Archive for the “News” Category

FIAR – THE INTERNATIONAL INSURANCE-REINSURANCE FORUM 2016

FIAR – THE INTERNATIONAL INSURANCE-REINSURANCE FORUM stands as the most important European spring event dedicated to the insurance, reinsurance and private pensions markets. FIAR gathers representatives of all major European insurance and reinsurance companies. FIAR 2016 – May 15-19 http://fiar.ro/en/

The Situation of Motor Third Party Liability Insurance Market – MTPL at the end of the third trimester of 2014

During 2014, until the end of the third trimester, a number of 11 insurers have had the authorization to write MTPL insurance. Subscribed gross premiums The total amount of written premiums for MTPL, at the end of the third trimester of 2014 reached the value of 1.944.189.977 RON (EUR 440.719.494). Compared to the same period […]

11th Post Renewal Winter Reinsurance Seminar – 5th – 9th March-Ponte di Legno 2014 -Italy

Since 2003, Polish Re’s ski event has become one of the most important market events in our region focused on networking and business talks. During the seminar all the participants can discuss all relevant and current issues of insurance market as well as completed season of 1/1 reinsurance renewals. Stellar Re , one of friendly […]

XPRIMM Insurance Report FY2012: Romania remains the third Motor Hull market in CEE, despite the continuous decreases in the past 5 years

At the end of last year, the Motor Hull segment totalized EUR 3.8 billion for the 16 countries forming the Central and Eastern Europe region, according to statistics published in the latest issue of XPRIMM Insurance Report. Compared with 2011, the number did not vary significantly (0.1% growth), but compared with 2008, when Motor Hull […]

Artur BOROWINSKI: The MTPL prices and the high claims frequency on Motor Hull are the main problems of the Romanian motor insurance market

“As far as the MTPL segment is concerned, the market’s main problem is the unsustainable price of policies, resulting from the fierce competition, as certain insurance companies underwrite for cash-flow. Regarding Motor Hull, the main problem consists in the extreme high frequency (over 50%) of claims, and as a result, the Romanian insurers have the […]

The reinsurers ask for an active management of risk exposure and sustainable prices in Romania

“We will stay in the Romanian market for a long time”, Sinisa LOVRINCEVIC, Head of Business Development, Regional Director & Senior Underwriter, TRUST Re declared during the reinsurance workshop at FIAR 2013. A similar message regarding the long time development on the Romanian market was transmitted by the representative of SWISS Re: “We are not […]

ASF: We expect more openness from all companies to settle differences of opinion

“The insurance market will have my full support, and I will do everything in my power to protect the customers’ rights” stated Daniel TUDOR, Vicepresident of ASF, in charge with the insurance sector supervision. The newly established unified supervising authority of the Romanian financial markets (ASF) was the absolute star of the 2013 edition of […]

The Turkish market is becoming more and more dependent on the brokers for the reinsurance of the earthquake risk

Because of the exposure to the earthquake risk, Turkey was among the first countries in the world in which an insurance pool against this risk was set up. However, due to the relatively high damages and the rather weak technical results recorded by the local companies, the reinsurance against the earthquake risk is facing with […]

GIURESCU, ASF: We are working on the retirement pay law, as well as on the implementation of occupational pensions

“In all these years we – authorities, administrators, supervisory authorities – have made together the history of this market. We succeeded in setting up a system in which many people believed and which was quite disputed even before, but also after it was applied. What I think is very good is that amid this turmoil […]

The ASF Council starting the integrated financial supervision in Romania

On the 24th of April, the Romanian Parliament ratified, in the common assembly of the two Chambers, the management of ASF – the Financial Supervisory Authority. The new structure will begin its activity in May and it will take over the attributions and functions of CNVM – the Romanian National Securities Commission, CSA – the […]

Romania: ALLIANZ-TIRIAC business stabilized in 2012, while the investment result saved its profit

