ISC changes the MTPL game Claims to be paid to drivers based on the MTPL insurance will no longer
be calculated by insurers based on their own assessment, but according
to prices established by body shops, or provided in specialty catalogs.
This measure will allow the damaged parts to seek payment of claims
first and then to make the necessary repairs. Modifications to the ISC
Rule related to the MTPL insurance were published on February 24 in the
Official Gazette. more... (25.02.2010)
Ionel DIMA, AVUS: If an insurer makes higher profits on the motor segment, something is wrong Motor insurance gives headaches to the Romanian insurers, the more so
now, in times of crisis, when to the increasing claims rate there are
also added the decrease of the underwritings and the customers' tendency
of self-insurance. In the view of specialists, this insurance segment is
one that consumes many resources, generating small profits. more... (25.02.2010)
EUR 700-800 million - the potential of the Romanian health insurance market Private health insurance market in Romania has a potential of EUR
700-800 million for insurers and, obviously, considerable benefits for
customers, appreciates Theodor ALEXANDRESCU, General Manager, ALICO
Romania. According to him, the causes which hinder the development of
this market are: lack of therapeutic guidelines (of stipulated
procedures), non-existent tax incentives and the fact that private
medical services are reduced, so basically there is no competition. more... (25.02.2010)
TRIGLAV generated highest premiums last year According to the preliminary data by the Slovenian Insurance
Association, Slovenian insurance companies saw premiums on the domestic
market rise 2.8 percent and reach EUR 2.1 million last year. The biggest
share was controlled by Zavarovalnica TRIGLAV (35.8 percent), which
reported EUR 743.1 million in premiums. more... (25.02.2010)
Ukrainian insurers faced a 25% decrease in premiums in 2009 Ukrainian insurance companies have underwrote in 2009 gross premiums of
approximately EUR 1.6-1.7 billion, according to estimates made by
Alexander FILONYUK, Directorate President, League of Insurance
Organizations of Ukraine (LIOU). In 2008, premiums totalized EUR 2.1
billion. He also mentioned that companies debts to the clients climbed
to EUR 86.8 million in 2009, in comparison to EUR 4.8 million in the
previous year. more... (25.02.2010)
Belorussian insurers have increased premiums by 18% in 2009 Belorussian insurance companies have underwrote gross premiums of
approximately EUR 280 million in 2009, an increase by 18.5% compared to
2008, according to Belorussian Ministry of Finance. more... (25.02.2010)
Russian insurance market - down by 2.5% in 2009 Russian insurers have reported EUR 24 billion in written premiums in
2009, a decrease by 2.5% in comparison to the previous year, according
to Aleksandr KOVALY, President of the Federal Insurance Supervision
Service. At the same time, paid claims rose by 17%, up to EUR 18
billion. more... (25.02.2010)
Sixth International Risk Management Conference to be held in Kazakhstan The Sixth International Risk Management Conference will be held this
year traditionally on 14-15 April 2010 in Almaty, Kazakhstan. This will
be the Sixth Annual Conference on Risk Management organized and
sponsored by EURASIA Insurance Company. more... (25.02.2010)
24-28 mai 2010 Sinaia, Romania
13th Edition Organizer: Media XPRIMM Official web-page: www.fiar.ro
TOP News
PAID was founded PAID - the Pool of Insurance against Disasters was constituted
yesterday, September 23. As announced yesterday in premiere by
1asig.ro, PAID will be composed of 13 companies, compared to the 16
initially speculated, this having been later confirmed by the press
release issued by the law firm VOICU&FILIPESCU. more... (24.09.2009)
Major insurance groups lose market share The companies of the major European insurance groups present in Romania
finished first half of this year with underwritings of EUR 741.6
million, a nominal decrease, in EUR, of over 17% compared with H1/2008,
when they cumulated EUR 894 million. Thus, the contribution of large
insurance groups to the total volume of gross written premiums in the
first half was reduced by four percentage points compared to 2008, to
68.33%. more... (11.09.2009)
BCR Asigurari de Viata, the only increase in Top 10 life Life insurance companies in Top 10 have obtained in the first half of
this year a negative evolution lower than market average (-19%,
compared to -8.28% - nominal evolution in EUR), according to
INSURANCE Profile Specialty Review. more... (10.09.2009)
Economic recession changes the rules in insurance European insurance companies could be forced to pay more for
reinsurance coverage in the 2009-2010 renewal season, following the
financial crisis affecting the world economy, , Jean Philippe THIERRY,
Chairman of the Organizing Committee of Rendez-Vous de Septembre in
Monte Carlo, stated for the XPRIMM Publications. THIERRY, who runs one
of the largest insurance companies in France, AGF, now part of ALLIANZ
Group, believes that negotiations that mark the end of the year will
focus more than ever on matters such as financial security and capacity
offered by the reinsurers, rather than on prices. more... (08.09.2009)
4 large groups hold 73% of the motor insurance market EUR 261.8 million is the cumulated value of gross written premiums on
motor insurance, in the first quarter of 2009, by the companies part of
the most important European insurance groups present in Romania
(ALLIANZ, GENERALI PPF, GROUPAMA and VIENNA Insurance). The figure
represents 73% of all business registered by the motor insurance market
(Motor Hull, MTPL and Green Card, cumulated). Compared with the
situation recorded in Q1 2008, when the same companies recorded a
volume of underwritings on motor insurance of EUR 317.5 million, a
nominal decrease in EUR of 17.5% was registered. more... (02.06.2009)
OMNIASIG, the new non-life leader OMNIASIG, member of VIENNA Insurance Group, has maintained its
business, in the first three months of the year in progress, at the
same level correspondent to the equivalent period of 2008. Thus, the
insurer has ended the first quarter with revenues from underwritings of
RON 331.6 million (EUR 77.7 million), with 0.13% below the value
registered in Q1/2008. So, OMNIASIG has become the new leader of the
Romanian general insurance market, surpassing by EUR 1.82 million
(equivalent to 0.4 percentage points market share) the former leader of
general insurance, ALLIANZ-TIRIAC, according to company's reports for
the INSURANCE Profile Specialty Review. more... (01.06.2009)
Towards FIAR 2010 ... The XIIth Edition of FIAR - the International Insurance-Reinsurance
Forum has come to an end. Despite the global economic crisis, leaders
and specialists in insurance and reinsurance worldwide have found the
time and the necessary resources to meet in Sinaia, for 5 days of
conferences, bilateral meetings and socializing. more... (01.06.2009)
The reunion of the leaders of the most important 20 countries
on the planet had a well defined goal: creating
an image of unity of the civilized world in front of the global recession.
It is exactly
this goal that was not reached after the reunion.
The different positions regarding the ways to address the crisis
have not been reconciled:
the U.S. continues to have an aggressive attitude,
based on relaxation of monetary and fiscal policies, on the massive
injection of liquidity
in the financial system and on conditioned support
of private companies - and conditions are among the toughest.more...
Interview of the week
Bogdan ANDRIESCU
President
UNSICAR
The perspectives of the brokerage market are, in my point of view, extremely positive. Taking into account the evolution in 2009, when the brokerage market registered an increase, both in volume and as a share of insurance premiums, I consider that we will also register a growth in 2010. Details
Information circulated by the media lately is talking about alarming
increases of the MTPL tariffs.
Allegations relate to the fact that this increase is unjustified and
that buying the MTPL policy should remain at the decision of the driver,
without being imposed by the law.Details
Dragos
CABAT Managing Partner FINANCIAL VIEW
