Inapoi la www.1asig.ro




XPRIMM News
XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 142, October 15th, 2009
Click here to subscribe!
Click here to unsubscribe!
Powered by Media XPRIMM
 
MENU: EDITORIAL | INTERVIEW | TOP PRESS | CEE, RUSSIA&CIS | FINANCIAL NEWS | EVENTS
 
 
 
Baden-Baden XPRIMM Symposium
INSURANCE Profile

GenRe
  EDITORIAL



Risks do not wait!

The latest site launched by Media XPRIMM, asigurarealocuintelor.ro, invites its visitors, in an opinion poll, to choose, as due date for the entry into force of the mandatory household insurance, between November 2009, January or July 2010.
So, the question could be translated into: When do you think the mandatory household insurance will be implemented?
For years, the concept of mandatory household insurance has long been debated. Then, for other years, there were lots of discussions regarding its implementation.
And, each time, the word of order was ... let’s wait a little longer.
But the risks do not wait!
… Risks have no patience for legislative changes, methodological requirements or constitution of pools.
We know that... then why to expect a mandatory insurance? Waiting involves a contemplative attitude. If you face a risk, such an approach can sometimes be fatal!
Punctually, an active attitude towards the risks to which the dwellings are exposed can be only one, both of the companies and of the insured: voluntary insurance!
Why wait until November, January, July or maybe even further? ...

by alex.rosca@mxp.ro

up


Insurance PROFILE Review
INSURANCE Profile
Click here to order!


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 Michaela KOLLER,
General Director
CEA - European Insurance and Reinsurance Federation

PRIMM: How does CEA intend to address the economic crisis and prevent its future impact for the insurance market? What are the main challenges the crisis continues to provide for the European insurance and reinsurance markets and what development trends will facing these challenges drive further on?
Michaela KOLLER:
The main challenge for the CEA is to ensure that the regulatory environment for European (re)insurers is not unduly affected by either short-term or long-term regulatory changes stemming from the economic crisis. The CEA is working to ensure that any changes take into account the specific characteristics of insurance and are appropriate for the industry.
The CEA is monitoring and engaging in the debates on initiatives at EU and international level to change the existing supervisory architecture and on other legislative responses to the crisis in the supervisory and the consumer protection areas.
The CEA is working to promote a positive image of the insurance industry by demonstrating the general resilience of (re)insurers during the crisis and by showing that insurance is not a driver of systemic risk.
Also, CEA expects consumer protection issues to feature strongly in the work plan of the new European Commission, partly as a result of the crisis. For example, the Commission is expected to publish a White Paper later this year or early next on possible legislation and options for insurance guarantee schemes in the EU.

PRIMM: What are the key differences between the business models of the banking and insurance industries and why the merger of banking and insurance authorities is not advisable?
M. K.:
The principal aim of insurers when investing in assets is to cover their commitments to policyholders. Their assets’ allocation is driven by the objective of matching the expected liability cash flows in terms of amount, timing and risk. Insurers therefore generally invest in products with well defined cash flows and risk profiles and largely limit the risk profile of their investments so that it is in line with their commitments to policyholders. The fact that insurers do not use leverage to enhance their investment returns means that they are less exposed to fluctuations in financial markets.
In contrast to other financial services provides, such as banks, insurers are also characterised by the inversion of their cost/revenue cycles. This means that insurers are primarily funded by policyholders’ premiums, making them less exposed to liquidity risk and to any problems accessing credit markets. Indeed, the insurance industry could be said to have had a stabilising effect on financial markets as a result of its anti-cyclical behaviour.
It is these differences in business models that necessitate separate supervision for banks and insurers. The CEA believes that improved coordination and cooperation arrangements between authorities are the best way to achieve cross-sectoral consistency.

PRIMM: What does CEA think about the group supervision and the fact that its introduction has been left out of the approved Solvency II Framework Directive?
M. K.:
The CEA has always made clear its support for group supervision, arguing for effective cooperation and trust between supervisors and a supervisory regime based on the economic reality of groups.
The CEA believes that carving out group support from the text of the Framework Directive means that Europe has missed the opportunity to introduce a tool that would have met the need for the efficient and effective supervision of multinational groups.