After double-digit drops in premiums in 2010 and 2011, ALLIANZ-TIRIAC revenues stabilized in 2012, managing even a slight increase of 0.3%, helped by the positive evolution of life insurance and retail sales on all non-life lines. The company ended the year with gross written premiums worth RON 908.9 million. Life insurance had an advance of […]

GREECE: Over EUR 5 million in paid claims after the heavy rainfall in late February

The paid claims due to the heavy rainfall that devastated the region of Attica and the whole territory of Greece by the end of February 2013 will be more than EUR 5 million, according to the first data published by HAIC. The 756 claim files reported by the property insurers are estimated to EUR 5.3 […]

Insurers should be aware that maintaining low tariffs for MTPL is very risky in the long run

“The Turkish insurance market is not doing so well as the country’s economy as a whole, although it is usually expected that the growth dynamics should be similar,” Muzaffer AKTAS, Managing Director with WILLIS Re told XPRIMM.TV at Istanbul. “Yet, the market’s perspectives are huge, which is why over 70% of the share capital of […]

BiH, FY2012: 29% of claims paid by insurers in MTPL insurance were non-material. The market will be liberalized

In 2012, the claims paid by the BiH insurers on the MTPL insurance class totalized EUR 44.73 million, of which EUR 13 million (the equivalent of 29%) were related to non-material claims. For the same period, the Protective Fund paid EUR 0.9 million in non-material claims. At the moment, the MTPL market in BiH is […]

The Croatian insurance market is almost ready for the EU accession

“Although we are witnessing a slight decrease in premium production for forth consecutive year, the Croatian insurance market remains sound and stable. Considering the general economic perspectives, we are not really projecting growth for 2013, but there are some signs of recovery and we are expecting a steady evolution,” stated Hrvoje PAUKOVIC, Director of the […]

SERBIA: Slovenian TRIGLAV would like to buy DDOR COMPANY in Serbia. DDOR representatives say: “We are not for sale”

President of the Management Board of the Slovenian TRIGLAV, Matjaz RAKOVEC, said this company was interested in buying the Croatian CROATIA Insurance and the Serbian DDOR. After only several days, this statement caused a stock price jump of TRIGLAV on the Ljubljana Stock Exchange. The General Manager of DDOR Company, Christian Otto NOE, characterized this […]

UNIQA Group returned to profit in 2012

According to the FY 2012 preliminary results, the Austrian insurance group UNIQA recorded earnings before taxes of EUR 205.4 million, “marking a return to profitability after a loss due to significant non-recurring effects in the previous year (EUR -322.3 million in 2011)”, while the consolidated profit (after taxes and minority interests) amounted to EUR 130.2 […]

SCOR’s premiums jumped by 25% in 2012

The French reinsurer SCOR reported a net income of EUR 418 million during the FY2012, up by 26.7% y-o-y, while the gross written premiums increased by 25.2% to EUR 9.51 billion over 2011, helped by a strong property & casualty reinsurance business and by the successful integration of the TRANSAMERICA Re business. “SCOR achieved a […]

GREECE: Get insured or hand over the license plates?

Starting 14th April drivers will have to choose whether they will buy an MTPL insurance policy or give up their vehicles registration plates. The dilemma in this particular situation stems from a modification to the law made by the Finance Ministry, which concerns vehicles that run without an insurance policy. This raises the question if […]

BELARUS Re: Top 3 largest insurance indemnities paid in 2012

Last year was a successful one for BELARUS Re, the company managing not only to follow its business plan for 2012, but to achieve better results than expected in terms of premium production. Moreover, despite the difficult economic times, BELARUS Re was able to reduce the loss ratio for its portfolio from 12.39% in 2011 […]

Muzaffer AKTAS: Motor insurance is like sailing in dangerous waters

Fraud creates a problem in motor insurance because of the high number of active policies, making it a very dangerous line of business. “Fraud is one of the most dangerous things in insurance as well as one of the most difficult issues to deal with. Every person, including employees, from top to bottom can get […]

Serbia: Amendments to the Law postpone the increase in the minimum sum insured for two years

