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Compulsory dwelling insurance - now or never
In Romania, out of over 8.4 million dwellings only 8% are insured through
a facultative contract according to data presented by Angela TONCESCU,
President, during the seminar "Insurance Supervisory Commission - reliable
factor in the implementation of the new regulation in the field: compulsory
dwelling insurance.
Also, INSOMAR's survey made at the supervisory authority's request reveals
that 12.8% of the subjects said that have a facultative dwelling insurance,
while 60.2% sustain the introduction of compulsory dwelling insurances.
"All these statistic data emphasize that although the Romanians majority wants
the introduction of this law, they aren't aware of the risks, not having an education
background in this direction", Angela TONCESCU stated.
Moreover, it's important to emphasize that there is a polarization of
dwelling and household insurance demand at urban level, the number of
insured dwellings from rural not exceeding 100,000", Florina ALMAJANU,
General Director of National Association of Insurance and Reinsurance
Companies from Romania mentioned.
"Also the normative act is the first step in the population's education as concern
the protection through insurance because Romanians don't have an insurance and
goods protection knowledge yet", the President of Supervisory Commission declared.
"The Insurance Supervisory Commission relies on the support of the insurance
companies that will form the Insurance Pool against Disasters because insurance
signing and paid claims are the insurers' attributions. In the same time, we
rely on the support of World Bank which together with the Ministry of Economy
and Finance will finance the reinsurance program, absolutely compulsory in case
of catastrophic risks. As supervisory authority and regulator we consider in
the best interest to support this bill and other legislative initiatives meant
to encourage insurances and prevention and loss potential decrease", Angela TONCESCU
concluded.
"We hope once agreed the necessity of this law the specialists' voice will be
listen to the backbone in order to create the regulations frame, mechanisms that
have real chances of functioning", Florentina ALMAJANU emphasized.
"Media XPRIMM has been supporting this bill since its proposal phase. We believe
it is very useful because it may be a "springboard" for facultative insurances",
Sergiu COSTACHE, General Director of Media XPRIMM declared.
by mihaela.circu@mxp.ro, 2.11.2007
No compulsory policy for those with facultative dwelling insurance
Those who have a facultative dwelling insurance against flooding, earthquake
and landfall don't have to buy a compulsory dwelling policy. "We have
decided to withdraw from the bill the provisions that obliged the dwellings'
owners who signed facultative insurance contracts to buy a compulsory
dwelling insurance within 5 days from the contract's expired date",
Ioan Aron POPA, President of Committee of Budget, Finance and Banks
in the Romania Senate, has stated.
But those who are in this situation must notify to the financial administration
in whose area the insured dwelling is about the existence of a facultative
insurance, according to the law's conditions and standards.
This modification meant to encourage owners to sign facultative dwelling
policies.
In Romania, only 8% out of 8.4 million dwellings are insured through
facultative contracts. The penetration degree is very low if we consider
as example counties like Hungary (65%) or Austria (90%).
The specialists believe that the introduction of compulsory insurance
will determine the increase of facultative insurances' sales because
the sales network involved in this process will take advantage of the
sale of these policies to convince people about the necessity of a facultative
insurance.
by mihaela.circu@mxp.ro, 7.11.2007
RON 1.5 million net assets under management of ALLIANZ-TIRIAC Pensii
Private
The volume of net assets under the management of the two facultative
pension funds of ALLIANZ - TIRIAC Pensii Private, AZT Moderato and AZT
Vivace, totalizes RON 1.57 million, about RON 1.25 representing the contribution
of AZT Moderato.
"Comparing to the last week's results, the changes are not spectacular, because,
as it's known, at present the main increase source is the contributions' collection
and not the financial benefit. Thus, the most important changes of the net assets
under management value happen at the beginning of the month since almost all
companies pay the wages within this period ", Dorin BOBOC, Investment Director,
has stated.
One can estimate that at mid November the volume of net assets under
management of ALLIANZ-TIRIAC Fond de Pensii will reach around RON 1.85
million considering the increased number of participants and the significant
volume of cash announced for the beginning of month.
AZT Moderato is the first facultative private pension fund whose net
assets under management has exceeded RON 1 million. On 19th of October,
AZT Moderato had 46.4% market share according to the Supervisory Commission
of Private Pension System. At the same date, AZT Vivace, facultative
private pension fund with high risk degree, had 10% market share and
the most important growth of net assets under management.
by daniela.ghetu@mxp.ro, 1.11.2007
BCR Asigurari - in 9 months like others in one year
In the first 9 months of the current year, BCR Asigurari underwrote RON
454 million (EUR approximate 135 million) gross premiums, up with 52.86%
compared to the similar period of 2006.