PRIMM: Which is the main purpose of the reforms to the EU’s supervisory framework for financial services that were proposed by the De Larosière Group and carried forward by the European Commission?
M. K.:
The mandate of the De Larosière Group was to make recommendations on strengthening European supervisory arrangements in order to establish a more efficient, integrated and sustainable European system of supervision and to reinforce cooperation between European supervisors and their international counterparts.
The CEA welcomed the recommendations of the De Larosière Group and the EC’s subsequent Communication on supervisory architecture. It strongly supports the transformation of the three Level 3 committees that represent the EU’s insurance, banking and securities supervisors into European authorities with the ability to make certain binding decisions and with a mediation role. The CEA has, however, called for greater representation of the insurance sector on the new European Systemic Risk Council, even though the insurance sector is not a driver of systemic risk.

PRIMM: Which of the relevant experiences accumulated in the Western markets do you think would be transferable/suitable for an emerging market, as the Romanian one?
M. K.:
Diversification is one of the fundamentals of the insurance business model because it helps spread risk, which allows for the shifting of risk for reasonable pricing. Motor insurance is still the most important business line in Romania, but insurance companies in Romania are increasingly diversifying their portfolio to other lines of business. This process will make the Romanian insurance market stronger and more resilient.

PRIMM: Which would be the most efficient ways to enhance the public financial education, including its attitude towards insurance?
M. K.:
Financial education has a vital role to play in ensuring that European citizens are equipped with the knowledge they need when making important decisions for themselves and their families. Financial education raises awareness and allows consumers to make appropriate choices when considering, for example, how to ensure an adequate level of insurance cover, how to organise credit or how best to make provisions for retirement.
Improving financial literacy in Europe is a societal challenge which requires the contribution of a range of different stakeholders. Public authorities, the private sector, academia and others can all play their part when addressing knowledge deficits amongst consumers regarding the wide range of financial products and services on offer. The European insurance industry actively promotes financial literacy via a range of excellent initiatives throughout Europe.

by andreea.ionete@mxp.ro

up

 


Michaela KOLLER
Michaela KOLLER,
General Director, CEA -
European Insurance and Reinsurance Federation

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

Baden-Baden XPRIMM Reception
Media XPRIMM proudly announces and kindly requests your attendance to The Baden-Baden XPRIMM Reception, to be held between 18.30 and 20.00, on Sunday, October 25th, 2009 at Holland Hotel SOPHIENPARK, Sophienstrasse 14, Baden-Baden.
The event will also mark the launch of the CEE Markets Survey issued by PRIMM Insurance Magazine.
RSVP: Mrs. Georgiana OPREA (Phone: 004 0752 111411; E-mail: georgiana.oprea@mxp.ro) by Wednesday, October 21st, 2009.


Household insurance, mandatory from July 1, 2010
Household insurance will probably become mandatory since July 1, 2010, announced Constantin TOMA, President of PAID, in the ICAR Forum, held on October 12, 2009, by Media XPRIMM, in partnership with the Ministry of Administration and Interior.
Click here to read more!
by mihaela.circu@mxp.ro, 13.10.2009


EXCLUSIVE: Constantin TOMA is the President of PAID
Constantin TOMA was elected as President of PAID - the Romanian Insurance Pool against Disasters. The decision was adopted by the Management Board of PAID, in a meeting held today, according to market sources. Also, Radu MUSTATEA, President of the Board, ASTRA Asigurari, has been named as Vice-president of the Pool.
Click here to read more!
by octavian.constantin@mxp.ro, 08.10.2009


Marius BULUGEA - General Manager in PAID
The new General Manager of PAID is Marius BULUGEA. The appointment was made in a meeting of the Board of Directors of PAID, held Wednesday afternoon.
Marius BULUGEA, renowed specialist of the insurance market, currently occupies the position of General Manager of the Directorate of Regulations and Approvals of Mandatory Insurance in the ISC - the Insurance Supervisory Commission.
Click here to read more!
by andreea.ionete@mxp.ro, 15.10.2009


25% of the houses in Romania - insured at July 1, 2009
The share of insured houses is amounted to nearly 25%, the number of contracts in force being of 1.9 million, out of the estimated total of 8.3 million homes, according to the latest ISC data. Gross written premiums of the profile companies on this segment amount to RON 240.4 million after the first half of this year, a little less than 38% of the total underwritings on the property class. Also, the average premium paid for insurance contracts rises now to RON 161.
Click here to read more!
by mihai.cracea@mxp.ro, 13.10.2009


World Bank supports amending the household insurance law
Amending the law on mandatoryhousehold insurance (AOL) is an important step in creating its functionality, but the process is not yet completed.
In this regard, Eugene GURENKO, Lead Insurance Specialist, World Bank, draws attention to several proposals to amend the Normative act, that have not been incorporated into Law No. 260/2008, but there are particularly important for an effective implementation of AOL since January 1, 2010.
Click here to read more!
by oleg.doronceanu@mxp.ro, 13.10.2009


