No. 130, April 9th, 2009
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XPRIMM
News - THE ROMANIAN INSURANCE MARKET NEWSLETTER No. 130, April 9th, 2009 Click here to subscribe! Click here to unsubscribe! |
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| EDITORIAL |
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Few are those who still believe that there is life after the crisis, considering the famous phrase that says: "If America sneezes, the whole world catches a cold", and now when America has, by some, pneumonia, one can imagine, following the logic, the disease the "world" could have. The Romanian insurance market - affected? Coming from a global level, to our country level, and more deeply, to the insurance industry in Romania, it is not at all surprising the fact that the profile market here is starting to feel the symptoms of the crisis. In times of crisis, the budgets of the companies are, inevitably, reduced... But which expenses are considered by companies to be less useful? The answer to this question often is: marketing, training courses and... insurance. Same situation as with companies is found, of course, in terms of individual clients. Thus, according to several specialists of the Romanian profile market, reducing the insurance costs may be based on the concept that: "If untill now there were no claims, although I have been paying insurance for several years, it is likely I will not have claims this year either, when I don't have much money for insurance, anyway". Moreover, besides people who give up their policies, there are also the potential clients that profile companies try to approach for buying insurance. In this case, the situation is even more complicated, because people who are not insured and who have not benefited from any claims find it quite hard to understand the necessity of insurance, especially when revenue doesn't grow, on the contrary... At present, the key word in insurance is "trust", more specifically, the belief that the promise that you buy will be respected... Therefore, insurers must submit all efforts for this trust, which our clients have granted to the system after sustained efforts of persuasion, not to be lost. This brings us, of course, to the differences arising between the profile companies, the most important being the quality of offered services. Last but not least, insurers should be aware that a client lost in this period will be a client extremely difficult to regain... by mihaela.circu@mxp.ro |
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| INTERVIEW |
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Interview
with Mihail TECAU: The financial crisis had a direct impact on revenues from underwritings, in particular due to the volume of gross premiums that were written in leasing companies and in motor insurance, as well as to insurance collateral to banking business. XPRIMM: What are the main anti-crisis measures that a Romanian insurance company must take in order to face both the effects of the crisis and the increasing competition in the industry? M. T.: 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. XPRIMM: What was the impact of restricting the credit and leasing activities upon the volume of new-business and how do you appreciate this indicator will evolve in the current context? M. T.: Restricting the credit and leasing activity had the biggest impact upon the insurance business, especially on the new-business segment, and this is also as a result of the claims' increase, due to the returning of the financed goods, by the users. We estimate that, until the end of the year, the Government will take necessary measures to revive the credit/financing business, but the price of motor insurance will increase, and the volume of income from insurance premiums in the leasing activity will be below the level of the previous years. XPRIMM: From the perspective of insurance premiums, what was the effect of the national currency depreciation upon clients and by what methods have you compensated or do you intend to compensate this impediment? M. T.: As most insurance is priced in currency and paid in lei, the depreciation rate influences negatively the ability to pay of the insured. To compensate this effect, our company is structuring its offer on insurance plans, from the lowest price to the best insurance coverage. |
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Click here to read more! Dragos CABAT |
 Dragos CABAT President CFA Romania and Managing Partner FINANCIAL VIEW |
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| TOP PRESS |
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Only 9 days left And the winners are... FIAR Partners from the Russian reinsurance market In February alone, shareholders have injected EUR 100 million to
the capital of the Romanian insurers Slowing growth for non-life insurance Life insurance in 2008 - once again, less than 20% Life mediation market: only 1,75% of the whole industry OMNIASIG, the most profitable insurance company in 2008 GROUPAMA Asigurari enters for ISC approval this month The VIG profit in Romania grows 13 times, up to EUR 57.5 million CLAL Romania, sold for half a million euro; OMNIASIG takes over
its portfolio GENERALI Asigurari - 40% growth on the life segment in 2008 AEGON: Romania, the third place in Central and Eastern Europe ASTRA-UNIQA insures the TAROM fleet for the third year in a row GENERALI aims for a 22% increase in 2009 TOP 3 life insurance players account almost 60% market share ALLIANZ-TIRIAC & OMNIASIG cumulate 35% of the non-life insurance
market The market of the motor brokers
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| CEE, RUSSIA&CIS |
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25% growth for the insurance in the Republic of Moldova, in 2008 Tashkent International Insurance Forum Another successful conference in Moscow UNIQA Slovakia tops up premiums MEDVEDEV appoints LOMAKIN-RUMYANTSEV as head of the Expert Department |
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| FINANCIAL NEWS |
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BNR Governor: The leu will remain stable this year BNR decision leaves more cash for banks Parent-banks increase injections in their Romanian subsidiaries |
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| EVENTS | ||
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