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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 127, February 26th, 2009
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MENU: EDITORIAL | POINT OF VIEW | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 
 
 
FIAR
  EDITORIAL



The Crisis and Prince Charming's Horse

Like in the Prince Charming stories, in insurance the crises never make the hero face a situation that couldn't have been foreseen.

On the contrary, we could say that the crises function as a catalyst for implementing actions that needed to be taken a long time ago, anyway.

Thus, obvious measures, such as reducing the aquisition costs, being more efficient when it comes to costs and to anti-fraud departments, implementation of new claims management strategies, become mandatory, while the fight for market share is replaced by the struggle for profit.

Are these new ways for the market?

Certainly not! They are just old and necessary solutions, whose introduction has been constantly deferred in the last years.

There is only one conclusion - the current crisis will just lead to a solution for the existing problems that will be found in a much closer future.

Just remember how Prince Charming's horse used to turn into a stallion after eating embers, and you will easier understand what I wanted to underline.

by alex.rosca@mxp.ro

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BCR Asigurari de Viata

MILLENIUM INSURANCE BROKER


WILLIS
POLISH Re
Credit Europe Asigurari
KINGSPAN
EDITORIAL | POINT OF VIEW | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 INTERVIEW

 

Interview with
Radu MANOLIU,
Deputy General Manager,
CREDIT Europe Asigurari

XPRIMM: How do you think the Romanian insurance market will develop in 2009?
Radu MANOLIU:
The probability that adverse effects of the current misfortunate global financial enviroment at the end of 2008 will also propagate throughout 2009 is very high. I consider that the insurance market will follow the global trend of decline, although it will not be equally affected as the mature Western markets; in the absence of emphasis and perpetuation of the current global financial crisis, the one aspect that could really destabilize the Romanian insurance market could only be represented by the unwanted withdrawal from Romania of the big insurers.

XPRIMM: What are the objectives that the company you represent has set for 2009?
R.M.:
CREDIT EUROPE Asigurari-Reasigurari (C.E.A.R.) aims to be among the first 10 players of the profile market, at the end of 2010, and this goal implies a substantial increase of the scale of business throughout the year 2009. Regarding the development of lines of business, we want to increase the share of housing insurance, of civil liability and accidents insurance in the total portfolio of products. In terms of distribution structure, it is expected that at the end of the respective year, the intermediaries will represent at least the second channel of distribution of the company.

XPRIMM: Which do you appreciate the main utility of an insurance policy is, in the current global macroeconomic context?
R.M.:
In the current global macroeconomic context, I consider that the utility of insurance policies should be reassessed by all categories of clients and potential clients, as a result of a deeper understanding of the stability that contracting various types of insurance can give to an individual, to a household, to a business or even to a whole country - in the latter respect, the example of an unwanted natural disaster of large proportions and of a large territorial extent is very eloquent.

XPRIMM: What are the strengths of the company you represent, in front of the competition?
R.M.:
In terms of such a competitive market, the only way for C.E.A.R. to follow in order to achieve success, as a company that started from zero, consists of organizing the activity on efficiency criteria, and adopting underwriting politics that allow generating a portfolio where the predominante types of insurance are those of the classes recognized as profitable. In this latter respect, C.E.A.R. is very competitive - including terms of costs - as for all types of non-motor insurance, it is more than flexible for larger business; on the other hand, the company wishes to be recognized as a promoter of the true underwriting principles, always rating depending on the risk profile. In another order of ideas, the C.E.A.R. clients have non-stop access to a call-center, dedicated to claims solving, as well as to innovative insurance related services: road assistance (announcing relatives / friends, immediate repair or sheltering the car, the accommodation of passengers, compensation of the expenses related to travelling to destination / home and to the ones for the repair unit for lifting the repaired vehicle, as well as providing an exchange vehicle outside the country) and home care (consisting of interventions of installers, electricians, locksmiths etc.).

