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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 133, May 21th, 2009
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FIAR
INSURANCE Profile
GenRe
  EDITORIAL



Paralyzing caution

A Romanian saying sounds like that: "Who got burned once, will try to cool even the yogurt!", and an Anglo-Saxon one goes like this: "Better safe than sorry". The two proverbs translate in words a different attitude towards risk, even if, in both cases, the message is clear: CAUTION!

Basically, the Romanians became cautious only after passing through a negative experience, while for the Englishmen, caution is the premise for their attitude towards life.

Representative is the approach of the central character in the story with the block of salt. Once aware of the possibility of a risk to produce, he cannot react in any way.

There's nothing left to do, so everything is already lost!
For Romania, the block of salt called Vrancea has moved last month. Enough so that all radio and TV stations present the darkest theories, the most disturbing scenarios, the most bizarre figures, the number of potential victims and, last but not least, useful advice in case of earthquake.

Under these conditions, many expected, may be, that insurers would be assalted by those eager to insure their households. It didn't happen like this, nor will this happen too soon, because it is a problem of attitude towards risk. And attitude is the most difficult one to change.

Maybe it would have been better if, during TV debates, along with tips on the emergency kit and on what each one of us should have in the house to use in the event of an earthquake, the talks had also been about ... insurance.

by alex.rosca@mxp.ro

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

 

Interview with Radu MUSTATEA,
President of the Directorate
ASTRA-UNIQA

XPRIMM: What are the visible effects of the financial crisis on the Romanian insurance market and, in particular, on the activity of the company that you represent? What do you estimate the medium and long term impact will be?
Radu MUSTATEA:
At this time, it is totally false to say that the effects of the economic crisis are not felt. Regarding the company that I am managing, the economic backfall was felt since the fourth quarter of last year, especially in November and December, reaching a peak in January-February. Starting March, the backfall flatted, at least according to our sales figures.
In terms of effects, the economic crisis is fully manifesting in some specific areas: the growth of the compensations level and the growth of average claim. Also, the depreciation of the national currency was felt in the relationship with the repair shops and with the spare parts providers that are trying, in this period, to transfer costs from other areas on the insurers' shoulders.
Separate from this problem with the repair shops is the situation that affects the leasing area, as many clients no longer pay either the rates, or the insurance premiums.
Another disturbing effect would be the proliferation of fraud cases: clients are torching or crashing the cars, and the insurer bears the compensation. The client gets off the leasing contract and he also receives a sum of money, especially if he paid 50% of the value of the vehicle. If the damage is 80% of the value of the car and the client has paid at least 50% of it, it is normal to receive some money back. But it is very difficult to separate actual cases of damage from the framed ones.
For example, we have now a case in which a car was destroyed by fire just before being recuperated by the leasing company because the customer had not paid the rates. The case raises some question, but it is very difficult to prove an eventual guilt of the client.
Another segment that strongly felt this financial uncertainty is represented by the banking field, which, by slowing or stoping the loaning activity, indirectly affects the insurance sector; based on the credits granted by the banks, insurance companies have offered credit insurance, household insurance, goods insurance and life insurance. In addition to retail, the corporate segment, from which we receive a negative feedback, is also affected.
Besides those listed above, there are other effects: generating unemployment, which indirectly leads to loss of insurance policies, non-payment of rates, limiting car sales etc.
Inspite all these, the company ASTRA-UNIQA registered, during the first three months of this year, an overall increase of the underwritings volume. We had decreases, on some segments, but they were compensated on the other lines of business. Personally, I think the market will increase by 10-15%, if we refer to the national currency.

XPRIMM: What are the main anti-crisis measures to be taken by a manager or by an insurance company in Romania to face both the effects of the crisis and the increasing competition in the industry?
R.M.:
There are the so-called guidelines, principles of action for this types of situations, but this financial crisis has no precedent; it had a galloping evolution and I think it will end just as quickly as it started.
I think this economic crisis was felt especially because of the speed with which we operate today in every field. The crisis went from bank to bank, from investment to investment, the insurance companies were also involved in this process, and the erosion over time has led to the collapse of this structure. What saved some companies in collapse was the governmental support that they have been granted.