The registered growth was proportional. Thus, motor insurances (MTPL
and Hull insurances) have 57.47%, credits and warranties insurances have
30.49%, while property insurances represent 9.37% in the total of gross
premiums for the first 3 trimesters of 2007.
In comparison to the analyzed interval of 2006, goods and damages to
property insurances had a significant increase, approximate 40%, accidents
insurances doubled, facultative motor insurances, goods in transit insurances
grew 48%, while aircraft insurances, general liability insurances and
montage and construction insurance - "all risks" and the constructors'
liability enhanced too.
On motor insurance segment, motor hull grew 42% and MTPL tripled, reaching
RON 110 million after the first 9 months of 2007.
BCR Asigurari has around 700,000 clients, 87% being represented by natural
persons.
"On a market dominated by motor insurances, the positive evolution of property
insurances or general liability insurances represents a sign from the clients,
whose insurance needs and Products' knowledge degree grew. In this context, BCR
Asigurari will continue to offer flexible protection products, which to meet
the clients' needs and wishes, but also consultancy in choosing the most efficient
insurance program", Mihail TECAU, General Director of BCR Asigurari has stated.
BCR Asigurari operates exclusively on the general insurance market, focusing
on the distribution network's development as to facilitate the clients'
access to the complete range of services and products.
by mihaela.circu@mxp.ro, 1.11.2007
BCR Life aims the unit-linked market
In the first 9 months, BCR Life registered a volume of RON 60.52 million,
exceeding with 89.13% the similar period's results of last year.
The assets value of the company reaches RON 141.3 million, up with 41%
than the similar interval of 2006.
The gross profit totalized in the same period was RON 3.7 million.
All business lines registered an increase of the gross premiums. Moreover,
the saving products for the retirement had also an accentuated dynamic.
"The results obtained by now are the consequence of the company's marketing and
sale strategy. The development of the distribution network, of the sale network,
the services' quality, the flexibility and the promptness in the public relations
has allowed us to fulfill the objectives and to develop quickly on a market with
a high competitive degree as life insurance market. The key of our success is
the attitude towards the clients, the capacity of offering new solutions customized
and efficient, adapted to their needs", Florina VIZINTEANU, General Manager and
President of the Directorate of BCR Life has stated.
In short time, BCR Life will launch unit linked insurances, complex products
which combine the characteristics of life insurances with those of investments
products, respectively the protection offered by life insurances with
the benefits of investments.
At the end of September, the company had 92 employees and 800 insurance
councilors, operating within 43 agents and covering the territory of
Romania.
At the moment, the company has a large range of products including life
insurances, health insurances, savings plans for children, saving plans
for retirement and facultative pension funds.
by mihaela.circu@mxp.ro, 6.11.2007
170,000 Romanians waits their pension under the "Lion's wings" of
GENERALI
170,000 Romanians has already opted for the private pension fund of GENERALI
Fond de Pensii. Thus, comparing to the volume of adhesion validated on
1st of November, GENERALI has almost 9%, being closed to its established
target of 10% - 12% of the private pension market.
"ARIPI" pension fund, administrated by GENERALI is the only fund with a high
financial risk which means higher expectations regarding the financial efficiency.
"Our risk profile, unique until now on the market, was an attraction factor for
a part of persons that has adhered to the fund administrated by us. However,
this is far from being the main factor. One should notice that the participant's
portfolio is equilibrated from the age point of view, which means that our product
was interested for vary peoples, with different needs and perspectives", Ioan
VREME, General Director of GENERALI Fond de Pensii has declared.
Comparing to other operators, GENERALI has chosen to distribute the products
through its own sales network. "If we can say that we respect the adhesion
plan, it's due to our sale network who had a severe discipline and succeeded
very good performances", Ioan VREME has highlighted.
by daniela.ghetu@mxp.ro, 7.11.2007
Over 100,000 adhesions for FINCOP
FINCOP Broker has succeeded in collecting over 100,000 adhesions to private
pension funds, the most adhesion being to ALLIANZ-TIRIAC Fond de Pensii
and INTERAMERICAN Fond de Pensii", Mihai SEITAN, General Manager of
the broker has stated.
