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Insurance

What are RECREX's development plans for 2017?

This year, RECREX continues to focus on the development of its two main operational segments: fraud detection and claims buffering, Daniela BADALUTA, President of the company, explained in an interview for XPRIMM Publications. more...

Daniela BADALUTA, RECREX: The management on the loss adjustment segment of some Romanian insurers generates losses instead of benefits

"RECREX operates on one of the insurance market niches: we do not sell insurance, we are a loss adjuster. I believe loss adjusting is one of the most important aspects in this field, because managing claims is a key aspect for achieving success on the insurance market", Daniela BADALUTA, President, RECREX, explained in an interview for XPRIMM Publications. more...

Romanian MTPL market prepared to sit on solid foundations

After a stormy 2016, the Romanian MTPL market is prepared to sit on solid foundations in 2017, with sound operators and a more coherent structure, said yesterday Misu NEGRITOIU, the Romanian Financial Supervisory Authority head speaking at a market forecast meeting. more...

EUROINS Romania acquires the non-life portfolio of ATE Insurance Romania

EUROINS Romania, part of Bulgarian EUROINS Insurance Group (EIG), has reached an agreement to acquire the non-life insurance portfolio of ATE Insurance Romania, a subsidiary of PIRAEUS Bank - a leading  banking institution in Greece. The deal was signed on January 19th, 2017. "The deal is subject to customary regulatory approvals", the EIG representative pointed out in a press release. more...

STATISTICS: ROMANIA, 3Q2016: Double digit GWP growth supported by the raising MTPL tariffs

The Romanian insurance market ended the first three quarters of 2016 with GWP amounting to EUR 1.53 billion, 10.6% up y-o-y, supported by the significant increase in the MTPL prices recorded in the first part of the year. more...

Romanian MTPL subsegment supported the EIG's business positive trend

Bulgarian-based EUROINS Insurance Group (EIG) reported preliminary GWP of EUR 268 million during 2016, 16% more y-o-y, according to a press release published by its owner, the financial holding EUROHOLD.
more...

Consumer Protection, top priority for European authorities and driving factor of the insurance industry's reshape - under debate in Vienna next February

"Protection of consumers, investors and policyholders is the top priority for each European Supervisory Authority," pointed out Gabriel BERNARDINO, Chairman of EIOPA and of the Joint Committee of the three European Supervisory Authorities (EBA, ESMA, EIOPA- ESAs) on the occasion of the Steering Committee of the EU - U.S. Insurance Project hosted in Frankfurt on 19 October, a Public Forum to address the challenges of increased globalization of the insurance market and to define the areas of work for the coming year. more...

Tom JOHANSMEYER: Romania could become a signifficant contributor of original risc to the global market

Original risk is the only real, genuine way to grow the global insurance and reinsurance industry, according to Tom JOHANSMEYER, ARM AVP - PCS Strategy and Development, Verisk Insurance Solutions. more...

ICAR 2016 - Main takeaways

Climate change and natural catastrophes were among the main aspects debated during the 13th edition of ICAR - The International CAtastrophic Risks Forum. The international event, which was organized on October 11, 2016, in Bucharest, Romania, gathered professionals from the United States, the United Kingdom, and Germany, as well as Romania, who talked about the management of Nat Cat risks in the current context. more...

Adrian MARIN, CEO GENERALI Romania is the new President of Romanian insurers' professional body

The Romanian Insurance Association (UNSAR) has elected Adrian MARIN, CEO of GENERALI Romania as President for a three-year period, replacing Remi VRIGNAUD, the former general manager of ALLIANZ-TIRIAC who headed the insurers' professional body in the last four years. more...

STATISTICS: ROMANIA, 1H2016: Motor insurance lines' efficiency ratios have improved

The Romanian insurance market saw a 9.75% increase in GWP (10.93% in national currency), one of highest dynamics recorded in the last years. Yet, it is worth noting that the positive result is not as much as a result of the Romanian economic growth, but of the complex changes undergone by the MTPL segment. more...

Romania: ASF is implementing a new methodology in the field of consumer protection

ASF - The Financial Supervisory Authority in Romania has developed three indicators that allows it to determine, after analyzing the petitions registered at ASF, the compliance degree of the conduct of the supervised entities. more...

VIG: Romania is one of our core markets. We need the mid and long term perspective to get better

As MTPL, the most important insurance line in Romania, will be heavily influenced by the recent regulatory changes, for the VIENNA insurance Group (VIG), Romania remains a core market, among the top 5 within the group, said Roland GROLL, Member of the VIENNA Insurance Group Board, at a press conference organized in Bucharest. "Looking at the overall picture in Romania, from an economic point of view, it is extremely positive, especially if we compare it with other core markets. There are not many European countries which have such favorable environment", he added. more...

Romanian MTPL legal framework modified by the government. See the most important changes

The Romanian government recently passed a law that will bring substantial changes to the local MTPL legal framework. It is the first law that was issued specifically for the MTPL sector, which was governed, until now, by the secondary legislation issued by the Financial Supervisory Authority. more...

ICAR 2016: Henning LUDOLPHS, Hannover Re talks about the ILS use in Nat Cat risks transferring

Henning LUDOLPHS, Managing Director, Retrocessions & Capital Markets, Hannover Re will explain the main aspects of the Insurance-Linked Securities (ILS) use in relation to the Nat Cat risks insurance at the forthcoming edition of the ICAR 2016 - International Catastrophic Risks Forum. more...

Romanian MTPL insurance market exceeded the RON 2 billion threshold in 1H2016

The MTPL market accounted for more than half of the general insurance in Romania, according to the half year results published by the Financial Supervisory Authority (FSA), and expectations are that the growth will continue as prices stabilize and the combined ratio retreats towards the breakeven point. more...

ICAR 2016 - brings together top worldwide Nat Cat insurance competencies

ICAR's 2016 edition lines up an exquisite team of speakers who will share their views on the Nat Cat current issues in Bucharest, on October 11th. The effects of the climate change, the available solutions for mitigating the Nat Cat losses and provide for a sustainable growth of the agricultural insurance, as well as the newest strategies for claims handling in the property field insurance and the main issued of the Forum's agenda. more...

ROMANIA: Grawe enters the auto insurance market starting September

Grawe Romania Insurance enters the auto insurance market starting September, after it was authorized by the Financial Supervision Authority (ASF) to expand its activity on two insurance classes: 3 (transports means insurance other than train- CASCO) and 10 (Insurance for vehicles civil liability-RCA).
more...

ALLIANZ-TIRIAC's new CEO will focus on the company's evolution and continuity

Starting today, the 1st of September, Virgil SONCUTEAN takes over as a General Director of Romanian insurance market's leader, ALLIANZ-TIRIAC Insurance, replacing Remi VRIGNAUD, who will join the ALLIANZ Group's top management, as head of CEO Oliver BATE's chancellery. more...

STATISTICS: ROMANIA: Over 9% increase in Q1 and for the first time GWP cover 100% of damages and expenses

Gross underwritten premiums in the insurance market in the first quarter of this year totaled RON 2.43 billion (~EUR 540 million), up 9.16% compared to the same period in 2015, according to the market evolution presented by the Romanian Financial Supervisory Authority (ASF). Growth has been fueled by the non-life insurance segment, which recorded an advance of 9.74%, approaching the threshold of RON 2 billion, as well as the life insurance segment, in which underwritings increased by 6.6%, amounting to RON 438 million. more...

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