XPRIMM: Do you consider that this state of financial uncertainty encourages the visionary managers or the innovative companies?
R.M.:
Yes, normally, just like in war, you must be innovative, come up with new solutions, because in the current situation if you follow the old lines you are heading for a shipwreck. The guidelines are materialized based on previous experiences, but this crisis is not something that we have faced in the past.
Our company has also applied traditional methods, "cost-cutting" type, but, in parallel, we came along with new solutions: launching new products, discovering new markets, developing on niche markets. My personal guideline is the one of permanent development, in order to compensate losses on certain business segments.

XPRIMM: Which is the development planned by ASTRA - UNIQA or, more precisely, which is the company's strategy for the current year?
R.M.:
For example, in this period we have two large projects in the final implementation phase.
The first one is introducing life insurance in the ASTRA-UNIQA portfolio, an area where we had shortcomings in the past. Since last year, we have a new team on this field, which we intend to develop.
In this respect, we created a support system for sales on life insurance: we have now a person specialized on life insurance sales in each branch, that provides support for the sales force. The sales force of ASTRA-UNIQA is specialized in selling non-life insurance, and the reorientation is not an easy one. We had, so far, three such attempts, but now it seems that we will succeed.
The second project will be the equivalent of a real "earthquake" on the insurance market: we want to give to each person working in ASTRA-UNIQA a mobile unit for electronic sale, the size of a wallet. This mobile unit is composed of a mini-laptop with modem and printer, which may issue an insurance policy from any location.
The program is already on-going in Bucharest, applied on about 60 people, and it will be expanded throughout the country. For the insurance market, this is a novelty; sales force is used with extensive usage of pencil or pen, the actual sale of an insurance policy taking around 30-40 minutes, which is quite a lot of time. Of course, this change will be equivalent to the transition from pencil to cosmic rocket, but the sales force must adapt to this trend.
I think this is the future of insurance, it will not be easy, but sales force effectiveness is diminishing the costs, the information comes in real time, price changes are also taking place in real time, without dozens of circulars.
For now, the trainings are taking place only in Bucharest, but they will take place in each branch; in what the IT support is concerned, it is offered by several companies.
In addition to the sales force that will take advantage of this system, the people from the repair shops will also benefit from this innovation. We hope that, by introducing the electronic claims file, we will reduce the time necessary to solve the respective file.

XPRIMM: How long do you estimate it will take for this system to be applied on a national level?
R.M.:
Within maximum three months, the system will be extended throughout the country, as the program has already been running in Bucharest for a month. We bought 1.000 such units, and the investment amounted to approximately EUR 1 million. We hope to achieve greater savings compared to the invested amount, besides, we benefit from the ecological side of eliminating paper forms. If, normally, a policy was written in 30-40 minutes, now we hope that it will take about two minutes.
There is also another on-going large project, which is reffering to the quality of the work of the repair shops we work with. Thus, by random check, we will verify: the origin of spare parts, the work quality and the repair time, compared to the price charged by that unit.
Being the first company to implement a full-size system for its sales force in Romania, we hope to provoke a real "earthquake" on the market.

XPRIMM: Implementing the mandatory household insurance is regarded as the big opportunity of 2009. ASTRA-UNIQA has already expressed its intention to enter PAID with the maximum rate allowed. What are your expectations regarding this project?
R.M.:
We are the first company that has the approval of the shareholders to participate in PAID, within the limit allowed by law, of 15%. Personally, I think the law comes to fill a gap with a symbolic amount, more than bearable for the owners, which will solve a yearly problem, whether it is the floods or the earthquakes. An insurance system with a viable solution had to appear.
Meanwhile, the service is affordable and everyone should take advantage of it, especially in this year of economic crisis.
From the perspective of an insurance company, the return on participating in this system is given by cross-seling and by up-selling, because the value of the policy does not cover the services provided by the company.

