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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 134, June 11th, 2009
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GenRe
  EDITORIAL



COMMUNICATION ... a first step to success

If, in general, news regarding insurance are considered to be niche ones, aiming leaders and specialists from the industry and from related fields, two subjects related to this sector are these days in the media attention.

We are obviously talking here about the implementation, from the 1st of July 2009, of the amicable report, and about the introduction, from the 1st of January 2010, of the mandatory household insurance, two actions that will influence the great mass of the citizens of Romania.
But, although there are only 26 days left until the radical change in the way the finding of the claims in the event of road accidents without victims will take place, drivers do not know too many details about the new procedure.

Also, most of the general public appreciates that mandatory household insurance is a kind of additional tax, another extra tax, not understanding its protection component.

What is the main cause of the presented situations? Clearly, the problem is the lack of communication and information campaigns for the population. Up to date, there have only been shy attempts for the popularization of these new concepts with which we will operate very soon. The discussions were quite technical, however, and the lack of cohesion of the message which comes through from the insurance market is not of nature to help. And yet... the bets are placed on results...

It is hoped that the AOL Law will contribute to the popularization of the concept of insurance and of its benefits and, therefore, to the evolution of voluntary household insurance, if all state and private institutions collaborate in the respect of educating the population.

Also, the successful implementation of the amicable constat is linked to the hopes of the motor insurers to attract new clients, from among the about 2.7 million owners of vehicles without Motor Hull insurance.

The opinion of specialists is that the success of these operations, the manner in which both mandatory insurance and the amicable report will be perceived and understood, all these are directly related to the future credibility of the entire insurance industry.

And, for that, "communication is the solution"!

by mihaela.circu@mxp.ro

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BCR Asigurari de Viata

MILLENIUM INSURANCE BROKER


WILLIS
POLISH Re
Credit Europe Asigurari
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 INTERVIEW

 

Interview with Silvia SIRB,
General Manager
AEGON Asigurari de Viata

XPRIMM: How do you see the evolution of the life insurance market in the following period, for the market in general and for the company that you represent, in particular?
Silvia SIRB:
I believe that in Romania the life insurance market will continue to grow, but with a considerably lower pace than in 2008. The growth is, in my opinion, a natural one and it is based on the gap of this type of products consumption between Romania and the Western markets: Romania is far below the European average, both in terms of penetration and in terms of the value of the average premium per policy.
I would also like to state the fact that not all insurance companies will register growth compared to 2008 and that we will certainly attend to a revalorisation of the products that are preferred by clients and to a downward adjustment of average written premiums.
Regarding AEGON Asigurari de Viata, the results we've already recorded in the approximately 4 months since the beginning of sales confirm us that we have a correct approach of the market, and the AEGON increase will have a much higher rate than the one of the market - but this is also because we are at the beginning of the activity.

XPRIMM: What more products do you intend to launch on this segment and how do you intend to make them more attractive, in order to face competition?
S.S.:
With over 9 months of preparation, from the very beginning of our activity in Romania, we had the opportunity to launch ourselves with a wide range of life insurance products: from pure risk products, to products with guaranteed savings, respectively with placements in investment funds, each with the possibility of attaching a multitude of additional clauses. Therefore, today we are focusing on promoting what we have already created, in front of the existing and the potential distribution partners.
This does not mean that we don't make any modifications of the start portfolio, but these changes are mainly due to the fact that we are open to creating, for our strategic distribution partners, exclusive products, and this involves implementing certain differenciating features from one product to another.
I will not hide from you the fact that we are involved in a large project, at regional level, of launching, towards the end of the year, a product less known to the local market.
The fact that we have built the operations in Romania from scratch represents an unique advantage, under the circumstances of the year 2009, as flexibility and capacity to adapt and to control are the most critical elements, in the context of the current global economy. And these are the conditions in which we were born. Therefore, now we find ourselves in shape and with the proper luggage, ready to go.

XPRIMM:To what extent do you believe the volume of insurance products granted as extra-salary benefits by the employers will be affected, considering that their financial availability is decreasing?
S.S.:
On the short term, the market for group insurance (employee benefits) is stagnating, because employers are extremely preocupied, in this period, with cost reduction. On the medium and long term, however, this market segment will gain strength and it will grow consistently, because in this area, too, we find ourselves at great distance from what exists in more developed economies.

XPRIMM: What steps should/could be taken by the state in order to support the development of life insurance? Is deductibility a solution for this field - life insurance?
S.S.:
I think a good measure, that is clear and has substance (and which will not be abrogated in the future) can do more than more minor measures.
I consider deductibility to be a measure able to consistently stimulate the market, but only if properly designed, with appreciable benefits for the large mass, to which a proper promoting must be added.