XPRIMM: How does the management of CREDIT EUROPE view the collaboration with the insurance intermediaries, under the conditions in which their share on the market is in a continuous growth?
R.M.:
The experience accumulated by the group in other countries has attracted our attention, since the beginning, to the fact that an insurer cannot become an important player of the local profile market without extensively collaborating with intermediaries, especially brokers, and our experience last year confirms that this aspect is fully valid for Romania, too. In this sense, our main goal for 2009 is to increase the number of partnerships with intermediaries, in parallel to the accentuated development of the already existing ones.

XPRIMM: What do you consider to be the main threat for the Romanian insurance market?
R.M.:
As it is known, the current world financial crisis is a general threat to the entire Romanian economy; however, I consider that the effects of the crisis will substantially affect the Romanian insurance market only when (possible but not certain) the Romanian economy will register alarming rates of unemployment. On the other hand, though, even if we live this pessimistic scenario, I hope the economy will redress quickly enough to register no irreparable consequences on the Romanian insurance market. Besides the effects of the crisis, I think that the limited degree of control of the insurers on the motor insurance segment continues to represent the main risk factor of the Romanian market, on medium and long term - and when I say control, I am not talking only about the costs corresponding to the spare parts and to the manual labor, but also about the more accurate establishment of the risk profiles of the policyholders who change insurers (this is a troublesome issue, approximately done, for the time being - in the absence of a common database to contain information on claims registered throughout time by all persons and legal entities that have benefited from insurance policies starting with a given moment), in order to allow the implementation of the bonus-malus system from the moment of underwriting - so that the application of as accurate as possibe rates to determine the short-term separation of the caring insured from the careless ones and, on medium term, the change of attitude and behavior of the latter.


by oana.necula@mxp.ro

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Radu MANOLIU
Radu MANOLIU,
Deputy General Manager,
CREDIT Europe Asigurari

MEDICOVER
FADATA
EDITORIAL | POINT OF VIEW | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 POINT OF VIEW


The new perspective of the investment funds

The optimism of the financial markets in the last few decades has generated for the administrators of investment funds high efficiency of the placements, along with a perception of a decrease in the investment risks. And even more important for the institutional investors with a sufficiently broad horizon (pension funds and insurance companies, in particular), yields obtained have led to an increased demand of the offered products. Pension funds and insurance companies were able to attract, this way, a large number of clients who wanted to maintain their current living standard after the retirement, and the certainty of fixed income, in case an insured event happened.

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Dragos CABAT

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Dragos CABAT
Dragos CABAT
President
CFA Romania and Managing Partner FINANCIAL VIEW
EDITORIAL | POINT OF VIEW | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 TOP PRESS

FIAR registrations continue in a sustained rhythm
Insurance, reinsurance and brokerage companies register for FIAR - International Insurance-reinsurance Forum at a sustained pace. Thus, a new record number of participants and a new success of the most important spring insurance event are now expected.
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Click here for FIAR's programme, attendance and registration!
by oana.necula@mxp.ro, 26.02.2009


FIAR - a "must-attend" for insurance professionals
Over 600 participants from more than 25 countries are expected for this years' FIAR - International Insurance-Reinsurance Forum, the most important European insurance spring event.
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Click here for FIAR's programme, attendance and registration!
by oana.necula@mxp.ro, 25.02.2009


The insurance market grew with 11% in 2008 to EUR 2.38 billion
Gross written premiums made by the insurance companies in Romania rose in 2008 to EUR 2.38 billion (RON 8.78 billion), a nominal growth Euro of almost 11% compared to 2007. The nominal increase in national currency of the underwritings was of 22.4% compared to the prior year, comparable with the growth of 25.25% in 2007. Meanwhile, the claims dynamics was 34% in national currency, in 2008, amounting RON 4.4 billion, about EUR 1.2 billion.
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by andreea.ionete@mxp.ro, 19.02.2009


2008: Attack on the leader
The results registered by the insurance companies at the end of 2008 show a strengthening of the fight at the top of the ranking.
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by vlad.boldijar@mxp.ro, 23.02.2009