XPRIMM: How do you see the implementation of the amicable report?
R.M.:
There are many voices that advocate for postponing the introduction of this project, for two reasons: fraud and disruption of the activity in the offices of the insurance companies, which will be directly involved in solving the claims cases, after the withdrawal of the police.
I believe that the implementing of the amicable report is necessary, whether it is done on the 1st of June or on the 31st of December; most likely, the situation cannot radically change in six months.
In any case, ASTRA-UNIQA is prepared for this measure. We have done training sessions, we have processed the materials and I believe our people have been ready for this for a year.

XPRIMM: Which would be, in brief, the objectives that the company ASTRA-UNIQA has set for 2009?
R.M.:
For this year, ASTRA-UNIQA has set the following objectives: a 19% increase on all lines of business, implementing the above-mentioned projects, occupying the third place on the non-life market and a RON 9 million profit. Also, in 2009, we have decided to double the share held by life insurance in the ASTRA-UNIQA portfolio, up to EUR 4 million.

by vlad.panciu@mxp.ro

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Radu MUSTATEA
Radu MUSTATEA, President of the Directorate
ASTRA-UNIQA

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

The first decrease for the Romanian insurance market
The Romanian insurance market has reached, after the first quarter of this year, RON 2.42 billion, with a real decrease in national currency of 4.92% compared with same period of 2008, according to preliminary data published by ISC. In euro, underwritings registered by the Romanian insurers have recorded a negative nominal evolution of 12.26%, dropping from EUR 646.5 million in Q1/2008 to EUR 567.2 million (To calculate the nominal evolution in euro, we took into consideration the average exchange rate RON/EUR for the analyzed periods, of 4.26 and 3.69, according to NBR).
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by andreea.ionete@mxp.ro, 14.05.2009


War of households: a new hope?
It's for sure: the introduction of mandatory household insurance will take place, the earliest, starting the 1st of January 2010, almost half a year later than originally estimated.
Meanwhile, the normative act enacted at the end of last year is going to suffer changes.
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by oleg.doronceanu@mxp.ro, 18.05.2009


The amicable report is not postponed
The request of UNSAR - The National Union of Insurance and Reinsurance Societies in Romania, regarding the postponement of the starting date for the application of the amicable report in case of accident, was rejected by the ISC Council, in a meeting held on the 19th of May 2009. Thus, the amicable report will be applied starting the 1st of July 2009, the date stipulated in the ISC Order no.21/2008 as the date from which the amicable report form can be used.
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by andreea.ionete@mxp.ro, 20.05.2009


ECHR: Insurers have the green light for conducting their own inquiries
ECHR - European Court of Human Rights considers as legal the insurance companies attempt to use private detectives to detect fraud perpetrated by their clients or by the victims that are to be compensated based on an insurance contract - it is shown in a decision of the Court, recently published in the Official Gazette (Decision from the 1st of July 2008, given in the Case of Calmanovici versus Romania - Request no. 42.250/02 -, published in the Official Gazette, Part I, no. 283 of 30/04/2009).
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by alexandru.ciuncan@mxp.ro, 12.05.2009


MILLIMAN supports FIAR 2009
MILLIMAN Consultants & Actuaries, one of the most important actuarial and consultancy companies in the world, supports FIAR 2009 as Partner. The company will be represented at the Forum by Adrian ALLOTT, Senior Consultant, responsible for the Romanian business.
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by oana.necula@mxp.ro, 11.05.2009


ASTRA-UNIQA is preparing "an earthquake" on the insurance market
ASTRA-UNIQA is giving to the sales staff mobile units for the electronic issuing of insurance policies, this being the first action of its kind on the Romanian profile market. The insurance company intends to implement this system, in the whole country, within maximum 3 months, and the program is already in progress, in the capital, for a month. In this sense, the company has already purchased 1,000 mobile units, the investment amounting to approximately EUR 1 million, according to ASTRA officials.
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by vlad.panciu@mxp.ro, andreea.ionete@mxp.ro, 20.05.2009


