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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 138, August 20th, 2009
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GenRe
EDITORIAL



Romanians and the sense of property

The Romanian's mentality encourages him to be the owner and not the tenant... He has the sense of property... Moreover, according to an EUROSTAT report, 96% of Romanians own a house in private property, while the average at the level of the community block is 65%.

However, Romania is shocking by a very modest value of an indicator that should be somewhat proportional to the one above. Therefore, only a little over 10% of the houses are insured.

What are the possible explanations for this phenomenon? Firstly, the idea that "it will not happen to me". Although the press presents almost daily desperate people, often left outdoors and at the mercy of the authorities, the majority still believes to be safe from harm. Moreover, after the floods which hit Romania in recent years or after the smaller intensity earthquakes that reminded of the 1977 one, no profile company reported increased insurance demands.
Secondly, it should not be neglected the concept of many Romanians from the communist period, that "the state must help me, if anything happens to me". No matter what happens, the Government will pay, will rebuild the houses... with our money... of course...

The EUR 1.5 billion - the amount of damage caused by floods in 2005 - means, in relation to the 5 million employees paying taxes, EUR 300 per person. Also, if we consider the MUNICH Re forecasts, the damages caused by an earthquake of the magnitude of the 1977 one would amount to EUR 20 billion (that is, EUR 4000 per taxpayer). But what do we do in times like the present ones, when the State has no more money?
What to do? Romanians should understand that "having a sense of property" does not mean only to own a house, but also to take care of it. And one of the easiest things that can be done is to buy a household insurance policy...

Only when the two percentages are even, will Romanians be able to say they have the sense of property...

by mihaela.circu@mxp.ro

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

Interview with Iuliana HAMPU,
General Manager
RAI Asigurari

XPRIMM: The current economic situation has also affected the holiday budgets of the Romanians. Has travel insurance been cut out of the list of expenses or did it remain a priority?
Iuliana HAMPU:
Travel insurance has actually proven to be a necessity for people who travel outside Romania and this can be seen by the volume of GWP registered by RAI in the first 6 months, which remained the same compared with the similar period of 2008 - RON 5 million (under the circumstances in which the travel market recorded a decline of 20% on the external tourism segment, according to statistics drawn by official representatives of travel agencies).
The need for buying such a policy when travelling outside Romania is very clear, taking into account both the costs of medical services, which are very high and often cannot be covered by the budget of those who travel, as well as the extending coverage of the policy for complex risks such as loss/damage of baggage, flight delay, civil liability and other risks which, lately, happen more and more frequently.

XPRIMM: In early summer, you were estimating that the summer vacation will increase the number of policies electronically contracted by tourists, reaching up to 60% of the total policies written by RAI Asigurari. What is the situation now?
I.H.:
In the first 6 months of the year, there have been issued, both directly on the company's site - www.asigurarimedicale.com -, as well as through partners, 45,000 policies in electronic format (of a total of 165,000 policies), totaling a volume of GWP of RON 1,380,500, representing 30% of total GWP registered by the company.
By the end of the year, we estimate that 55 - 60% of all policies will be issued in electronic format, in this system.
Moreover, in the period January - June, in the first quarter, we recorded a volume of GWP of RON 394,300, compared to RON 986,200 in the second quarter of 2009, when the growth was more than 2.5 times. In July, the volume of GWP in policies issued in electronic system was RON 585,000, emphasizing a real increase in the summer months.

XPRIMM: Less than a month separates us from the end of the holidays' period. In this context, what strategy will RAI Asigurari adopt, in order to increase the sales in the next period?
I.H.:
One of the strategies adopted by RAI to boost the sale of travel policies is organizing, for the RAI partners, a Promotional Campaign entitled "If you sell more insurance, we give you an award", all participants having the chance of winning the following awards: highly performant "all in one" PC-s, video cameras, GPS-s. The campaign is held during 15.07.2009 - 30.09.2009 and the awards will be granted on 15.10.2009, in descending order of the achievements registered by the partners during the campaign.
Other strategies adopted by the company are: development and improvement of the platform for issuing travel policies in electronic format, through the development of an automatic system that allows clients to order on-line directly from the partners' sites, both for efficiency and reducing costs of acquisition and management of the RAI portfolio of products, and for streamlining the activity of our partners.

XPRIMM: Will the recent move of RAI Asigurari in the GENERALI building be followed by a merger of the two companies?
I.H.:
In the near future, a merger does not enter into discussion.

