Interviews

Samir OMERHODZIC
Director
Insurance Agency of Bosnia and Herzegovina

Increased supervision and activities of the entity agencies for insurance supervision on the adequate application of the premium system in Bosnia and Herzegovina has led to an increase in total premium of compulsory motor third-party liability insurance of 8.29% and an increase in the share of this type of insurance in total premium in non-life insurance of 3.41%.

Enkeleda SHEHI
Executive General Director
Albanian FSA

The Albanian FSA in cooperation with the World Bank has been working on the draft bill on catastrophe insurance. The purpose of this bill is to regulate the compulsory catastrophe insurance. Compulsory catastrophe insurance will cover the damage, caused by either earthquakes or floods and it will not extend to all types of buildings.

Pavel SHUTOV
President
Russian Association of Aviation and Space Insurers

For the time being, the Russian market capacity for spacecraft insurance is about USD 20-25 million. The main capacity for such risks is offered by the first 5 largest insurance companies on the Russian market, including SOGAZ, INGOSSTRAKH and VTB Insurance. It is important to note that the market's total capacity strongly depends on their un/willingness to re/insurance space risks.

Mauro CANTONI
Vice President Insurance
OCTO Telematics S.p.a.

I would say, particularly for the CEE region, where there is a harsh competition and pressure on prices, that introducing telematics may introduce a variable which allows insurers to no longer compete only in terms of price. At the moment, every proposition is more or less the same, but introducing a variable you shift the competition from a price one to value one, introducing a unique selling proposition, also helping the market to make a step forward.

Paul CARTY
Chairman
BIPAR's EU Standing Committee

My experience over the years has led me to come to the firm conviction that most if not all of the significant consumer type issues that have arisen in various markets over the last decade were not as a result of inadequate regulation but the ineffective implementation of existing legislation. So my advice is use the powers that exist as they are in my opinion fit for purpose and stop adding to the sum of existing regulations which as they expand are becoming more and more remote and an ever increasing cost which is being borne by consumers and by the economy at large.

Joe LOUWAGIE
Assistant Vice President
Property Claim Services

While the exposure to natural or man-made catastrophes in CEE is varied, all countries can benefit from receiving industry-leading cat planning and response data and best practices from PCS benchmarking reports. In addition, PCS would foster education and information sharing by bringing speakers from the global market to the CEE through close work with XPRIMM. PCS is also part of a broader company called VERISK Analytics, and there are numerous VERISK solutions that could have great benefit to CEE insurance markets.

Dante CAFARELLI
Partner and Executive, Head of Insurance Sector Italy
Internet of Things Insurance Leader Europe
IMB Italy

Young customers, the GenX and Millennials generations are feeling pretty comfortable with insurers using the data from IoT devices and also agree to a large extent that if their insurer would use such data, most probably their loyalty to their insurance provider would improve. In fact, it is for these generations that insurers need to adapt their systems and become able to interact on all channels with their current and potential customers. Price alone will no longer be the main feature considered when choosing an insurance product and provider.

Nikolai GALUSHIN
First Deputy Chairman of the Management Board
SOGAZ OJSC

In reinsurance, the problem will be the decreasing of the investors' interest for this segment due to high competition and the reduction of margins in this business, or due to the changes of stock value of insurers that also lead to an outflow of capital from the insurance segment. But, as I see this will not be associated with any natural disaster, instead will be a stock factor, or a decrease of investor interest for this segment.

Andrey T. UNTON
General Director
BELARUS Re (Republican Unitary Enterprise "Belarusian National Reinsurance Organization")

BELARUS Re cooperates with companies in South-Eastern Asia, participating in a number of property facultative reinsurance programs. In addition, facultative business from such countries as UAE, Saudi Arabia, Bahrain, Azerbaijan and Turkey is recently started to increase. Next year, as in previous ones, BELARUS Re will focus on the international market. Further we plan to expand geographically in order to find new promising projects.