XPRIMM: What is the message that AEGON Asigurari de Viata wants to express by supporting two of the most important conferences of FIAR 2009?
S.S.:
I congratulate, whenever I have the chance, the whole XPRIMM team and Mr President Sergiu COSTACHE for all that they are doing for the Romanian insurance and pensions market!
We are in this business to gain profit and to create value for all: clients, partners and ourselves. As we are all in the same boat, the contacts and the networking facilitated by XPRIMM are very valuable.
In this context, AEGON Romania considers that it is important to contribute to the support of these events, because such events contribute to the development of the whole market, with the desired benefits for all parties involved.
Romania really needs this, in every field!

XPRIMM: Thank you!

by oana.necula@mxp.ro

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Silvia SIRB
Silvia SIRB,
General Manager
AEGON Asigurari de Viata

MEDICOVER
FADATA
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 TOP PRESS

Towards FIAR 2010 ...
The XIIth Edition of FIAR - the International Insurance-Reinsurance Forum has come to an end. Despite the global economic crisis, leaders and specialists in insurance and reinsurance worldwide have found the time and the necessary resources to meet in Sinaia, for 5 days of conferences, bilateral meetings and socializing.
Click here to read more!
by oana.necula@mxp.ro, 1.06.2009


First decrease!
The first three months of the current year have also marked the first decline recorded in the recent years on the insurance market. Romanian insurers underwrote about EUR 80 million less than they did in the same period of last year. Reported with figures in European currency, the decline is accentuated by the difference in the exchange courses of the analyzed periods (RON 4.27 for EUR 1 in Q1/2009, respectively RON 3.67 for EUR 1 in Q1/2008).
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by alex.rosca@mxp.ro, 26.05.2009


The life insurance top in Q1/2009
With a volume of underwritings, in the first quarter, of EUR 30.3 million, ING Asigurari de Viata remains the leader of the life insurance market, the second position being occupied by AIG Life. The hierarchy is completed by BCR Asigurari de Viata, this company standing out by its percentage of volume business growth - 45%, real evolution in RON.
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by vlad.boldijar@mxp.ro, 22.05.2009


Increase on 4 wheels
The total of insurance premiums mediated by the Romanian profile brokers has reached, according to estimates, the value of EUR 130 million, after the first three months of the current year, which represents an increase, in European currency, of only 4 percentage points.
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by vlad.boldijar@mxp.ro, 25.05.2009


OMNIASIG, the new non-life leader
OMNIASIG, member of VIENNA Insurance Group, has maintained its business, in the first three months of the year in progress, at the same level correspondent to the equivalent period of 2008. Thus, the insurer has ended the first quarter with revenues from underwritings of RON 331.6 million (EUR 77.7 million), with 0.13% below the value registered in Q1/2008. So, OMNIASIG has become the new leader of the Romanian general insurance market, surpassing by EUR 1.82 million (equivalent to 0.4 percentage points market share) the former leader of general insurance, ALLIANZ-TIRIAC, according to company's reports for the INSURANCE Profile Specialty Review.
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by andreea.ionete@mxp.ro, 1.06.2009


4 large groups hold 73% of the motor insurance market
EUR 261.8 million is the cumulated value of gross written premiums on motor insurance, in the first quarter of 2009, by the companies part of the most important European insurance groups present in Romania (ALLIANZ, GENERALI PPF, GROUPAMA and VIENNA Insurance). The figure represents 73% of all business registered by the motor insurance market (Motor Hull, MTPL and Green Card, cumulated). Compared with the situation recorded in Q1 2008, when the same companies recorded a volume of underwritings on motor insurance of EUR 317.5 million, a nominal decrease in EUR of 17.5% was registered.
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by vlad.boldijar@mxp.ro, 2.06.2009


GENERALI PPF wants the delisting of ARDAF
GENERALI PPF Holding, the majority shareholder of the insurer ARDAF, is launching on Friday, the 5th of June, a public offer for mandatory takeover, through which it wants to buy the remaining 18% of the company's shares, for a maximum amount of RON 21.58 million. Also, GENERALI PPF intends to delist the company, under the conditions of fulfilling the legal requirements for withdrawal of shares from trading, according to the bid documents, submitted to the RASDAQ market.
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by andreea.ionete@mxp.ro, 3.06.2009


AEGON Asigurari de Viata will increase above the market average in 2009
"Not all insurance companies will register a growth compared to 2008 and we will certainly witness a revalorisation of the products preferred by clients and a downward adjustment of average written premiums", Silvia SIRB, CEO, AEGON Asigurari de Viata, said, adding that, as its activity is at the beginning, the company that she represents will grow above the average of the profile market this year.
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by andreea.ionete@mxp.ro, 8.06.2009


