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Insurance - archive

Eugene GURENKO: "International experience suggests that tariff capping brings opposite results to the objectives sought"

"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...

Adrian MARIN, UNSAR President: I hope that the reference tariffs for MTPL will not lead to a new form of capping

"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, ASF: 3 proposals to increase the innovation in the Romanian insurance industry

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...

Jure KIMOVEC: Claims paid for bodily injuries grew rapidly in the past years in CEE

"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...

BIPAR's perspective on the IDD implementation process

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...

CEE vs. EU markets: principle based vs. rule based

"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...

Lenka de MAURO: In Germany we expect the IDD law to be enforced by summer

In the following period, new changes regarding the European insurance legislation are expected. "Regarding IDD - Insurance Distribution Directive, in Germany we have made progress as far as the implementation process is concerned and we expect the IDD specific legislation to be enforced by this summer, taking into account the fact that we have elections coming up this autumn", Lenka de MAURO, Deputy Head of Office GDV - German Insurance Association - European Office, explained during the Insurance Market Trends Conference at FIAR 2017. more...

Cristian SAS: People have been accustomed with the idea that medical services are free

"The Romanian market needs private health insurance. The bad news is that people have been accustomed with the idea that medical services are either free or paid by someone else", stated Cristian SAS, ANIMA's CEO and the President of the Patients College, present at FIAR 2017, at the Health&Life Insurance Conference. more...

The health insurance client is a client won for the long term

"We have to change the way we think and we have to see the good things that the health insurance market can offer. It is a market with a two-digit growth and, for at least 5-6 years, we'll have a similar dynamic. Therefore, the client must be in the centre of attention. He/she is the starting point and, year by year, we have to improve the product portfolio", stated, during the Health&Life Insurance Conference, Dan DOBRE, Commercial Manager, SIGNAL IDUNA. more...

Insurance governance and distribution: two aspects that need to be radically changed in order for the private health insurance segment to grow in Romania

"Personally, I believe that the public health system is a partner, not a competitor, but it mainly offers only social assistance", Sorin MITITELU, President, BCR Asigurari de Viata VIG, declared during the Health & Life Insurance Conference at FIAR 2017. more...

Virgil SONCUTEAN: "The private health insurance market in Romania will report two-digit growths for many years"

"In the last 2-3 years, the health insurance market in Romania reported a significant development, but it started from a small base and that is why we shouldn't be impressed by the growth percentage. But the buying intention is developing", stated Virgil SONCUTEAN, CEO, ALLIANZ-TIRIAC Asigurari, during the Health & Life Insurance Conference taking place at FIAR 2017. more...

The 20th edition of FIAR - The International Insurance-Reinsurance Forum started on Sunday in Poiana Brasov

Re/Insurance professionals from all over the world, representatives of European authorities and national insurance organizations, specialists representing brokerage companies, lawyer firms, and many more companies from related domains gathered at Poiana Brasov in Romania at the 20th edition of FIAR - The International Insurance-Reinsurance Forum. more...

Romania: the new law on MTPL adopted; see here what are the main changes it provides for

The Chamber of Deputies (the lower house in Romania's bicameral Parliament) adopted on Tuesday, 16 May 2017, the New MTPL Law, which brings important changes to the local motor insurance industry. more...

The 20th edition of FIAR: A new location, conferences & workshops held by international specialists, hundreds of bilateral meetings

Taking place between May 21 and May 25, in a new location - Poiana Brasov in Romania - the 20th edition of the International Insurance-Reinsurance Forum - FIAR gathers well-known specialists representing over 125 international companies and offers its participants the chance to join specialized conferences and workshops analyzing the latest trends in the insurance, reinsurance and brokerage fields, as well to participate at networking events and bilateral meetings which will enable them to discover new business opportunities and to gather valuable insights and experience. more...

Romanian Nat Cat insurance system analyzed at FIAR 2017

FIAR's Nat Cat Conference will bring this year a comprehensive analysis of the property insurance market in Romania, starting from the mandatory segment of this specific market. more...

AXA's exit from the Romanian insurance market finalized

French insurer AXA exited the Romanian market after the sale of its Life & Savings insurance operations to Austrian-based VIENNA Insurance Group. The transaction was closed on 28 April 2017. more...

CertAsig largest insurance policies for ROMANIAN companies at EUR 77.8 mln in Q1 2017

Insurance company CertAsig registered the top insurance policies in a civil liability for a Romanian utility aviation company, for a technical insurance of a logistics company from Romania and an insurance policy for a infrastructure construction company from Romania, all of them amounting to EUR 77.8 million in the first quarter of 2017.
more...

FIAR 2017: New names join top speakers who will enrich the 20th edition of the Forum

A team of exquisite speakers will enrich FIAR - The International Insurance-Reinsurance Forum 20th edition's content, sharing their views on the most important topics in the insurance field today. more...

ROMANIA: OMNIASIG VIG - almost 11% increase in GWP in 2016

Romanian insurer OMNIASIG Vienna Insurance Group (VIG) recorded a positive development in 2016 on most of the activity segments, which generated a consolidated business growth of almost 11%, the company announced. more...

FIAR 2017: What to expect and how to adapt to the regulatory challenges in the European insurance landscape

Given the ongoing "regulatory storm" throughout the last years, insurers are still keeping an eye on forthcoming changes to the regulatory framework within which they must operate. And they are not just a few mild corrections, but significant changes which may seriously challenge insurers' capacity to adapt and simultaneously evolve. more...

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