Special Offer for ICAR!
We would like to remember you that the special offer for attending
is available only until Saturday. Therefore, September 1st is the last
day in which you can benefit from the discounted registration fee of EUR
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
More details are available on www.icarforum.ro.
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.
The 4th Edition of the main European catastrophic risks event brings together
a number of renowned international and local officials and specialists
with the aim of finding a more efficient approach to dealing the natural
catastrophes and their consequences.
here to register!
by firstname.lastname@example.org, 16.08.2007
There are still aspects to solve out...
The implementation of the Romanian Insurance Program against Catastrophic
Risks will start next year.
The first step in this direction represents the approval of the law project
by the Executive regarding the mandatory insurance of properties against
the natural disasters (earthquakes, earth flows and inundations).
"The normative act will be remitted to the Parliament in order to be debated
in the emergency procedure", stated Victor Paul DOBRE, State Secretary through
Ministry of Interior and Administrative Reforms.
The insurers are reserved regarding this normative act.
"I can not express our point of view until this act will be signed. All
we can say is that last variant of the text, that we had access to, contains
a series of new technical elements, which we, insurers, do not agree with and
which up to us will generate important difficulties in its application",
stated Cristian CONSTANTINESCU, President of UNSAR (National Union of Insurance
and Reinsurance Societies).
"In addition, even we perfectly understand the social necessity which generates
the law adopting, as business men we are forced to judge only having in front
a clear business plan.
Do not forget that in order to constitute the pool, the insurance societies
have to make a substantial financial effort and we are not talking only about
capital participation. Further on, for the law application, beyond the definition
of various technical aspects regarding its implementation, the first and
the most important step which has to be made, and which we required many
times, is to set up this business plan, in absence of which we can not presents
ourselves to shareholders", explains the President of UNSAR.
"Taking in consideration the severity of the meteorological phenomenon that
affected Romania in the last period and the high costs of the damaged goods reconstruction,
the Romanian Government considered necessary the approval in a very short term
of this normative act which is supposed to settle the conditions of mandatory
property insurance against the natural disasters", is shown in a statement
of the executive.
At the same time, the implementation phase of this normative act is one of
the essential subjects of the IVth Edition of ICAR - The International CAtastrophic
ICAR 2007 is the most popular European event dedicated to the catastrophic
risks. This year, the Forum will take place in Bucharest, at Parliament Palace,
Nicolae IORGA Hall, during 1-2 October period.
The event is organized in partnership by Ministry of Interns and Administrative
Reforms, World Bank and Media XPRIMM.
We remind you that you still have two days more to beneficiate of participation
tax discount at ICAR 2007 - The International CAtastrophic Risks Forum.
This way, everyone who wants to take part at the IVth Edition of ICAR will
save 50 EUR, in case they subscribe and pay until September 1, 2007.
by email@example.com, 29.08.2007
Pillar III grows 50% in a week
The volume of assets administrated by the companies operating on Pillar III
(facultative private pensions) rose 50.83% between 10th and 17th of August,
according to data published by the Private Pension System Supervision Commission
Thus, the five facultative private pension funds on Pillar III so far have
assets of RON 610 thousands. The most spectacular growth is attributed to
AZT Vivace fund, whose net assets rose 1207%, reaching 156 participants.
The total number of participants on Pillar III is now 5,670 most of which
(3,470) have opted for AZT Moderato, administrated by ALLIANZ-TIRIAC Pensii.
A number of 1,040 participants have chosen ING Clasic, while PENSIA Mea,
administrated by AVIVA was preferred by 813 persons.
At the same time, BCR Prudent, administrated by BCR Asigurari de Viata, has
The Private Pension System Supervision Commission will weekly publish the
centralized situation of the facultative private pension funds' assets.
by firstname.lastname@example.org, 24.08.2007
The Romanian Savings Bank is selling too...
Romanian Savings Bank's (RSB) Board of Directors has recently analysed the
possible solutions regarding the 25% interest it holds at insurance company
The financial institution decided to join the other shareholders who have
already announced their intention to sell the stakes at ASIBAN.
"We must direct all our efforts towards meeting our already announced strategic
objectives which for the first stage, until 2009, refer to modernizing and efficiency
growth solutions and consists also in reaching and even exceeding, in some cases,
the medium performance levels obtained by the national banking system",
Radu Gratian GHETEA, President of RSB mentioned.
On the other side, it is well-known that banking institutions can not invest
more than 20% of its own funds in the group's companies, fact which restricts
for the moment the possibility for RSB to integrally buy ASIBAN.
"As the bank will develop, it will be possible for us to create the banking-financial
group RSB, Radu Gratian GHETEA added.
At the end of 2006, ASIBAN held the fourth place in the insurance companies
chart drew up by Insurance PROFILE Magazine.