MARSH Romania is strenghtening its position on the "affinity" products market
The year 2008 represented for MARSH Romania a new year of sustained growth, both in terms of mediated premiums volume and of income obtained by the company. Thus, the broker reported, at the end of the previous year, a volume of mediated premiums of RON 226.2 million, with 44% over the level of 2007, and revenues of nearly RON 27.6 million, increasing by 32% compared to a year before.
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by andreea.ionete@mxp.ro, 3.06.2009


EUREKO and ALLIANZ-TIRIAC hold 77% of the health insurance market
The value of gross written premiums on health insurance was, in the first three months of 2009, of about EUR 1.7 million. The figure represents, according to the Specialty Review Insurance PROFILE, a nominal decrease, in European currency, of 14.5%, compared to the results recorded in the period January-March 2008.
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by vlad.boldijar@mxp.ro, 26.05.2009


ASIROM losses have doubled in 2008
ASIROM, member of VIENNA Insurance Group, has ended 2008 with a negative financial result of RON 67.65 million (EUR 18.4 million), a loss more than two times higher than the one recorded in 2007, of RON 31,8 million.
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by andreea.ionete@mxp.ro, 22.05.2009



The key for success on the life segment: retail and bancassurance
If, at the 2008 edition of FIAR, people were talking about the spectacular increases of the life insurance market, this year they have debated on the perspectives for the next period and on the appropriated measures in the current economic context, which emprinted to the life segment a nominal decrease in euro of 15.9% in the first three months, according to INSURANCE Profile.
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by andreea.ionete@mxp.ro, 27.05.2009


Capitalizations of RON 65 million for the Romanian insurers in April
Nearly 50% of the value of the share capital underwrote in April by companies with foreign participation belongs to the field of financial mediations and insurance, according to data provided by the National Trade Register.
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by mihaela.circu@mxp.ro, 9.06.2009


The Insurance Management Institute is beginning its activity
Today, June 9, the Insurance Management Institute (IMA) is beginning its activity, as was announced by Prof. Univ. Dr. Dan CONSTANTINESCU, appointed as President of the IMA, at FIAR - the International Insurance-Reinsurance Forum. The Institute has as sole founding member the Insurance Supervisory Commission (ISC).
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by andreea.ionete@mxp.ro, 9.06.2009

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Casco Ieftin

Safety Broker

RESOURCE
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 CEE, RUSSIA&CIS


The 5th International Conference "World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia"

17th - 18th November 2009, Hotel Baltschug Kempinski, Moscow, Russia
In November, Moscow will once again host one of the key conferences on life, banc-assurance and asset management in emerging markets.
Click here to read more!
by oleg.doronceanu@mxp.ro, 9.06.2009


"Sopot Summer Insurance and Reinsurance Days" begins on Monday
On Monday, the 15th of June, RESOURCE will open the doors of the fourth edition of the annual conference dedicated to Poland's insurance and reinsurance market, "Sopot Summer Insurance and Reinsurance Days", an event that, for the second consecutive year, is the partner of FIAR - International Insurance-Reinsurance Forum.
Click here to read more!
by andreea.ionete@mxp.ro, 11.06.2009


Bulgarian insurance market - a 2% growth
The growth of the Bulgarian insurance market, in the first quarter of this year, raises up only to about 2 percent, compared with the 20% growth of the last year's annual gross written premiums (GWP).
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by insurance.bg, 10.06.2009


Ukrainian insurance market - free falling
In the first quarter of 2009, the Ukrainian insurance market has decreased by more than 12 percent, compared to the same period of the previous year, according to supervisory authorities.
Although the insurance market drop was significant, the analysts were expecting much more pessimistic results (a 20-30% decrease).
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by eugen.spivacenco@mxp.ro, 11.06.2009


Tashkent - Results of the Forum
Tashkent International Insurance Forum (TIIF-2009) was held at the Intercontinental Tashkent hotel on 4-5 June 2009. The event was aimed to discuss priority tasks of insurance and reinsurance business development.
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by eugen.spivacenco@mxp.ro, 11.06.2009


UNIQA Group doubled its profit in Q1/2009
In the first quarter of 2009, the UNIQA Group succeeded in achieving growth. Despite the unfavorable currency evolutions in Eastern and South-Eastern Europe, it was possible to increase the Group's euro-based written premiums, with 1.4%, to EUR 1.655 billion (Q1/2008: EUR 1.633 billion).
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by eugen.spivacenco@mxp.ro, 5.06.2009