XPRIMM: What are the objectives of RAI Asigurari until the end of the year?
I.H.:
In 2009, first of all, we want to maintain the leading position on the segment of travel insurance. We will focus on profitability, especially by reducing costs of acquisition and administration, due to the introduction of the on-line system for issuing travel policies.
We want to maintain the volume of GWP at the same level as the one of 2008, taking into account the estimates forecasted by the travel agencies' officials and the current economic context.
Of course, we want to attract new partners and new clients, both due to the development of the on-line system of issuing travel policies in electronic format, by simplifying the issuing procedure of the policies and by deductions with partners, and also due to the complex range of products offered by the company RAI Asigurari.
For example, for tourists who travel by plane we recommend the policy Turist Plus Premium, which covers a multitude of risks, such as emergency medical and/or repatriation expenses (dental emergencies, compensation for lost/damaged baggage, private civil liability abroad, damages for returned plane tickets and many others).
For those who travel by personal car, we recommend the product Tourist Car Assist, which covers a wide range of insured risks, such as: the loss/replacement of documents, cancellation of travel departure due to unforeseen events, road assistance outside Romania and not only.
For adrenaline lovers who practice extreme sports, we have the policy Xtreme Adventure. For those who buy a Dertour package, we recommend the product Turist Plus Dertour, and for those who leave by Kartago we offer the product Turist Plus Kartago and, also, the classic product Tourist.
Coming to meet all coverage needs, RAI is and will always be in touch with current market demands, and will always be alongside its partners, trying to offer flexible products, created at international standards, accessible to all the clients of the company.

XPRIMM: Thank you!

by oana.radu@mxp.ro

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Iuliana HAMPU
Iuliana HAMPU,
General Manager
RAI Asigurari

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

ISC approved the switch to the dual system and the new management of ARDAF
ARDAF actually switched from the unitary to dual system of management, as changes made in this respect to the insurer's constituting act, adopted by the General Assembly of Shareholders in April this year, were approved by the ISC, according to a report submitted to BSE.
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by andreea.ionete@mxp.ro, 7.08.2009


The semestrial profit of ALLIANZ-TIRIAC Asigurari remains at the H1/2008 level
In the first half of the year, ALLIANZ-TIRIAC Asigurari underwrote premiums RON 676 million worth, while the correspondent operational profit was RON 18.3 million (EUR 4.4 million, a result similar to that obtained in H1/2008). "Stress tests that we conducted show that we would manage to overcome without problems even extreme situations, which would produce the most pessimistic scenarios", Cristian CONSTANTINESCU, President, ALLIANZ-TIRIAC, said.
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by mihai.cracea@mxp.ro, 7.08.2009


Business decline, and tripled profit at ING Asigurari de Viata
The life segment leader, ING Asigurari de Viata, ended the first half of 2009 with underwritings of RON 261.35 million, down 4.5% compared with H1/2008, an evolution a little lower than market average, which in the same period fell by 3% as a result of the lower appetite of customers for unit-linked products. Instead, the company's gross profit has tripled in the analyzed period, up to RON 55 million, under the circumstances of increasing income from investment and decreased administrative costs.
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by andreea.ionete@mxp.ro, 13.08.2009


Underwritings of EUR 59 million for UNIQA in H1/2009
The insurance company UNIQA underwrote, in the first 6 months of the current year, written premiums whose value approached EUR 59 million (RON 250 million). Also, in the same period, UNIQA Asigurari has increased 3.7 times the net profit in H1/2009, after it started a project to streamline claims. Thus, the company achieved a profit of RON 5.23 million (EUR 1.24 million), according to recent statement of President Ileana HORVATH.
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by oleg.doronceanu@mxp.ro, 20.08.2009


ASIROM shares, withdrawn from the RASDAQ market
National Securities Commission (NSC) approved the withdrawal from trading on the RASDAQ market of the shares of the insurer ASIROM Vienna Insurance Group, starting today, August 14 this year, according to a report issued by the company to BSE.
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by andreea.ionete@mxp.ro, 13.08.2009


GENERALI Asigurari - 15.5% growth in first half
In the first half of 2009, GENERALI Asigurari recorded a total volume of underwritings of RON 245 million, increasing by 15.5% compared to the same period of 2008, three times above the market average.
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by andreea.ionete@mxp.ro, 6.08.2009


30% of the underwritings of RAI Asigurari - made through on-line sales
"During the first 6 months of the year, there have been issued, both directly on the company's site - www.asigurarimedicale.com -, as well as through partners, 45,000 policies in electronic format (of a total of 165,000 policies), totaling a GWP volume of RON 1,380,500. This represents 30% of total GWP registered by the company", Iuliana HAMPU, General Manager RAI Asigurari, said for XPRIMM Newsletters.
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by mihai.cracea@mxp.ro, 14.08.2009


