Interview of the week |
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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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Although the so called "hard" market had already passed its peak in 2007, reinsurance rates were on the adequate level in most cases. The sustained favourable state of the reinsurance market in non-life reinsurance had a positive effect on the development of HANNOVER Re's business.
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I am certain of the fact that the intermediation degree will grow by at least 25%. I can base my statement upon the continuous growth of the leasing, especially the motor - related, being a known fact that the Top 10 includes many brokers owned by leasing companies and brokers that have as main clients leasing companies.
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The VIENNA Insurance Group has a vast experience in operating by a multi-brand strategy. We believe there is still enough room on the Romanian insurance market for all VIG member companies. Also, competition can only lead to excellent results; thus, given that we have a very good communication across the group, we can even learn from our "sisters".
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For AIG Life, 2007 was the best year the company had in Romania so far. We have registered an important growth. According to the results registered in the first three quarters of 2007, we are the most profitable life insurance company on the market, and we hold an honorable second place.
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At the beginning of 2007 we were planning to maintain among the first five non-life insurance companies in Romania. Not only we have met this target, but we have clearly excelled it. We went up one place in the Romanian insurance market - we are now placing the third position, according the estimations.
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Although I do not have the right to speak about the overall market and I would refer here to the non-life segment only, I anticipate the market will continue its growth. This particular statement is based on the big difference between the insurance penetration rate in Romania and the figures reported by developed countries.
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In 2006, we registered the highest growth rhythm, approximate 145%.
The same rhythm we could have in 2007 too, but the company's management had decided to raise the underwriting process's standards.
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Though a more precised quantification of the market and of the insurance activity's main particular indicators can be done after insurers' laying down the balance sheets, we estimate that gross written premiums exceeded EUR 2 billion in 2007.
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EUROBROKERS is closing up a year marked by many events and notable achievements! Above all, I would point out the excellent trend of the life insurance segment which grew up 50% this year. Second of all, we have to mention the growing number of our active collaborators that went up 34% from last years' figures.
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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
Serguei ZAITSEV, Associate Director, HANNOVER Re
Antonio SOUVANNASOUCK, Managing Partner, ASIGEST
Boris SCHNEIDER, General Manager, ASIROM-VIENNA Insurance Group
Theodor ALEXANDRESCU, General Manager, AIG Life
Mihai TECAU, President of the Directorate, BCR Asigurari VIG
Constantin TOMA, President - General Manager, OMNIASIG
Bogdan STAN, Chief Executive Officer, EUROINS
Ion Daniel LACUSTEANU, Vicepresident, EUROBROKERS