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 Angela
TONCESCU: The loss on the insurance market decreased 2.5 times
in 2010, to RON 41.37 million
by andreea.ionete@mxp.ro
The insurance market in Romania ended the year 2010 with a net
loss of RON 41.37 million against the RON 103.3 million loss in 2009
and the RON 582.5 million in 2008, according to data presented by
Mrs. Angela TONCESCU, President of the Insurance Supervisory Commission,
at the opening of the International Markets Day conference at FIAR. "The
number of insurance companies that had a profit in 2010 remained
at 20, while the number of companies with losses dropped from 25
to 23 compared to the previous year", stated the President of
the supervisory authority.
 RON
380 million share capital increases in 2010
by andreea.ionete@mxp.ro
In 2010, 19 insurance companies increased their share capital,
the cumulated value of these inflows being about RON 380 million,
according to the annual audited balance sheets submitted to
the Insurance Supervisory Commission. The subscribed share
capital reached RON 4.17 billion last year, 370% higher than
the subscribed shared capital in 2005, the share of foreign
capital being of 88.56%, i.e. nearly RON 3.7 billion. |
 MUSTATEA: "We
expect the market to make up for some of the loss by the
end of the year"
by vlad.boldijar@mxp.ro
Speaking about the main anti-crisis measures that an insurance
company in Romania should take, Radu MUSTATEA, President of
ASTRA Asigurari, stated during the International Markets Day
conference - FIAR 2011 that, "just like all these years, motor
insurance has been the driver of the insurance market, despite
the market depreciation, we have noticed that, in 2010 and
in the first quarter of 2011, the motor segment accounts for
approximately 70% of the total market in Romania and, due to
its majority share, its evolution has influenced the market". |
 Rangam
BIR: Reaching the 2010 level of underwritings will be a
challenge
by andreea.ionete@mxp.ro
"The market has managed to cope quite well with the crisis, but followed
the economic trend. We noticed the declining insurance penetration rate that
went from 1.8% to 1.6% in the GDP, while the average premium dropped from EUR
130 to EUR 95", stated Rangam BIR, General Manager, ALLIANZ-TIRIAC.
According to estimates, Romania is going to get out of the
crisis during this year, but there is always a difference between
the figures and the actual life and behavior of the consumers. |
 Florina
VIZINTEANU: The insurance consumer has changed a lot over
these past years
by vlad.boldijar@mxp.ro
"The consumer is the driver of the life insurance market. The 2011 consumer is
different than the 2008 one. Nowadays, the consumer is much more informed. Moreover,
the "consumerism" behavior has changed the direction focusing on protection:
their own and their families'", stated in the opening of the International Markets
Day, at FIAR 2011, Florina VIZINTEANU, President of the Directorate, BCR Asigurari
de Viata. |
 Glenn
LOTTERING, ORACLE: The operators must launch new products
on the market at a rapid pace in order to cope with the
competition
by mihai.cracea@mxp.ro
"At present, the market is very competitive and for the insurance companies
the activity represents a true number of rope walking from the underwritings
point of view, but also for the costs", warned Glenn LOTTERING, Senior Director,
EMEA Insurance, ORACLE Corporation.
The operators must launch new products on the market at a rapid pace in order
to cope with the competition. |
 EASTERN
Re has become EASTERN Insurance and Reinsurance Company
by vlad.boldijar@mxp.ro
"Last year, EASTERN Re went through a merger process with another company in
the same group; the process was completed in March 2011. We were informed from
Moscow that as of today, May 23rd, 2011, the new name of EASTERN Re is EASTERN
Insurance and Reinsurance Company and, in addition to our reinsurance products,
we can also offer insurance products", stated exclusively at FIAR 2011 Dmitry
DANILENKO, Chancellor of General Director, EASTERN Re. |
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