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XPRIMM News
XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 147, January 14th, 2010
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  EDITORIAL


WWW Year, in 3 steps

It was said that 2009 would be a year for retail. If for insurers the orientation towards retail was clear, then Media XPRIMM could not have had another direction. At the beginning of July, we launched a comprehensive communication program that has as main target the information and education of the large public, of consumers and of potential customers of insurance services.

Step 1: www.constatulamiabil.ro
The campaign began with the launch, on July 1st, of the website dedicated to the amicable report procedure. Since the beginning of this project, we had the company ASTRA Asigurari as partner. Along with us, CARPATICA Asig, GROUPAMA and SAFETY Broker have involved in the project. Since its launch until now, the site's traffic exceeded 82,500 visitors.

Step 2: www.asigurarealocuintelor.ro
It was created in September, once with the launch of the site dedicated to household insurance. The site includes accessible information related to voluntary household insurance, but neither does it neglect the future system of mandatory insurance. The project was supported by UNIQA, ASTRA Asigurari and GENERALI, and then by CREDIT EUROPE and SAFETY Broker. The portal was accessed so far by 27,000 visitors.
The support has also been granted to us by the media partners, who have noticed the usefulness of the launched projects. Thus TVR, RFI, Wall-street.ro, Conso.ro and many others have taken and passed on to the general public our campaign's message.

Step 3: www.asigurareamasinilor.ro
The end of the year 2009 marked another premiere, part of the same campaign: the launch of the world's first website dedicated exclusively to motor insurance. Along with informational elements, the site brings an unique application in our country. In just a few simple steps, the insured persons - guilty or damaged parts - receive personalized and clear explanations on what they have to do in case of accident, on how the bonus-malus system works or on what the consequences of their actions are.

We ensure you that in 2010 there will not be lacking the www... projects, XPRIMM mark.
We wish you a 2010 full of opportunities and achievements!

by alex.rosca@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 Florina VIZINTEANU,
President of the Board,
BCR Asigurari de Viata

XPRIMM: BCR Asigurari de Viata has achieved the most spectacular evolution after the first nine months of 2009, being the only company in Top 10 Life which ended the period on growth. What were the factors that contributed to this evolution and what do you expect from 2010?
Florina VIZINTEANU:
Indeed, BCR Asigurari de Viata is one of the few companies in the profile market that registered a positive evolution in 2009, due to the stake on retail and on bancassurance - selling through the BCR network.
The factors that contributed to the significant evolution that we have registered in the first nine months were, mainly, the performances registered by the bancassurance channel - in fact, we are market leaders on this line, but also the launch of products with very high demand, such as the index-linked product BCR GARANT, limited edition. At the same time, we must mention the increase of underwritings for unit-linked insurance and for traditional life insurance.
In 2010, we will continue to focus mainly on bancassurance and on retail - winning new customers and retaining them. We keep on aiming a turnover growth, with a pace superior to that of the market, as well as the increase of the market share.

XPRIMM: In the beginning of 2009 you were affirming that the stake in 2009 must be placed on retention. How has the lapsing rate, respectively the new-business volume evolved during 2009?
F. V.:
In terms of new-business volume, the only decreases were recorded in the segment of life loan, the one related to bank loans. We have also registered lapsing cases, but insignificant ones.

XPRIMM: What is the way in which insurance companies should approach their customers in this time of crisis? What measures have you taken to persuade customers not to give up life insurance?
F. V.:
Insurers must focus on educating the customer, in terms of life insurance as a very useful savings and protection tool in times of economic crisis. Our clients understand that having life insurance is an effective way to provide shelter for themselves in case of the impact of unpleasant events.
In addition, it can provide the achievement of important goals: a successful start of the child in the adult life, an extra income or even a pension equal to the income from the active period etc. In fact, whatever the economic context, people need to be protected and to save money over time. Giving up life insurance is not the solution to handle the costs of living.

