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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 131, April 23rd, 2009
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FIAR
INSURANCE Profile
  EDITORIAL



In moments of crisis, change of strategy

Crisis, the omnipresent crisis, has exceeded the stage when it was a factor that generated fear and it began to show its power to change any type of business. We do not want to talk about the negative effects of this concept, but about the radical changes of strategy, of vision and of actions that were adopted by the people who want to maintain their business. These movements are visible on an international plan, but especially on the national insurance market.

Thus, if until recently, the corporate segment was, most of the times, the winning card, now retail is the target to which the force and sale strategy must aim. The individual market is one with great potential, but which requires a sustained effort to educate the public and to promote the services one provides.

But, in the context in which corporate policies no longer constitute a sufficient basis for sale, what is the effort that the shift towards retail implies, in the conditions in which the public lacks basic notions of education in the insurance field? And how can we expect that a potential customer decides to buy an insurance product that he does not understand, when he, like all of us, is trying to cut costs?
Information and education are the solution! Sure, it is not a solution that offers short-term results, as we would all want, but we must understand that, if things have functioned untill now without a solid foundation, those times have passed. It will be even harder to build such a foundation in times of crisis, because it takes patience and investments with results to be seen over time. And yet, let's try and see in everything that is happening to us right now the useful lesson offered by the crisis.

In order to reach our potential clients even faster, we must find new techniques, new ways to offer them support. The INSURANCE ANNUARY 2009 is such an instrument, the first monography of the Romanian insurance market, which has as main objective the education of the public on the concept of "insurance".

The INSURANCE ANNUARY appears every year and it is presented as a catalogue of nearly 300 color pages. Besides purely informative purposes, the work is also dedicated to educating the public on the concept of "insurance ", as well as on the offer of products and services available in the field.

The INSURANCE ANNUARY was officially launched with the occasion of the ninth edition of the Insurance Market Awards Gala, so now it is at your disposal, through online orders!
For orders which exceed 10 copies, discounts are applied!

To order, click here!

by oana.necula@mxp.ro

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Insurance PROFILE Review
INSURANCE Profile
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BCR Asigurari de Viata

MILLENIUM INSURANCE BROKER


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

 

Interview with
Cristian FUGACIU,
General Manager,
MARSH Romania

XPRIMM: What visible effects did the trigger of the financial crisis have on the insurance brokerage market?
Cristian FUGACIU:
The crisis had visible effects in every field, and the insurance industry has faced major changes. By changes we are referring to the risks faced by our clients. The repositioning of the risks to which the companies are exposed in the present implies a new assessment of the insurance programmes in force.

XPRIMM: What was the impact of restricting the credit and leasing activities upon the volume of new-business and how do you estimate this indicator will evolve in the current context?
C. F.:
Credit and leasing have been, in the recent years, two of the most important engines of the Romanian insurance industry. Without any doubt, the insurance industry will suffer because of the loans' restrictions. The business of the insurers and of the insurance brokers will slow down on this segment. Of course, MARSH Romania, like any large global company, has made an analysis and it has a new strategy in this period. Now adaptability is the biggest asset of a company, and MARSH has proven its ability to surpass difficult moments numerous times in its activity of over 138 years.

XPRIMM: What do you estimate to be the medium and long term impact of the financial crisis on the brokerage insurance market?
C. F.:
We believe that these market conditions represent an opportunity for the insurance brokers and for prestigeous consultants such as MARSH, in particular. Clients are very careful at this time and they expect maximum efficiency in everything they do. Materialization of risks is now more likely to happen, and clients will see how insurance responds in a time like this. We believe this is a moment in which it will become clear that insurance is neither a mere formality, nor something without any substance.
During this period, a well-prepared insurance programme can make the difference between success and failure.
The global financial crisis is the moment of truth for many companies, and also for those who manage their insurance programmes.

by andreea.ionete@mxp.ro

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Cristian FUGACIU
Cristian FUGACIU,
General Manager,
MARSH Romania

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

The insurance and reinsurance markets' elite is coming to FIAR!
Are you on the attendance list?
300 representatives of the top management of major insurance and reinsurance companies or of companies from related areas, from 3 continents, have already booked a place in FIAR - the International Insurance-Reinsurance Forum, the most important specialized event of the European spring.
Click here to read more!
by oana.necula@mxp.ro, 14.04.2009