Serbian Parliament adopted the Law amending the Law on Compulsory Traffic Insurance stipulating that an increase in minimum sum insured, for which the compulsory automobile liability insurance for damage caused to third parties can be contracted, is to be postponed for two years: instead of coming into force starting October 2012, the new sums will […]

Mihnea TOBESCU, about his objectives as CEO of EUROINS Romania

Starting October 1st, Mihnea TOBESCU is the new CEO of EUROINS Romania, according to the press release published by the company. Among his objectives, the new leader of EUROINS mentions the diversification of business lines and the company’s portfolio, which currently consists mainly in motor insurance (94%). “I am very enthusiastic about my new position […]

GOTHAER Finanzholding took over 67% of PLATINUM Asigurari

PLATINUM Asigurari Reasigurari announced the closing of the deal through which GOTHAER Finanzholding bought a 67% stake of the Romanian company. The rest are equally owned by …Constantin TOMA and Efraim NAIMER. The transaction is being currently subjected to the regulatory approval of ISC – The Romanian Insurance Supervisory Commission. “The acquisition of 67% of […]

EUROINS, 1H2012: GWP rises 52.5% Y/Y

For the first six months of the current year, the GWP of EUROINS Insurance Group registered a 52.5% growth amounted to EUR 74.81 million compared to EUR 49.1 million for January-June 2011, according to preliminary data recently published by the Group. …With the best performance, based on the results from the previous year, is EUROINS […]

POLAND, VIG: Merger of InterRisk and PZM completed

The VIENNA Insurance Group (VIG) has concentrated its resources in the Polish non-life insurance market by merging the companies InterRisk and PZM. …As announced the Group, the merger is completed, following that “in the future the two non-life insurers will occur under the brand InterRisk and distribute their products nationwide. The distribution power of the […]

SLOVENIA: Sava Re and Triglav companies downgraded one notch by S&P’s, following the recent Slovenia’s long-term rating lowering

According to the recent S&P’s press releases, Slovenia-based insurers Triglav Insurance and Triglav Reinsurance long-term ratings were lowered from ‘A’ to ‘A-‘, while Sava Re’s long-term rating declined to ‘BBB+’ from ‘A-‘. Both downgrading actions are reflecting “the still “high” likelihood, although reduced ability, of the Slovenian government to provide extraordinary support in the event […]

GENERALI PPF Holding buys the Polish insurance company PROAMA

At the end of July, GENERALI PPF Holding and GROUPAMA signed an agreement for GENERALI PPF Holding to acquire GROUPAMA’s Polish insurance branch, PROAMA into its structures. The transaction will enable GENERALI PPF Holding to expand its activities on the Polish market, because, after completion of the transaction, GENERALI PPF Holding will operate the 2 […]

MOLDOVA: 7.5% growth for the first half of 2012

The insurance market of the Republic of Moldova accounted for the first six months of 2012 to a total of MDL 501 million in underwritings, 7.5% more than …the same period of 2011, as the figures recently published by the National Commission of Financial Markets (NCFM) show. In European currency, the business volume of the […]

ISC: 2.7% increase for the Romanian insurance market in 1H2012

In the first half of 2012, the Romanian insurance market registered a total underwritings volume of over RON 4.1 billion, increasing by 2.7% compared to the same period last year, according to preliminary results published by the Romanian Insurance Supervisory Commission. Gross written premiums for non-life insurance totalized almost RON 3.3 billion, increasing by 3.54% […]

Re-insurance-specialists-meet-this-week-in-Brasov-at-FIAR-2016

The 19th edition of FIAR – The International Insurance-Reinsurance Forum, the most important European spring event dedicated to insurance, reinsurance, and the private pensions markets, officially began this Sunday, May 15, in Brasov, Romania. The event gathers together well-known international specialists and representatives of major insurance companies. http://www.insurance.1asig.ro/Re-insurance-specialists-meet-this-week-in-Brasov-at-FIAR-2016-article-2,3,100-7960.htm  

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