Angela TONCESCU: 2010, a true touchstone for the insurance market
 "In the light of the most recent developments from Romania and given the quite gloomy outlook for certain indicators, such as the unemployment rate, the gross average salary, inflation and exchange rate, the ISC anticipates that 2010 will be a true touchstone for insurance companies", stated Angela TONCESCU, President of ISC, at the opening of the MAIN CONFERENCE at FIAR 2010.
"In my opinion, the sales policies applied until 2008 should be reconsidered and re-shaped, so that each and every one of us focuses primarily on the stability of this market and, not least, on the protection of the insured, which can be streamlined only with high quality products and services. The end of 2010 is likely to bring a stagnation of gross written premiums at their 2009 level. This might happen if the ISC efforts are supported and are fully understood by all players involved in this industry", continued the ISC President.
The insurance industry underwent significant changes last year, including the entry of new players on the market - ERGO Life Insurance -, the creation of the Pool of Insurance Against Disasters, with the participation of 13 insurance companies and the changes in the shareholding structure of relevant companies. We have also seen transfers of certain insurance portfolios, the merger of two companies - ASIBAN and BT Asigurari - into GROUPAMA Asigurari, then KD Life Asigurari started the financial recovery procedure and EUROASIG declared bankruptcy.
"While taking into account all these movements and the tough economic context, the Insurance Supervisory Commission intensified its market monitoring efforts. Thus, in 2009, ISC continued to strengthen its tools for a more efficient monitoring of the financial stability of entities under supervision, while also aligning to the practices of other insurance supervisory authorities from the European Union", specified Angela TONCESCU.
Author: Andreea IONETE
on 25.05.2010
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