30% increase for CREDIT EUROPE Asigurari
Compared with the similar period last year, the volume of gross written premiums of the insurance company CREDIT EUROPE increased by 30%.
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by oana.radu@mxp.ro, 20.08.2009


SAFETY Broker - KIWI Finance Partnership
In July, SAFETY Broker signed a partnership with KIWI Finance, the largest loan broker in Romania, in order to provide insurance products to the potential clients. This way, KIWI Finance customers also have the possibility to buy insurance through consultants of the loans broker.
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by mihai.cracea@mxp.ro, 12.08.2009


ASTRA Asigurari and DACIA are collaborating to streamline auto repair
The insurance company ASTRA recently signed a partnership, for a period of one year, with the group DACIA, which aims to improve the services offered by the DACIA authorized repair shops network.
Based on the partnership signed between the two entities, ASTRA will advise clients who have a Motor Hull or a MTPL policy to fix their cars in DACIA units.
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by marian.mardare@mxp.ro, 12.08.2009


Over one million people save by the seatbelt
Over one million people are currently still alive, after their lives have been saved, in the past 50 years, by an invention of the same age: the three points grip seatbelt. Nils BOHLIN and VOLVO, a car manufacturer renowned for the safety of its cars, are the inventors of the three points safety belts, informs www.stiriauto.ro.
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by mihai.cracea@mxp.ro, 13.08.2009

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CEE, RUSSIA&CIS


ALLIANZ New Europe registered a 9% decrease in H1

In the first half of 2009, ALLIANZ New Europe recorded EUR 1.9 billion in premiums, reflecting the devaluation of Central and Eastern European currencies. Compared to EUR 2.1 billion in the first half of 2008, premiums decreased by 9%, according to company's press release.
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by oleg.doronceanu@mxp.ro, 19.08.2009


VIG: H1/2009 results
In the first six months of 2009, VIENNA Insurance Group recorded a total of written premiums (consolidated) of EUR 4.25 billion. Based on EUR, this corresponds to an increase of 0.9 percent compared to the same period of the previous year. The net earned premiums rose by 4.1 percent (in EUR).
Based on local currencies, VIENNA Insurance Group registered a plus of 6.3 percent of written premiums, while the net earned premiums climbed by 9.7 percent.
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by eugen.spivacenco@mxp.ro, 20.08.2009


Russia: Insurance market - up by 4.2%
In the first six months of this year, Russian insurance companies underwrote EUR 11.1 billion in premiums, that is 4.2% more than in the same period of 2008. In the same time, the paid claims rose by 24.7%, to EUR 7.9 billion, according to Federal Service for Insurance Supervision (FSIS).
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by oleg.doronceanu@mxp.ro, 17.08.2009


Moldova: 11% decrease for the insurance market in H1/2009
Insurance companies from Republic of Moldova underwrote in the first half of this year MDL 379.75 million (EUR 26 million) of gross premiums, down by 11% compared to the same period of last year, according to National Commission of Financial Markets (NCFM). Non-life segment has a 93.6% market share, with MDL 355.4 million (EUR 24.4 million), while the life segment recorded MDL 24.2 million (EUR 1.6 million).
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by oleg.doronceanu@mxp.ro, 13.08.2009


Bulgarian healthcare ministry wants to introduce the second pillar of health insurance
Bulgarian healthcare ministry has decided to kick-start the long-awaited reforms, by introducing the second pillar of health insurance, according to DNEVNIK. The plan calls for cutting the scope of the basic medical services package reimbursed by the national health insurance fund (NHIF) to make room for private players to join in and build on. To this end, the ministry can tap the NHIF's reserves of some EUR 204 million parked with the central bank or seek a state subsidy - Healthcare Minister, Bozhidar NANEV, said, ruling out an increase in the health contribution rate sooner than 2010.
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by oleg.doronceanu@mxp.ro, 11.08.2009


Croatia: insurance - down by 1.5% in 7 months
The insurance companies operating in Croatia reported a combined premium income of HRK 5.95 billion (EUR 814.5 million), in increase by 1.53% compared to the same period of last year (EUR 826 million).
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by eugen.spivacenco@mxp.ro, 18.08.2009


SOCIETE GENERALE Osiguranje has operating license in Serbia
The National Bank of Serbia granted an operating license to the Belgrade-based joint-stock insurance company SOCIETE GENERALE Osiguranje, whose core activity is providing life insurance services (life insurance, annuity insurance, supplementary life insurance and other types of life insurance envisaged by the law).
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by seenews, 12.08.2009