XPRIMM: What evolution has the unit-linked insurance had in 2009 and how did the clients perceive the new index-linked product of BCR Asigurari de Viata - BCR GARANT?
F. V.:
Our unit-linked investment programs saw increases in volume of gross written premiums on all three types of unit-linked funds: Piano (low risk), Forte (medium risk) and Fortissimo (high risk).
As for the new index-linked product BCR GARANT, limited edition, launched by BCR Asigurari de Viata together with ERSTE Bank and BCR, the demand was very high.
Index-linked is a premium, modern product, related to bonds and stock exchange indexes. This is a novelty on the Romanian market, because it has an unique insurance premium and it has as target those who want to save safely, guaranteed, on an average period of time - mainly, seven years.
Initially, we launched the product in lei and in euro. The two thresholds have been sold before the estimated time. Because the demand was so high, we supplemented the threshold in euro, and it also was sold before time, in just one week since the launch.
The very high demand is explainable: the minimum yield guaranteed at the last issuing in euro is 145.56%, applied to the value of the insurance premium, with the ability to grow up to a maximum yield of 155%.
During this period of crisis, people with investment appetite needed a product with guaranteed minimum yield, higher than the one offered by traditional banking instruments.

XPRIMM: How profitable are, for insurers, the bancassurance partnerships and what development has this alternative method of sale had, for the company you represent? Do you intend to further develop this segment?
F. V.:
BCR Asigurari de Viata is the leader in bancassurance. This is a sales channel that is in the center of our development, built in a sustainable and healthy manner and that we want to continue developing.
The Romanian market has a great potential for the development of bancassurance activity. If two - three years ago bancassurance meant only bank loans related insurance, in 2008 we launched the first individual unit-linked insurance, that is life insurance with investment programs attached, which we also sell through the BCR network, because it fits very well the bank customers.
Previously, we had launched the voluntary private pensions fund, which, in the same way, is also sold through the BCR network.
During this period, we built all that bancassurance activity means - processes, operations, products, training.
And the BCR network is a professional one, developed in all respects and very effective.

XPRIMM: Thank you!

by mihaela.circu@mxp.ro

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Florina VIZINTEANU
Florina VIZINTEANU,
President of the Board,
BCR Asigurari de Viata

MEDICOVER
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 TOP PRESS


INSURANCE Profile: Top companies at nine months
Obviously, figures and market developments are the result of the evolution of each insurance company and, as expected, with some exceptions outside the TOP 10, in the ranking of the first 10 companies on the market, except ASTRA, which increased by over 5% in euro, the other companies have registered declines variating between -0.3% and -34.04%, according to INSURANCE Profile.
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by vlad.boldijar@mxp.ro, 11.12.2009


ALLIANZ-TIRIAC, OMNIASIG and GROUPAMA, about 45% of the motor insurance market
The value of gross written premiums from motor insurance classes (MTPL, Green card and Motor Hull, added-up) was, in the first nine months of 2009, of EUR 985 million, which represents a nominal evolution, in European currency, of about - 12.4% compared to the results registered in the correspondent period of the previous year, according to Specialty Review INSURANCE Profile.
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by vlad.boldijar@mxp.ro, 15.12.2009


PAID could begin its activity since February 1
According to market sources, the activity of PAID (Pool of Insurance Against Natural Disasters) could start at the 1st of February 2010, following that the date of starting the issuing of mandatory household insurance policies to be set subsequently. According to the same sources, now takes place the process of recruiting the company's staff, 5-6 specialists being targeted.
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by oleg.doronceanu@mxp.ro, 14.01.2010


VIG confirms the sale of OMNIASIG Life to AXA
As XPRIMM News announced in premiere on January 12, 2010, the French group AXA acquired a majority stake in OMNIASIG Life, the information being confirmed by Alexander JEDLICKA, Corporate Communications CEE, VIENNA Insurance Group, the Austrian group that controls the company. The contract was signed in December 2009, is subject to the approval of the relevant authorities and the deal is expected to close by the end of the first half of 2010. Also, the parties have agreed not to disclose the price of the deal.
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by andreea.ionete@mxp.ro, 13.01.2010


AIG Life has changed its name to ALICO
The insurer AIG Life, controlled by the life insurance subsidiary of the U.S. group AIG, ALICO (American Life Insurance Company), took the name of the majority shareholder. Thus, AIG Life announced the change of the company's name into ALICO Asigurari Romania, starting December 2, 2009.
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by andreea.ionete@mxp.ro, 16.12.2009


