According to the first estimates, damages produced by the violent episodes of the Romanian street protest on Sunday (January 15) could amount EUR 300.000 - 450.000, taking into consideration both the value of the police equipments destroyed and the public and private properties affected. Unfortunately, most of the losses are not insured as damages produced by civil disorders are usually not covered by the voluntary insurance policies.more...
(18.01.2012)
The German insurance company GOTHAER is interested in taking over the Romanian insurance company PLATINUM, owned by Constantin TOMA, former president of OMNIASIG, according to sources cited by Financial Times Deutschland. Contacted by XPRIMM, the officials of GOTHAER confirmed that, at the moment, they are carefully analyzing the local insurance market and they have already started negotiations, but they did not mention the company in question. "GOTHAER is now looking closer at the Romanian insurance market and we are in discussions. But these are still in a rather early stage, so we cannot give you any further information yet", declared Martina FASSBENDER, spokesperson for GOTHAER.more...
(10.01.2012)
Starting with the 1st of January, the compensation limits offered by the Romanian insurers through a Motor Third Party Liability (MTPL) policy reached the level established by the European Union: for material damages, the compensation limit increased from EUR 750 thousand to EUR 1 million per event, disregarding the number of injured parts, and for bodily injuries and deaths (including moral damages indemnities), the limit reached EUR 5 million, increasing from EUR 3.5 million at the end of 2011.more...
(16.01.2012)
Groupama has appointed Francois COSTE as General Director of its Romanian subsidiary, GROUPAMA Romania. He will take on this new responsibility as soon as his appointment will be validated by the Romanian Insurance Supervision Commission. Sanda NICOARA, the current CEO, will return to her previous position, as deputy general director and COO (chief operations officer) of the insurer.more...
(16.01.2012)
Nicolae Crisan, former Chairman of the Romanian insurance supervising authority (ISC), between 2001 and 2006, was appointed General Director of the Insurance Guarantee Fund. The nomination follows a reorganization process undertaken by ISC, the institution to which the Guarantee Fund is subordinated, in order to better align the Solvency II supervision system requirements. The new and much simplified institutional structure of IGF will be soon revealed.more...
(12.12.2011)
Bogdan ANDRIESCU was re-elected as President of The National Union of Insurance Brokerage and Consultancy Societies from Romania (UNSICAR). Along with Bogdan ANDRIESCU the other members of the Board of Directors are Ionel DIMA, Vicepresident, AVUS Group, Gheorghe GRAD, General Manager, SRBA, Victor SRAER, General Manager, OTTO Broker, and Zorin PUSCASU, General Manager, MEDIATIS Broker.more...
(06.12.2011)
The Romanian insurance mediation market has reached, after the first nine months of this year, a total amount of mediated premium of EUR 550 million, according to INSURANCE Profile estimation. Compared to 3Q2010, the business turnover decreased by 3.7%in real terms, while the nominal change in European currency was also negative: -0.90%. Concluding, the insurance mediation market represents, more than 38% from the gross written premium by the all Romanian insurance companies.more...
(08.12.2011)
The 3Q2011 preliminary results of the Romanian insurance market show a slowdown of the negative trend in underwriting, with a y-o-y GWP nominal change of only -3%, much better as compared to the half year figures which were showing a 14% fall in GWP. All in all, GWP stood at EUR 1,444.48 million.more...
(29.11.2011)
Radu MUSTATEA, President of ASTRA Asigurari, the leading insurer on the Romanian market, is stepping down, the company said on Monday in a press release. The management of the company will be taken over by Alexander ADAMESCU, currently Vice President of the Supervisory Board of ASTRA. Radu MUSTATEA decided not to renew his term mandate of five years ending at the beginning of 2012, in order to pursue some personal projects.more...
(24.11.2011)
Premiums underwritten by the 22 members of the National Union of Insurance and Reinsurance Companies in Romania (UNSAR) fell about 5% in the first nine months of 2011, to RON 4.9 billion lei (EUR 1.2 billion). The share of Union's member companies in total underwritings of the insurance market is about 82%.more...
(17.11.2011)
The Annual General Meeting of Shareholders of the company ASITO KAPITAL has approved the transfer of shares from the NORCROSS property (majoritary shareholder of the company) to the Joint International Insurance Company MOLDASIG from Moldova. The decision was published in the Romanian Official Gazette, Part IV, no. 4004 of October 28th, 2011. Following this decision, NORCROSS will lose its quality of shareholder of the company (it had controled 97% of the shares, representing 99.9% of the share capital of the company), which was taken over by the Moldavian insurer.more...
(03.11.2011)
One of the main projects of GENERALI Romania for the next period is
communicating the multi-brand strategy, so far unique on the insurance
market, both to clients and to partners. "The entire communication
campaign is focused on promoting both brands, GENERALI and ARDAF, by
emphasizing the defining qualities, as well as the complementary ones,
to show clients that the two brands remain in the market", said Adrian
MARIN, CEO of GENERALI Romania, in an interview for XPRIMM Newsletters.more...
(28.10.2011)
The first three quarters represented for ASTRA Asigurari "nine months of
strengthening the market leader position", according to statements made
by Radu MUSTATEA, President of the Directorate of the company, in an
interview for XPRIMM.TV, at Baden Baden. "We have a positive evolution
compared to last year, not very high, single digit, but it is a growth
probably somewhere between 3% and 5%, under the circumstances that the
market has decreased. Also, we have had a good evolution on the market
in Hungary in the first nine months, where we already have about 160,000
customers", he added.more...
(27.10.2011)
Extremely high volatility of financial markets and an unfavorable
economic climate continue to impede the development of mergers and
acquisitions market in insurance and reinsurance industry, according to a
report presented in Baden-Baden by GUY CARPENTER. Thus, the activity in
this field in the first six months of 2011 stood at a level similar to
the one from the corresponding periods in 2010 and 2009. From January to
June 2011, a total of 22 major transactions were announced and
completed, whose aggregated value amounts to over USD 3.4 billion.more...
(26.10.2011)
MUNICH Re sustains the introduction of fiscal union and a common
budgetary policy at EU level, as a solution to the current macroeconomic
situation, caused by the sovereign debt crisis, that threatens to
destabilize the entire continent.more...
(26.10.2011)
Increased regulations in the insurance industry in Russia have led many
companies to cease trading, explained Olga SIGALOVICH, General Director,
EASTERN Re, for Intelligent Insurer. "New capitalisation requirements
for reinsurers have meant that the market has declined sharply, as
companies without enough capital to meet the new legislative
requirements have left the market", stated Olga SIGALOVICH.more...
(26.10.2011)
The pressure to underwrite more premium income to cover losses from the
first half of the year but without reducing rates means reinsurers are
increasingly open to writing new business in niche areas and from
previously under-developed markets.more...
(26.10.2011)
ASIROM's estimated results for the end of the year aim a 20% increase of
underwritings on general insurance, while life insurance is waiting to
return to the previous year's level.more...
(25.10.2011)
The global reinsurance market has not yet turned the corner into an upturn, a panel of speakers at the GUY CARPENTER symposium at the annual Baden-Baden Rendez-Vous has agreed.more...
(24.10.2011)
European insurers will be hard hit if debt contagion spreads to Italy
and Spain according to MOODY's. The rating agency said most rated
European insurers could sustain further weakening in the
creditworthiness of the Irish and Portuguese sovereigns as well as
higher-than-expected losses on Greek sovereign debt.more...
(24.10.2011)
