News

Evgeny POTOKOV, SCOR: The biggest P&C line of business [in Romania] cannot be unprofitable

"I think that stability is essential for insurance and reinsurance companies alike and, in order to be active in the market, we need a transparent and stable legislative framework, otherwise the rules are not clear and it is hard to plan business activities in the market with too many uncertainties", Evgeny POTOKOV, Senior Underwriter SEE, SCOR, explained during the Motor Insurance Conference taking place at FIAR 2017, presenting the company's perspective, as reinsurer, on the MTPL market in Romania.

24.05.2017

Digital claims self-assessment solutions bring benefits to all players

In the context of digitalization and its role in improving the claims assessments processes, Richard NATHSCHLAEGER, Region Manager Austria & Italy, Vice Chairman CEE Advisory Board, AUDATEX, presented, during the Motor Insurance Conference at FIAR 2017, a solution for digital claims self-assessment launched by Audatex.

24.05.2017

EC projection for 2060: Pillar I pension will decrease in all EU countries, except for Luxembourg and Denmark

The most recent report published by the European Commission, "The ageing of the EU - implications for pensions", has a bleak conclusion: Europe's population is ageing and, as far as pension costs are concerned, their share in GDP will reach 11.2% in 2060, compared with 11.3% in 2013, Falco VALKENBURG, Chairperson Pensions Committee, Actuarial Association of Europe, OPSG Member EIOPA, declared during the Private Pensions Workshop at FIAR 2017.

24.05.2017

Esra KULAN, MILLI Re: What are the characteristics of the CEE reinsurance market?

The CEE region is characterized by motor insurance driven markets (especially compulsory MTPL), this representing more than 55% of the total Non-Life written premium, explained Esra KULAN, Deputy Head of the Foreign Inward Department, MILLI Re, at FIAR 2017, offering an insight into the reinsurance landscape in 2017 & Nat Cat Risk's transfer in reinsurance in the CEE region.


The impact of telematics on the motor insurance industry

"There is a wide variety of pricing parameters used on the motor insurance market today - in many cases it is doubtful if their validity is statistically proven. For fleets, there is a 'disconnection' between needed and available information", Michael THEILMEIER, Senior Vicepresident, GEN Re, explained during the Motor Insurance Conference at FIAR 2017.

24.05.2017

Cees WERFF, CCN: The auto transformation will profoundly impact insurance as well

"We see a lot of technology developments coming up: robots, AI, telematics - all are coming into our [insurance] market as well. We see more and more often a customer centric approach, the customer is placed in the front of this process", Cees WERFF, President, Claims Corporation Network, pointed out during the Motor Insurance Conference at FIAR 2017.

24.05.2017

Cornel COCA-CONSTANTINESCU: The Romanian insurance market is reaching its maturity point

"After a trial period, the Romanian insurance market is reaching its maturity, in my opinion. I believe in this market. As proof of my belief, I took on my shoulders to lead the insurance-reinsurance sector in ASF - The Financial Supervisory Authority during the most difficult moment in the insurance market's history in the past years", Cornel COCA-CONSTANTINESCU, First Vice President, ASF - The Financial Supervisory Authority, during the Brokers' Conference at FIAR 2017.

24.05.2017

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TOP EVENT

The 20th edition of FIAR: A new location, conferences & workshops held by international specialists, hundreds of bilateral meetings

Taking place between May 21 and May 25, in a new location - Poiana Brasov in Romania - the 20th edition of the International Insurance-Reinsurance Forum - FIAR gathers well-known specialists representing over 125 international companies and offers its participants the chance to join specialized conferences and workshops analyzing the latest trends in the insurance, reinsurance and brokerage fields, as well to participate at networking events and bilateral meetings which will enable them to discover new business opportunities and to gather valuable insights and experience.

11.05.2017

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Statistics

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MARKETS & TRENDS

2017 is a revolutionary year for the Russian insurance market
2017 is an anniversary year. A hundred years after a series of key events in the history of our country and in one separate segment of the Russian economy such as insurance there will be also revolutionary events, after which the insurance market, apparently, will never be the same. More




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Press cuttings

Wilbur Ross backs American-Dutch bid for Ethniki Insurance

The US commerce secretary has backed a bid by an American-Dutch consortium to buy the insurance arm of Greece's National Bank, Ethniki Insurance, saying a deal could help US investment flows to the troubled Mediterranean country.

18.05.2017

UKRAINIANS injured in road accident in Turkey taken to hospital

The Department of Consular Service of the Ministry of Foreign Affairs of Ukraine has confirmed that citizens of Ukraine suffered in a road accident in Turkey; they were sent to a hospital. "A road accident in Turkey. The injured Ukrainians were taken to the hospital. The embassy, an insurance company and a tour operator are providing assistance," the ministry said on Twitter. At the same time, the number of victims is not indicated.

18.05.2017

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Interviews

photodune-2043745-college-student-s
Fadi AbuNahl
Group Chief Executive Officer & Director
TRUST Re
Slowing economic growth, continued pressure on pricing, emerging risks (e.g. Cyber hacking) and regulatory changes such as Solvency II in Europe, C-ROSS in China, IRDA in India, and new South African regulations are some of the main challenges we face. Understanding the challenges of reinsurance activity in the CEE also means understanding what stakeholders perceive, what they want, and meeting these expectations. 

INSURANCE & TECHNOLOGY

<!--sl-->FRISS: Uncovering insurance fraudsters
FRISS: Uncovering insurance fraudsters
If you compare the insurance fraud business to other types of business, it pays off to commit insurance fraud. The benefits are great, the chances of being caught are low, and the sanctions you get once caught are low as well. So, whether working in the claims, financial, underwriting or SIU department; you will all deal with fraud at some point. And it does not stop at an organization or a border. Fraudsters do market research. They use different modus operandi, use different insurers, fake identities; just to make sure that they don't get caught. More


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