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
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
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
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.
| Published on 23.04.2009