"We see a lot of technology developments coming up: robots, AI, telematics - all are coming into our [insurance] market as well. We see more and more often a customer centric approach, the customer is placed in the front of this process", Cees WERFF, President, Claims Corporation Network, pointed out during the Motor Insurance Conference at FIAR 2017.more...
The specialists who participated at the Brokers' Conference at FIAR 2017 pointed out that the revision of insurance legislation plays an important role for companies, but its main objective is regaining the consumers' trust.more...
"After a trial period, the Romanian insurance market is reaching its maturity, in my opinion. I believe in this market. As proof of my belief, I took on my shoulders to lead the insurance-reinsurance sector in ASF - The Financial Supervisory Authority during the most difficult moment in the insurance market's history in the past years", Cornel COCA-CONSTANTINESCU, First Vice President, ASF - The Financial Supervisory Authority, during the Brokers' Conference at FIAR 2017.more...
The Insurance Distribution Directive (IDD) is, as we speak, maybe one of
the most sensitive subjects, so the insurance brokers, and not only
them, are certain that the IDD implementation will have both positive and
negative aspects, stated Juan Ramon PLA - Managing Director,
Corporacion de Mediadores de Seguros, Spain Secretary General BIPAR,
Member of IRSG EIOPA -, stated, during the Brokers' Conference, at FIAR
2017.more...
In the last years, the competition on the reinsurance market grew more acute and, given this context, the reinsurance companies must focus more on their competitive strategies, Valandis ELPIDOROU, Managing Director, Alternative Solutions, ARCH Re Europe, Switzerland, pointed out during the NatCat&Reinsurance Conference at FIAR 2017.more...
"Because of Solvency II, many clients are now seeking alternative structures: not only traditional reinsurance, but also tailor made products which they need, and I think that this trend of complexity will also go on in the near future", Evgeny POTOKOV, Senior Underwriter SEE, SCOR, declared at FIAR 2017, speaking about the current risk landscape.more...
The CEE region is characterized by motor insurance driven markets (especially compulsory MTPL), this representing more than 55% of the total Non-Life written premium, explained Esra KULAN, Deputy Head of the Foreign Inward Department, MILLI Re, at FIAR 2017, offering an insight into the reinsurance landscape in 2017 & Nat Cat Risk's transfer in reinsurance in the CEE region.more...
"Insurance and reinsurance are based on trust: we sell something they cannot taste and they cannot see", Sinisa LOVRINCEVIC, Branch General Manager, TRUST Re, explained during the NatCat & Reinsurance Conference at FIAR 2017.more...
In Romania, the number of insured homes is still reduced, but there are steps taken for the improvement of the situation. James GRINDLEY, CEO, CertAsig, spoke about the situation on the Romanian household insurance market at FIAR 2017.more...
The global protection gap continues to be significant, according to recent data published by Swiss Re. Andrea FUCHS, Head Market Underwriting CEE, Swiss Re Europe, talked, during the NatCat & Reinsurance Conference at FIAR 2017 about possible solutions for reducing this deficit.more...
When natural catastrophes strike, it is highly important that the claims are settled fast, so that the companies are able to restart their activities as soon as possible. Dott. Ing. Carlo Tozzi SPADONI, Co-Founder, Insurance Engineering Services, talked, during the NatCat&Reinsurance Conference at FIAR 2017, about the importance of fast claims settling, analyzing a case study from Milan.more...
PAID Romania's achievements in 2016 included a 10% portfolio growth, as estimated, the transition to SII and the strengthening of its capital, a higher level of reinsurance protection, the inception of the Mass claims plan, as well as the optimization of IT system and processes, Nicoleta RADU-NEACSU, General Manager, PAID Romania - The Insurance Pool against Natural Disasters, explained during the Nat Cat&Reinsurance Conference taking place at FIAR 2017.more...
The Romanian insurance market stagnated at the EUR 2 billion threshold, but its growth potentials remains an important one, including on the non-motor insurance classes, according to Mihai TECAU, President of the Directorate, OMNIASIG VIG.more...
"Although the first quantitative impacts of the rate caps introduced last year will be only known later with the release of claims statistics for the current year, based on international experience one can expect an adverse impact of this legislative measure on the technical results for the MTPL line of business as a class, reduced overall profitability of the sector and the erosion of companies' capital base", Eugene GURENKO, Lead Insurance Specialist, World Bank explained during the "Insurance Market Trends" conference at FIAR 2017.more...
"2016 was a difficult year for the Romanian insurance market. It was an year marked by the implementation of Solvency II - that brought strict demands regarding the solvability capital, regulation and quality; an year marked by the ASTRA and CARPATICA bankruptcies, two companies with more than 50% of the MTPL market and over 15% market share; an year with transporters' protests that put pressure on the MTPL pricings - resulting in the capping of the MTPL prices and, since May 2017, a new law which includes reference tariffs for MTPL policies, that, I hope, will not lead to a new form of capping", stated Adrian MARIN, UNSAR President, at FIAR 2017.more...
Calin RANGU, Director, ASF - Financial Supervisory Authority spoke, during the "Insurance Market Trends" conference at FIAR 2017 about financial innovation and ASF's proposals regarding this aspects.more...
"In the last years, there's no recording of a significant growth of premiums on the CEE market and the penetration rates have dropped. From where we stand, this move is tied to the modern insurance market's challenges", stated Jure KIMOVEC, FIG Analyst, Standard & Poor's, at FIAR 2017.more...
Entered into force on 23 February 2016 (with implementation period starting on February 23, 2018), the IDD "repeals the IMD and is also a minimum harmonisation Directive, hence allowing to take into consideration each market specificities. The IDD seeks to improve regulation in the retail insurance market and to create more opportunities for cross-border business, to establish the conditions necessary for fair competition between distributors of insurance products, and to strengthen consumer protection", said Juan - Ramon PLA, Secretary General, BIPAR, Managing Director, Corporation de Mediadores de Seguros, Spain, Member of IRSG, EIOPA, at FIAR 2017.more...
"In relation to other European markets the CEE markets are relatively small and diversified. Having said this in my opinion the principle of proportionality has to play an even more important role than in other markets. Being small often means that your voice is not heard in an adequate way which could result in a high risk of unintended consequences. Meaning that on EU level issues might have a neglectable size but have huge consequences on a small market. This brings me automatically to the question of the influence of the CEE region on the EU legislative process", said Michael BRANDSTETTER, EU & International Affairs, VVO - Austrian Insurance Association.more...
