Interview of the week |
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"I think this economic crisis was felt especially because of the speed with which we operate today in every field. The crisis went from bank to bank, from investment to investment, the insurance companies were also involved in this process, and the erosion over time has led to the collapse of this structure…"
"… This financial crisis has no precedent, it had a galloping evolution and I believe it will end just as quickly…"
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First of all, the crisis will cause increased pressure from the shareholders on the insurance companies, in order to grow profit, considering the fact that they will no longer be able to inject capital, as they have done so far, to cover the losses.
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During this period, a well-prepared insurance programme can make the difference between success and failure. The global financial crisis is the moment of truth for many companies, and also for those who manage their insurance programmes.
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Offering mainly products with medium and low degree of risk insurance coverage, establishing programs of restricted insurance coverage and targeting especially the retail segment of the market, the concern for keeping the existing clients and expanding the relationships with them are the main anti-crisis measures that should be adopted by insurance companies.
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The insurance market will follow the global trend of decline, although it will not be equally affected as the mature Western markets; in the absence of emphasis and perpetuation of the current global financial crisis, the one aspect that could really destabilize the Romanian profile market could only be represented by the unwanted withdrawal from Romania of the big insurers.
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The Romanian insurance market still has a high growth potential and the penetration degree of insurance products in the GDP is still small, about 2%, way below the Western European level. Insurance density per individual in Romania has a value of about 70 EUR, while in Austria, for example, over 2,000 EUR.
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In the more developed markets like the Czech Republic, Slovakia, Hungary and Poland, the German and Austrian companies have advantage of being first comers and they benefit from that. But today we are strong both financially and in know-how.
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The Austrian market has its limitations, as regards the number of population and market potential.
Therefore UNIQA decided to expand its activities in the CEE region, where the potential in insurance is very high and the insurance penetration and density is still on a very low level.
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GRAS Savoye is resizing its objectives for the 2008 turnover. The company’s representatives believe that the growth estimations made at the beginning of the year will be exceeded, as GRAS Savoye has great chances to grow by more than 20% compared to 2007.
Thus, in the first half of this year, the company has intermediated gross premiums of 37,93 mil. RON worth, which represents an almost 20% increase, compared to the same period of the previous year.
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POLISH Re has a strong position among the largest exporters of financial services in Poland. In 2007, for the first time in its 12 year history, more than half of the company’s written premium came from its operations outside Poland (53.4 per cent) and its value exceeded EUR 75 million. We are discussing about the achievements and future intentions of the reinsurer with Tomasz CZALBOWSKI, Vice President of the Management Board and Jacek KUGACZ, Executive Director.
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The plan is for us to start our activity in Q4 by focusing on forming the market and to really "turn on the engines" in 2009, when we will start to concentrate more and more on sales. We will start by launching five agencies and continue by developing the local territorial network in 2009.
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Until few years ago, the Romanian market was outside the EU borders and has - since then - made serious efforts to satisfy the European requirements. Obviously, Romania is a very large market and there is still room for further development and growth.
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The need for a better market regulation to boost its efficiency and attractiveness, as well as the approximation to the European Union standards are some of the basic reasons for setting up the NCFM.
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Insurance companies who are present in the agricultural insurance segment perceived 2006-2007 as a warning to take action on an economical and technical level. It seems that global warming is making its presence felt in our country. We are facing unusual weather phenomenon for Romania which are more frequent and more aggressive.
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Since March 2008 I have been the General Manager of BT Asigurari, as I have been officially invested with the approval of the Committee of Insurance Supervisory Commission. Therefore, I came to Romania a few months ago. But my experience in the insurance field has begun more than 15 years ago, in France.
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For me, being a powerful businessman means that a set a essential rules are respected by the entire group (approximately 30 companies), rules that also are found in my managerial philosophy...
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Romania is a fascinating country and has one of the fastest growing economies in the CEE-region. This fact also brings the need for modern insurance solutions for companies and of course private persons. The Vienna Insurance Group is one of the leading insurance groups in CEE and a top-player in markets like Romania.
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It is no secret that reinsurance prices follow cycles created mainly by supply and demand forces. While demand for reinsurance remains strong at present, reinsurance capacity continues to grow, shifting further towards stronger supply. That being said, the reinsurance cycle depends heavily on what happens with the primary insurance cycle.
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2007 meant the awareness of the fact that we belong to the single European market, where the four freedoms are fully functional and generate new challenges for the Romanian insurance market.
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In the past renewal season we have seen a slight drop in reinsurance prices in the Romanian market, especially in some property reinsurance treaties. This can partially be explained by the fact that reinsurers increasingly seek to find an entry into the Romanian insurance market.
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Archive:
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Radu MUSTATEA, President of the Directorate, ASTRA Asigurari
Marie KOVAROVA, CEO and Chairman of the Management Board, GENERALI Asigurari
Cristian FUGACIU, General Manager, MARSH Romania
Mihail TECAU, President of the Executive Board, BCR Asigurari
Radu MANOLIU, Deputy General Manager, CREDIT Europe Asigurari
Constantin TOMA, President - General Manager, OMNIASIG
Peter KRISTOFOVIC, President, SALVE Group
Andreas BRANDSTETTER, Member of the Board, UNIQA Group Austria
Laurent CHARLIER, General Manager, GRAS Savoye
Tomasz CZALBOWSKI, Vice President of the Management Board, POLISH Re
Sinziana MAIOREANU, CEO, SIGNAL IDUNA Asigurari de Viata
Peter BRAUMULLER, Director Insurance and Pension Supervision, FMA - Austrian Financial Market Authority
Vladimir STIRBU, Insurance Department Manager, The National Commission of Financial Market from the Republic of Moldova
Fanel PLOPEANU, General Manager, FATA Asigurari
Denis ROUSSET, General Manager, BT Asigurari
Ilie CARABULEA, President, CARPATICA Financial Group
Gunter GEYER, CEO, VIENNA Insurance Group
Emmanuel CLARKE, Head of Property & Casualty Department, PartnerRe
Angela TONCESCU, President, Insurance Supervisory Commission
Andreas GROSSE, Market Coordinator Romania, MUNICH Re