Only 10% of Romanians plan to buy an insurance in the next year
 Half of Romanians said they trust insurance companies. However, only 10% of them intend to contract an insurance product in the next 12 months. These are the results of a study of IRES - Romanian Institute for Assessment and Strategy, presented at the Conference "A Practical Approach on Risk Management", held yesterday, June 14, 2010, by IRES in partnership with ISC and with the support of Media XPRIMM.
"Insurers are not enviable. They need to obtain results by gaining the Romanians trust, given that the Romanian cultural environment is one of generalized distrust. All our studies show that Romanians are individualistic and have no confidence in their peers, or in state institutions, or even in private enterprises", said Vasile DINCU, President of IRES.
"According to studies, Romanians trust their families (86%), havind a very low social capital. This means that we are unable to work for common goals and we have the tendency to rely solely on our family", added Vasile DINCU.
The same study reveals that over 50% of Romanians do not trust that the authorities can manage the risks they are exposed to. On the other hand, 55% of respondents had not heard of ISC and did not know which the object of its activity was.
The conference highlighted the role that risk management must have in the activity of every company, particularly of the insurance ones. In the opening of the event, Paul MITROI, General Manager, General Direction of Solvency Reglementation and Implementation, ISC, has also sent the official message of the institution on this issue:
"Risk management has become necessary in every sector of activity, and it must be integrated in the strategy of every company. Without an effective system of risk management, a company must rely on sufficient capital to cover any losses that it may suffer. In Romania, risk management is often assimilated to the idea of insurance, seen as the main instrument of protection".
The conference was attended by international specialists in risk management. Among them was Markus STRICKER, Actuary and Partner at INTUITIVE Collaboration.
"Risk management is a complex system, but it must be understood not by the actuary alone. It must be "translated" into the language of every manager, for him to understand how his business evolves and why a single model cannot apply to any situation", he pointed out.
Author: Vlad PANCIU, Oana RADU
on 14.06.2010
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