2009 - The rebranding year
The acquisitions wave that came from Western Europe in the last two years and the changes related to the shareholders in local insurance companies will continue to produce changes in 2009 in the Romanian profile market landscape. Besides a hierarchy reorganization after intensifying competition and a strategies' shift along with the European groups values integration in the companies taken from Romania, rebranding campaigns scheduled for this year relaunch five insurers in a new struggle for notoriety.
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by andreea.ionete@mxp.ro, 13.02.2009


Infusions of foreign capital of EUR 240 million in 2008
"The movement of troops" that marked the insurance market in 2008 and the market entry of some strong players from the European profile industry have induced important capitalizations and re-capitalizations last year, that will contribute to an increased competitiveness in the profile tops. In this context, the capital infusions brought by the shareholders of the Romanian insurance companies rose to EUR 45.27 million in December 2008, according to the data of the Trade Register.
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by andreea.ionete@mxp.ro, 24.02.2009


Only the people from Bucharest and Cluj spend over EUR 100/year for insurance products
An inhabitant of the capital city spends an average of EUR 513.3 for insurance products, while a resident of the city of Cluj spends EUR 105.02, according to INSURANCE Profile.
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by vlad.boldijar@mxp.ro, 18.02.2009


Global crisis had a limited impact over the Romanian financial system
The ordinary meeting of the National Committee for Financial Stability (CNSF) was held February, 16 2009. The meeting was attended by Gheorghe POGEA, Public Finance Minister, Mugur ISARESCU, Governor of the National Bank of Romania, Gabriela ANGHELACHE, Chairman of the National Securities Commission, Angela TONCESCU, Chairman of the Insurance Supervisory Commission and Mircea OANCEA, Chairman of the Private Pension System Supervisory Commission.
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by mihaela.circu@mxp.ro, 16.02.2009


GENERALI PPF Holding closes transaction and acquires ARDAF and RAI
GENERALI PPF Holding has completed the transaction announced in late June 2008, of taking over, from the Czech investment fund PPF Investments, the majority package of the local insurance companies ARDAF and RAI. Thus, GENERALI PPF Holding now controls 82% of ARDAF and 99.9% of RAI Asigurari.
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by andreea.ionete@mxp.ro, 24.02.2009


ALLIANZ-TIRIAC, balanced evolution in 2008
ALLIANZ-TIRIAC concluded 2008 with underwritings of RON 1.4 billion, an 12,4% increase compared to the revenues recorded a year ago. The market share of the company, estimated at about 16%, declined from 17.08% in 2007.
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by andreea.ionete@mxp.ro, 26.02.2009


GROUPAMA's Romanian operations - a 17.7% increase in 2008
For 2008, GROUPAMA announced a 17.76% below the market average increase of the cumulative volume of gross written premiums of the three companies owned in Romania - ASIBAN, BT Asigurari and OTP Garancia, up to RON 1 billion, compared to the previous year, when they collected premiums of a cumulated value of RON 852.2 million.
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by andreea.ionete@mxp.ro, 19.02.2009


ASTRA Asigurari attacks the podium
The insurance company ASTRA has succeeded in 2008 to attack the podium on the general insurance segment, this being one of the greatest performances on the profile market, which led to changes in the insurance hierarchy.
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by andreea.ionete@mxp.ro, 24.02.2009


Appointment at the head of ARDAF
Following the recent resignation of Daniel TUDOR from the position of President of the ARDAF Management Board, the shareholders appointed Uma STANISLAV in the positions of President of the Management Board and General Manager of the company, according to a report transmitted to Bucharest Stock Exchange.
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by andreea.ionete@mxp.ro, 20.02.2009


CREDIT EUROPE Asigurari - Top 10 - the target for 2010
CREDIT Europe Asigurari-Reasigurari (C.E.A.R.) aims to be among the first 10 players of the Romanian insurance market, at the end of 2010, and this goal implies a substantial increase of the business scale throughout 2009.
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by oana.necula@mxp.ro, 20.02.2009


