increase compared to the correspondent period from 2009. Meanwhile, the
volume of claims paid on this segment amounted to EUR 4.1 billion, insignificantly
lower compared to 2009.
 In 2010, Hungarian insurers business remained at the 2009 level
by olesea.serghiescu@mxp.ro
The volume of gross premiums underwritten by the profile companies in
Hungary has increased by only 1.6% in 2010, reaching about EUR 3
billion. "The evolution can be compared with the level of inflation of
last year", said Zoltan PAAL, Vice President of the Insurers Association
in Hungary, about these results.
2010 brought a EUR 54.9 million decline for the general insurance segment, reaching
EUR 1.46 billion.
ALLIANZ's
underwritings in CEE maintained at EUR 3.7 billion in 2010
by mihai.cracea@mxp.ro
ALLIANZ's total written premiums in Central and Eastern Europe
reached EUR 3.7 billion, remaining at the same level as in
2009. The operational profit for 2010 is worth EUR 119 million,
a value that outlines the 61% decrease.
|
Profit
down 57% for CROATIA Osiguranje
by vlad.boldijar@mxp.ro
Croatian insurance group CROATIA Osiguranje recorded last year
a net profit of KN 88.75 million (EUR 12 million), 57% less
than in 2009, when the same indicator was pointing KN 155.61
million (EUR 21 million), according to preliminary financial
reports published by the Zagreb Stock Exchange. |
|
|
|
Romanian
businessmen call for public debate on new IMF deal
by www.nineoclock.ro
Before Romania signs a precautionary agreement with the IMF,
the manner in which money circulate between the National
Bank of Romania's reserve and the public budget should be
clarified first, Florin POGONARU, President of the Businessmen's
Association of Romania (AOAR), stated for HotNews.ro's and
Radio Deutsche Welle's "Bucharest Punkt Bonn" show.
|
Industrial
output up 11.9 pc year-on-year in January
by www.nineoclock.ro
Industrial production fell 3.7 percent in January from December
2010, yet rose 11.9 percent from January a year ago, according
to data supplied by the National Institute of Statistics (INS).
Industrial output according to the number of working days and
the season increased 1.0 percent compared to December 2010
and 10.6 percent from January the same year. |
Brazi
plant could hike OMV PETROM profit by EUR 100 million
by www.nineoclock.ro
According to the JEFFERIES & Co investment bank's analysts,
OMV PETROM's EBIT profit could grow by up to EUR 100 million
after the natural gas-burning power plant in Brazi becomes
operational, Mediafax informs quoting Bloomberg. PETROM plans
to create a portfolio of electricity production assets that
would include the 860-MW power plant in Brazi and a wind farm
in Dobrogea. |
Subway
to have 3 new main lines by 2020
by www.nineoclock.ro
Gheorghe UDRISTE, General Manager, METROREX, claims that the
Bucharest subway will have three new main lines with 69 stations
by 2020. "For all three new main lines that will be built and
gradually put into use by 2020 we need approximately EUR 6.5
billion, funds that will come from the European Investment
Bank, Bank of Japan and the Romanian Government". |
Expressway,
for consideration by Chinese investors
by www.nineoclock.ro
A Chinese delegation is expected in Bucharest in the following
days to set a work calendar for several projects, one of which
refers to the suspended motorway, to be designated as an expressway,
the Mayor of Bucharest, Sorin OPRESCU, stated on the 9th of
March, Mediafax reports. |
|
|
THE EDITORIAL
STAFF:
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
Senior Editors: Vlad
PANCIU, Oleg DORONCEANU
Editors: Vlad
BOLDIJAR, Oana RADU, Mihai CRACEA, Andreea STATE
Junior Editor: Dora
ALECU, Olesea SERGHIESCU
Accounts Manager: Georgiana
OPREA
IT Department: Octavian
GRIGOR, Dorin PALADE, Cosmin ARMASESCU
e-mail: xprimm@primm.ro
PUBLISHED BY: Media
XPRIMM
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©2011 Media XPRIMM |
|
Click here to
subscribe!
Click here to
unsubscribe!
|
| Special Report CEE,
RUSSIA & CIS |
|
Download
|
| WE RECOMMEND |
Reinsurance companies
Insurance companies
Insurance mediation companies
Services for the insurance
market
|
International Reinsurance Conference - 15th Edition
March 24th-25th, 2011
Moscow, Russia
Organizer: ARIA
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
Alma-Ata, Kazakstan
Organizer: EURASIA Insurance Company
Media Partner: PRIMM Magazine -Insurance & Pensions
For details: www.IRMC.kz
|
Tashkent International Insurance Forum
April 14th-17th, 2011
Tashkent, SAIPRO
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
Vienna, Austria
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
Sinaia, Romania
14th Edition
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 |
|