FADATA, once again, Main Partner of FIAR
For the third year, FADATA, one of the leading companies specialized in providing IT services to insurance companies, is present in FIAR - the International Insurance- Reinsurance Forum, as Main Partner.
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by oana.necula@mxp.ro, 16.04.2009


The biggest reinsurance brokers come to FIAR
The most important reinsurance brokers in Europe are attending FIAR - the International Insurance- Reinsurance Forum this year, too. Among them, one can find, in May, in Sinaia, the representatives of the companies WILLIS, AON BENFIELD, HEATH LAMBERT and GUY CARPENTER.
Click here to read more!
by oana.necula@mxp.ro, 13.04.2009


The Romanian insurance market, down 4% in the first two months of the year
"Decreases in the gross written premiums of the insurance companies, in the first two months of the year, are of only 4%, according to data provided by insurers, which gives me hope that 2009 will end with a growth of around 5% -6%, as we had estimated earlier", the President of the Insurance Supervisory Commission, Angela TONCESCU, exclusively declared for XPRIMM.
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by andreea.ionete@mxp.ro, 9.04.2009


The European Parliament has approved SOLVENCY II
The European Directive SOLVENCY II was approved yesterday by the European Parliament. CEA, the Federation of the European Insurers and Reinsurers, welcomed the vote and thanked the Parliament for its hard work in ensuring that an enhanced regulatory regime for Europe's insurers would become reality. Formal adoption of the Framework Directive is expected at the 5 May ECOFIN - Economic and Financial Affairs Council.
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by andreea.ionete@mxp.ro, 22.04.2009


First quarter brings EUR 176 million for VIG in Romania
Underwritings registered in Romania by the Austrian group VIENNA Insurance Group went up 2.5% in the first quarter of 2009, to RON 752.7 million (EUR 176.4 million).
Regarding general insurance, VIG posted gross written premiums of EUR 159.7 million (RON 681.4 million), which represents a slight decrease of 1.6%.
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by mihai.cracea@mxp.ro, 23.04.2009


OMNIASIG and ALLIANZ-TIRIAC - the "favorite" insurers of the TOP 20 brokers
In 2008, the biggest volumes of mediated premiums of TOP 20 insurance brokerage companies belong to the insurers OMNIASIG and ALLIANZ-TIRIAC, according to the Specialty Review INSURANCE Profile.
Click here to read more!
by vlad.boldijar@mxp.ro, 15.04.2009


Insurance companies have signed the cooperation protocol regarding the amicable constat
On the 9th of April 2009, the representatives of insurance companies that practice compulsory motor third part liability insurance have signed, at the ISC headquarters, the Protocol of Collaboration regarding the amiable constat in case of accident.
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by mihaela.circu@mxp.ro, 10.04.2009


CEA opposes to the unification of supervision
CEA, the European insurance and reinsurance federation, does not support the merger of the European banking and insurance authorities. This is the official response submitted by CEA on April the 14th, to the European Commission's consultation on the future of financial services supervision in the EU Member States.
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by andreea.ionete@mxp.ro, 14.04.2009


Insurers get 10% of the premiums cashed from mandatory households insurance
The commission charged by insurers based on the contracts of mandatory households insurance will be 10% of the insurance premium, that is EUR 2 or EUR 1, depending on the type of construction, according to a normative project regarding the Mandatory Households Insurance Law, subjected by the ISC to public debate.
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by andreea.ionete@mxp.ro, 13.04.2009


CERTASIG brings half a million euro to PAID
CERTASIG expressed its intention to participate in PAID - the Pool of Insurance against Natural Disasters, as a shareholder, and to invest an amount of EUR 500,000 in this regard, according to company representatives.
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by andreea.ionete@mxp.ro, 16.04.2009


The business of CREDIT Europe Asigurari increased by 40% in the first quarter
CREDIT Europe Asigurari-Reasigurari has ended the first quarter of the year with a 39.46% business growth, compared to Q1/2008, up to over RON 9.53 million. Claims paid by the company went up, in the same period, to RON 2.34 million.
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by andreea.ionete@mxp.ro, 16.04.2009