Co-paid medical services, enemy or predecessor for private insurance?
The Ministry of Health has in view the introduction of co-paid medical services in the health system reform, after determining overall services package covered by public health insurance. This will be included in the new health law, which will be prepared by the ministry starting with July 1st 2009.
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by oana.necula@mxp.ro, 17.02.2009


The number of new vehicles in decline... Will the insurance market be affected?
New car sales were reduced by 63% in January 2009, compared with the similar period of 2008. The number of cars sold in January 2009 was of 7,300 units, which represents 50% of the one in December 2008, according to the data provided by Brent VALMAR, Vice-President, APIA.
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by mihaela.circu@mxp.ro, 12.02.2009


2009 - Another unfavorable year for the development of agricultural insurance?
For many of the country's districts, the agricultural insurance potential is important, but unexploited, the reasons being in order: lack of money, lack of specialists and a very poor customers' education. This year seems also not to be prolific for the development of this segment, more than 45% of the people who answered the latest survey conducted by 1asig.ro predicting an underwritings decrease in agricultural insurance this year.
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by andreea.ionete@mxp.ro, 16.02.2009


ING Life increases slightly below the life market average
ING Life announced for 2008 a 24% revenues increase as compared with 2007, slightly below the average growth of the life segment, up to RON 620.6 million. Gross profit obtained by the company last year reached RON 38.2 million, compared to RON 33.2 million in 2007.
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by andreea.ionete@mxp.ro, 19.02.2009


KD Life will increase its capital
The insurance company KD Life will increase its capital by EUR 1 million. The decision was taken by the General Assembly of Shareholders and occurs after the payment of the previous capital increase of EUR 1.5 million, made in the second half of 2008, in the final phase of registration.
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by mihaela.circu@mxp.ro, 13.02.2009

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Casco Ieftin

Safety Broker


EDITORIAL | POINT OF VIEW | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 CEE, RUSSIA&CIS


The Annual International Conference on Risk Management in Almaty

The Fifth International Conference on Risk Management will be held this year traditionally in Almaty, Kazakhstan, on 15-17th April 2009. The event is organized by EURASIA Insurance Company, one of the leaders on the local insurance market and an active player on the CIS markets.
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All-Russia Conference on Reinsurance has come to its 13th edition
All-Russian Union of Insurers with the support of the business center "Delovoy Format" proudly presents their next conference "Reinsurance in Russia. Guidelines for today and tomorrow" to take place in Moscow, on 24-25 March 2009.
The annual All-Russian reinsurance conference has traditionally become a major social event which brings together Russian reinsures and their foreign colleagues for the 13th time already.
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ALLIANZ and VIG, the main competitors on the CEE market
Although the insurance market in CEE remained relatively stable in the first nine months of the 2008, the industry is in for some major changes in the leader least at the end of the year. In the non-life sector, German group ALLIANZ will likely cede its number one position in the region to its close competitor, the Austrian-based VIENNA Insurance Group, according to The Insurer Magazine.
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by oleg.doronceanu@mxp.ro, 25.02.2009


PUTIN approved the development strategy of the insurance until 2013
Russian prime-minister Vladimir PUTIN has approved the strategy of insurance development until 2013 prepared by the Ministry of Finance, according INSURER magazine.
The strategy consist of nine sections, including the study of the current performance of Russian insurance market, key development trends, as well as performance forecast until 2012.
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by eugen.spivacenco@mxp.ro, 12.02.2009


EUR 7.2 million losses for EUROINS Bulgaria in 2008
Bulgarian-based EUROINS Insurance turned to a net loss of BGN 14.2 million (EUR7.2 million) in 2008 versus a net profit of BGN 5.4 million (EUR 2.7 million) in 2007, according to company's press release.
The company said that "the loss is due to due to the factors from regulation and macroeconomic environment that affected both the technical result and the financial investment result".
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by oleg.doronceanu@mxp.ro, 25.02.2009


