The Romanian insurance market ended 2009 with a slight decrease in the
underwritings volume, of 1.1%, nominal, in national currency, amid an
unfavorable evolution of the life insurance segment, according to
preliminary data published on the 1st of March by the Insurance
Supervisory Commission (ISC). more...
(01.03.2010)
"The crisis has also affected the insurance market, mainly at the level
of two major distribution channels used by companies: the fall of
leasing activity in 2009 and loans granted by banks. These, combined
with rising unemployment, have led to the fact that gross written
premiums for the year 2009 remained at the level of the previous year,
of RON 8.8 billion", said Angela TONCESCU, ISC President, in the
opening of the National Motor Insurance Conference.more...
(04.03.2010)
"The motor market is in a difficult situation, and the year 2010 will
be an extremely difficult one. Romania has the most unprofitable
segment of general insurance in South-Eastern Europe, the margin of
technical results already entering on a negative trend. Thus, the
evolution of the technical result on general insurance in the past four
years looks like this: in 2005 it was -30 million EUR, in 2006 it was
-275 million EUR, in 2007, -115 million EUR, in 2008, -236 million EUR,
and in 2009 we will have a higher figure for sure", said Cristian
CONSTANTINESCU, President of UNSAR, at the National Motor Insurance
Conference.more...
(04.03.2010)
The mandatory household insurance premiums, established based on the
AOL Law, to EUR 10 or EUR 20, depending on the type of construction,
should be revised, according to recommendations made to the Romanian
insurance industry by the IMF, in the Financial Stability Assessment
Report, published Friday, following the IMF delegates' visits to
Romania.more...
(01.03.2010)
AIG Group announced on the 8th of March that it would sell its life and
health insurance divisions to METLIFE. The value of the transaction is
estimated at USD 15.5 billion. This move, expected by economical
analysts, will help AIG to repay a part of the loan made to FED in
September 2008.
This deal will transform METLIFE, the biggest life insurer in the US,
from a regional presence, into one of the major global players, along
with giants such as ALLIANZ, AXA and PRUDENTIAL.more...
(09.03.2010)
In the context in which Romania has the most unprofitable segment of
general insurance in South-Eastern Europe, and the market will also end
2009 at a loss, the shareholders of the Romanian insurers will also
operate this year additional infusions of capital to finance their
activity. Their value is estimated by specialists at a similar level as
the one from 2009. Last year, capital contributions made to handle the
losses caused by the financial crisis amounted to nearly EUR 350
million, and market capitalization reached more than EUR 1 billion.more...
(10.03.2010)
The year 2009 has ended for the market leader ALLIANZ-TIRIAC with a 7%
drop in business, slightly below RON 1.29 billion. Instead, the
insurance business registered a positive evolution of operational
profitability, both in terms of non-life operations and of life
insurance ones, profit climbing to RON 46 million, from RON 41 million
in 2008.more...
(26.02.2010)
ING Group intends to sell its insurance division, including its
subsidiary in Romania, through listing on the Stock Exchange, through
initial public offering - IPO. Also, all entities in Central and
Eastern Europe will be included in this operation, according to Tom
KLIPHUIS, CEO of ING for this region.
ING will launch the initial public offering most likely to end of 2011,
although the company is still evaluating several options, according to
WALL STREET Journal.more...
(08.03.2010)
"The malus estimated so far, up to 5%, will gain ground in the coming
years. It is too early and hasty to draw conclusions now, for the
bonus-malus system was implemented on January 1, for only 2 months,
just like the electronic issuance of the MTPL policies", said Ionel
DIMA, Vicepresident of the AVUS Group, moderator of the National Motor
Insurance Conference.more...
(04.03.2010)
"Tarrifs for motor insurance were maintained at relatively low levels,
evidence of the competition and of the fact that insurers have aimed
another increase of the market share. But now, things are different, as
companies are profit-oriented, under the pressure of shareholders",
said Bogdan ANDRIESCU, President of UNISCAR, at CNA 2010.more...
(04.03.2010)
"In a few years, the claims for body injuries will have the largest
share in the value of claims paid by insurers, thus MTPL insurance
premiums must suffer increases", said Liviu STOICESCU, President of
Motor Insurers Bureau in Romania, at the National Motor Insurance
Conference.more...
(04.03.2010)
"Regarding the percentage of fraud in insurance, in Romania it exceeds
15%, under the circumstances in which the international system is
accepted with a rate of 5%, and I refer here not only to fraud
identified following the application of the amicable report. Actually,
Motor Hull insurance has been the engine of growth of fraud in motor
insurance, in the context in which many companies have closed their
activity, unemployment rate rose and salaries decreased, many insured
choosing to fraud the insurer", said the President of B.A.A.R., Liviu
STOICESCU.more...
(04.03.2010)
ISC (Insurance Supervisory Commission) officials acknowledged on the
3rd of March, in the hearings of the Economic Policies Committee of the
Deputies Chamber, that fraud in motor insurance has reached 15% of the
total number of files, according to realitatea.net.more...
(03.03.2010)
"The entry into force of the amicable report and of the bonus-malus was
a good thing from the point of view of the Road Police, because our
overall activity was reduced in 2009 by 40% in the road accidents
sections, and in January 2010 the reduction was even of 78%", said
Marian MOTOC, Deputy Director, IGPR (Romanian Police).more...
(04.03.2010)
GENERALI Asigurari ended 2009 with business of RON 501.5 million,
registering an increase of 20% compared to 2008, when the company's
underwritings were at the level of RON 417.5 million. Thus, general
insurance has evolved by 26%, up to RON 417.2 million (compared to RON
332.1 million in 2008), while life insurance was maintained at
approximately the same level as in the previous year, the decrease
being of only 1%, to RON 84.4 million.more...
(02.03.2010)
GRAWE ended 2009 with an income from written premiums in decrease by
14% compared to the previous year, due to weaker interests of people
for life insurance, to RON 74.4 million. Also, the company entered on
profit last year, after a loss of RON 1.31 million in 2008, its level
being of RON 7.6 million, despite a difficult year in terms of return
on investment, both on the capital market and in the real estate field.more...
(26.02.2010)
PLATINUM Asigurari-Resigurari, a small sized company on the Romanian
profile market (former CLAL Asigurari), has set as objective for 2010
achieving a premiums volume of EUR 5-6 million, compared to EUR 2.7
million in the previous year. The insurer begun this year with a new
name and a new shareholding, being taken-over last October, from the
Israeli shareholders, by VIENNA International Holding, for EUR 500,000,
it having as associates Efraim NAIMER and Camelia TOMA, each with 50%
of the share capital.more...
(11.03.2010)
The life insurance company CARDIF Asigurari, a member of the financial
group BNP Paribas, is in full process of transferring the portfolio to
the new life insurance subsidiary established by the French group.more...
(01.03.2010)
Claims to be paid to drivers based on the MTPL insurance will no longer
be calculated by insurers based on their own assessment, but according
to prices established by body shops, or provided in specialty catalogs.
This measure will allow the damaged parts to seek payment of claims
first and then to make the necessary repairs. Modifications to the ISC
Rule related to the MTPL insurance were published on February 24 in the
Official Gazette. more...
(25.02.2010)
The MTPL tarrifs valid for 2010 increased by 15% compared with 2009,
according to estimates of the Insurance Supervisory Commission. more...
(25.02.2010)
