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Insurance - archive

UCAROGLU: TCIP is a model structure for effective PPP

"Natural catastrophe property insurance coverage increased from 4% to 26%, following the TCIP-Turkish Catastrophe Insurance Pool establishment, while the claims-paying capacity was enhanced to USD 3.3 billion", showed at AIIF 2012 Menekse UCAROGLU, President of the Board, IUC, Turkey. Speaking about the TCIP achievements she also mentioned the increased public awareness for earthquake and insurance, the centralized marketing activities and brand management, the solid reinsurance program and increased operational efficiency, as well the improved coordinated work between the public agencies, the insurance industry, universities etc. "Keeping pricing at affordable level was also one the factors which made TCIP a model structure for effective public-private partnership", she said. more...

OKTAY: Life insurance purchasing should be encouraged by state financial incentives

"The existence of a governmental sponsorship is very important to motivate people in purchasing long term life insurance policies, especially when it comes about the emerging, very young insurance markets", said Dr. Ahmet Naim OKTAY, CEO, Bs Management Consulting, speaking about the international experience of long term life insurance at the 2012 edition of AIIF - The Azerbaijan International Insurance Forum. "In Turkey, 65% of the insured cannot benefit from tax deduction", he added. more...

GEN Re Russia: From 2001 until 2011, premiums written in the emerging markets increased by 150%

"New types of mandatory insurance contributed to the underwritings growth in emerging markets. From 2001 until 2011, premiums written in the emerging markets increased by 150%, according to SWISS Re's study. The most significant growth rate was registered in South-East Asia and Latin America. Therefore, the share of emerging markets in the total life insurance business worldwide increased from 5% to 14% and in the non-life insurance business, from 7% to 16%" said Capitolina TOURBINA, Director of Russia Representative Office, GEN Re at the Azerbaijan International Insurance Forum, organized in partnership by Azerbaijan Insurers Association and Media XPRIMM. more...

Caucasus: huge growth potential, rapid developing and well educated professionals

"Caucasus represents a new insurance market, with big growth opportunities, the well educated professionals, speaking at least 3 languages, representing one of its main streghts", concluded yesterday his speech at AIIF 2012 Chingiz MEHDIYEV, Chairman of the Management Board of AZ Re Reinsurance Company. He also has enumerated among the main drivers of the rapid development of the insurance markets in the Caucasus region the big energy and infrastructure projects, the recent adoption of the compulsory insurance laws and of relevant tax discounts for life insurance, as well as VAT exemption in place of insurance services. more...

VIDEO: Caucasus insurance heart beats today in Baku

Today started in Baku the 2012 edition of AIIF - Azerbaijan International Insurance Forum. Organized by AIA - the association of Azeri insurers, with the official support of the Ministry of Finance of the Azerbaijan Republic and in cooperation with Media XPRIMM, Romania, the Forum gathers over 200 top level professionals of the insurance industry across the Caucasus region, Middle Asia, Europe, Turkey, Russia and CIS. Representatives of the supervising authorities, foreign reinsurers or relevant international services providers for the insurance industry are also participating in the meeting. more...

KHALILOV: There are great opportunities for insurers in Azerbaijan

Azerbaijan is not only a beautiful and inviting touristic destination, but also a high growing economy, offering lots of business opportunities and a lot of room for expansion and business innovation. Moreover, foreign investments and know-how are needed and welcomed. "Azerbaijan insurance market is characterized by a low rate of insurance penetration and high rates of its growth together with increase of living standards. I think such situation itself provides a great opportunity for the insurance companies", Namik KHALILOV, Head of State Insurance Supervision Service, Ministry of Finance, Azerbaijan stated for XPRIMM. more...

ALIYEV: Foreign players are welcomed and needed in the Azeri insurance market

"Azerbaijan its not just open but also interested into welcoming foreign investors with some new players in the market of international level", said Azer ALIYEV, Chairman, AIA - Azerbaijan Insurance Association in a recent interview for XPRIMM. more...

Two new special editions of INSURANCE Profile, dedicated to the Caucasus markets

Two new special editions of the well-known specialized magazine INSURANCE Profile were launched today, at the Azerbaijan International Insurance Forum, organized by the Azerbaijan Insurers Association and Media XPRIMM under the theme "New Perspectives in the Caucasus Region". The two editions are dedicated to the insurance markets in Azerbaijan and, for the first time, in Georgia - the insurance market in this country being the fifth analyzed by INSURANCE Profile, after Romania, Moldova, Azerbaijan and Bulgaria. more...

EIOPA: European insurers are stable, but a new financial turmoil may have a stronger impact on the industry

The majority of insurance companies in the European Economic Area are well capitalized according to the current regulation (Solvency I), as by the end of 2011 they were on average capitalized at 200% of required levels. However, their capitalization and profitability are facing now a slightly decreasing trend, reveales the biannual report on the financial stability published on June 11, by EIOPA. This conclusion is based on the analysis of 20 largest European insurance groups. more...