Serious accident on the largest Russian power plant
In the morning of August 15, on Sayano-Shushenskaya dam in the Khakasia, a Siberian region in Russia, a serious accident took place. Sayano-Shushenskaya hydroelectric power station, which is situated on the Yenisei River, is the largest power plant in Russia and the fifth-largest hydroelectric plant in the world, by average power generation.
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by eugen.spivacenco@mxp.ro, 19.08.2009


IX International Yalta Finance Forum
14-18 September 2009 the IX International Yalta Finance Forum will take place traditionally in Yalta, Ukraine, INTOURIST Hotel. The event is dedicated not only for insurance market participants, but also with the participation of representatives of other financial services - banking, investment businesses, credit unions, pension funds and others. The Organizer is Business Strategy Center «Perspektiva», with the support and assistance of the League of Insurance Organizations of Ukraine and the government.
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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.
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November Business Meetings in Moscow
On 24-25 November 2009, for the 8th time, Russian capital, Moscow will be the venue of the November Business Meetings of Reinsurers, organized by All-Russian Insurance Association and "Business Character" Group, with the support of PRIMM - Insurance & Pensions Magazine as Media Partner. The event will be held at Holiday Inn SOKOLNIKI.
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EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
FINANCIAL NEWS


The largest capital increases operated by banks in H1
Recapitalizations of local lenders in the first six months of this year totaled EUR 169 million, according to data provided by the National Trade Register Office (ONRC), equal to nearly six percent of the total foreign direct investments (FDI) in Romania in the same period. Last year, recapitalizations in the banking system represented three percent of the value of FDIs.
The largest capital increase, worth EUR 53.6 million, was operated by BANCPOST, while Banca Romaneasca and MILLENNIUM Bank rank second and third, with EUR 43.5 million and EUR 34 million, respectively.
Analysts said that these recapitalizations are in response to the outsourcing process, developed by companies within groups. "Banks have undergone an outsourcing process and had to choose between two solutions: capitalizations or subordinated loans. Also, banks increased their share capital to protect even more their solvency indicator, which is affected by the rise in provisions", the Secretary General of the Chartered Financial Analyst (CFA) Association Romania, Adrian MITROI, said.
by standard.ro, 19.08.2009


First estimates: 5.5% interest rate on Romania's Eurobonds
Romania could issue bonds in euro on the foreign market at interest rates ranging from 5.25-5.5 percent, according to investment managers interviewed by Business Standard.
The Ministry of Public Finance (MFP) will continue to receive proposals from investment banks until Monday for brokering new issuances, worth a minimum EUR 500 million and with a maturity of at least five years, scheduled for the second part of this year. The leader of the brokerage group could receive 0.3-0.6 percent of the value of the issuance, according to analysts.
"MFP is trying to benefit from the window of opportunity created by the agreement with the IMF [International Monetary Fund], which improved the perception of foreign investors regarding Romania, and raised their confidence that the National Bank of Romania has the situation under control, and from the low interest rates in the euro zone", said Nicolae ALBU, Investment Manager of Erste Asset Management Romania (EAM).
The minimum limit of the interest rate estimated above is the same as the coupon rate for the EUR 300 million bond issue for the local market, which is to take place today. However, analysts warn about the short validity of the maximum limit, due to market volatility, and the perception regarding uncertainties related to Romania's macroeconomic indicators. "I believe this opportunity should be exploited in one month or two at most, otherwise it could be too late", the General Manager of Explore Asset Management, Cristian TUDORESCU, said.
Hungary launched a successful issuance of EUR 1 billion on five years with an interest rate of 6.75 percent one month ago. "I cannot see why Romania's operation would not be a success also. The degree of confidence and the appetite for risk at the international level, and at the emerging Europe level are rising", said David OXLEY, analyst Capital Economics.
by standard.ro, 14.08.2009


