Taking into consideration the global context of growing threats
of floods, drought, hurricanes and fire due to the climate changes,
the insurers have to be directly and actively involved in fighting
In this matter, ICAR 2007 - The International CAtastrophic Risks
Forum is the main European catastrophic risks event. This edition
will take place at the PARLIAMENT Palace in Bucharest, Romania,
between October 1st - 2nd, 2007. ICAR Forum 2007 is organized
by the World Bank, The Romanian Ministry of Interior and Administrative
Reform and Media XPRIMM.
More details are available on
Whether we are talking about preventing and mitigating flooding
risks or other weather-related catastrophes or about the Romanian
Catastrophe Insurance Program and how the accumulated pool risks
will be placed on the international reinsurance market - ICAR
2007 will provide answers to all these major issues which are currently
affecting the market.
by firstname.lastname@example.org, 16.08.2007
Romanian insurance, RON 3.63 billion in the first half of 2007
In the first half of 2007, the insurance companies in Romania underwrote
a volume of RON 3.63 billion, according to the preliminary data communicated
by the Insurance Supervisory Commission.
General insurances contributed to this result with RON 2.96 billion,
up 30.68% comparing to the similar period of last year.
In the same time, life insurance segment registered RON 673 million,
meaning a nominal increase of gross premiums with 24.15%.
The claims paid by the insurance companies from our country in the first
six months of 2007 rises to over RON 1.56 billion, while RON 1.48 billion
for general insurances.
"The 30% growth of general insurance and 20% growth of life insurance, according
to the reports remitted to the Insurance Supervisory Commission by the companies,
shows that the market continues to consolidate and enhance until the end of 2007,
of course under the carefully supervision of the Insurance Supervisory Commission",
Angela TONCESCU, President of Insurance Supervisory Commission, has declared.
by email@example.com, 14.08.2007
RON 357 thousands assets for Pillar III
The value of assets administrated by the companies operating on Pillar
III (facultative private pensions) rose, on 3rd of August 2007, to
RON 357,064, according to data published by the Supervisory Commission
of the Private Pension System.
The number of participants to the five facultative pension funds is 4,239.
Most of them (2,850) have opted for AZT Moderato, administrated by ALLIANZ-TIRIAC
Pensii. A number of 823 participants has chosen ING Clasic, while Pensia
Mea, administrated by AVIVA was preferred by 390 persons.
BCR Prudent, administrated by BCR Asigurari de Viata, has 169 participants,
while AZT Vivace, 7.
The Private Pension System Supervisory Commission will weekly publish
the centralized situation of the facultative private pension funds' assets.
by firstname.lastname@example.org, 14.08.2007
EUR 189 million premiums for ALLIANZ -TIRIAC
ALLIANZ - TIRIAC registered, in the first half of 2007, a volume
of gross premiums of EUR 189 million, increasing 23.5% in comparison
to the first half of 2006.
On life insurance segment, the premiums underwritten by the company grew
6.6%, totalizing EUR 16 million, comparing to EUR 15 million in the analogical
period of last year. In the first six months of 2006, the operational
profit was EUR 1 million, while during the same period of 2007 the company
registered a operational loss of EUR 1 million.
In the same time, general insurances registered EUR 173 million gross
premiums, with EUR 35 million more than the similar interval of last
year. As for the operational profit on this segment, it was kept at the
same value as last year, EUR 4 million in six months. The profits' comedown
reflects the last years' results when the company had a net income below
EUR 9 million as compared to EUR 10 million profit in 2004 and 2005.
The financial information presented by the German group shows that ALLIANZ-TIRIAC
had an almost 13% contribution to the gross premiums underwritten on
general insurance segment in Central and Eastern Europe. As concern the
operational profit, the division from Romania brought 35 of the income
in this sector.
The gross written premiums in Romania represent 2.65 of the German groups'
business on life insurance segment in Central and East of Europe.
by email@example.com, 6.08.2007
A bigger slice for BCR Asigurari
BCR Asigurari underwrote in the first semester of 2007, gross premiums
of RON 345 million, rising 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 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.
BCR Asigurari aims a 14% market share on medium term. "The last year's
results demonstrated that BCR Asigurari is an important company and we
intend to remain like this", Mihai TECAU, President and General Director
of BCR Asigurari declared for XPRIMM Newsletter.
