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Editorial

Years under waters

"It is likely that 2013 will be remembered as the "year of the flood," sais GUY CARPENTER's "Global Catastrophe Review, 2013" report. For the CEE region, though, also 2014 may compete for this unappealing title. Exactly one year after the historical flooding in the Balkans which cause losses of over EUR 17 billion in May-June 2013, Bosnia & Herzegovina and Serbia were drowned by torrential rainfalls which washed away lives, houses and crops causing losses of over EUR 4 billion. more...

Is the Eastern potential still there?

At the end of 2013, five of the major Western insurance groups operating on the CEE, CIS and Turkish markets - VIG, GENERALI, ALLIANZ, UNIQA and GROUPAMA -, were harvesting about 30% of total written premium across the region, meaning in absolute terms, about EUR 11.5 billion. At the same time, the three most important "domestic" players in the CEE - PZU, TRIGLAV and CROATIA Osiguranje -, gathered GWP of about EUR 5.3 billion while only on the Russian market, the Top 5 companies - ROSGOSSTRAKH Lyubertsy, SOGAZ, INGOSSTRAKH, RESO-GARANTIA and SOGLASIE -, totalled written premiums of over EUR 7.5 billion. Looking at these figures, it is obvious that the "Westerners" who entered the region in the last 20 years have encountered a strong competition on the Eastern markets. more...

Time to wrap up 2013!

After 12 months bringing you the latest and most relevant news of the 32 insurance markets of the Central and South-Eastern Europe and the CIS regions that we monitor, our hope here, in the editorial office of xprimm.com is that XPRIMM News will be among one of this year's most pleasant experiences. more...

At first sight

Shrinking business, improved (or, at least steady) profitability ... seems to be, at first sight, the statement which summarizes the trends registered in the first half of 2012 on the Central and South-Eastern European markets. Or, slightly changing the angle, while most of the markets across the region are doing rather bad in terms of volume, their main players show good results, at least in terms of profitability. more...

Can we make healthy insurance lemonade out of a vicious health system lemon?

Health insurance represents, for more than 10 years, some kind of "fata morgana" of the Romanian profile market. Year after year, we talk about the impressive potential of this segment, we are elaborating development strategies, we are designing products... However, results are still awaited... And discussions are starting again and again each time when the political factor changes. more...

Romanians and the sense of ownership

Romanian's mentality makes him want to be owner, and not tenant... He has the sense of ownership... According to an EUROSTAT report, 96% of Romanians live in houses owned by them, while the average at European Community level is 65%. more...

How do we make the economy grow? By encouraging insurance...

The beginning of spring brings, this year, the optimism of analysts, who point out more and more signals for economic revival in Romania. Increasingly optimistic forecasts are making their way on the first page of specialty publications, awaiting estimates of the National Statistics Institute, to officially announce the end of the recession. more...

2011: Focus on stability!

2010 ended with a decline. But another decrease was essential for the market, one that was registered in premiere for the last years by the Romanian profile industry: reduced claims on the general insurance segment. more...

A positive... minus?

Recent estimates of the insurance market leaders regarding its evolution, be they optimistic or pessimistic, indicate a negative dynamic for the current year. Moreover, they are stating that in 2010 they were forced to react, almost constantly, only in the sense of minimizing undesirable effects. more...

Household insurance - out in the street

In economically uncertain times, protection of property and goods becomes of special significance for everyone of us. If, initially, population correctly perceived the need for household insurance, recent contradictory messages are forcing the Romanians, cautious and suspicious by nature, to remain in expectation until regulations and messages become more consistent... more...

If fines have been delayed, why should I insure my house?

After long delays and, finally, the introduction of mandatory household insurance, the authorities come up with two important changes for this year: the applying of the fine is postponed until July 15th, 2011, and those who have bought voluntary insurance do not have to also buy the mandatory policy. more...

Optimistically looking at... 2012

Romania's economy will resume its growth in 2011, according to estimates of most analysts in the field. However, among insurers there is a mood somewhere in between moderate optimism and pessimism. This is also because, between the moment when the economy gives the first signs of "defrosting" and insurance recovery there is a delay of eight months (two months for the banking industry and another 6 for insurance). more...

The Motor Hull race!

Although the claims had a continuos growth, as long as the volume of business had a positive dynamic, the effects of commercial underwriting upon the motor segment were less visible at market level. more...

Insurance with yet unexploited potential

After the first six months of 2010, one segment of the insurance market recorded a significant growth of 90%. We are talking about financial guarantees insurance. more...

Focus on customers!

Increasing customer satisfaction should be, theoretically speaking, the main development path of a company, be it dedicated to consumer goods, real estate or financial services market. more...

We are going global

Monte Carlo, Baden-Baden, London, Frankfurt, Amsterdam, Bruxelles, Vienna, Prague, Istanbul, Chisinau - not to mention Moscow, Yalta and Tashkent - this are just a few international business hubs reached by the distribution area of PRIMM Magazine SPECIAL REPORT "CEE, RUSSIA & CIS Insurance Markets" survey. more...

Two years of crisis... And counting...

September 15, 2008 - the day of the LEHMAN BROTHERS bankruptcy officially marks the onset of what some analysts call the greatest economic crisis in history
September 15, 2010 - two years later, the effects of the largest financial downturn in history are still being felt, given that the global economy tries to find the road to economic recovery...
more...

Who will win from the crisis?

Rising inflation, decreasing purchasing power and exports, exchange currencies which variate with scary dynamics, IMF representatives that are the headlines of the news we hear on TV every evening and a BINGO show whose ratings are getting higher and higher. more...

About climate change... in the middle of this hot summer

After an extremely cold winter, a rainy spring that caused floods in almost all Europe, summer has brought extreme temperatures, even in regions where hot weather was just a word in the dictionary... Devastating fires in the Moscow area are an example in this respect...
The weather is in constant change, 2010 will be the warmest year in history...
more...

Added value versus "the lowest price"

Nearly two years after the onset of the global financial turmoil, insurance companies can say that they have learned some important lessons, either from their own experiences or from those of their colleagues. They understand now the essential role that communication and customer relations have in maintaining a good image of the company, given that the effects of the crisis can have serious negative consequences upon consumer confidence. more...

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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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