"I am proud to lead this growth region for ALLIANZ and to build on the success to date that has been achieved. Today we have 7.5 million customers in the region, meaning that people see us as a trusted and reliable partner."
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The companies that will be able to identify some yet unexplored market niches, such as the online segment, have and will keep having great perspectives. If we refer to segments less explored in the past, we can include in our discussions the European funds that have started to be present.
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The last two years have been challenging for the actors in the insurance market. How did CREDIT EUROPE Asigurari, one of the most dynamic and active companies in the field, overcome this period, we invite you to discover in an interview with...
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"We expect a growth, especially in the non-life property insurance, as well as in the liability insurance. Beside these two directions, a specific development trend has been noticed in the life insurance sector, namely the development of the bank insurance, a concept which till now, was not present on the Macedonian market, and by which, the policyholders will be offered with a new type of quality service".
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The company that I represent today and that I have built starting December 2005 was planned to be a bancassurance company. Due to the experience we had, I and my team, in direct sales forces, we have also developed in parallel a direct sales force, which helped us a lot, functioning as an incubator of ideas.
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In 2010 the insurance market structure was dominated by compulsory motor insurances with 52% of the overall market premiums, while voluntary insurances take up 48% of the market structure. In 2007, compulsory motor insurances dominated the market structure with about 65% of the overall gross written premiums; nevertheless the high growth dynamics of voluntary insurance in the last three years has impacted the market structure significantly, causing the motor compulsory insurance to gradually lose its dominance in the market.
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The insurance market reacted sensitively to the global financial crisis and the economic recession as it was mentioned previously. Life insurance market is dominated by unit-linked life insurance which fell significantly in volume because of turbulence in financial markets.
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Indeed, the Insurance Supervisory Commission supports the need for a greater involvement of insurance companies and brokers in the social life, because, beyond the gesture of humanity, they also have the possibility to become better known among the population and, implicitly, to contribute to promoting the concept of insurance.
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We are pleased to confirm an excellent start to Q1 2011. February and March were both excellent months and showed growing levels of GWP. The underwriting portfolio continued to diversify with more, low loss ratio products so that the profitability of underlying business improved.
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The European insurance sector was and still is very positive about Solvency II. We believe that it will really change not just how companies operate but also how a supervisor operates, regulation should react ultimately.
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The main trends on the motor class, insurance and the difficult economic context, the main objectives and motivations of the merger between GENERALI Asigurari and ARDAF, but also the details of the development strategy of GENERALI Group in Romania are only some of the topics we invite you to read about, in an…
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For 2011, we have set the objective of a minimum 10% increase in income. On the retail segment, we plan to diversify our products and to re-launch the site www.asigur.com, and regarding the corporate segment, we will focus on developing niche areas and on consultancy services.
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I think the biggest challenge right now is that all actors in the insurance market shift focus from price to quality. Whatever the field, strategies focused on price did not have long term succes.
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I believe the main challenge this industry has to face this year is directly linked to each manager's ability to manage the third year of crisis. Perhaps this will sound strange, but the crisis has its clearly defined role – having a cyclic character, it makes innovation, determination and adapting to other unconventional strategies be the arguments for insurance companies managers and for financial mediations brokers, in order to find the optimal solution to relaunch their activities.
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The main challenge for the brokerage market is to maintain at the same figures as in the past years, under the circumstances in which the insurance market will probably decrease by over 10%. Due to massive restructuring and mergers on the insurance mediation market, there were created the premises for the brokerage market development. There is a tendency to develop nationwide brokerage networks, development based on professional sales force among the insurers.
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2010 was a good year for ALICO Asigurari Romania, a year of growth, in one word: profitable. The growth was sustained by the projects launched in 2009, when we extended the distribution lines and the types of products. The results were visible last year and they will be so in 2011, too.
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On the 19th of December, we celebrated nine years since the founding of BCR Asigurari, and this represented a memorial moment. Throughout my entire career, I realized the importance of the team that I have by my side, because performance can not be achieved alone. People need leadership, as well as closeness, understanding and open communication.
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Regarding the supervisory and control process, since 2010, ISC has a new approach, which starts, primarily, from the analysis of how the business of insurers is run, the way of establishing their objectives, as well as the ways of reaching them and monitoring the performances. Also, objective examinations of risk management and of internal control system have become major targets of the surveillance process.
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It is necessary to go a little deeper with the analysis. In the broader category of life insurance we have a segment that has generated growth and which marked a significant evolution, both last year and this year - investment-type insurance: unit-linked insurance, index-linked insurance.
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The 2010 review, the evolution of prices and the trends on the international reinsurance market are presented in an exclusive interview with the Management team of the reinsurance broker STELLAR Re:
Peter AUBREY-SMITH, Chairman, STELLAR Re Intermediaries, Inc.
Denisa DUMITRU, President, STELLAR Re Intermediaries, and CEO, STELLAR Re Europe
Cristina IGNAT, Deputy Manager, STELLAR Re Europe
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Bruce BOWERS, Regional CEO, ALLIANZ in CEE
Cristian BALANICA, General Manager, PIRAEUS Insurance Broker
Radu MANOLIU, Deputy General Manager, CREDIT Europe Asigurari
Klime POPOSKI, President of the Council of Experts, Macedonian ISA
Florina VIZINTEANU, President of the Board, BCR Asigurari de Viata
Elisabeta GJONI, Chairperson, Albanian FSA
Ramunas BARAVYKAS, Deputy Chairman, Lithuanian ISC
Angela TONCESCU, President, Insurance Supervisory Commission
James GRINDLEY, General Manager, CERTASIG
Michaela KOLLER, General Director, CEA - European Insurance and Reinsurance Federation
Marie KOVAROVA, General Manager, Responsible for GENERALI group's operations in Romania, GENERALI Romania
Antonio SOUVANNASOUCK, Managing Partner, ASIGEST
Victor SRAER, Managing Partner, OTTO Broker
Viorel VASILE, Managing Partner, SAFETY Broker
Theodor ALEXANDRESCU, General Manager, ALICO Asigurari Romania
Mihail TECAU, President of the Directorate, BCR Asigurari VIG
STELLAR Re, management team, STELLAR Re