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FIAR Special Edition, May 21, 2015
FIAR 2015
EXCLUSIVE: Top 10 Romanian insurance companies at the end of March
by alex.rosca@mxp.ro, 2015-05-18
Together, the first ten insurance companies in Romania underwrote over EUR 400 million in the first three months of 2015, the market's concentration degree being almost similar to the one in the first three months of 2014, according to data published by INSURANCE Profile. At the end of March 2015, the Romanian insurance market reached EUR 506 million, increasing by 11% compared to the first quarter in 2014.
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The regulation of moral claims on the motor segment would reduce the claims and reinsurance costs
by andreea.radu@mxp.ro, 2015-05-20
The bodily injuries and death caims reported a significant increase in the past years. In 2014, these represented 25% of the total claims paid by Romanian insurance companies, compared with only 2.7% in 2007, Madalin ROSU, Motor Insurance Section Responsible, UNSAR, explained.
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A common data base on the Motor Hull segment would reduce the motor insurance fraud
by andreea.radu@mxp.ro, 2015-05-20
In Romania, a common data base used by insurers exists only on the MTPL segment. The market specialists that participated at the Motor Insurance Conference at FIAR 2015 believe that a similar data base for the Motor Hull insurance class would reduce the fraudulent cases.
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Richard NATHSCHLAEGER, AUDATEX: "Share as much as you can and protect yourself as little as possible"
by adina.tudor@mxp.ro, 2015-05-20
Data collection is a very interesting and very demanding activity. However, insurers are very bad at collecting data. Many of them have no good collection centers, Richard NATHSCHLAEGER, Region Manager Austria & Italy, Vice Chairman CEE Advisory Board, AUDATEX, explained in a debate about the importance of data bases for the insurance industry.
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Romania must have a proactive approach regarding "claims farmers"
by adina.tudor@mxp.ro, 2015-05-20
Romania must anticipate the risk and avoid the UK 'claims epidemic' generated by the so called "claims farmers" (or "ambulance chasers"), Anthony MADDEN, Legal Manager, InterEurope UK explained.
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Roland VOGGENAUER, SWISS Re: We need models and data bases for a more accurate pricing and reserving
by adina.tudor@mxp.ro, 2015-05-20
In the late 90s, SWISS Re started to use a hypothetical victim approach to understand and analyze the development of severe bodily injury claims, according to Roland VOGGENAUER, Director, Casualty Underwriting, SWISS Re. Later on, the model case (hypothetical victim) expanded to include paraplegic to better reflect the composition of SWISS Re's claims portfolio.
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The Reinsurance Awards were granted!
by oana.racatej@mxp.ro, 2015-05-19
FIAR 2015 officially started on Monday evening with The Insurance Market Awards granted by PRIMM Magazine - Reinsurance Awards. The best reinsurance companies and reinsurance brokerage companies were rewarded.
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PAID Romania: In 10 years, we want to increase the number of insured homes to 60%
by andreea.radu@mxp.ro, 2015-05-19
One of the main long-term objectives of PAID Romania - The Pool for Insurance against Natural Disasters is the progressive increase of the insurance penetration degree, the company aiming to increase the number of insured homes to 60% in 10 years, through an educational program, Nicoleta RADU-NEACSU, General Manager, PAID Romania, declared.
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MILLI Re aims to expand its business on the CEE markets
by vlad.boldijar@mxp.ro, 2015-05-19
The Turkish reinsurance company MILLI Re reported a premiums volume of approximately USD 413 million in 2014. Three quarters of this volume corresponded to risks covered on the local market, while the remaining 25% represented risks covered outside the Turkish borders, according to Naciye Esra KULAN, Deputy Head of Department, Foreign Inward Business, MILLI Re, who participated at the Reinsurance & NatCat Conference taking place at FIAR 2015.
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Turkey is ready for a major earthquake as far as claims management and the reinsurance program are concerned
by vlad.boldijar@mxp.ro, 2015-05-20
"The penetration degree of the compulsory household insurance policies written by TCIP - the Turkish Catastrophe Insurance Pool reaches 40% at the moment", Menekse UCAROGLU, CEO, IUC Group, explained during the Reinsurance & Nat Cat Conference taking place on Tuesday, May 19, at the International Insurance-Reinsurance Forum - FIAR 2015.