BCR Asigurari de Viata, leader in bancassurance
The Romanian market has a great potential for the development of bancassurance activity, in the oppinion of the President of BCR Asigurari de Viata, Florina VIZINTEANU. Moreover, the business model based on life insurance distribution through the bancassurance system of BCR Asigurari de Viata, implemented by ERSTE, is one of the few of this type with notable success in Romania, although these partnerships are also in progress in other profile companies.
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by andreea.ionete@mxp.ro, 18.12.2009


Daniela POPA and Dan CONSTANTINESCU, validated by the Budget Committees as Members of the ISC Board
The reunited committees of Budget-Finances of the Parliament have validated Daniela POPA and Dan CONSTANTINESCU for the positions of Members of the Insurance Supervisory Commission (ISC) Board.
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by mihaela.circu@mxp.ro, 14.01.2010


Plus EUR 2.1 million to the capital of EUREKO Asigurari
The Dutch group EUREKO increased the share capital of EUREKO Asigurari with EUR 2.1 million (RON 8.95 million), according to the September 2009 decision of the insurer, as published last week in the Official Gazette. The capital contribution was made through the issuance of nearly 9 million new shares with a nominal value of RON 1, the value of the capital of the company reaching RON 162.13 million.
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by andreea.ionete@mxp.ro, 11.01.2010


RON 160 million income for brokers, in the first three quarters of 2009
The revenues of the brokerage companies in the first nine months of 2009, reported by a total of 60 companies, totaled RON 160 million (equivalent to EUR 38 million ), as follows: 90% - income from insurance and reinsurance contracts negotiation (RON 145 million), 4.4% - income from other activities in connection with the object of activity (RON 7 million), and 4.6% - loss adjusting income.
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by vlad.boldijar@mxp.ro, 14.12.2009


ERGO Asigurari de Viata has been authorized by ISC
The Council of the Insurance Supervisory Commission (ISC) has decided to grant the operating authorization to the company ERGO Asigurari de Viata. The decision was communicated to the company, and in the next period it will be published in the Official Gazette, according to the law.
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by andreea.ionete@mxp.ro, 17.12.2009


DELTA Addendum goes into voluntary liquidation
The DELTA Addendum shareholders have decided to "start the procedure for voluntary dissolution of the company, that will enter into voluntary liquidation, all the necessary documents being submitted to the Insurance Supervisory Commission", said Nicolae Ovidiu VOINEA, General Manager of the company, for XPRIMM Newsletters.
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by andreea.ionete@mxp.ro, 13.01.2010


After 3 years, Shah ROUF is leaving AVIVA Romania
After 3 years of activity as General Manager of AVIVA Romania, Shah ROUF will leave the company in mid-February 2010, for a new position in the group - that of General Manager of AVIVA Eagle in Sri Lanka.
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by oana.radu@mxp.ro, 11.01.2010


EUROINS sold 1,350 household insurance policies in the first nine months
The insurance company EUROINS Romania underwrote, in the first 9 months of 2009, gross premiums worth RON 450 thousand on the segment of voluntary household insurance, up 36% compared to same period of the previous year.
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by oleg.doronceanu@mxp.ro, 14.12.2009

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Casco Ieftin

Safety Broker



GenRe
FADATA
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The Old/New Year of Reinsurance gathers its guests in January 2010
REMARK Reinsurance Magazine organizes on January 21 to 23, 2010 in the VELES Club (the Vladimir region, Russia), the business event "The Old/New Year of Reinsurance".
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Russian Insurance Summit 2010
On May 20-23, 2010, the Russian Association of Insurers holds VIII Annual International Insurance Summit in the city of Vladimir, club VELES. Within the framework of the Summit there will be discussions on the present situation and problems of the national insurance market in the context of international insurance development. The main theme of the Summit will be "Insurance into the Second Decade of the XXI Century".
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All-Russia Conference on Reinsurance has come to its 14th edition
All-Russian Union of Insurers with the support of the business center "Delovoy Format" proudly presents their next conference "Reinsurance Efficiency: Lessons of Crisis" to take place in Moscow, National Hotel on 25-26 March 2010.
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Manuel BAUER appointed regional CEO of ALLIANZ Central and Eastern Europe Region
As of January 1, 2010, Manuel BAUER will be CEO of the new growth region, "Central and Eastern Europe, Middle East and North Africa" (CEEMA). He succeeds Klaus JUNKER, former CEO of the New Europe region, who is retiring at the end of 2009. The previously separate regions of New Europe and Middle East and North Africa will be combined at the beginning of 2010, according to ALLIANZ statement.
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by oleg.doronceanu@mxp.ro, 29.12.2009



