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XPRIMM News Special Edition FIAR 2011, May 24, 2011

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Special Edition FIAR 2011, May 24, 2011
FIAR 2011
prezidiu_conf_int_fiar2011Angela TONCESCU: The loss on the insurance market decreased 2.5 times in 2010, to RON 41.37 million
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.

angela_toncescu_18RON 380 million share capital increases in 2010
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.
radu_mustatea9MUSTATEA: "We expect the market to make up for some of the loss by the end of the year"
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_bir3Rangam BIR: Reaching the 2010 level of underwritings will be a challenge
"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_5Florina VIZINTEANU: The insurance consumer has changed a lot over these past years
"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_lotteringGlenn LOTTERING, ORACLE: The operators must launch new products on the market at a rapid pace in order to cope with the competition
"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.
dmitry_danilenko1EASTERN Re has become EASTERN Insurance and Reinsurance Company
"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.

The National Association of Insurance and Reinsurance Companies from Romania
The National Union of Insurance Brokerage and Consultancy Societies from Romania
The League of Insurance Organizations of Ukraine
Chartered Financial Analyst Romania
Association for Promoting Insurance
CNPF - The National Commission for Financial Markets, Republic of Moldova


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Editor in Chief: Mihaela CIRCU
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