Interviews

Dmitry GARMASH
Head of Moscow Representative Office
BARENTS Re (Panama)

Russian insurance community didn't succeed finding a proper, sufficient support from so called alternative markets (predominantly, from China, Asia, MENA) to cover the major portion of sanctioned exposure where the traditional Western markets can't be of support anymore. Thus, the ground for creating a state owned reinsurer looks reasonable to guarantee the high-valued state interests domestically and overseas with a stake on large scale projects (property, construction and cargo for international trade).

Andrey T. UNTON
General Director
BELARUS RE

In order to reduce usage of foreign currency in settlement and to increase the public confidence in the national currency the National Bank of the Republic of Belarus has been taking measures to de-dollarization of the economy. Such measures also affected the insurance sector. Thus, from March 1st, 2015 insurance companies were interdicted to accept premiums from individuals in foreign currency. An exception was made for the two insurance companies engaged in life insurance, including supplementary pension insurance.

Jean ZENNERS
President
Council of Bureaux

The first major challenge for the system is financial stability, which is the main topic we have to care about. We cannot assure the good and smooth handling of international claims if the financial stability of the Green Card System is not assured.

Jean ZENNERS
President of the Council of Bureaux

All Moldavian insurance companies will not be allowed to sell green card policies anymore, which means that they will lose an important part of their business. Another one, the Moldavian drivers will have no possibility to freely go outside of the country without purchasing frontier insurance. And frontier insurance is much more expensive than buying a green card here. Also, the Moldavian Bureau will still have to pay claims for policies sold before.

Vakhtang DEKANOSIDZE
CEO
IRAO (VIG) Ltd, Georgia

The most promising business line in Georgia, based on market capacity and potential, is the motor line. The point is that, among officially registered 900 000 vehicles, approximately 7% are insured with motor hull risks and about 6% are MTPL insurance holders. With the implementation of MTPL Law, which is planned for next year within the EU Association Agreement, the motor insurance has to become the line that fuels whole insurance industry.

Assen CHRISTOV
Chairman of the Supervisory Board
EUROHOLD

The economic environment and the insurance market are fully correlated. Healthy growth of the insurance business is hardly possible without economic growth. Of course, we have been an example of an expanding business in the times of economic downturn, but this expansion also comes along immense managerial and organizational efforts.

John SCHOONBEE
Chief Medical Officer
SWISS Re

The European Insurance Report 2015, released by SWISS Re in June 2015, is based on a survey of 13,000 people across 13 countries in Europe and the Middle East. The Report looks into attitudes towards what life and health insurance products people have in place, where the gaps are in their protection and focuses on possible solutions to help with the financial consequences of unexpected health shocks, especially for sudden disability or serious illness. According to the Report's findings, collectively, the total level of underinsurance in the countries surveyed is currently around EUR 750 billion. Assuming that people would need a 60% replacement income if unable to work because of illness or injury, the report finds that at current levels replacement income would barely cover 40% for most people.

GDV - German Insurance Association

There is virtual no building in Germany, which doesn't have fire insurance. Additionally more than 90% of all buildings have an insurance cover against losses from hail and storm. 40% of all buildings do have an extended cover against natural hazards, including flood, heavy rainfall, snow pressure, subsidence, landslides, etc. In the past, the introduction of compulsory insurance against natural hazards was discussed over and over again. However, because in Germany we do have a working and efficient market for natural hazard insurance, there is no need for a compulsory solution.