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TRUST Re: Romania is important to us and we will remain on this market for many years
by andreea.radu@mxp.ro, 2015-05-19
"We have been activating on the Romanian market for 5 years and I am very happy that the reinsurance market continues to have a positive perspective on a long-term cooperation. Romania is important to us and we will remain on this market for many years", Sinisa LOVRINCEVIC, Branch General Manager, TRUST Re, declared during FIAR 2015.
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What damages could an earthquake produce in France?
by andreea.radu@mxp.ro, 2015-05-19
The French territory is exposed to almost all types of natural catastrophes, Malgorzata SROKA-PICOT, Foreign Relations Officer, CCR, declared during the Reinsurance & Nat Cat Conference taking place on Tuesday, May 19, at FIAR 2015.
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SCOR: We see a strong competition between reinsurance companies
by andreea.radu@mxp.ro, 2015-05-19
"The reinsurance market is sensitive. We see a strong competition between the reinsurance societies, as well as a fierce competition between the reinsurance brokers", Evgeny POTOKOV, Underwriter South Eastern Europe, SCOR Global P&C Deutschland, explained during the Reinsurance & NatCat Conference, which took place at FIAR 2015.
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Guy HUDSON: We must not seek the cheapest reinsurance solution
by vlad.boldijar@mxp.ro, 2015-05-19
"At the moment, we have an interesting regional reinsurance market, where many business lines are characterized by a strong competition as far as the tariffs are concerned. The insurance companies, when choosing a reinsurance company, must take into account its stability and other certain aspects, so that their activity should not be affected in the future. I say this once again: one must not search for the cheapest reinsurance solution", Guy HUDSON, Partner, JLT Re, declared during the "Reinsurance & NatCat" Conference taking place at FIAR 2015.
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SWISS Re: We want sustainability and profitability on the Romanian market
by vlad.boldijar@mxp.ro, 2015-05-19
"From SWISS Re's point of view, on short term, we do not except significant changes as far as the Romanian market is concerned. Indeed, being one of the international leaders in the reinsurance sector we do not offer cheap reinsurance solutions. Being one of the leaders, we must take a leader's responsibilities. We want continuity and conditions in which to be able to share our international know-how. What we want from Romania is sustainability and medium term profitability on the market", Andrea FUCHS, Head Market Underwriting CEE, Director, SWISS Re, declared during the Reinsurance & Nat Cat Conference at FIAR 2015.
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Martin SIMHANDL, VIG: As an insurer, you must face an event that can have consequences even 200 years later
by vlad.boldijar@mxp.ro, 2015-05-19
"The European Union initiated Solvency II as a way to reform the Solvency I regime. The aim was to ensure financial stability during difficult periods and to better manage difficult risk situations, such as natural catastrophes, financial crises or similar events", Martin SIMHANDL, Group CFO, VIENNA Insurance Group, declared during the "Insurance Market Trends" Conference taking place at FIAR 2015.
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Cristina MIHAI, Insurance Europe: "The implementation of the Solvency II regime is challenging"
by andreea.radu@mxp.ro, 2015-05-19
"Good regulation is important for a healthy industry", Cristina MIHAI, Head of International Affairs and Reinsurance Department, Insurance Europe, declared during the "Reinsurance & NatCat" Conference taking place during FIAR 2015.
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Remi VRIGNAUD, UNSAR: The biggest challenge in 2015 is the preparation for Solvency II
by andreea.radu@mxp.ro, 2015-05-19
This year brings multiple challenges, but the biggest one is represented by the companies' preparation for Solvency II, given the fact that there are only 225 days until the implementation of this Directive on the European re/insurance market, Remi VRIGNAUD, President, UNSAR, declared during the Insurance Trends Conference taking place at FIAR 2015.