Radu MUSTATEA: The coverage degree of mandatory insurance - 30%, in the first year
"The degree of mandatory household insurance coverage will range, in the first year of functioning of PAID, to 30%", said Radu MUSTATEA, President of the Directorate, ASTRA Asigurari, and Vicepresident of PAID, at ICAR - The International CAtastrophic Risks Forum, organized Monday, October 12, this year, at the Palace of Parliament, in partnership by Media XPRIMM and the Ministry of Administration and Interior.
Click here to read more!
by mihaela.circu@mxp.ro, 13.10.2009


Constantin TOMA leaves OMNIASIG VIG
Constantin TOMA, one of the most powerful men in insurance, could leave this year OMNIASIG, the second player on the profile market.
"VIENNA Insurance Group is negotiating right now with Constantin TOMA, President Directorate of OMNIASIG, to finalize the mandate by the end of this year", Alexander JEDLICKA, Corporate Communications CEE of VIG, said for XPRIMM Newsletters.
Click here to read more!
by octavian.constantin@mxp.ro, 9.10.2009


Mihai ATANASOAEI: Public-private partnership, essential to educate the population
The capital city of Bucharest is highly exposed to risks, among which the most important one is that of earthquake. "It is estimated that in Bucharest, in case of an earthquake with intensity exceeding 7 degrees on the Richter scale, there will be 35,000 buildings destroyed or damaged ", said Mihai ATANASOAEI, Prefect of Bucharest, at ICAR - The International CAtastrophic Risks Forum, organized Monday, October 12, this year, at the Palace of Parliament, in partnership by Media XPRIMM and the Ministry of Administration and Interior.
Click here to read more!
by mihaela.circu@mxp.ro, 13.10.2009


ANDRIESCU: Brokers will contribute to the sale of voluntary household insurance
"Some brokerage companies that benefit from a developed sales structure could, in collaboration with insurers, of course, try selling voluntary household insurance products", said Bogdan ANDRIESCU, President of UNSICAR, in the ICAR Forum, event organized on October 12, in partnership by Media XPRIMM and the Ministry of Administration and Interior.
Click here to read more!
by andreea.ionete@mxp.ro, 13.10.2009


Mission impossible? The professionalism of the human capital will decide
"PAID has a very difficult task, given the fact that there are enough inaccuracies in the law, and it will have to answer the need for protection of the population without discrediting the idea of insurance", concluded Aurelia CRISTEA, Member of the ISC Board.
Click here to read more!
by andreea.ionete@mxp.ro, 13.10.2009


CEA: Portfolio diversification and financial education, the main factors for the insurance market stability
The portfolio diversification of insurance companies is the most effective method to strengthen the financial stability of the insurance sector in Romania, according to General Manager of CEA - Comite Europeen des Assurances, Michaela KOLLER.
Click here to read more!
by andreea.ionete@mxp.ro, 6.10.2009


ASTRA Asigurari - leader on the non-motor segment
Insurer ASTRA Asigurari, with underwritings of EUR 34.2 million, is the leader on the non-motor insurance segment, after the first six months of the year. Second place in the hierarchy belongs to the company ALLIANZ-TIRIAC (EUR 32.1 million), while OMNIASIG ranks third.
Click here to read more!
by vlad.boldijar@mxp.ro, 2.10.2009


UNIQA redefines insurance distribution in Romania
UNIQA Asigurari estimates to obtain, by the end of 2012, a volume of underwritings of EUR 20 million, correspondent to a share of 20% -25% of the portfolio, by developing the network of exclusive partners, in which the company will invest EUR 4 million. UNIQAgent, the new sales channel the company launched yesterday, represents an innovative business concept for the local market, allowing employees and experienced insurance intermediaries to develop their own business.
Click here to read more!
by andreea.ionete@mxp.ro, 7.10.2009


Over 70% of Romanians that currently have a Motor Hull policy had bought it on their own initiative
This is one of the conclusions of the ASIBUS 2009 study, conducted by MEDNET Marketing Research Center in collaboration with Media XPRIMM.
The study is based on computer-assisted telephone interviews (CATI) conducted between 2-14 April 2009 among adults (22 - 65 years old inclusive) in Bucharest and other cities with more than 100,000 inhabitants.
Click here to read more!
by oana.radu@mxp.roo, 6.10.2009


CIG Romania aims for underwritings of EUR 6 million at the end of 2010
The date of October 1st marks the launch of a new player on the Romanian life insurance market. CIG Romania will operate as a branch of CIG Hungary (Central European Insurance Group), based on the right of establishment (the European passport), according to company officials.
Click here to read more!
by mihaela.circu@mxp.ro, 2.10.2009


