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Interview of the week

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Cristian FUGACIU, General Manager, MARSH Romania


During this period, a well-prepared insurance programme can make the difference between success and failure. The global financial crisis is the moment of truth for many companies, and also for those who manage their insurance programmes.

XPRIMM: What visible effects did the trigger of the financial crisis have on the insurance brokerage market?
Cristian FUGACIU:
The crisis had visible effects in every field, and the insurance industry has faced major changes. By changes we are referring to the risks faced by our clients. The repositioning of the risks to which the companies are exposed in the present implies a new assessment of the insurance programmes in force.

XPRIMM: What was the impact of restricting the credit and leasing activities upon the volume of new-business and how do you estimate this indicator will evolve in the current context?
C. F.:
Credit and leasing have been, in the recent years, two of the most important engines of the Romanian insurance industry. Without any doubt, the insurance industry will suffer because of the loans' restrictions. The business of the insurers and of the insurance brokers will slow down on this segment. Of course, MARSH Romania, like any large global company, has made an analysis and it has a new strategy in this period. Now adaptability is the biggest asset of a company, and MARSH has proven its ability to surpass difficult moments numerous times in its activity of over 138 years.

XPRIMM: What do you estimate to be the medium and long term impact of the financial crisis on the brokerage insurance market?
C. F.:
We believe that these market conditions represent an opportunity for the insurance brokers and for prestigeous consultants such as MARSH, in particular. Clients are very careful at this time and they expect maximum efficiency in everything they do. Materialization of risks is now more likely to happen, and clients will see how insurance responds in a time like this. We believe this is a moment in which it will become clear that insurance is neither a mere formality, nor something without any substance.

During this period, a well-prepared insurance programme can make the difference between success and failure.

The global financial crisis is the moment of truth for many companies, and also for those who manage their insurance programmes.


Editor: Andreea IONETE | Published on 23.04.2009
























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