Insurance market in Russia, under the psychological effect of crisis
Russian Insurance market will continue the positive development, but in a slower rate than in 2008. Thus, it is expected that the subscriptions in 2009 will increase on average by 10%, according to a study of the Strategic Research Department of ROSGOSSTRAH.
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by eugen.spivacenco@mxp.ro, 24.02.2009


Georgian Government will subsidize health insurance
Georgian Government and insurance companies have signed an agreement which includes the initiative of President of Georgia, Mikheil SAAKASHVILI, about the accessibility of population to health insurance.
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by eugen.spivacenco@mxp.ro, 19.02.2009


SAVA Re expand in the Western Balkans
Slovenia's largest reinsurer SAVA Re is set to buy two small insurers in Croatia by the end of March as part of its expansion in the Western Balkans, it said in a statement on Tuesday.
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by eugen.spivacenco@mxp.ro, 23.02.2009


Moscow marriage insurance
A Russian insurance company from Moscow introduced a new type of insurance in the eve of Valentine day for those who want to get married.
Company representatives said that insurance will be valid for the period from submission of declaration for marriage until the date scheduled for marriage.
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by eugen.spivacenco@mxp.ro, 16.02.2009


A good start for VIG in Czech and Poland
The insurance companies of the Vienna Insurance Group in Poland have started 2009 with strong growth. With unconsolidated premiums written of more than approx. EUR 61 million they achieved a considerable increase of around 50 percent in comparison to January 2008.
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by eugen.spivacenco@mxp.ro, 26.02.2009

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EDITORIAL | POINT OF VIEW | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 FINANCIAL NEWS


Romania's gross domestic product in 2008
Romania's growth engines slowed at the end of 2008, according to analysts on the financial market, and uncertainties due to the evolution of industrial production and exports led 2008 estimates regarding the growth rate of gross domestic product (GDP) to range between 6.9 and 8.4 percent.
The National Institute of Statistics (INS) will publish data regarding the evolution of the economy in 2008 next week. These figures will represent the calculation basis for GDP in 2009 and the state budget.
At the beginning of 2009, Prime Minister BOC estimated a 7.8 percent growth rate of GDP in 2008. This would mean that the economy registered a growth rate of only 4.6 percent in last year's final quarter.
by standard.ro, 26.02.2009


The state could allocate over 300 mil. EUR to support SMEs
Romanian small and medium-sized enterprises (SME) could receive over 500 mil. EUR this year to sustain their current activities and avoid collapse, considering the financial crisis. Over half of this amount, some 300 mil. EUR, will be provided by the state, through three financial institutions, CEC BANK, EXIMBANK, and the COUNTER-GUARANTEE FUND. The remaining funds are loans which have already been contracted by some large local banks, to finance banking products destinated exclusively for SMEs. The Chairman of CEC Bank, Radu Gratian GHETEA, said yesterday in a meeting of the Minister for SMEs and Romania's commercial representatives abroad, that "the fluidization of lending" is the key for unblocking the economy, and that lenders should be more concerned about granting loans to SMEs. GHETEA pointed to the EUROPEAN BANK for RECONSTRUCTION and DEVELOPMENT (ERBD) and the EUROPEAN INVESTMENT BANK (EIB) as possible financing sources for re-launching lending. The state should provide additional capitalization to CEC Bank and EXIMBANK, as well as for the GUANRANTEE and COUNTER-GUARANTEE FUNDS of loans for SMEs, in case commercial banks do not resume lending within one month, said the President of the Senate, Mircea GEOANA. Minister for SMEs, Constantin NITA, said members of the government have not yet taken into consideration such a decision, especially since the ministry was only allocated half of its initially requested budget. EBRD already announced that it is analyzing the possibility of granting a loan of up to 100 mil. EUR to ROMANIAN COMERCIAL BANK (BCR), destined for financing SMEs. GHETEA added that CEC Bank focused in the past few months on loans for SMEs, agriculture, and local public administration, worth RON 250 Mil. in December, 200 mil. RON in January, and 347 mil. RON in February.
by standard.ro, 25.02.2009