The capital of OTP Garancia Asigurari reaches EUR 20 million
OTP Garancia Asigurari, member of the French group GROUPAMA, is increasing its social capital by RON 15 million, after it received the approvals from the ISC and the CSSPP, the capitalization of the company thus amounting to almost EUR 20 million (RON 84.8 million).
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by andreea.ionete@mxp.ro, 17.04.2009


CERTASIG is increasing its share capital
The insurance company CERTASIG is increasing its share capital by EUR 2.5 million. Thus, the new share capital of the company will reach over RON 62.4 million (EUR 14.5 million), following the decision of the shareholders.
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by eugen.spivacenco@mxp.ro, 22.04.2009

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Casco Ieftin

Safety Broker
RESOURCE
EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 CEE, RUSSIA&CIS


VIG - solid results for the first quarter of 2009

Overall, premium growth was maintained at stable levels for the first quarter of 2009, with some segments registering very good growth rates. Preliminary figures of VIENNA INSURANCE Group companies in the Czech Republic, Slovakia, Poland and Romania confirm the potential of Central and Eastern European insurance markets.
Click here to read more!
eugen.spivacenco@mxp.ro, 23.04.2009


New round of negotiations between EUREKO and the Polish Government
A new round of dialogue starts between EUREKO and the Polish Government, after both parties signed a memorandum concerning the negotiations for EUREKO's PZU shareholding problem.
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by eugen.spivacenco@mxp.ro, 22.04.2009


GROUPAMA inaugurated a new subsidiary in Hungary
GROUPAMA set up a new insurance subsidiary in Hungary, under the name GROUPAMA Garancia Biztosito, and it became Hungary's fourth largest non-life insurer and the fifth largest life insurer. GROUPAMA aims to break into the top 3 insurers on the Hungarian market, having a competitive position and a strategic 20-year partnership with OTP Bank.
Click here to read more!
by eugen.spivacenco@mxp.ro, 9.04.2009


AVIVA takes over the insurance and pensions business of the ING group from Russia
The Russian subsidiary of the British insurance group AVIVA has received approval from the Federal Antimonopol Service (FAS) to take over 100% of the capital of ING Financial Services from Russia, according to the press release submitted by FAS.
Click here to read more!
by oleg.doronceanu@mxp.ro, 15.04.2009


International Conference on Risk Management in Almaty - a successful debut
On April de 15th and April the 16th of 2009, Alma-Ata, the economic and cultural capital of Kazakhstan, hosted the Fifth International Conference on Risk Management, one of the most important events for insurance markets in Asia, CIS and Central and Estern Europe.
Click here to read more!
by oleg.doronceanu@mxp.ro, 16.04.2009


35% drop of the profits of the Lithuanian insurers
In 2008, Lithuanian insurers accounted a EUR 24.76 million net profit, in decrease by 35% compared to 2007, according to preliminary results of Lithuanian Insurance Supervisory Commission (ISC).
Last year, out of seventeen companies, five insurers have ended the year with loss.
Click here to read more!
by eugen.spivacenco@mxp.ro, 14.04.2009

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


Romanians want to adopt the euro sooner
Romanians have the greatest confidence that the national government is the most effective actor to deal with the current crisis, according to a Eurobarometer survey conducted in January-February.
Also, Romania is surpassed only by the United Kingdom in terms of those believing that individual action of a state is more effective than coordinated actions.
The survey indicates that about one third of the Romanians interviewed trust the government to counter the economic crisis, unlike 23 percent who are waiting for solutions from the European Union, and 10 percent from the United States. According to the survey, only 9 percent of Romanians said that the International Monetary Fund was most capable of dealing effectively with the crisis, while 11 percent trust the G8 group.
Regarding the adoption of the European currency, some 44 percent of Romanians said that if the euro was already Romania's currency, it would have softened the effects of the crisis, unlike 19 percent who said they did not believe this.
About 79 percent of Romanians said that the status of the economy had affected their personal situation, while 75 percent said they were pessimistic about the effects of this crisis in the coming five years on their own standard of living.
by standard.ro, 22.04.2009


