Catch the last early bird fee!
Tomorrow is the last day when you can benefit from the 200 EUR
discount for the participation at the 4th edition of ICAR - The
International CAtastrophic Risks Forum. Therefore, the participation
fee is 350 EUR, by comparison with the standard fee of 550 EUR.
ICAR 2007 - The International CAtastrophic Risks Forum is
the most important european event dedicated to the catastrophic
risks. This year, the Forum will take place between 1-2 October,
in Bucharest, at the House of Parliament, Nicolae IORGA Hall.
here for details!
by firstname.lastname@example.org, 02.08.2007
RON 14.99 million capitalization on the brokerage market in 2006
At the end of 2006, the amount of subscribed social capitals by the 313
insurance brokers was almost RON 14.99 million (EUR 4.43 million),
and the amount of the paid-up social capital was RON 14.88 million
(EUR 4.4 million), according to the Annual Report of the Insurance
The number of brokers whose social capital corresponded to the minimum
limit of RON 25,000 requested by legislation was at 31st of December
2006, 201, representing 64% out of the total brokers. The total amount
of the brokers' capitals was RON 5,025,000, representing 33,5% of the
capitalization at the insurance brokerage market.
Taking into consideration the volume of the subscribed social capital,
14 out of 313 brokers have registered values of it over RON 150,000,
and the cumulated value of RON 4,873,057 was attributed to a percent
of 32,5 of total.
According to the Insurance supervisory Commission's report, 18 insurance
brokers had a subscribed social capital between RON 100,000 and 117,310,
the sum calculated for this segment representing 12.2% of the total capitalization
of the profile market, meaning RON 1,832,590 at the end of 2006
Also, the number of insurance brokers with a social capital between RON
25,010 - 90,000 was 80, with a RON 3,254,687 total value of capitals;
cumulating 21.7% of the whole subscribe social capital.
Thus, the first three insurance brokers after the amount of capital were
OVB ALLFINANZ Romania Insurance Broker, with RON 1,871,110 subscribed
social capital, followed by CORIS Roumanie, Insurance- Reinsurance Broker,
with RON 418,640, and RCI Insurance Broker with RON 400,000.
by email@example.com, 27.07.2007
The first operators were authorized for Pillar II
The Supervisory Commission of the Private Pension Scheme authorized on
the 25th of July 2007 the first three companies which will administrate
compulsory private pension funds.
Those three operators are: ALLIANZ - TIRIAC Pensii Private, ING Fond
de Pensii and AVIVA Pensii. ALLIANZ - TIRIAC is authorized both for the
administration of facultative pensions funds and for the administration
of compulsory private pension, the representatives of the Supervisory
Commission of the Private Pension Scheme emphasized.
In the same time, the Council of the Supervisory Commission of the Private
Pension Scheme will continue the authorization/ appraisal process of
the operators from the private pension market: administrators, prospects
of the pension schemes, pension funds, depositories, auditors and marketing
agents in order to finish the requests and documentations which were
put in for until now and the adhesion process to start on 17th of September
by firstname.lastname@example.org, 26.07.2007
VIENNA Insurance Group officially announces the purchase of ASIROM
VIENNA Insurance Group expands in Romania, buying the majority share
package of ASIROM.The first step consisted in the takeover of 30% shares
from INTERAGRO, for EUR 46.8 million, according to a press release
by the Austrian insurer.
"This transaction contributes to the expansion plan of WIENER Staedtische in
the main developed market of the group, Romania. The takeover of a participation
at ASIROM will strengthen our position on this market with growth potential in
the new Europe", Gunter GEYER, CEO of the group, stated.
For the moment the transaction is the subject of the needed approvals
from the regulatory and supervisory authorities from Romania and Austria.
According to the legal provisions from Romania, once taking over the
majority share package of ASIROM, the group intends to make an offer
to the minority shareholders of the insurer.
In the first trimester of the current year, ASIROM underwrote an amount
of RON 218.16 million gross premiums (EUR 64.42 million), in nominal
increase in European currency with 9.19%, with a share market of 10.58%,
according to the Insurance Profile Review.
According to some estimation, the market value of the company, holding
the second place in the top of the profile companies in 2006, is between
EUR 160 - 170 million, while capitalization is EUR 255.5 million.