Non-life insurance slows down the ALLIANZ-TIRIAC business in Q1
The first quarter brought the first decrease for the Romanian insurance market leader. Thus, the underwritings' volume of ALLIANZ-TIRIAC in Q1/2009 slowed down to RON 351.3 million, 4.5% less compared to the first three months of 2008.
"The company's business volume has evolved in line with the trend registered by the whole insurance market, which will probably highlight a contraction of income from gross written premiums", the company representatives have stated.
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by andreea.ionete@mxp.ro, 12.05.2009


VIG business in Romania stagnates at the Q1/2008 level
Compared with the growth in the first quarter of 2008, the Romanian companies members of VIENNA Insurance Group have registered, in the first three months of 2009, an increase of only 0.2% of the underwritings, in national currency, according to audited results published by the company. The Austrian group has obtained a profit before tax of EUR 6.28 million, double compared to the one in the first quarter of last year.
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by andreea.ionete@mxp.ro, 14.05.2009


Over 60% business growth for BCR Asigurari de Viata in Q1
BCR Asigurari de Viata recorded, in the first quarter of the current year, a nominal increase in RON of over 60%, compared with Q1/2008, up to a volume of gross written premiums of RON 35.2 million, as the market share of the insurer, member of VIENNA Insurance Group, raised to 9.15%, on the life segment.
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by andreea.ionete@mxp.ro, 19.05.2009


Unit-linked insurance affects the business of ING Asigurari de Viata in Q1/2009
ING Asigurari de Viata, the leader of the profile market, registered in the first three months of 2009 gross written premiums of RON 130.2 million worth, down 4.5% compared to the same period of last year. This evolution has been influenced, mainly, "by lowering the sales of unit-linked single-premium products with 7% in the reference period", Cornelia COMAN, General Manager, ING Asigurari de Viata, stated.
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by oleg.doronceanu@mxp.ro, 14.05.2009


GENERALI Asigurari: RON 6 million profit and 17% growth on the life segment in Q1
In the first quarter of 2009, GENERALI Asigurari registered a total volume of underwritings of RON 120.1 million, increasing by 11% compared to Q1/2008. At the same time, the insurer's profit was RON 6 million, down 5% from the same period of last year.
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by marian.mardare@mxp.ro, 15.05.2009


RAI Asigurari expects a doubling of on-line sales of travel insurance this summer
The beginning of the summer season and of preparations for the summer holidays make this a very productive period for companies that are selling travel insurance. And, even if estimates of specialists on tourism market are not very optimistic this year, the Romanians' appetite for holidays abroad, whether nearby destinations - Bulgaria, Greece or Turkey - or the most expensive ones, gives hope to the profile companies that they will maintain the travel insurance business at least at the level of last year.
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by andreea.ionete@mxp.ro, 8.05.2009


EUROINS, once again on the brokers' side
The tradition according to which EUROINS supports the events dedicated to brokers at FIAR - the International Insurance-Reinsurance Forum continues. The insurance company is present at FIAR 2009 as a Strategic Partner of the INSURANCE and PENSIONS BROKERS DAY.
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by oana.necula@mxp.ro, 13.05.2009


Insuring art objects: on the line between rarity and unknown
Although insuring works of art still represents an unknown territory for the Romanian collectors, there is a growing interest of the big auction houses for this area.
Basically, even if the owners do not insure the works of art that they register in auctions, the organizers want to be protected for the risks correspondent to the storage of values and to their preparations for sending them to the buyer.
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by oleg.doronceanu@mxp.ro, 15.05.2009


EUREKO and CLAL are leaving the MTPL market
Insurance Supervisory Commission withdrew the authorizations for practice of mandatory motor third part liability of the companies EUREKO Asigurari and CLAL Romania, at their request.
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by andreea.ionete@mxp.ro, 14.05.2009


