"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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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