The Russian insurance market will face a rates increase
The Ministry of Finance of the Russian Federation is working on a proposal that will modify the current legislation. The Ministry wants to establish the minimal insurance compensation in case of death, at the level of RUR 2 million (EUR 50 thousands). This minimal level will be compulsory for all types of insurance.
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by eugen.spivacenco@mxp.ro, 1.06.2009

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


Banks are cutting interest rates on deposits
Banca Comerciala Romana (BCR), leader of the banking system in terms of assets, is preparing to cut interest rates on loans and deposits, and a decision will be made no sooner than at the end of this month, company officials told Business Standard.
If, until April, there was a real battle on the banking market to attract savings, and lenders were offering huge interest rates, double or triple the inflation rate, now these same bankers are in a rush to cut yields offered on deposits, and the maximum reduction to date is two percentage points. BRD, ALPHA Bank, Banca TRANSILVANIA, ING Bank, CEC Bank, OTP Bank and PROCREDIT Bank, as well as other lenders have entered this race.
Individuals benefitted from yields exceeding 16 percent for their savings until May, but now banks are rarely offering interest rates above 13 percent. Variable interest rates on one-month lei deposits fell to as little as 7.5 percent annually, even in the case of the market leader.
BCR is no longer willing to support rates on deposits at the levels registered in the past two-three months, in excess of 14 percent, respectively, as it is more interested in raising interest rates for deposits with longer maturities.
Bankers who are still waiting to see the movements on the market say that lenders that did not register satisfactory results in the first quarter will be the first to lower rates on deposits, because these involve high costs.
Almost one third of the banks cut their interest rates on lei-denominated deposits, following the decision of the National Bank of Romania (BNR), at the beginning of May, to cut the key rate by 0.5 percentage points. Some lenders chose steeper reductions, as in the case of BRD-SocGen, that cut interest rates on lei-denominated deposits by up to 1.75 percentage points, down to an annual 11-12 percent, while others, such as Banca TRANSILVANIA, opted for a small-step policy, operating four cuts over two months.
"Banca TRANSILVANIA was one of the first banks to cut interest rates on deposits. So far, we have not planned any new interest cuts on deposits. If interest rates on deposits are dropping, rates on loans could slide at the same rate. Nothing sudden, but gradual. We are launching an attractive new loan product tomorrow", the lender's General Manager, Robert REKKERS, said.
ALPHA Bank, a top ten lender owned by a Greek bank, decided to cut 0.5 percentage points in rates on lei deposits and 0.25-0.5 percentage points in rates on euro-denominated deposits, considering that the financial institution operated a similar reduction in the first part of May. "We will drop to a single-digit rate on lei deposits by year-end. Banks will pursue their goal of attracting deposits and of doing this at lower costs. The market is waiting for interest rates on deposits to adjust, so that these can bring about cuts in rates on loans. At ALPHA Bank, most rates on loans are indexed to the benchmark rate, and this has dropped", according to a recent interview by Sergiu OPRESCU, Executive President of ALPHA Bank.
by standard.ro, 11.06.2009


Capital Stock market's richest in crisis
Businesspeople Dan ADAMESCU and Emil and Marius CRISTESCU lead the ranking of the top 60 wealthiest persons owning stock in companies listed on the Bucharest Stock Exchange (BVB).
According to an analysis made by Business Standard, of the top shareholders in companies listed on BVB's main market and of the top 100 companies listed on the RASDAQ electronic market, none of the 60 businesspeople in the ranking owns more than EUR 100 million worth of shares. Together, the 60 wealthiest shareholders control shares of EUR 370 million worth. These calculations are made two years after stock market indexes began their decline, sharply lowering the wealth of investors.
Only 12 businesspeople own shares more than EUR 10 million worth. The wealthiest stock market investor is Dan ADAMESCU, who owns stock in UNIREA Shopping Center company, the FLAMINGO International household appliances and IT products retailer, and the ASTRA Asigurari insurance company, with shares of EUR 51.1 million worth.
The CRISTESCU brothers, who control stock in the BEGA group of companies, with operations in the chemical industry, oil drilling, construction, and transportation, rank second, with shares of EUR 50.5 million worth, compared to the 2007 value of as much as EUR 200 million.
Businessman Ovidiu TENDER, whose assets listed on the stock market were EUR 250 million worth, now owns shares totaling EUR 27.7 million. The businessman sold 70 percent of his ATLAS Gip oil services company in 2008.
The top 10 stock market wealthiest investors control shares amounting to EUR 240 million. New names are now on the list, such as Stefan RADULESCU, majority shareholder of the SMC Prefabricate pentru Constructii (SOMZ) construction material producer, whose stock is worth some EUR 18.5 million.
Alain BONTE, the main shareholder of GENERALCOM Bucuresti, operating in the building rental field, ranks eighth, with stock totaling EUR 13.3 million.
by standard.ro, 10.06.2009


