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Wind of change

One year after the global financial crisis has begun, both insurers and reinsurers are looking ahead to new times. The Central and Eastern European economies, which were leading the development wave last year, are now struggling to keep the pressures under control. Things are no different in the insurance market than at the macroeconomic level.

However, solutions can only come from the CEE markets. Potential is still very high, insurers are largely unaffected by the financial turmoil, while the need for protection is unquestionable - as PRIMM Magazine reports in its CEE Markets Survey, launched in premiere at Baden-Baden 2009.

Besides all the technical details of present times, clearly the younger market economies are still the growth engines of the future. This is also the case of Romania, whose general insurance market will benefit from one of the most important insurance-related projects ever developed in the region - the introduction of mandatory household insurance.

Although discussions started almost 10 years ago, it was in October 2009 that PAID, the company which will manage mandatory policies, was officially formed. 13 privately-owned Romanian direct insurers are shareholders of PAID, which has to insure up to 8 million houses starting, most probably, July 1st, 2010. A task as important as the benefits of this project for individuals, insurers, brokers and international reinsurers.

Discussions are ongoing in Bucharest, not about the general financial crisis - but viable solutions which finally became reality for the insurance market during this economic downturn.
Author: Alexandru CIUNCAN on 29.10.2009

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