"However, the real challenge will be next year when we will have passed the first
year on unique market and we will know clearly our competitors. This year new
players have appeared", the quoted official added.
by firstname.lastname@example.org, 7.08.2007
BT AEGON authorized on Pillar II
BT AEGON Fond de Pensii, the newest company of the Financial Group Banca
TRANSILVANIA (BT), was authorized by The Private Pensions System Supervisory
Commission as administrator of a privately administrated pension fund,
according to a BT press release.
At the same time, The Private Pensions System Supervisory Commission
authorized the scheme prospect of the VITAL pension fund, administrated
by BT AEGON.
VITAL is a pension fund privately administrated, with moderate risk profile,
the strategic allocation of invested assets being 70% in placement with
low risk, as state bonds and bonds issued by foreign nongovernmental
organism ( World Bank, BERD and BEI) and 30% in mobile values transacted
on regulated and supervised markets from Romania, European Union's member
states or from the Economic European Space, but also in instruments of
"Now BT AEGON Fond de Pensii is preparing for the final phase of the authorization
process the authorization of VITAL fund, established as compulsory private pension
fund (Pillar II). We are waiting for 17th of September, the official date according
to law, for the start of the campaign of collecting the adhesion documents from
population. In order to facilitate the clients' access to the fund, among the
classical sell channels, constituted in marketing agents natural persons and
brokers, all persons under 45 years, who work, will be able to subscribe to VITAL
fund in the units of BANCA TRANSILVANIA and BT Asigurari from the country", Silvia
SARB, General Director of BT AEGON, has declared.
The BANCA TRANSILVANIA - AEGON partnership was made public in January
2007, being the first joint-venture officially announced on the private
pension market this year. This has materialized in the establishment
of BT AEGON Company, which expand the range of financial products offered
by the Financial Group BANCA TRANSILVANIA.
by email@example.com, 27.07.2007
AIG concentrates on rural zones
AIG Life intends to launch a distribution system of life insurance in
rural zones, through a network of small brokers by the end of 2008
and by the beginning of 2009.
"The market of life insurances hasn't yet reached its real potential. We believe
that the next development phase consist in rural zones", Theodor ALEXANDRESCU,
General Manager of AIG Life, declared for the XPRIMM Newsletters.
According to the official of AIG Life, the company's assault in territory
will have as model France, where over 4,000 of small brokers have as
activity to promote life insurances in rural zones.
Also, AIG Life aims on short time to develop the territorial network
through a franchise system. At present, Bucuresti accounts for 35% of
the total volume of company's premiums.
by firstname.lastname@example.org, 13.08.2007
BCR Asigurari inaugurates the first claim centre
BCR Asigurari, in collaboration Romanian Police, has inaugurated a claim
centre in Bucharest. This action was determined by the desire of simplify
the claims procedure in case of auto accidents of BCR Asigurari's clients,
but also to ease the purchase of motor third party liability insurances
and motor hull insurances. The investment in this centre exceeds EUR
"The centre will have late opening hours and within it a specialized police unit
will operate to ascertain road accidents. The mission of this centre is to maximize
the efficiency of motor damage' solving, respectively appraisal and payment and
to accelerate the ascertain process. The coverage area as concern the accidents'
ascertain won't be conditioned by the sector where the accident happened", Mihai
TECAU, President - General Manager of BCR Asigurari stated.
Thus, all drivers who had a car accident in Bucuresti will be able to
address to this centre.
BCR Asigurari underwrote, in the first half of 2007, an amount of RON
345 million, equivalent of EUR 109 million, up with 85% in comparison
to the analogical period of 2006.
BCR Asigurari, with RON 30 million social capital operates exclusively
on general insurances' market, through a 148 territorial units network,
offering to its clients, juridical and natural persons, a completed range
of products and having as main objective for this year to gain a 14%
RON 189.84 million premiums for ASTRA-UNIQA in first semester
The amount of gross premiums underwrote by the company in the first six
months of 2007 was RON 189.84 million, the premiums on general insurances
segment representing RON 187.81 million.
Life insurance registered a growth of 128% comparing to the first semester
of 2006, gross written premiums totalizing RON 2.02 million. The enhancement
is due to the implementation of internal measures for sustaining this
activity, materialized in the establishment of a new life insurance department,
to the strengthen of the managerial structure and to the launch and promotion
in the sell network of particular new insurance products.
