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Interview of the week

Assen CHRISTOV Assen CHRISTOV, Chairman of the Supervisory Board, EUROHOLD

The economic environment and the insurance market are fully correlated. Healthy growth of the insurance business is hardly possible without economic growth. Of course, we have been an example of an expanding business in the times of economic downturn, but this expansion also comes along immense managerial and organizational efforts. Details
 

Manuel BAUER Manuel BAUER, Member of the Management Board, ALLIANZ SE

The business of insurance companies is a long-term business. We work with forecasts and rely on assumptions that might or might not become true in the future. To help us make sound business decisions a stable political and regulatory environment is essential. People buy P&C insurance today to prevent a potential loss in the future. The business of life insurance is a business where one makes a decision today that will pay off only in 20 or 30 years. Details
 

Jeroen MORRENHOF Jeroen MORRENHOF, CEO, FRISS

Within Europe one out of every ten claims is fraudulent. In certain regions, such as CEE including SEE and CIS, this threat is at least three times the European average. So what does this mean for the insurance companies? In a word: loss. Details
 

Franz FUCHS Franz FUCHS, Member of the Managing Board VIG, President of the Supervisory Council of ASIROM VIG

I think that when it comes to the MTPL business our objective is the security of our insured because, if we are leaking money due to highly insufficient premiums, sooner or later the financial solidity of the insurance company will become questionable. Details
 

Remi VRIGNAUD Remi VRIGNAUD, CEO, ALLIANZ-TIRIAC Asigurari

In Romania there are still important steps to make in order for the insurance industry to mature. Like any market in transition, we see here more challenges, but also the potential is different as compared to developed countries. I believe on the medium and long term, all the insurance LoBs, without exemption, have a significant growth potential. Romania is far from reaching a saturation level on all insurance segments. Details
 

Guy HUDSON Guy HUDSON, Partner, JLT Re

Reinsurance is essential for a motor portfolio. For the third party liability losses there is the possibility for losses to occur in EU countries that allow claims for Unlimited damages, therefore any insurance company issuing motor third party liability in Romania must buy an unlimited reinsurance protection. Details
 

Bruce BOWERS Bruce BOWERS, Regional CEO, ALLIANZ in CEE

"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." Details
 

Cristian BALANICA Cristian BALANICA, General Manager, PIRAEUS Insurance Broker

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. Details
 

Radu MANOLIU Radu MANOLIU, Deputy General Manager, CREDIT Europe Asigurari

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... Details
 

Klime POPOSKI Klime POPOSKI, President of the Council of Experts, Macedonian ISA

"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". Details
 

Florina VIZINTEANU Florina VIZINTEANU, President of the Board, BCR Asigurari de Viata VIG

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. Details
 

Elisabeta GJONI Elisabeta GJONI, Chairperson, Albanian FSA

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. Details
 

Ramunas BARAVYKAS Ramunas BARAVYKAS, Deputy Chairman, Lithuanian ISC

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. Details
 

Angela TONCESCU Angela TONCESCU, President, Insurance Supervisory Commission

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. Details
 

James GRINDLEY James GRINDLEY, General Manager, CertAsig

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. Details
 

Michaela KOLLER Michaela KOLLER, General Director, CEA - European Insurance and Reinsurance Federation

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. Details
 

Marie KOVAROVA Marie KOVAROVA, General Manager, Responsible for GENERALI group's operations in Romania, GENERALI Romania

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… Details
 

Antonio SOUVANNASOUCK Antonio SOUVANNASOUCK, Managing Partner, ASIGEST

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. Details
 

Victor SRAER Victor SRAER, Managing Partner, OTTO Broker

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. Details
 

Cristian BALANICA Cristian BALANICA, General Manager, PIRAEUS Insurance Broker

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. Details
 

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