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Insurance

TARSIM organizes the International Agricultural Insurance Symposium
Between June 2 and June 3, 2016, TARSIM - The Agricultural Insurance Pool of Turkey will organize in Istanbul, The International Agricultural Insurance Symposium (IAIS), celebrating its 10th anniversary. Over 500 professionals representing institutions and organizations from multiple countries are expected to participate at the event. Continuare
(27.05.2016)
Jan Van AUTREVE appointed CEO of NN Belgium as of 1 July 2016
As of 1 July 2016, Jan Van AUTREVE, currently CEO of DELTA Lloyd Life in Belgium, will be appointed CEO of NN Belgium. He will succeed Quinten FRAAI, who will be moving on to a new role. Continuare
(26.05.2016)
STATISTICS: CEE, FY2015: 1.5% growth of the overall insurance market's volume, mainly driven by the increasing domestic demand
Central and East European (CEE) economies saw, in general, a good 2015, with an average regional increase in GWP of over 3% supported by a solid domestic demand. Some of this economic revival also translated into a revival trend of the insurance business in the region, although not yet generalized and not yet very strong. As a the economic growth patterns are quite different, the extent to which they have resulted in an increased purchasing power of the population and of the local businesses is also different and thus, the growth opportunities offered to insurers are uneven across the region. However, with some exceptions, the CEE insurance markets have seen, at least in GWP terms, positive results. Continuare
(26.05.2016)
EIOPA launches the EU-wide Insurance Stress Test 2016
Aiming to respond to the current challenging macroeconomic environment by taking measures which can improve European insurers' resilience to the adverse scenarios, EIOPA - the European Insurance and Occupational Pensions Authority -, launched a new EU-wide stress test for the European insurance sector. Continuare
(26.05.2016)
Digital technologies' support for the property insurance industry discussed in Munich
"Failure of climate-change mitigation and adaptation is considered the most potentially impactful risk and the third most likely" states the WEF Global Risks Report 2016. "Environmental worries have been at the forefront in recent years reflecting a sense that climate change-related risks have moved from hypothetical to certain", also underlines the report. Continuare
(26.05.2016)
Insurance Europe's 8th Annual International Insurance Conference gathered over 600 professionals
The 8th Annual International Insurance Conference organized by Insurance Europe, brought into debate the global economy and the world of tomorrow. The theme of the event was "Serving our customer in tomorrow's world", and it provided approximately 600 delegates from around 50 countries with the chance to join the debate on several serious issues facing both the insurance industry and wider society. Continuare
(25.05.2016)
Europe towards a legislation more focused on customer
"We need rules to be clear, simple and fit for purpose. Unfortunately, there are many examples where EU legislation — despite being well intentioned — is none of these things", Sergio BALBINOT, the President of Insurance Europe and a Member of the Board of Manament of ALLIANZ SE stated during his opening address of the 8th International Insurance Conference. The event brings together some 650 stakeholders in Dublin, Ireland on  May 25th 2016. Continuare
(25.05.2016)
Sompo Canopius ready to provide political risk and terrorism coverage for the Russian market
Russia is a growing market and the demand for terrorism risk reinsurance is certainly increasing, while Sompo Canopius is ready to provide the Russian insurance market "with our extensive experience and expertise on crisis management, political risk and terrorism coverage", as the company's representatives have recently stated. Continuare
(24.05.2016)
The Russian Actuarial Forum and IAA Council's and Committee meetings to be held in St. Petersburg, on May 24th- 29th
On May 24th- 29th, 2016 the Russian Actuarial Forum and the IAA Council and Committee meetings will be held in Saint Petersburg, Russia, demonstrating the actuarial profession's achievements in the country and its integration into the international community. Continuare
(23.05.2016)
AIR Worldwide: The earthquake risk remains high in Vrancea area
In the Vrancea area - Romania, the earthquake risks remains high, since no mjor earthquake has been reported in the region for a long time, said Shane LATCHMAN, CCM, Assistant Vice President, Research and Client Groups, AIR Worldwide, UK, at the NatCat &Reinsurance Conference taking place at FIAR 2016. Continuare
(19.05.2016)
XPRIMM Circle of Debates: Is direct compensation a viable solution for the Romanian insurance market?
The new MTPL law in Romania brings a lot of changes on the market. One of these is the introduction of a direct compensation system between companies selling MTPL policies. The effects of this change were debated during the XPRIMM Circle of Debates organized at the Motor Insurance Conference taking place at FIAR 2016. Continuare
(19.05.2016)
AUDATEX survey: What challenges did the top management of the insurance industry in Romania identify?
75% of the top management of the insurance and brokerage companies in Romania identified the interconnectivity generated by technology as being the most important challenge in the near future, according to an AUDATEX survey conducted with the help of XPRIMM. Continuare
(19.05.2016)
Prof. Karel Van HULLE: Solvency II is the most important change in insurance regulation in 30 years
"Many insurers haven't changed their way of work. Four years ago, many believed that we must distance ourselves from Solvency II and return to Solvency I, because the industry survived the financial crisis. Of course, they said that because the numbers related to the solvency margin don't say anything about their capital. Many insurers were broke, but they didn't know it because they had a solvency margin of 200%. Thus, we will need a very long transition period to Solvency II", Prof. Karel Van HULLE said during FIAR 2016. Continuare
(18.05.2016)
How can the penetration degree be increased on the property insurance segment?
The penetration degree of household insurance is low not only in Romania, but in the entire CEE region. How can this indicator be increased, given that the entire CEE is exposed to multiple catastrophe risks? What steps should the re/insurers take, knowing that a natural disaster can produce losses with economic consequences that are hard to imagine? These are the questions asked during the XPRIMM Circle of Debates organized during the "Nat Cat and Reinsurance" Conference at FIAR 2016, and to which 6 insurance specialists answered. Continuare
(18.05.2016)
Bernard RETALI: The insurance companies are really at the very beginning of the collaborative trend
"If we compare traditional business models to the new collaborative business models, there are visible differences. In a traditional business you need a lot of money, a lot of capital to start, while collaborative implies trust", Bernard RETALI, President of Europe, Middle East & Africa, LIMRA, explained during the Life and Health Insurance Conference at FIAR 2016. Continuare
(18.05.2016)