In addition, in the first part of 2007, the company oriented its attention
towards the promotion of facultative insurances, launching a new product
for small and medium size entrepreneurs (PrIMMa Afacere&Protectie).
On insurance classes, ASTRA-UNIQA , in the first half of 2007,
achieved great results on motor hull insurances (RON 56.2 million, up
with 84.8%), aviation hull (RON 3.4 million, meaning 259% growth) and
liabilities for ships (RON 5.6 million, comparing to RON 1.52 million
in the first 6 months of 2006). On motor third party liability insurance
segment the enhancement was 4%, totaling RON 92.9 million. The modest
variation registered as compared to the first semester of 2006 is due
to the change of strategy on MTPL sector made from the early 2006, when
a new segmented tariffs system was implemented in order to equilibrate
the portfolio and to improve the technical result.
The paid claims in the analyzed period registered an increase of 30.36%
comparing to the similar period of last year, from RON 57.1 million in
2006 to RON 74.3 million.
Mostly, the growth was registered at paid claims on general insurance
For 2007, the main objectives of the company are the portfolio's development,
especially of life insurances, the development of the partnership with
RAIFFEISEN Group and with other banks, the territorial expansion and
the development of new sell channels and the implementation of a new
underwriting politic oriented towards profitability which means a careful
risks' selection, orientation of sells towards facultative insurances.
by email@example.com, 3.08.2007
GENERALI Asigurari, RON 189 million in the first semester
In the first half of the current year, GENERALI Asigurari underwrote
an amount of RON 189 million gross premiums, with 41% more than the
analogical period of 2006 (RON 133.6 million).
Thus, the value of gross premiums on life insurance segment was RON 27.7
million, rose with 54% comparing to January- June interval of 2006 (RON
18.1 million). Out of the total of gross premiums underwritten on this
segment, RON 20.5 million come from individual contracts, while de rest
of RON 7.2 million are afferent to the group insurances.
Also, the gross written premiums on general insurance segment reached
RON 161.3 million, with approximate 40% more than the first six months
of the last year.(RON 115.5 million). The most sold insurances from the
company's portfolio were auto insurances, followed by the building and
content insurances and by individual life insurances.
"The financial results are beyond our expectations, taking into account that
in the first half of the year we achieved 66% of the objective set for the entire
year 2007. Also, one must notice that during this period, the company had profit",
Tudor MOLDOVAN, General Manager of GENERALI Asigurari has declared.
In addition, the authorization of GENERALI Fond de Pensii in July, which
will administrate a compulsory pensions fund, is another strategic development
phase, which demonstrates that in Romania there is a significant potential
as concern financial services. So GENERALI Group has a strategy made
for expansion and strengthen on this market", Tudor MOLDOVAN completed.
The core objective of company continue to include the launch of new insurance
products, new partnerships with banks, maintenance of the market share
and, not at last, improvement of profitability in accordance with the
strategic development direction of the Group at regional and global level.
Also, during the analyzed period, The General Shareholders Board approved
the social capitals' increase of the company, by cash contribution, from
RON 50 million to RON 120 million, by issue of 700 million of nominative
stocks with a nominal value of RON 0.1 each.
by firstname.lastname@example.org, 7.08.2007
OMNIASIG, 66% more
In the first half of 2007, OMNIASIG underwrote RON 378 million gross
premiums, with 66.22% more than the similar period of the previous
year (RON 226.8%). By the end of the current year, the insurer's officials
estimate RON 730 million premiums.
In the same time, the company succeeded in increasing its gross profit
up to RON 19.6 million, with 240% more as compared to the first six months
of 2006. According to the representatives of OMNIASIG, this evolution
is due to the significant premiums' enhancement and higher prudence in
the risks' evaluation.
The most important growths of the first half of 2007 were registered
by the motor insurances, credits insurances, good insurances and accidents
and disease insurances. As concern the paid claims, in the first half
of the current year these totalized RON 100 million. However, they can
notice an improvement of the damage raid on motor third party liability
segment as a consequence of the restriction imposed by the new road cod.
In 2006, OMNIASIG, member of VIENNA Insurance Group, held the second
position in the Romanian insurers' Top, regarding general insurances,
with RON 536.08 million premiums, the equivalent of EUR 152.10 million
and a 9.33% market share.
by email@example.com, 15.08.2007