Insurance Market
10 Years of Construction
> The profile market registered a 10 times increase of the business volume after 10 years since the appearance of the first report of the supervisory authorities about the Romanian insurance market. How, and especially, how hard was to get here, find out from authorized voices on the insurance market of 2007, in the article signed by Daniela GHETU.
Health Insurance - between Good and Bad
> The health insurances had in 2006 one of the most accelerated increase on the profile market, the volume of premiums growing with 208%. However, the lack of an adequate legislative framework, especially from the application norms’ point of view, was an obstacle in the development of the private health system. Vlad PANCIU and Andreea IONETE have synthesized the conclusion drawn at the National Health Insurance Conference.
Interview
Interview with Angela TONCESCU,
President of the Insurance Supervisory Commissione
> A year from her appointment is a good moment for evaluating the changes made by the new President of the Insurance Commission. About continuity and changes, results or present’s dilemmas they can read in the interview signed by Daniela GHETU.
Insurance Brokers
To Be or not Be in the Territory
> The first 50 insurance brokerage companies from Romania account for 82% of the market and are represented at national level by a 139 local offices network, spread in 22 out of 41 Romanian territorial counties. Alex ROSCA proposes a dialog on this issue with representatives of the Romanian brokerage companies.
POINT OF VIEW with
Gheorghe GRAD, General Director SRBA
> In a new feature of the brokerage section, Gheorghe GRAD draws attention upon one of the most popular insurance product - Motor hull -and tackles coverage’s expansion of the product outside the Romanian territory.
Country Profile
TURKEY
> Andreea IONETE makes a detailed presentation of the Turkish insurance market in 2006 from the evolution perspectives for this year point of view.
Pensions
Interview with Mircea OANCEA,
President of Private Pensions
System Supervisory Commission
> After a track with hesitations, the Romanian private pension system has finally reached the moment when it effectively starts its activity. Daniela GHETU proposes a dialog with the President of Supervisory Commission of Private Pension Scheme.
With or without brokers ?
> In order to mediate facultative pensions, insurance brokers need the appraisal from the Supervisory Commission of Private Pension Scheme and its own personal to be licensed as marketing agents.
The mechanism, simple for Pillar III, becomes extremely complicated when it comes to be applied for Pillar II as well. Read on page 35 an article signed by Constantin NASTASE.
Pension, between dream and reality
> Liviu HULUTA presents the conclusions of a survey made by AXA regarding the population’s perspectives and expectations of the retirement’s aftermath. A period when the alarm-clock is not useful anymore and we aim to fulfill all dreams. |
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EDITORIAL
Cinderella Potential |
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by Sergiu COSTACHE
General Director
of Media XPRIMM |
| Although the Capital City – an already saturated market - will continue to be the greatest star for some time, we can predict that the future of the insurance development in Romania lies in the hands of the hard-working “Cinderellas” from the territory.
What makes me say this, among other things, is the end, in April, of the first important stage of the National Programme “Where Do I Get My Insurance From?” – focused on visiting the main insurance companies and brokers from each Romanian county -, which gave me the chance to get to know the potential and the problems in the territory.
They do have a potential and it will be exploited. This potential comes from a low penetration rate, lack of competition on the retail market (except for MTPL insurance) and the real need for protection that sooner or later Romanians will become aware of.
There are dangers as well, but they can be overcome. The obstacles are triggered by the low purchasing power, the potential clients’ lack of knowledge or information, human resources crisis, generational change, shortage of trained staff and slow economic development.
All these, however, are insignificant compared to the returns that provinces can bring: low claim rate – due to the good knowledge of legal entity customers, good selection of written risks – due to a better knowledge of realities, and a greater efficiency – due to a higher level of networking with local economic groups.
But, in the provinces, the market will grow mostly in terms of retail and of the direct relationship with natural person clients, because the legal entity client market is already shared. So, who wants to be the first to take up the glove? | |