Moldova

MOLDOVA: "Bomb" under the insurance system Green Card
On Friday, May, 13, 2016, the Board of Directors of the National Commission for Financial Market convoked urgently an extraordinary meeting. The reason was the imminent risk Moldova to be excluded from the international system of insurance Green Card, informs the Mold-Street. Continuare
(23.05.2016)
STATISTICS: MOLDAVIAN insurers reported a business volume of EUR 59 million at the end of 2015
At the end of December 2015, the Moldavian insurance market totaled MDL 1.2 billion (about EUR 58.8 million), up by 2.1% y-o-y, according to the preliminary statistics recently published by the market's supervisory authority. Claims paid by the 15 insurers that have reported operations totaled MDL 386.6 million (or EUR 18.5 million) - equivalent to 31% of the total GWP. Continuare
(14.04.2016)
MOLDOVA: Green Paper system is available for yet three months
Council of Bureaux (CoB), the European institution based in Brussels, manager of the international insurance system "Green Card", has decided to postpone the decision suspending the National Bureau of Motor Insurers of Moldova (NBMI) of the "Green Card" until the General meeting of its members, scheduled to take place in early June, reads a press release issued by the NBMI.
Continuare
(03.03.2016)
STATISTICS: MOLDOVA: All insurers have gained profit in the first 9 months
All 15 insurance companies active on the Moldavian insurance market have concluded the first nine months of the year with a positive balance, according to data published by the National Commission of Financial Market (NCFM). Continuare
(17.12.2015)
Starting April 1st, 2016, MOLDAVIAN drivers will not be able to buy Green Card insurance
Starting April 1st, 2016, Moldavian drivers will not be able to buy Green Card policies from local companies, according to the most recent decision taken by the National Bureau of Motor Insurers (BNAA). According BNAA's statistics, on December 7th, there were 39,589 valid Green Card policies issued by 10 authorized insurers. Continuare
(10.12.2015)
MOLDOVA 3Q2015: Stagnation in GWP, decreasing claims expenses
The GWP, in the first nine months, by the 15 Moldavian insurance companies active on the local market, totaled MDL 909.25 million (EUR 44.16 million), up by 1% y-o-y, according to the official data published by the National Commission of Financial Market of Moldova. Continuare
(12.11.2015)
MOLDOVA: In 1H2015 the share of mediated premiums by the brokerage companies rose to 31.3% of the total volume of GWP
In the first half of 2015, the premiums mediated by the Moldavian insurance brokerage companies went up by 13% y-o-y, to MDL 179.35 million, according to the official data published by the National Commission of Financial Market of Moldova. Continuare
(29.10.2015)
MOLDOVA: Development of the risk-based supervision system of the non-banking financial markets supported by an EUR 1.3 million EU contribution
The European Union has launched a new Twinning Project in the field of prudential regulation and supervision of the non-banking financial market in Moldova, according to the official press-release published by the National Commission for Financial Markets. The project is financed by the European Union to the tune of EUR 1.3 million. Continuare
(29.10.2015)
Alina OSOIANU is the new CEO of the Motor Insurers' Bureau of Moldova