KD Life has received the ISC approval for its financial recovery plan
The financial recovery plan developed by the company KD Life, part of the Slovenian KD Group, was approved by the Insurance Supervisory Commission, in mid-April, according to insurer's representatives.
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by andreea.ionete@mxp.ro, 18.05.2009

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Casco Ieftin

Safety Broker

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


Moscow hosts the 6th annual "Retail Insurance and Reinsurance in Russia and CIS" Conference, in June

Marcus Evans proudly presents the 6th annual "Retail Insurance and Reinsurance in Russia and CIS" Conference, that will take place on the 25th and on the 26th of June 2009, in Moscow, Russia. The event wishes to offer a comprehensive view of the insurance industry, following recent market trends, and to maximize the future business prospects for the insurance and reinsurance companies from Russia and from the CIS region.
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by andreea.ionete@mxp.ro, 21.05.2009


5.7% growth for the Russian insurers in Q1/2009
In the first three months of 2009, Russian insurers achieved a total of written premiums of EUR 5.4 billion, a raise of 5.7% compared to the same period of 2008, according to data provided by supervisory authorities. In the same time, the paid claims reached EUR 3.6 billion (+28.5%).
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by oleg.doronceanu@mxp.ro, 18.05.2009


VIG results for the taughest quarter on the financial markets
In the first quarter of 2009, VIENNA Insurance Group recorded a total of written premiums of EUR 2.35 billion. In EUR, this corresponds to an increase of 1.5 percent compared to the same period of the previous year. The Group profit amounted to about EUR 121 million in the first quarter. Actually, after tax expenses and minority interests, a profit growth of nearly 4 percent was recorded.
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eugen.spivacenco@mxp.ro, 14.05.2009


GENERALI Group profit down by 88.6%
The results of GENERALI Group, for the first quarter of 2009, amounted to EUR 103.8 million, a decrease of 88.6%, compared to EUR 910.3 million in Q1/2008. Gross written premiums rose by 0.3% compared to the first quarter of 2008, up to EUR 18,479 million. The operating result for Q1/2009 is EUR 1.01 billion, a 12.7% decrease compared to 1.15 billion at the end of March 2008.
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by eugen.spivacenco@mxp.ro, 14.05.2009


Ukrainian life insurance market, down by 23%
In the first three months of 2009, the Ukrainian life insurance market decreased by 23%, compared to the same period of the last year, according to preliminary results published by the State Commission for the Regulation of the Ukrainian Financial Market.
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by eugen.spivacenco@mxp.ro, 18.05.2009

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


BVB foregoes its most ambitious project while cost cuts boost the 2009 profit
The management of the Bucharest Stock Exchange (BVB), which operates as the only stock market in Romania, will recommend to shareholders to correct the budget for 2009, as the new profit target, of RON 6.5 million (EUR 1.5 million), is five times higher than the initially estimated earnings.
The upward revision of the budget is mainly due to a cut of the costs. The corrected budget includes a RON 3.4 million (EUR 0.8 million) reduction in personnel-related expenses. The drop is due to the modification of the project for a regional trading platform (MTF), through an MTF included in BVB, according to the budget draft that will be submitted for shareholders' approval at the end of this month.
In the first part of this year, BVB forewent the collaboration with the Italian Giulio DI CERBO, former Managing Director of CITIGROUP London, responsible for coordinating the strategy for creating a trading market which would include the most important shares on the stock exchanges in the region. A group of five-six of the most-liquid companies in six countries in the region was to be traded on this platform. To be viable, the project needed to charge a commission of some 0.01 percent, about 15 times less than the one charged at present.
by standard.ro, 21.05.2009