At present, FINCOP Broker de Pensii Private has intermediary contracts
with 5 most powerful administrators authorized for Pillar II: ALLIANZ-TIRIAC,
AVIVA, BT Aegon, GENERALI and INTERAMERICAN. After the validation from
15th of October, these totalized around 400,000 participants, meaning
that in average the contribution of FINCOP to the participants' portfolio
of the administrators is 25%.
"It's true that at present, there is a group of 5 - 6 administrators which have
over 90% of the expressed adhesions. Personally, I think it would have been better
to have a larger number. However, the remained period to the end of adhesion
process can still make surprises. I am convinced that at least several administrators,
which hasn't succeeded by now to have a significant presence on the market, are
capable of growing their market share. Moreover, there are at least 2 pension
funds, AG2R and MKB Romexterra, which has declared their intention of collaborating
with trade - unions and which can make important surprises as concern adhesions.
by daniela.ghetu@mxp.ro, 1.11.2007
GENERALI underwrote RON 281 million in 9 months
Within January - September 2007, GENERALI underwrote RON 281 million,
with 34% more than the similar period of last year, when gross premiums
reached RON 210 million.
The value of gross premiums on life segment was RON 42.4 million, rising
57% comparing to the first 9 months of 2006 (Ron 26.9 million).
On non - life business line gross premiums totalized RON 238.5 million,
approximate 30% more than the analyzed period of previous year (RON 183.9
million).
The best sold insurances were motor insurances, dwelling and household
insurances, followed by individual life insurances.
Motor insurances registered the most important growth (46%), from RON
118 million to RON 172 million.
Also, goods and property insurances had a significant enhance of 20%,
from RON 38.9 million to RON 46.7 million, sustained by the dwelling
insurances which had a 150% enhance in the portfolio, from RON 6.3 million
to RON 15.8 million.
"One must notice that GENERALI registered growths for all insurances classes
and obtained profit in the mentioned above period. These results were influenced
by the controlled increase of the portfolio, the improvement of loss ratio, especially
on motor segment, by introducing a new tariff system according to the characteristics
of the vehicle and its driver", Tudor MOLDOVAN, General Director GENERALI, has
declared.
At present, GENERALI has a share capital of RON 120 million, the most
recent increase of it happened on September. "Our main objectives of
the company remain the launch of new insurance products, new partnerships
with the banks and the expand of the territory network according to the
strategic development direction of the GENERALI Group at world and regional
level", Tudor MOLDOVAN has added.
by mihaela.circu@mxp.ro, 6.11.2007
Over 68% increased for OMNIASIG
In the first three quarters of the current year, OMNIASIG underwrote
RON 617.73 million gross premiums, more with 68.34% than the similar
interval of previous year.
During the same period, the insurer grew its gross profit with 20% than
the first 3 trimesters of 2006, to RON 18.4 million, due to the underwritings
increase and to a more careful evaluation of the risks.
Between January and September 2007, terrestrial transport insurance other
than rail insurances had the most significant growth of 116.34%, gross
written premiums reaching RON 270 million.
Other important evolutions registered credit and warranties insurances
(92.35%), financial loss insurances (59.8%) and MTPL. On MTPL segment,
gross written premiums totalized RON 185.06 million, up with 56.09% than
the first 9 months of 2006.
As concern paid claims, they were RON 244 million.
For the end of 2007 the representatives of insurer estimate RON 730 million
gross written premiums and an improvement of loss ratio on MTPL segment.
by andreea.ionete@mxp.ro, 29.10.2007
In 10 years, EUR 1.5 billion for health insurances
By 2017 the health insurance market will reach EUR 1.49 billion gross written
premiums according to a survey made by Roland BERGER.
This evolution is conditioned by the evolution of the public health system's
reform.
The demand on this segment is obvious. Thus, over 67% subjects, regardless
the age, sex and education believe useful such insurance reveals the survey
made by INSOMAR at the request of Insurance Supervisory Commission.
In 2006, the private health insurance sector registered a real growth of
68.22%, to RON 46.2 million, representing the most spectacular dynamic
at the whole Romanian insurance market. However, in the total of written
premiums of 2006, health insurance market represents 0.81% (0.19 % more
than in 2005).
In the first trimester of the current year, health insurance class obtained
RON 11.33 million, rising 20.13% compared to similar interval of 2006.
At the moment, health insurances are the only deductible insurances in
the EUR/year 200 limits.
by mihaela.circu@mxp.ro, 29.10.2007
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