So, ASIROM, together with OMNIASIG, OMNIASIG Asigurari de Viata, UNITA
and AGRAS will be part of the Romanian family of VIENNNA Insurance Group,
which is on the first position on the domestic market after the first
semester of 2007, with a cumulated market share of 17.7% for those four
by email@example.com, 25.07.2007
RON 345 million for BCR Asigurari in the first semester
BCR Asigurari underwrote in the first semester of 2007, gross premiums
of RON 345 million, the equivalent of EUR 109 million, raising 85%
comparing to the similar period of 2006, according to a press release
of the company.
The insurance classes with significant growths in the portfolio of BCR
Asigurari were the damages to property and goods insurances, motor insurances,
electronically equipment insurances, engine, installation and installation
for accidental wound insurances and montage-building work insurances
- all risks and the constructor's liability.
Also, the insurer's representatives have stated that the permanent interest
in the satisfaction of the protection need and the post-sell assistance
determined the implementation of a modern claim system, with instant
component, the system intended to meet the clients' expectations, easing
and increasing the efficiency of the claims' payment process, the claims
being paid in maximum 48 hours.
BCR Asigurari, with a RON 30 million social capital, operates exclusively
on the general insurances' segment, with a 148 territorial network units,
offering to its clients, natural persons or corporatist, a large series
of products. Its target for this year is to get a 14% market share.
by firstname.lastname@example.org, 25.07.2007
Aiming 3 - 4% share market, ASITRANS will become EUROINS Asigurari
After the EUROHOLD Group from Bulgaria has took over the majority share
package, ASITRANS has important plans for the future. This way, the
insurer estimates for this year EUR 30 million gross written premiums,
while at the end of the next year the business figure to exceed EUR
"We intend to obtain a 3-4% market share by the 2010", Bogdan STAN, CEO of ASITRANS,
The EUROHOLD Group Bulgaria got the approval of the Insurance Supervisory
Commission for the purchase of the share package of ASITRANS, thus perfecting
the transfer of shares.
"This transaction was extremely important as part of the development strategy,
aiming two principal objectives: to get satisfaction for the precedent shareholders
of the company and to offer evolution prospects for the company's employees",
Bogdan STAN added.
At present, ASITRANS has over 500 employees in its over 100 branches
and agencies in the country.
The integration of ASITRANS in the holdings' structure is expected to
be over by the end of 2007. Also, by the end of this year it will start
the rebranding process, changing its name in EUROINS Asigurari. The cost
of it is forecast at EUR 500,000.
In the meantime, the insurer will double, in August, the social capital,
from RON 12.1 million to RON 24.2 million. Also, this year, the company
will grow the capitalization with EUR 5 million.
The expansion of EUROHOLD in Balkans won't stop here, the group intending
to make acquisitions in Serbia and Turkey. Also, the expansion strategy
includes the opening of a branch in Hungary by the end of this year.
In the first 6 months of 2007, ASITRANS Asigurari underwrote a volume
of EUR 14.5 million gross premiums, meaning a 45% increase comparing
to the similar period of the last year.
A 24% growth of the insurance density in 2006
In 2006, the amount of gross written premiums for direct insurances and
receipt in reinsurance was RON 5.73 billion, representing EUR 1.69
billion, according to the Annual Report of the Insurance Supervisory
Thus, the insurance market registered in 2006 a real growth of the volume
of gross written premiums comparing to that registered last year, respectively
23.68%, comparing to 17.01% in 2005.
In the total amount of gross written premiums, general insurances represent
RON 4.59 billion (EUR 1.36 billion), while life insurances register RON
1.14 billion (EUR 336.6 million).
The insurance density, as ratio of the volume of gross written premiums
to the number of population (21,565,119 persons at 31st December 2006,
according to the estimations of the National Statistics Institute) was
RON266/person, the equivalent of EUR79/person, in real growth with 23.94%
comparing to the previous year.
Since general insurances continued to account for 80.1% of the premiums,
more than the 76.5 % of the last year, the general insurance density
was RON 213/person, and for life insurance it was RON 53/person.
As concern the penetration degree of insurances, expressed as the ratio
between the gross written premiums and Gross Domestic Product, this was
1.67% in the analyzed period, rising in comparison to 2005, when the
index was 1.54%.
Comparing the volume of gross written premiums for general insurances
to Gross Domestic Product, the Insurance Supervisory Commission indicates
a penetration degree of 1.34%, up with 0.16 percents comparing to 2005.
For life insurances, this indicator was 0.33%, down with 0.03 percents.
by email@example.com, 26.07.2007
UNITA increases its participation at AGRAS
The insurance company UNITA has increased its participation at AGRAS
purchasing a 1.24 million share package on the Bucharest Stock Exchange.