Salaries in listed companies up 30% in 2008
The employees of companies listed on the Bucharest Stock Exchange (BVB) earned last year salaries and incentives 30 percent higher compared to 2007, according to annual financial reports.
The average gross salary within listed companies amounted to RON 3,550, that is less than EUR 1,000. However, the best monthly revenues exceeded EUR 2,700 at the 2008 RON/EUR average exchange rate. People working in financial investment companies (SIF) are among the best paid employees, given that the five SIFs listed on the local capital market increased salary and incentive expenses last year by as much as 50 percent. SIF Moldova ranks first, with an average gross salary of RON 12,214 (EUR 3,300) worth. The company had 84 employees last year, while salary expenses, including bonuses and incentives, amounted to EUR 3.3 million.
According to the annual report, salaries and incentives of SIF Moldova administrators made up 27.9 percent of the total salary expenses. SIF Oltenia ranks second in the top salaries, with an average RON 11,500 (EUR 3,100), followed by SIF Transilvania, with RON 10,923 (EUR 2,950), SIF Banat-Crisana, with RON 8,972 (EUR 2,440), and SIF Muntenia, with RON 5,735 (EUR 1,560). In the case of SIF Banat-Crisana, the seven administrators earned a monthly average RON 4,500 (EUR 1,220), while the new managers made as much as RON 15,000 (EUR 4,070) in monthly gross revenues, according to the company's annual report. Romania's largest company, oil and gas giant PETROM, controlled by Austrian OMV group, ranks sixth, with an average gross salary of RON 5,079 (EUR 1,380) worth, some 41.4 percent higher than in 2007. People working in companies in the energy sector were among the best-paid employees. ROMPETROL Well Services, also an oil company, ranked seventh, with an average salary of EUR 4,500 (in excess of EUR 1,200).
by standard.ro, 11.05.2009


The industry consumes 26% less energy
As of last November, the financial crisis has sharply affected the electricity market, when deliveries made by traders to industrial consumers suddenly and dramatically dropped down by 10.1 percent, from a 2.4 percent increase, according to data provided by the Romanian Energy Regulatory Authority (ANRE).
Thus, traders provided 1,744 GWh in November, down 10.1 percent from October, and 1,519 GWh in December, 12.9 percent less than in November. Industrial client consumption maintained its downward trend in January, but fell only 4.4 percent compared to December, to 1,452 delivered GWh.
In February, traders provided 1,436 GWh to the free market, a 1.1 percent decline from January, but 26 percent less than in October 2008. Several companies halted production in the November 2008-February 2009 period, due to the drop on foreign markets, as a result of the economic crisis.
"The consumption of energy is an economic barometer. It is obvious that, as long as this remains low, it indicates that the crisis continues", said Doru VOICU, Development Manager of CEZ Romania.
by standard.ro, 21.05.2009


Multinationals control 85 percent of the local beer market
Multinational brewers operating in Romania increased their market share up to 85 percent last year, compared to 70 percent in 2006, leaving only 15 percent of the market to local producers.
Most of these 15 percent are made by EUROPEAN DRINKS producer, controlled by the businesspeople Ioan and Viorel MICULA, which entered this field in 2008.
The local independent producers' market share only amounts to 2 percent, with MARTENS Galati, BERMAS Suceava and ALBRAU Orastie as main players. The remaining 13 percent are owned by EUROPEAN DRINKS with the BURGER brand and by ROMAQUA drinks producer, with its ALBACHER brand.
"It seems that the production peak has been reached, now the battle between multinationals will begin to gain market share", according to the President of Independent Brewers Employers' Union, Vifor VERSESCU.
He added that the local market significantly tempered its growth rate in the recent years, as a 9 percent drop in sales was visible in the field in Q1.
In 2008, the market rose 4.1 percent, up to 20.2 million hectoliters. The main producers are HEINEKEN, URSUS Breweries, INBEV, United Romanian Breweries BEREPROD, EUROPEAN DRINKS and ROMAQUA.
by standard.ro, 20.05.2009

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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


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


Retail Insurance and Reinsurance in Russia and CIS
June, 25th-26th, 2009
Moscow, Russia
Organizer: Marcus Evans
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.marcusevans.com


Claims Management and Processing in Insurance
September, 7th-8th, 2009
Amsterdam, The Netherlands
Organizer: Marcus Evans
Media Partner: PRIMM Magazine - Insurance&Pensions
Details: www.marcusevans.com

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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.

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