The insurer posted a nominal growth in euro of almost 30.47% for the previous
year, reaching EUR 123.94 million (RON 436.81 million), while the real growth
in national currency outran 21%.
by email@example.com, 28.08.2007
BT Asigurari rises by 44%
The first semester of this year brought to BT Asigurari underwritings valuing
RON 132.3 million, representing an increase of 44% as compared to the same
period of the previous year. The sales in the first six months of this year
rose up to RON 113.4 million, 21% more compared to the same period of 2006.
The amount of paid claims in the first six months of 2007 registers RON 76.6
million, overcoming by 105% the value of claims paid in the same period of
the last year when its total quantum was about RON 37.4 million.
"The results obtained by BT Asigurari in the first semester of 2007 are
based on the strategy adopted by the company's management having as priority
the development of balanced portfolio, paying much attention to the human resources
problem and orienting its activity to the multiple necessities of our clients",
stated Constantin JEICAN, President-General Manager of BT Asigurari.
At the end of June, the total number of agencies and work-points was 303,
rising by 68,3% comparing to the same period of the last year, when the society
operated through 180 agencies and work-points at the national level. In the
same time, the total number of employers reached 1,408, compared to 1,137
in the first semester of 2006, rising by 24%. BT Asigurari activates at national
level through an affiliated sales network formed of 11,648 agents.
"We intend to build a culture of performance through the responsibility,
demand and integrity of our stuff. Our purpose is to maintain our actual position,
in the competition accelerated growth context on the Romanian insurance market,
starting with the first months of this year,"stated Constantin JEICAN.
by firstname.lastname@example.org, 23.08.2007
BCR Life underwritings rise by 112.5%
BCR Life registered, in the first semester of the year, a total gross written
premiums value of RON 36.5 million, rising up by 112.5% comparing to the
same period of the last year. The quantum of company assets has increased
by over 244.2%, reaching RON 128.5 million, in only two years of activity.
"This significant growth represents a part of the ascending trend which
the company's purpose for this year and it's due to the development of the territorial
network sustained by a marketing strategy and well based sales", stated
Florina VIZINTEANU, President-General Manager, BCR Life.
BCR Life Insurance is a company member of BCR Group, set up in October 2005,
which remarked on the life insurance market due to a very dynamic evolution
and high quality services, owing a diversified portfolio of products and
extended territorial network.
BCR Life was authorized this year to act as facultative pension funds administrator,
and the first launched fund BCR PRUDENT, represents an efficient alternative
to make savings for old people. The fund has a low risk degree and aims the
persons that prefer a prudential placement, putting on first place the safety
of the capital and beneficiating of an investment stable growth. The minimum
value of the monthly contribution represents 35 lei, and the maximum can
not overcome 15% of the participant income. A very important advantage in
opting for a facultative pension is based on the fiscal deductibility: the
fund contributions are fiscally deductible in the limit of 200EUR/year.
by email@example.com, 28.08.2007
71 million EUR for ING Life
ING Life Insurance Company has written, in the first six months of this year,
premiums up to EUR 71 million, in nominal growth, in European currency,
by 11% comparing to the same period of the last year, according to the report
published by the Dutch group. In the second quarter of this year, ING Life
subscribed EUR 37 million. Also, the insurer reached, in the first six months
of 2007, a gross profit of EUR 4 million. In the first quarter of 2006,
ING Life obtained a profit of EUR 7 million.
Recently, the insurer celebrated 10 years of activity on the Romanian market.
The society is proud of its market share which represents 41.2% at the end
of 2006, result that sustain the leading position of ING Life Insurance.
by firstname.lastname@example.org, 16.08.2007
ASIROM - RON 2.81 million profit in 6 months
The insurance company ASIROM reported in the first six months of the current
year a net income of RON 2.81 million.
In the mention period, the insurer underwrote gross premiums in amount of
RON 337.12 million, compared to RON 334.33 million in the similar period
VIENNA Insurance Group recently bought 30% from ASIROM's shares from INTERAGRO,
company controlled by businessman Ioan NICULAE, for EUR 46.8 million.
According to specialists' estimations, the company's market value, placed
second in the insurers top at the end of 2006, is around EUR 160-170 million.
by email@example.com, 17.08.2007
BCR Fond de Pensii, licensed for Pillar II pension system
BCR Fond de Pensii was licensed by the Private Pension System Supervision
Commission (CSSPP) to activate on the Pillar II private pension market as
CSSPP also authorized the company's pension plan.
"We expect by the official start for the adhesions' collecting period -
September 17th, 2007 - to obtain from CSSPP the license for our private pension
fund - BCR Fond de Pensii Administrat Privat. Our goal is to become the leader
on the private pension business (Pillar II pensions) with a market share of 30%.
BCR Fond de Pensii's clients will benefit from all advantages offered through
our partnership with BCR Group - professionalism, experience, solidarity, earnestness
and respect", Simona DITESCU, President of BCR Fond de Pensii stated.
BCR Fond de Pensii Administrat Privat is a pension fund with a medium risk;
the investments will be made 65% in low risk financial instruments (government
bonds, supranational bonds), 25% in the Romanian stock markets, 5% in monetary
instruments and 5% in mutual funds.
