Damages caused by violent incidents in Bucharest, most probably not covered by insurance policies 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)
1st of January brings larger compensation limits, and Bonus-Malus for companies 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)
ROMANIA: Francois COSTE appointed CEO of GROUPAMA Asigurari 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)
GOTHAER plans a takeover on the Romanian market. Their target is PLATINUM Asigurari, German sources said 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)
The Insurance Guarantee Fund reorganized to comply with the Solvency II requirements 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)
XPRIMM Group launch INSURANCE Profile - Republic of Moldova 1H 2011 XPRIMM Group launch the third special issue of INSURANCE Profile,
dedicated to the Moldavian insurance market, this time the period
January-June 2011 being analyzed. This is the sixth special issue that
INSURANCE Profile, the well-known Specialty Review that publishes
quarterly the results of the Romanian insurance market, launches,
offering its readers up-to-date financial information regarding other
insurance markets than the Romanian one. more... (14.11.2011)
Mihai MAZARENCO is the new President of GARANTIE Asigurari Mihai MAZARENCO was appointed as President of the company GARANTIE Asigurari, starting November 1st, 2011, by the decision of the company's majority shareholder, ASCOM Group. All documentation related to that decision was already submitted to the National Commission of Financial Market for approval. more... (03.11.2011)
MOLDASIG in Top 50 CIS insurers The leader of the insurance market in the Republic of Moldova was, after
the first six months of the year, on the 30th position in the hierarchy
of CIS insurance companies, by the underwritings criterion, shows
XPRIMM INSURANCE REPORT 1H 2011. The second company, by size, from
Moldova, ASITO, has occupied the 51st position in the same ranking,
while GRAWE CARAT Asigurari was ranked 65th. The presented ranking does
not include insurers from Russia, Ukraine, Tajikistan and Turkmenistan. more... (19.10.2011)
Moldova's brokerage market reached EUR 8.4 million EUR 8.4 million (MDL 139.5 million) totaled the brokerage market in
Moldova after the first six months of 2011, according to financial data
released by the National Commission of Financial Market. Compared with
the previous year, when Moldavian brokers registered business of EUR 5.3
million (MDL 89.5 million), the value of mediated premiums increased by
over 57%. Also, during January-June this year, brokers have mediated
about 30% of gross premiums written by insurers, a degree of mediation
by about 10 percentage points higher than in the same period of last
year. more... (09.09.2011)
Negative dynamic for the market profitability Gross profit in the first half of this year for the players in the
insurance market was MDL 41.5 million (EUR 2.5 million), which
represents, compared to 1H/2010, an evolution in absolute value of about
EUR 1.9 million (editor's note:
in 1H/2010, gross profit was MDL 73.2
million, the equivalent of EUR 4.4 million). Also, losses accounted by
insurers amounted to MDL 20.9 million (EUR 1.3 million). more... (24.08.2011)
Reinsurers of the Pool in Turkey can "escape" from claims payment Reinsurers from the insurance program against earthquakes in Turkey
could be exempted from the claims payment due to the high degree of risk
retention that the Pool has in case of an earthquake. According to
sources from WILLIS Re, the broker who mediated the reinsurance program,
the limit of retention of EUR 175 million has not been reached. more... (25.10.2011)
The law on mandatory insurance - great opportunity for the Azerbaijan profile market The stable economic environment, little influenced by the global
economic crisis, as well as constant growths registered by the insurance
market lately give a note of optimism to the statements of Azerbaijani
insurance companies representatives on the forecasts for next year. more... (21.10.2011)
Armenian parliamentarians proposed reduction of MTPL tariffs. Insurers do not agree with this Less than a year since the implementation of the law regarding mandatory
MTPL insurance for Armenian drivers, the regulation rises
controversies, members of Parliament proposing the reduction of the
price of the policy: "Our main task is to ensure the system's security,
on the one hand, and the citizen's "wallet", on the other hand", said
Artsvik MINASYAN, DASHNAKTSUTYUN opposition party representative, quoted
by armbanks.am. more... (20.10.2011)
"I am proud to lead this growth region for ALLIANZ and to build on the success to date that has been achieved. Today we have 7.5 million customers in the region, meaning that people see us as a trusted and reliable partner."Details