Top foreign investments in April: Trade is consolidating
Data provided by the National Trade Register Office (ONRC) in April confirms the trend that started in March, namely that investments target mainly the retail sector, while increasingly less capital is brought into the financial system.
The contributions of foreign companies to the capital of their Romanian subsidiaries totaled EUR 377 million in April, up over 50 percent compared to March 2009, according to ONRC data.
However, compared to April 2008, capital investments fell 20 percent, mainly because there were no major capital infusions. None of the investments made in April will become one of the top 15 in 2009.
The first two positions in the investment list belonged to MEGA Image and the BRAILA Shipyard, which totaled each EUR 17 million, far below the EUR 90 million brought by COSMOTE in April 2008, or the EUR 200 million brought by FORD in January 2009.
There were no massive capital contributions in banks and insurers in April, as the largest infusion was GARANTIBANK, of a mere EUR 8 million, followed by an EUR 7 million injection in the UNICREDIT subsidiary.
In terms of country of origin, the French contributed with 30 percent of the total amount, followed by the Dutch, with 15 percent. Investors in Switzerland, Italy, Austria, and Spain totaled between five and ten percent of the total EUR 377 million, according to ONRC. On the whole, the first four months brought capital contributions of EUR 1.65 billion worth.
by standard.ro, 8.06.2009


Romanian leu gains ground versus euro
BNR had posted a benchmark exchange rate of 4.2120 RON per EUR in yesterday's session.
The national currency grew from 4.1963 to 4.1865 versus the EUR, but then dropped to 4.2010 and started back up after noon. At 1:45 p.m., banks were buying an euro for 4.1945 RON and selling it for 4.2025 RON.
The zloty first climbed from 4.4850 to 4.4460, dipped to 4.4930 and returned to 4.47 per EUR. The forint rose from 281 to 276.80 and finally settled close to 280 per euro.
BNR had posted a benchmark exchange rate of 4.2120 RON per EUR in yesterday's session.
The national currency grew from 4.1963 to 4.1865 versus the EUR, but then dropped to 4.2010 and started back up after noon. At 1:45 p.m., banks were buying an EUR for 4.1945 RON and selling it for 4.2025 RON.
The zloty first climbed from 4.4850 to 4.4460, dipped to 4.4930 and returned to 4.47 per EUR. The forint rose from 281 to 276.80 and finally settled close to 280 per EUR.
by standard.ro, 11.06.2009


Four companies in Romania receive the Best Employers title
Four companies in Romania were awarded the Best Employer title, in the Best Employers Study for Central and Eastern Europe - ADOBE Systems, SYNGENTA Agro, TUCA ZBARCEA & Asociatii and McDONALD's Romania. These companies proved their ability to engage and motivate employees even in recessionary times, no matter the country or competition on the labor force, by the constant consideration for their employees.
HEWITT Associates, a global human resources services company, announced the results of its annual Best Employers Study for Central and Eastern Europe, sponsored by The WALL STREET Journal Europe.
The study, which surveyed about 160,000 employees and 4,000 C-suite leaders in 11 countries, shows that Best Employers are already taking practical steps to break the spiral of falling motivation amongst employees, a process triggered by the current economic downturn.
HEWITT research found that 31% of the participants reported a decrease in employee engagement, compared to only 15% in previous years.
Employee engagement is dramatically endangered in an economic downturn - just when companies need their employees to be most productive.
The good news is that this can be prevented. "Findings from HEWITT's latest research have confirmed some practical steps that Best Employers are already taking in order to improve engagement and regain employees' commitment and trust", Rita VERES, Leader of HEWITT Associates' engagement practice in Europe, said.
In the small and medium scale companies category of Best Employers Study 2008/09 CEE, Turkey's CEVA Logistics took the top spot, while in the large scale companies category, this year's Number 1 was RITZ CARLTON.
Five companies received special recognition for demonstrating excellence as Best Employers, regionally, as they were awarded the Best Employer title in at least three countries. These companies are: MICROSOFT, HILTI, DHL, McDONALD's and GLAXOSMITHKLINE.
by wall-street.ro, 10.06.2009

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

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


Les Rendez-Vous de Septembere
4-10 septembrie 2009
Monte Carlo, Monaco
Organizer: RVS
Media Partner: PRIMM Magazine - Insurance & Pensions
Details: www.rvs-monte-carlo.com

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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 RADU-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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