New money raises personalized investments by 70%
The individual accounts of rich clients attracted by investment administration companies (SAI) are worth 70 percent more than at the beginning of this year, mainly due to the subscription of new resources, and the appreciation of the quotations of shares.
The seven SAIs, of a total 19, members of the Association of Fund Administrators (AAF), that offer personalized investment administration services, were managing accounts worth nearly RON 44 million (over EUR 10 million), according to AAF's July report. To this are added over RON 6 mln (EUR 1.5 mln), administered by Explore Asset Management, a company that is is the only one on the market handling personalized accounts exclusively.
Three administrators dominate this market segment: RAIFFEISEN Asset Management, with a 45 percent share, AVIVA Investors Romania, with 28 percent, and Explore Asset Management, with 13%.
RAIFFEISEN Asset Management is mainly responsible for the increase in assets on the market segment. "At the end of last year, we had some RON 16 million. Now we have 23 million, with the administered amounts higher due to subscriptions. The number of portfolios remains the same throughout the year, while the individual accounts that we administer belong to some institutional investors, namely insurance companies investing in "unit linked" products", the President of RAIFFEISEN Asset Management, Mihail ION, told Business Standard.
Investment administrators only partially confirm the influence of gains on the stock exchange on the rise in personal account assets. Since the beginning of the year, stock exchange indexes gained some 26-66 percent, but only "some of the clients have more recently raised their exposure on shares. Others preferred a more conservative approach", Cristian TUDORESCU, General Manager of Explore Asset Management, said.
by standard.ro, 13.08.2009


Investment managers prefer conservative placements and gold
The crisis has led to a change in the behavior of investment fund managers, who are now opting for assets as liquid (bank deposits, monetary mutual funds) and as conservative as possible (gold), who are no longer taking out loans to make investments, engaging in only strictly necessary expenses, and are carefully monitoring the prices of products, according to responses to a survey by Business Standard.
"Obviously, everybody is more cautious these days", said Cristian NACU, Partner of the Enterprise Investors private equity administrator.
"I appreciate fixed-revenues assets more than before. The change is long-term and I believe that the excellent returns that the equity funds registered [Ed. n. before the crisis] will be difficult to match in the future", said Eugen VOICU, Chief Executive Officer of AVIVA Investors Romania, a company that administers mutual funds and individual investment accounts worth some EUR 10 million.
Investment managers look at rises on the stock exchange with skepticism, and they plan to allocate part of their resources to gold, despite deposit-related expenses. Some consider a 10-20 percent share of gold in their portfolio to be appropriate. "Gold cannot hide inflation. Central banks have "printed" large quantities of currency, which are not yet reflected in the inflation statistics. As far as I know, the gold stock increases 2.5 percent annually, so any higher rise in demand is only influencing its price", Manager for Romania of Middle Europe Investments, Cristian R. FAEDER, said.
Daniel STIFTER, Head of EFG Eurobank Fund Management Romania, said he would not invest in gold, but rather plans to raise his exposures on the Stock Exchange, while waiting for quotations to bounce back. EFG EFM administers two mutual funds worth some EUR 17 million.
Adi LUPSAN, broker at INTERCAPITAL Invest, also focuses on the capital market. "As long as you guess the way the market is heading, you can make a profit. Even on a downward market there are instruments available to post a profit or protect your investment", LUPSAN said, referring to derivatives.
by standard.ro, 12.08.2009

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

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 Septembre
September, 4th-10th, 2009
Monte Carlo, Monaco
Organizer: RVS
Media Partner: PRIMM Magazine - Insurance & Pensions
Details: www.rvs-monte-carlo.com


9th International Yalta Finance Forum
September, 14th-18th, 2009
Yalta, Ucraina
Organizer: The League of Insurance Organizations of Ukraine
Media Partner: PRIMM Magazine - Insurance & Pensions
Details: www.cbs.org.ua


11th Insurance and Reinsurance Conference Hydra
September, 17th-19th, 2009
Hydra
Organizer: Hellenic Association of Insurance Companies
Media Partner: PRIMM Magazine - Insurance & Pensions
Details: www.eaee.gr


Health 2009
October 8th & 9th, 2009
Berlin, Germany
Organizer: UNIGLOBAL Research
Media Partner: PRIMM Magazine - Insurance & Pensions
Details: www.uniglobalresearch.eu


31st Baden-Baden Meeting 2009
October 25th-29th, 2009
Baden-Baden, Germany
Details: www.badendirectory.com


5th International Conference "World Views for LIFE INSURANCE in Eastern Europe, CIS and Asia"
November 17th-18th, 2009
Hotel Baltschug Kempinski, Moscow
Organizer: Russian Polis Information Group
Media Partner: PRIMM Magazine - Insurance & Pensions
Details: www.in-sure.ru


November Reinsurance Meetings
November 24th-25th, 2009
Holiday Inn Moscow Sokolniki Hotel
Organizer: All-Russian Insurance Association (ARIA)
Coorganizer: Business Character Group
Media Partner: PRIMM Magazine - Insurance & Pensions
Details: www.nbm-moscow.ru

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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.

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