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 leaving the market, we have been here and we will be here. Romania is the second biggest market for us in CEE. However, we do believe there is some improvement to be done on the local market, we need sustainable prices”, Ajeet PHATAK, Vicepresident, SWISS Re Europe, declared.
The reinsurance sector in CEE, affected by the international context
The reinsurance segment in the CEE region, and not only here, is strongly affected by various factors with international impact: a complex and uncertain environment, financial, economic, social, political and demographic changes that happen faster than any time in the past, legislation and regulatory changes (such as Solvency II, IFRS) or the increasing frequency and severity of climate and Nat Cat exposure, Sinisa LOVRINCEVIC explained.
Given this context, the CEE reinsurers adopt various strategies: the development of trust and the fulfillment of promises made to clients and partners, the brand name as reputation, a stable market position, sustainable growth on top and bottom line, underwriting discipline, active people engagement, tailor products and service innovation. “The active management of risk exposure is extremely important”, the representative of TRUST Re explained.