RAIFFEISEN: Now is a good time to raise market share
Steven van GRONINGEN, President of Raiffeisen Bank Romania, the fourth-largest lender in the local system, said this is a good time for balanced lenders, with a low loan/deposit ratio and sufficient liquidities, to increase their market share. On the other hand, banks that were aggressive until recently, with a loan/deposit ratio in excess of 250 percent, must be willing to compromise profitability. In case of RAIFFEISEN BANK, van GRONINGEN has adopted a healthy strategy, focusing on existing clients, trying to balance the loan/deposit ratio, and carefully monitoring cost management.
"I believe this would be a good time to raise market share. The problem is that you must find low-risk opportunities. You have to be very balanced to allow yourself to think about this. But for now, the healthy strategy is to focus on existing clients," said the President of the Austrian bank.
The company official said that the banking system will register lower profit this year than in 2008, of 1.27 billion EUR, while the growth on assets will exceed the growth rate of gross domestic product (GDP).
by standard.ro, 23.02.2009


Guarantees of over 80% for loans for SMEs
The establishment of a guarantee fund for loans granted to small and medium-sized enterprises (SME) was one of the most important anti-crisis recommendations made by representatives of the business environment involved in the Private Government project initiated by Business Standard, and has already been applied by the government headed by Prime Minister Emil BOC. The National Fund for Guaranteeing Loans for SMEs plans to support collateral worth some 350 mil. EUR in 2009 for loans in excess of 700 mil. EUR, up 60 percent year-on-year, according to the institution's President, Aurel SARAMET.
"Last year we received one hundred payment requests from SMEs, which meant some 1.5 percent of the total. The figure is very small compared to that of the EU [European Union], where the average is 2.5-3 percent. However, we expect this value to exceed five percent in 2009," said SARAMET.
To help SMEs counter the crisis and obtain loans from banks, the Guarantee Fund received capital worth 100 mil. EUR, which allowed raising the guarantee to the maximum permitted in the EU, of 80 percent of the value of the loan.
Moreover, based on a protocol signed with EXIMBANK, which is also capitalized by the Romanian state to support SMEs, guaranteeing loans for implementing priority projects and those financed from EU funds will be made in a proportion of 100 percent.
by standard.ro, 18.02.2009

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EDITORIAL | POINT OF VIEW | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 EVENTS

FIAR - International Insurance-Reinsurance Forum
May 25th - 29th, 2009
Sinaia, Romania
12th Edition
Organizer: Media XPRIMM
Official web-page: www.fiar.ro


All-Russia Conference on Reinsurance
March 24th - 25th, 2009
Moscow, Russia
13th Edition
Organizer: All-Russian Union of Insurers
Co-organizer: Business Center Delovoy FORMAT
Details: www.re-conference.ru


V International Conference on Risk Management
April 15th-17th 2009
Alma-Ata, Kazahstan
Organizer: EURASIA Insurance Company
Media Partener: Revista PRIMM - Asigurari&Pensii
Details: www.irmc.kz

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FIAR

All-Russia Conference on Reinsurance

XPRIMM Newsletters

THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU
International Column Coordinator: Andreea IONETE
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Vlad BOLDIJAR, Oana NECULA, Mihai CRACEA, Andreea STATE, Andra BADESCU, Eugen SPIVACENCO

General Secretary: Lidia POP

Accounts Manager: Georgiana OPREA
IT Department: Octavian GRIGOR, Dorin PALADE, Cosmin ARMASESCU

e-mail:  xprimm@primm.ro

PUBLISHED BY: Media XPRIMM


Reproduction or use without permission of editorial or graphic content, in any manner, is prohibited. The Editorial Staff is not responsible for the truthfulness or the accuracy of the presented data. The Editorial Staff has the right to present the data in it's own manner. In what concerns the use, in any manner, of the information contained in this e-mail, Romanian laws apply.

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