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Insurance

PAID is preparing to effectively handle a major earthquake in Romania

PAID Romania - the national pool for disaster insurance -, is prepared to successfully assist the mandatory household policy owners in case a major earthquake will hit the country. Currently the PAID portfolio numbers 1.7 million mandatory household insurance policies PAD, covering about 20% of the Romanian housing stock. more...

5% increase for the Romanian MTPL market in 2016

The Romanian MTPL insurance market has continued its ascending trend in the last quarter of the last year, reaching GWP of RON 4.03 billion for the full year of 2016. The number of MTPL contracts went up to 4.98 million, in annual units, 5% more y-o-y, according to the Romanian FSA data. more...

DallBogg - the second big Bulgarian insurer to enter Romanian MTPL market

The Romania's Financial Supervisory Authority - ASF announced, based on the FOS agreement, it has authorised Bulgarian insurer DallBogg to provide MTPL policies on the Romanian market. It is worth to mention that DallBogg becomes the second Bulgarian insurer operating on the Romanian MTPL market, after EUROINS - the market leader. more...

European Commission: The price cap of MTPL premiums in ROMANIA is not in line with EU law

The European Commission pointed out in the most recent Country Report that the Romanian Government decision regarding the maximum tariffs for the mandatory car insurance premiums (MTPL) is not in line with the EU legislation, including the provisions of the Solvency II Directive. more...

Romania: CertAsig identifies 3 micro-trends for specialised corporate insurance products in 2017

Corporate insurer CertAsig, which has over a decade of experience in insuring corporate clients in a wide range of diverse fields, in Romania and several other CEE countries, identifies 3 types of specialised insurance products that companies in Romania will discover in 2017. more...

Romanian FSA's head, Misu NEGRITOIU exchanged views with the Austrian insurers' representatives in Vienna

Misu NEGRITOIU, President of the Romanian Financial Supervisory Authority (ASF), met last week in Vienna representatives of the Insurers' Association of Austria (VVO), the meeting focusing on the latest developments on the insurance markets in the two countries, as well as specific aspects related to the MTPL business line or Austria's experience in managing the high-risk insured persons. more...

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...

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