The most important lesson, that of the imperative of organizing business based on profitability criteria, and of lack of major concessions to the actuarial principles, was already learned - that is, in fact, one of the few positive effects of the crisis with which the Romanian sector of general insurance is still confronting.
Details
Travel insurance has actually proven to be a necessity for people who travel outside Romania and this can be seen by the volume of GWP registered by RAI in the first 6 months, which remained the same compared with the similar period of 2008 - RON 5 million (under the circumstances in which the travel market recorded a decline of 20% on the external tourism segment, according to statistics drawn by official representatives of travel agencies).
Details
In 2009, we can forget about double digits growth that the Romanian insurance market experienced recently.
On the other hand, on the long term, the Romanian insurance market has a very high potential. This is because Romania is one of the largest central European countries, but the least penetrated with insurance (measured either as GWP/inhabitant or GWP/GDP). Alas, people will be less and less focused on fast consuming and becoming more interested in securing their life standards long-term.
Details
Property insurance rates which also include "the loss of rent" (business interruption) ranged last year between 0.07% and 0.09% of the insured sum. In 2009, the insurance rates have decreased significantly, the range covered being between 0.045% and 0.065% of the insured sum.
Details
As the markets of Central and Eastern Europe align to the already developed ones, insurance products become more complex. Reinsurers that have global exposure are generally the ones who transfer the experience of the mature markets towards the developing ones.
Details
"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…"
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
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.
Details
Mesut YETISKUL si Radu MANOLIU, , CREDIT EUROPE Asigurari
Iuliana HAMPU, General Manager, RAI Insurance
Marie KOVAROVA, CEO and Chairman of the Management Board, GENERALI Asigurari
Cristian FUGACIU, General Manager, MARSH Romania
Silviu SABIESCU, Pricing Actuary, GenRe Life Health
Radu MUSTATEA, President of the Directorate, ASTRA Asigurari
Mihail TECAU, President of the Directorate, BCR Asigurari VIG
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