UNIQA Asigurari is counting on rebalancing the portfolio this year
UNIQA Asigurari aims the portfolio rebalancing by reducing motor share and encouraging other classes of insurance, to the detriment of increasing market share. The company ended the first eight months of this year with a decline of 4% of business, to RON 339 million, a better evolution than that recorded at six months, when the underwritings of UNIQA registered a reduction of 8%.
Also, UNIQA Asigurari recorded at the end of August a profit of RON 5 million, the same value as at the end of June, so the company believes that it is likely to end this year with a positive financial result.
Click here to read more!
by andreea.ionete@mxp.ro, 8.10.2009


VIG could enter PAID
"The decision regarding the entrance of the companies members of VIENNA Insurance Group into PAID has not yet been taken. Considering that the legislation provides the possibility that the insurers join PAID even after its creation, I can say that there are all premises for VIG to join PAID, but I do not exclude the decision not to join the Pool", said Constantin TOMA, President of PAID, and, at the same time, President of OMNIASIG.
Click here to read more!
by andreea.ionete@mxp.ro, 13.10.2009


Stefan VANCEK is the new Commercial Manager of GENERALI Asigurari
Stefan VANCEK was officially appointed Commercial Manager and Member of the Directorate of GENERALI Asigurari, planning to deal with the development and the management of company distribution channels.
Click here to read more!
by oana.radu@mxp.ro, 14.10.2009

up





Casco Ieftin

Safety Broker


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

Polish Government and EUREKO reached an agreement

The Polish government and Dutch-based EUREKO reached an agreement in early October, ending an eight-year dispute over PZU SA and clearing the way for a share sale by the country’s top insurer.
The agreement guarantees to Dutch insurer USD 4.33 billion in dividends, compensation for damages and proceeds from cutting its 33% stake in PZU to 18%. This accord secures EUREKO’s “controlled exit” from the insurer, whose value after the dividend payout is about EUR 6 billon.
Click here to read more!
by eugen.spivacenco@mxp.ro, 6.10.2009



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, bancassurance and asset management in emerging markets.
Click here to read more!
by oleg.doronceanu@mxp.ro, 15.10.2009



November Business Meetings in Moscow

On 24-25 November 2009, for the 8th time, the 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.
Click here to read more!
by eugen.spivacenco@mxp.ro, 15.10.2009



VIG underwrites EUR 4.25 billion in 6 months
The VIENNA Insurance Group reported a stable development in the first six months of this year, the volume of gross written premiums amounting to EUR 4.25 billion, up 0.9% compared to same period in 2008.
Click here to read more!
by vlad.boldijar@mxp.ro, 15.10.2009



PZU Group - Almost 80% growth of profit
During the first half of 2009, the PZU Group collected a total of EUR 1,95 billion in insurance premiums, achieving a net financial result of EUR 559 million. This significant growth, in comparison to the result obtained in H1 of the previous year, is attributed to the Group’s new strategy, and to better results on investment activity, achieved by the Group’s companies.
Click here to read more!
by vlad.boldijar@mxp.ro, 15.10.2009



Second quarter of decrease for Kazakh insurers
Insurance companies from Kazakhstan ended the first half of this year with a 27% drop in written premiums, according to Kazakhstan National Financial Supervisor.
Click here to read more!
by eugen.spivacenco@mxp.ro, 15.10.2009

up































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


BNR miracle: Current account excess in August
It’s a miracle: the current account registered excess in August, for the first time in the past few years. According to the National Bank of Romania (BNR), the current account registered an excess of EUR 268 million in the eighth month of this year, compared to a EUR 2.71 billion deficit in the first seven months of 2009. Thus, considering that we had a EUR 268 million excess in August, the deficit in the first eight months narrowed to EUR 2.45 billion.
The August excess is mainly due to the massive narrowing of the trade deficit, generated by the economic downturn, which means that imports fell considerably, and less money exited the country.
The crisis has also affected capital entries in the form of foreign investments. Foreign direct investments in Romania plunged 53.1 percent year-on-year in the first eight months, to EUR 3.15 billion. Still, these managed to fully cover the current account deficit, exceeding this by some 29 percent.
Moreover, cash entries in the form of current transfers, which include mainly remittances by Romanians working abroad, fell 23.6 percent in the January-August period, to EUR 4.67 billion, compared to their level in the first eight months in 2008, of EUR 6.11 billion.
by standard.ro, 14.10.2009