BCR Fond de Pensii has an initial share capital of RON 50 million, BCR Group
holding 99.99% of the company's shares.
by firstname.lastname@example.org, 23.08.2007
BT AEGON, authorized for Second Pillar pensions
BT AEGON, company created by Banca TRANSILVANIA and AEGON, obtained the authorization
for launching its new privately administrated pension fund - VITAL.
BT AEGON is one of the first companies of this type in Romania that received
the required license from the Private Pension System Supervision Commission
The company will offer private pensions starting with September 17th, 2007.
AEGON and Banca TRANSILVANIA officially announced their partnership and the
intention to create BT AEGON at the beginning of this year.
Headquartered in Cluj-Napoca, BT AEGON has a share capital of EUR 7 million
and was officially registered as a pension fund in June. The pension plan
- VITAL - that contains the structure of fund's investments, was authorized
by CSSPP at the beginning of August.
"The finalization of the authorization process represents for us a first
step, essential for participating to the development of the Romanian private
pension system. We are now in the center of the events and we concentrate our
efforts towards increasing our sales force through Banca TRANSILVANIA, BT Asigurari
and pension mediation companies", Silvia SIRB, General Manager of BT AEGON
"We also focus out attention towards building our IT and back-office systems,
that have a major importance for our project success and we are confident that
all our objectives will be met on time", Silvia SIRB added.
BT AEGON uses experience and the financial strength of AEGON and also Banca
TRANSILVANIA's brand and distribution network.
by email@example.com, 27.08.2007
121% increase in GRAWE's net income
The insurance company GRAWE Romania Asigurari underwrote premiums totaling
over RON 35.4 million in the first half of 2007, registering an increase
of 56.7% in comparison to the similar period of the previous year.
The insurer also reported a net income of RON 3.77 million, which represents
a 121% growth from the first semester of 2006.
"This substantial improvement of the financial results was generated by
the growth of sales volume, assets and investments return and also by an efficient
cost management. This strategy was implemented in the entire GRAWE Group",
Peter KASYK, General Manager of the Romanian insurer stated.
"We are very pleased with the company's results in this semester, at the
subscribed premiums level and also at the income level which reflects an unprecedented
growth", the cited official explained.
GRAWE Group has recently announced its intention to enter into private pension
business. The Private Pension System Supervision Commission (CSSPP) thus
authorized GRAWE Pension Services Broker de Pensii Private as private pension
broker for the Second Pillar.
by firstname.lastname@example.org, 16.08.2007
EFG, officially on the insurance market
Two companies received on August 20, 2007 authorization to operate in the
domestic insurance market from the Insurance Supervisory Commission, according
to the authority's official website www.csa-isc.ro.
Thus, Greek financial group EFG Eurobank entered the Romania insurance market
with two companies, of which one is specialized in life and the other in
The two new entities, EFG Eurolife Asigurari Generale and EFG Eurolife Asigurari
de Viata have been registered at the Trade Register Office in February, representing
a RON 24.12 million investment.
EFG Eurolife Asigurari Generale has a RON 11.23 million share capital, EFG
Eurolife AEGA (Greece) being its majority owner with a 85% stake, alongside
with EFG Eurobank Egasias, with 9.9% and EFG Eurolife AEAZ (Greece) with
EFG Eurobank Egasias will as well hold 9.9% of EFG Eurolofe Asigurari de
Viata, whose share capital is RON 12.88 million. The majority owner to control
85% of the company is EFG Eurolife AEAZ, while EFG Eurolife AEGA holds a
So far, important financial groups from Greece have shown their interest
in our countries' financial services market.
For example, ALPHA Bank, ATE, EFG Eurobank, EGNATIA Bank, EMPORIKI Bank,
NBG and PIRAEUS Bank hold together a 11% market share in Romania.
At the same time, NBG was one of the two finalists for the National Savings
Greek companies are also present among the shareholders of some Romanian
insurance companies like GARANTA and ATE Insurance.
by email@example.com, 21.08.2007
KD enters into Pillar II private pension system
The Slovene Group KD filed on August 15 2007 the documentation needed for
obtaining the authorization for creating a company that will operate on
the Pillar II private pension system.
"We are confident that the Private Pension System Supervision Commission
(CSSPP) will give us this authorization by September 17th 2007 (n. red.: the
official starting date for the adhesion period to Pillar II pensions)",
Ian HARROCKS, CEO, KD Life exclusively stated for the XPRIMM Newsletters.
The new company, that will be lead by Carmen RADU - presently, Deputy General
Manager of KD Life - plans to attract over 100,000 contributions from the
Pillar II pension market.
For the pension distributions, KD intends to use own selling force, mediating
companies but also through partnerships with the patronages.
In the first six months of this year, KD Life underwrote gross premiums in
amount of EUR 350,000, 93% of this value being generated by unit-linked insurance.
This result represents a 20% increase compared to the July-December 2006
by firstname.lastname@example.org, 17.08.2007