The price paid by UNITA for each share was RON 0.76.
The mediator of this transaction was RAIFFEISEN Capital&Investment.
Thus, UNITA holds more than 93% of the capital of insurance company specialized
on agricultural insurances.
Both UNITA and AGRAS are members of VIENNA Insurance, which has overtaken
a 30% shares package of ASIROM.
In the first five months of 2007, UNITA underwrote an amount of gross
premiums of RON 202.97 million, with 89.26% more than the similar period
of 2006, while paid claims pooled RON 78.9 million, up with RON 2.8 million
in comparison to the first five months of the previous year.
According to the declarations of Iulian DUMITRU, President of the company,
the evolution of UNITA is due to the reorganization of the retail network,
to the implementation of the profit centre concept at the branch level,
to the revision of the tariffs at auto insurances, especially motor third
party liability, based on actuarial calculations, being influenced by
the renegotiation of mediation contracts, and to the permanent monitoring
of the commissions' amount according to the quality of the policies'
by firstname.lastname@example.org, 27.07.2007
Fewer and older
At the level of each generation from ECE countries of the European Union
will exist an replace rate of 60%, a survey of ALLIANZ and ALLLIANZ
Global Investors highlights.
In these conditions, they estimate that the population in this region
will diminish. The Romanian population will decrease until 2050 with
approximate 20%. Also, by 2050, Bulgaria will lose almost a quarter of
its population and Poland 10%.
At the regional level, in the ECE countries, members of the European
Union, they forecast a 15% diminish of population , which in absolute
terms , means 16 million persons, from 102 million now to approximate
86 million by 2050.
Some of ECE countries react to these expected changes. The implementation
of the pension systems' reforms in the last 15 years has been a process
which took into account the demographic evolution. At the domestic pension
scheme level, the result has materialized in the decrease of the weight
of the pay-as-you-go pension system in the favor of the individual planning
system through capitalized funds.
by email@example.com, 24.07.2007
The main word for ARDAF is Reorganization
ARDAF is undertaking an important reorganization process, having as start
point its recent takeover by Czech investment Group PPF.
"The main word for ARDAF is "Reorganization" and when I say that I refer to a
significant reorientation towards quality and value, instead of quantity. The
accent is on healthy increase, a equilibrated portfolio development, improvement
of products and services and on a correct underwriting politic", Daniel TUDOR,
President - General Director of ARDAF, stated.
"The new attitude of ARDAF is an assumed promise. We engaged ourselves into a
powerful offensive as to be again in the top of the profile operators and to
demonstrate our clients, partners, collaborators and public opinion that ARDAF
became a credible insurance company, a serious partner", Daniel TUDOR added.
"Our business strategy firstly provides the losses' diminish. The race of ARDAF
for the credibility's regaining started by paying the remaining claims, by respecting
the obligations assumed in insurance contracts, obligations which, unfortunately,
were superficially and with disinterest approached by our predecessors. In this
context, I wish to mention that the paid claims starting with February 2007 has
exceeded RON 700 billion.. I am convinced that the application of this strategy
with the help of the majority shareholder will lead to profit, if not this year,
in the next period surely", the quoted official declared.
Briefly, ARDAF hopes 2007 to be a dynamic year, with numerous positive
The new majority shareholder, PPF Investments Group, is one of the leaders
of financial and insurance market in Central and East Europe and Asia
and represents a strategic investor, interested in supporting the re-launch
of ARDAF and developing the insurance business on the Romanian market.
by firstname.lastname@example.org, 27.07.2007
AVIVA attacks Pillar II with 30,000 agents
AVIVA considers a positive aspect the fact that the uncertainties regarding
the starting date of the private pension (Pillar II) were clarified
by announcing as the date of adhesion of population to a private pension
fund the 17th of September 2007.
The fact that the Supervisory Commission of the Private Pension Scheme
has fixed a starting date of the period for the adhesion to a private
fund is good news for administrators, who, thus, have a limited period
within which to prepare. In the same time, this is a good news for Romanians
because as some surveys show, they need an effective pension system,
which to offer them a decent income after retiring.
"At this moment, we have established a target - to exceed 30,000 marketing agents
until the 17th of September 2007. Our international experience has shown us that
a large number of marketing agents gives you the opportunity to get to more potential
clients, but the diference is made by the quality of the retail network and the
quality of the post-sell assistance", Shan ROUF, CEO of AVIVA, stated.
by email@example.com, 23.07.2007