ISARESCU: Romania is to join the euro-zone in 2014-2015
Romania will switch to the European currency at the end of 2014 or in early 2015, as scheduled, because speeding up the process would lead to "serious problems" in the future, according to Mugur ISARESCU, Governor of the National Bank of Romania (BNR).
"Adopting the euro cannot replace adjustment policies," he said. It is true that it would be beneficial for the Romanian society, just as complying with convergence criteria would be, but "wanting is one thing and being able is another," according to ISARESCU.
Early switching to the euro, without the necessary preparations, would create difficulties, because the country would be bound to give up its local monetary policy. "The monetary policy established by the ECB [European Central Bank] is inevitable. We will give up [the BNR policy] when we are ready. It is possible that, for this tiny section of the euro-zone, what was decided is totally unsuited," ISARESCU added.
by standard.ro, 21.04.2009


ROLAND BERGER: 50% of large local companies are expecting to exit recession in 1-2 years
About half of the large companies operating on the local market expect to exit the recession in one or two years, while 15 percent do not expect their businesses to bounce back sooner than two-four years, according to a survey conducted by the ROLAND BERGER strategic consultancy company, which included the 200 most important companies on the market.
Only eight percent of the top local managers hope to overcome the difficult market conditions in the coming six months.
"There are some sectors which will be sharply affected by the crisis in 2009, but these will bounce back as of 2010. This V-evolution is likely for the auto, pharmaceutical, medical service, and telecommunication sectors. For other industries, the adjustment period will take more than one year, and sectors such as metallurgy, construction, heavy industry, and the chemical industry will follow a U-model," Codrut PASCU, Managing Partner of ROLAND BERGER Romania, told Business Standard.
by standard.ro, 16.04.2009


ERSTE Bank plans to raise its capital by EUR 124.7 million and to buy back stocks
The board of ERSTE Bank said it would be asking shareholders to raise chartered capital by EUR 124.7 million to issue conversion and underwriting rights to convertible bond holders, a press release remitted to Bucharest Stock Exchange reads.
If the shareholders approve ERSTE 's proposal at the general meeting scheduled for May 12, the bank will issue as much as 62.35 million ordinary stocks.
Furthermore, the bank plans to buy back its own stocks from the capital market, in order to be traded, with the condition that the total value of stocks bought on a daily basis does not exceed 5% of the chartered capital.
"The value cannot be lower than half of the closing price at Vienna Stock Exchange, in the trading day before the purchase, and it cannot exceed twice the closing price in the trading day before the acquisition," the press release remitted to BSE informs.
The bank will pay out a dividend of 0.65 EUR for the 317 million shares without a nominal value. In this purpose the bank could distribute EUR 206.05 million.
ERSTE Group signed an agreement with the Austrian authorities to raise up to EUR 2.7 billion in hybrid and participation capital, the group getting EUR 1.89 billion of participation capital from the Austrian state.
The capitalization measures went public in October last year and they were approved by ERSTE shareholders at the general meeting in December 2nd.
The bank posted for 2008 a net profit after minorities of 859.6 million EUR, down 27% from a year earlier, following the assignment of the proceeds from the sale of the insurance business to the full write-down of intangibles and partial write-downs of goodwill.
ERSTE Group stocks (EBS) are traded at three stock exchange platforms (Vienna, Prague and Bucharest) and according to Friday's closing quotas at BSE, of 66.10lei/share, the capitalization of the bank stands at RON 20.95 billion.
by wall-street.ro, 22.04.2009

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EDITORIAL | 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


International Conference on underwriting and reinsurance "Kiev Spring 2009"
May 15th, Rus Hotel, Kiev, Ukraine
Organizer: Business-Garant Consulting Centre
Media Partner: PRIMM - Insurance&Pensions Magazine
Details: www.bizgarant.com


Tashkent International Insurance Forum
June 4-7 2009
INTERCONTINENTAL TASHKENT Hotel, Tashkent, Republic of Uzbekistan
Organizer: SAIPRO
Media Partner: PRIMM - Insurance&Pensions Magazine
Details: www.tiif.uzreport.com


Sopot Summer Insurance and Reinsurance Days 2009
June 15th-17th, 2008
Sopot, Poland
Organizer: RESOURCE
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.resource.org.pl

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FIAR

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, Eugen SPIVACENCO
Junior Editor: Marian MARDARE
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.

Copyright©2009 MEDIA XPRIMM

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