SORS - The Insurers and Reinsurers Meeting - begins today in Sarajevo

The 23rd edition of SORS - The Insurers and Reinsurers Meeting begins today in Sarajevo. The event is dedicated to the reinsurance markets from the former Yugoslavia. For the second year in a row, the XRIMM Publications are Media Partners of the conference, represented at Sarajevo by Sergiu COSTACHE, President, Media XPRIMM, and Vlad BOLDIJAR, Coordinator of XPRIMM.COM and XPRIMM Insurance Report. more...

AIIF 2012 - "New Perspectives in the Caucasus Region"

Business expansion in a young insurance market is still a growth model followed by many European players. However, for such an operation to be successful requires a deep knowledge and understanding of local customs, markets, legal issues and regulations, as well as the ability to mobilize local resources and talent that understands how to tread in the local environment. This is also the value proposition of AIIF 2012 - The Azerbaijan International Insurance Forum. more...

VIDEO: Reducing costs by renewing their technologies - the solution for insurers in Romania and CEE

The economic crisis has given technology a new boost, Glenn LOTTERING, Senior Director EMEA, ORACLE, believes, especially as far as the technology in the insurance market is concerned. According to him, as a result of the recession, every company is now looking for ways of saving costs or increase their efficiency as far as their operations are concerned. They also try to better understand and analyze their business, using the gathered data in a way that would make them become more efficient. This is also the case of carriers in Central and Eastern Europe, whose one solution for becoming more profitable includes renewing their technologies: more...

LLOYD'S launched "Vision 2025" strategy

A special event was held in LLOYD'S building's famous Underwriting Room in which the UK Prime Minister David CAMERON alongside LLOYD'S Chairman John NELSON revealed goals, plans and strategies for upcoming period. The main strategy presented in the event was what LLOYD'S calls "Vision 2025" which has as a mission to make sure that the company becomes the major global hub for specialist insurance and reinsurance market. more...

Michel BARNIER: The economic crisis affected the insurers

"We are crossing the 5th year of the financial crisis. We are going through a difficult economic environment", said European Commissioner Michel BARNIER, at the beginning of his speech at the International Insurance Conference in Amsterdam. The European official delivered his message to the participants of the event, saying that the Europeans leaders are aware that insurance companies are also affected by the overall economic situation. more...

A joint transatlantic prudential framework is required

As debates continue at the International Insurance Conference in Amsterdam, there are talks regarding the collaboration between Europe, the U.S.A. and South American countries in order to develop a united prudential framework for the insurance industry. more...

Photo Gallery: How to gain access to consumers - on the agenda of the International Insurance Conference

The consumer represents the main subject on the agenda of insurers gathered at a national association level at the most important specialized European event - the International Insurance Conference. The event, organized by Insurance Europe (the new name of CEA), started early on Friday in Amsterdam, the conference being opened by Her Highness Princess M?xima of the Netherlands, UN Secretary-General's Special Advocate for Inclusive Finance for Development. more...

INSURANCE Europe's 4th International Insurance Conference - "Global markets, global risks"

Today, the 1st of June, takes place the 4th International Insurance Conference, organised by the European (Re)insurance federation INSURANCE Europe in Amsterdam. The Romanian Insurance Market is represented at the event by Bogdan ANDRIESCU, President, UNSICAR, Florentina ALMAJANU, General Director, UNSAR, Constantin NASTASE, PR Manager, UNSAR, and Alexandru CIUNCAN, Secretary General, APPA - Association for Promoting Insurance. more...

XPRIMM Insurance Report FY2011: Romania remains the 6th market in CEE, with a 5.7% market share

The gross written premiums totalized by the insurers in Central and Eastern Europe (CEE) reached EUR 31.97 billion in 2011, 4% less than at the end of 2010, shows data published by XPRIMM Insurance Report FY2011 (www.xprimm.com). With gross written premiums of EUR 1.84 billion, the insurance market in Romania remains the 6th market in CEE in 2011, the market share in the region decreasing from 5.9% (in 2010) to 5.7%. Before the recession, in 2008, Romania occupied the 4th place in CEE, with underwritings of EUR 2.4 billion and a market share of over 7%. more...

A new day at FIAR 2012

Surrounded by the delightful music of Virgil POPESCU Band, the participants of FIAR - International Insurance - Reinsurance Forum 2012 enjoyed another networking evening, this time offered by SAFETY Broker, one of Romania's most dynamic insurance brokerage company. more...

The healthcare system: Good intentions must be turned into actual collaboration

The very poor shape of the Romanian healthcare system is no longer a secret, solutions emerge and vanish equally fast, but we are still waiting for some real measures. "Unfortunately, nothing happened these past years and everything remained at the level of good intentions. Indeed, the market experiences spectacular increases, but they are not very relevant, because their absolute volume is way below Romania's potential and size. Why? Because of the problems between the private and the public system. All we see is good intentions. The two systems cannot work together since private insurance can operate in the system only through complementary and supplementary insurance. We need a closer connection between the private and the public system with regard to healthcare services provision. But this is hard to do if public rates remain the same", stated Dan CONSTANTINESCU, Member of the Insurance Supervisory Commission (ISC) Council in the opening of the Life and Health Insurance Day at FIAR 2012. more...

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