Financial markets expect BNR to keep the exchange rate below RON 4.3/ EUR 1
International economic analysts said that the National Bank of Romania (BNR) will intervene to prevent the national currency from depreciating massively. “I believe that the latest political evolutions will sharply affect the leu in a negative way, but, at the same time, we believe that BNR is ready to intervene on the foreign currency market to remove any risk of a sharp depreciation. A level of 4.30 is critical for the national bank at the moment”, Benoit ANNE, EM Debt&FX Strategist of the London-based Bank of America - MERRILL LYNCH, told Business Standard.
Referring to the fact that the Romanian government headed by Prime Minister Emil BOC lost a no-confidence vote, Neil SHEARING, Emerging Europe Economist of the London-based CAPITAL Economics told Business Standard: “The fall of the government must not be viewed as a disaster. Look at what happened in Hungary. Of course, the economic situation is not similar, but the new government that was practically built from the ashes is much stronger than the one it replaced, and managed to meet the IMF [International Monetary Fund] agreement far better”.
Although they admit that the political “noise” is harmful to the economy, international economic analysts said that Romania is not in a critical state yet. “It is too early to say what effect the fall of the BOC Cabinet will have on the IMF agreement, but it is not good news. Still, we must admit that the agreement with the International Monetary Fund is not threatened by any imminent risks”, Lars CHRISTENSEN, Chief Analyst Head of Emerging Markets Research of DANSKE Bank, told Business Standard.
by standard.ro, 14.10.2009


The financial sector and the industry dominate the top 10 capital increases in 2009
Foreigners continued to pump significant amounts of money in the capital of their companies in Romania. According to data provided by the National Bank of Romania (BNR), foreign direct investments exceeded EUR 3 billion in the first six months of this year, of which half were capital injections.
Even if this figure is only about half of that registered last year, Romania’s situation is better than that of other countries in the region. The top ten capital increases in the first eight months of this year gathered EUR 815 million, according to the National Trade Register Office (ONRC).
The capital increase made by the U.S. FORD carmaker ranks first in this top, by some EUR 202 million in January. Two companies in the Romanian financial industry, GROUPAMA (with EUR 175 million) and BANCPOST (with EUR 157.4 million) rank second and third.
On the whole, the Romanian financial sector attracted foreign capital injections worth over EUR 723 million in the first eight months of 2009, according to ONRC data. The capital injections operated by GROUPAMA and BANCPOST make up almost half of this amount.
The decline in capital flows is no surprise in the current economic context. Even so, Romania is in a better position than some countries in the region. According to BNR data, foreign direct investments in Romania fell 48 percent after the first seven months, to EUR 3.1 billion. In Turkey, one of the most attractive countries for foreigners, investments plunged 57 percent at the end of the first seven months of 2009, while in Poland, once one of the region’s champions in terms of investments, foreigners brought only EUR 962 million in the first six months, about 83 percent less year-on-year.
by standard.ro, 12.10.2009


Romania’s government bond rating, stable at Baa3
MOODY’S classifies the government’s financial strength as medium, due to the country’s low government debt burden and weak fiscal policy. According to the latest research, Romania’s government bond rating is stable at Baa3. Susceptibility to event risk is also assessed at medium, reflecting a number of transition – and credit crisis – related challenges, particularly a sharp economic recession, the unwinding of a large current account deficit and the aftermath of a credit boom. These risks are worsened by weak fiscal policy. A surge in government spending in 2008 left the government in a vulnerable state in the early part of the credit crisis, forcing the government to borrow from the IMF and EU. The outlook is stable, balancing the poor macro picture against the financial support package from EU and IMF and associated measures to reform fiscal policy and the public sector. The ratings would likely rise if institutional strength improved such that structural reforms were followed with greater rigor and consistency. Sustained implementation of a more prudent fiscal policy – increasing government financial strength – would also place upward pressure on the ratings. Such changes are unlikely without a major change in the political environment.
by standard.ro, 15.10.2009

up

 

 

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

Baden-Baden XPRIMM Symposium
October 25th, 2009
Baden-Baden, Germany, Holland Hotel Sophienpark
Organizer: PRIMM Insurance Magazine
Details: www.xprimm.ro


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

up








































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, Eugeniu SPIVACENCO
General Secretary: Lidia POP

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

e-mail:  xprimm@primm.ro

PUBLISHED BY: Media XPRIMM


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

Copyright©2009 MEDIA XPRIMM

XPRIMM News - The Romanian Insurance Market Newsletter is best viewed with an active Internet connection.
Click here to subscribe!

Click here to unsubscribe!