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Paul MITROI, ASF: Solvency II changes the paradigm through which shareholders analyze the insurance companies' activity
by vlad.boldijar@mxp.ro, 2015-05-19
"As far as Solvency II is concerned, I don't believe that its first phase will be impressive, given that everything that will happen starting January 1st, 2016 has been foreseen in the past years. We have a directive that needs to be implemented. Moreover, the secondary legislation will not be generated by the local authority anymore, because it will be created by the European supervisors gathered under EIOPA", Paul MITROI, Director, Regulation/Authorization Direction, Insurance-Reinsurance Sector, ASF - Financial Supervisory Authority, declared during the Risk Management & Solvency II Workshop at FIAR 2015.
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CertAsig: We have a successful partnership with the brokerage companies
by andreea.radu@mxp.ro, 2015-05-19
The company's stability, its stern reinsurance policy and its high quality claims services are the attributes that recommend CertAsig in its relationship with clients and its brokerage partners alike, according to Cristina OTET, Head of Brokers Department, CertAsig. Moreover, 95% of the company's portfolio is mediated by brokers.
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Online insurance sales in Romania, estimated to EUR 15-17 million in 2015
by mihai.cracea@mxp.ro, andreea.radu@mxp.ro, 2015-05-19
Online insurance sales in Romania, more precisely MTPL and travel insurance, might reach EUR 15 - 17 million at the end of 2015, which clearly shows the need for a specific regulation, Razvan PAVEL, Deputy CEO, SAFETY Broker, declared during the Brokers' Conference taking place at FIAR 2015.
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How do the Romanian brokerage players explain the market increase in the first quarter?
by andreea.radu@mxp.ro, 2015-05-18
The Romanian insurance market reported an 11% surprise increase in the first quarter of 2015, after decreasing constantly for the past years, according to financial data published by INSURANCE Profile. The market players present at FIAR - The International Insurance-Reinsurance Forum 2015 offered explanations for this increase during the Brokers' Conference.
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Private pensions: ASF registered 335 complaints in the first quarter of 2015
by vlad.boldijar@mxp.ro, 2015-05-18
"ASF's main objective for the private pensions sector is the protection of the participants' interests, by ensuring an efficient functioning of the private pensions system and by informing the public about this system", Calin RANGU, Director, Consumer Protection Direction, ASF - Financial Supervisory Authority declared during the Private Pensions Workshop taking place at FIAR 2015.
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Ion GIURESCU, ASF: "Nobody must believe that they will be able to live in their old age only with their 2nd pillar pension"
by vlad.boldijar@mxp.ro, 2015-05-18
"In Romania, the law for the second Pillar was well built, with a gradual increase. Nobody must believe that they can live in their old age only with their 2nd Pillar pensions. An accumulation is necessary between the 1st, 2nd and 3rd Pillars. Moreover, we have an additional project, focused on occupational pensions, especially given that the 3rd Pillar, in its over 8 years of existence, did not report a spectacular growth", Ion GIURESCU, Vice-president - Private Pensions, ASF - Financial Supervisory Authority, declared during the Private Pensions Workshop taking place at FIAR 2015.
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Romania: The Financial Supervisory Authority takes the first steps towards regulating online sales
by mihai.cracea@mxp.ro, 2015-05-18
The Romanian Financial Supervisory Authority is taking the first steps towards regulating the online sales of insurance products in Romania. The authority published in May the first legislative project meant to regulate these activities. The project is under public debate until June 15.
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OXERA: Wide-ranging blanket bans on commission payments are unlikely to be effective
by mihai.cracea@mxp.ro, 2015-05-18
Regulation of payment systems is a hot topic in regulation, according to an OXERA research conducted in Spain, Germany, the UK and the Netherlands. The main conclusions were presented during the Brokers' Conference taking place on Monday, at the International Insurance-Reinsurance Forum 2015.
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Insurance Europe responds to the European Commission green paper on the Capital Markets Union
by adina.tudor@mxp.ro, 2015-05-18
Insurance Europe recently offered a response regarding the European Commission green paper on the Capital Markets Union, welcoming the opportunity to provide input to the Commission. IE highlighted multiple points and also offered some specific recommendations.
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UNSAR
The National Association of Insurance and Reinsurance Companies from Romania

Association for Promoting Insurance
UNSICAR
The National Union of Insurance Brokerage and Consultancy Societies from Romania

Chartered Financial Analyst Romania




   

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