The National Motor Insurers' Bureau of Moldova (BNAA) has recently elected a new executive staff. Thus, the new CEO is Alina OSOIANU. She will replace Mihai MANOLE who resigned from the top executive position. Continuare
(24.09.2015)
Moldova avoids suspension from Green Card system. The CoB General Assembly decided to postpone the deadline until April 1st, 2016
2014 and the first half of the current year were one of the most difficult periods for the domestic insurance market due to the internal disputes in the National Bureau of Motor Insurers in Moldova between the members with rights to issue Green Card policies, namely, regarding the principle of internal organization and the lack of access by the local management to the funds of the bureau. Continuare
(17.09.2015)
STATISTICS: Moldova: The value of paid claims by insurers decreased by 44% y-o-y
In the first six months of this year, the insurance companies of Republic of Moldova reported a total GWP volume of about MDL 573.17 million, down by half percent compared with the 1H2014 figures. About 93.72% of aggregated GWP volume was generated by the non-life classes, the remaining 6.28% being accounted by life policies. Continuare
(17.09.2015)
MOLDOVA: In the first half of 2015, the volume of premiums of the "Green card" insurance has decreased by 6.4%
According to preliminary data of the National Commission for financial market, in January-June 2015 the largest volume of premiums accounted for the company Moldasig - 26,04 million lei, Donaris Grup - 24,62 million lei, Asito - 17,85 million lei, Klassika Asigurari - 17,64 million lei, Victoria Asigurari - 15,52 million lei. The share of these companies accounted for over 80% of the collected premiums on the "Green card" insurance. Continuare
(17.08.2015)
MOLDOVAN insurance companies back mechanism on issuing motor third party liability insurance policy on both banks of Dniester
The Bureau for Reintegration informs that currently, all 14 Moldovan insurance companies, issuing motor third party liability insurance (MTPL) policies, joined the "mechanism-frame on cooperation of insurance agents from both banks of the Dniester in compulsory insurance contracts on civil auto liability".
Continuare
(15.06.2015)
STATISTICS: Slight decrease in Q1 GWP volume for MOLDAVIAN insurers
In the first three months of this year, the 15 active Moldavian insurers reported a total GWP volume of about MDL 253.66 million (EUR 12.48 million), down by a half a percentage point as compared with the 1Q2014 figures. About 92% of aggregated GWP voume was generated by the non-life classes, the remaining 8% being accounted by life policies. The value of paid claims by insurers decreased by 31.4% y-o-y to MDL 79.36 million (EUR 3.90 million). Continuare
(28.05.2015)
MOLDASIG takes over an insurance company from Ukraine through ASITO KAPITAL
ASITO KAPITAL, the Romanian insurance company controlled by MOLDASIG, will take over 99% of the Ukrainian insurer STAR-POLIS's shares, based in Kiev. Continuare
(23.04.2015)
 

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Interview of the week
Assen CHRISTOV Assen CHRISTOV
Chairman of the Supervisory Board
EUROHOLD

The economic environment and the insurance market are fully correlated. Healthy growth of the insurance business is hardly possible without economic growth. Of course, we have been an example of an expanding business in the times of economic downturn, but this expansion also comes along immense managerial and organizational efforts. Details




















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