Russia's President signed a new amendment to the MTPL insurance law
Russia's President Dmitry MEDVEDEV signed a federal law "On amending article 27 of the federal law" on MTPL insurance, adopted by the State Duma and approved by the Federation Council on December 25.
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by andreea.ionete@mxp.ro, 12.01.2010



Ukraine lifted restrictions on reinsurance transactions with non-residents outside WTO
Ukrainian Government approved a new bill on amending the insurance law which simplifies the reinsurance operations with non-residents, UNIAN reported.
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by oleg.doronceanu@mxp.ro, 13.01.2010



Bulgarian insurers feel the heat of intercompany debt
Intercompany debt, which is pegged as one of the most severe fallouts of the economic tailspin, is already affecting Bulgarian insurance companies, sector representatives told DNEVNIK.
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by dvevnik, 6.01.2010



SAVA Re buys remaining stake in Kosovo insurance
Reinsurance company SAVA Re signed a deal on the purchase of 49 percent stake in Kosovo property insurance DUKAGJINI, in which it already controls a majority ownership stake. Fixed part of the price for the purchase of this stake, in the amount of EUR 8.5 million, will be paid at the beginning of 2011.
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by limun.hr, 5.01.2010


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 FINANCIAL NEWS


S&P could improve Romania's rating after budget approval
The rating prospects of Romania could be improved, in the conditions in which Parliament is getting ready to vote the 2010 budget, which would unfreeze the funding agreement with the international institutions, the rating agency STANDARD & POOR's announced, the daily "Romania Libera" informs. "Romania's rating could stabilize at the current level. The prospects will be improved if the public finances are consolidated, if the access of the private sector to foreign funds is improved, and if the pressure on the banking sector decreases", Marko MRSNIK, S&P analysts, said. PM Emil BOC promised that the budget would be voted until January 15. The rating agencies S&P and FITCH lowered Romania's rating to BB+ with negative prospects, which places the country among those which are inappropriate for investments.
by nineoclock.ro, 13.01.2010


BNR to lower 1.25 points key interest rate in 2010
BNR will probably reduce the policy interest rate by another 1.25 percentage points this year, to 6.25 percent, but the degree of aggressiveness of the central bank will be influenced by the implementation of the economic programme established with IMF, the political stability and the evolution of the exchange rate, CITI analysts believe. "The surprising decision adopted by BNR in January suggests that the institution is satisfied with the recent evolutions in the political arena and the progress achieved in connection with the IMF agreement", shows a CITI report, assumed by MEDIAFAX. The analysts consider that the central bank tends to relax the policy earlier, in order to take advantage of the recent positive developments.
by nineoclock.ro, 13.01.2010


ERSTE Bank: Romania has the best growth potential on the capital market in 2010
Romania has the highest growth potential among the capital markets of Central and Eastern Europe, with an estimated progress of 77% for the BET index this year, as a determining factor is the decrease of aversion to risk, finds out a report by ERSTE Bank. According to the document, one of the main acquisitions this year will be Banca TRANSILVANIA's takeover by an important player, because the bank will need the support of a strategic shareholder in order to operate on a more competitive market.
TURBOMECANICA is another potential acquisition target, due to its position as provider for the top players in its sector, like GENERAL ELECTRIC, PRATT& WHITNEY, ROLLS ROYCE, and AGUSTA. The company is controlled by its managers and shareholders, who are interested in the sale, but the price being asked is significantly higher than the current market price, finds the ERSTE report. According to the analysts, technology is further considered as a top performing sector, with the highest growth potential, over 50%. The same document estimates the food & drinks industry, and the real estate sector will increase their accounting value by an approximate 10% in 2011.
The Austrian bank analysts consider the BET index has the highest growth potential among stock exchange indices across the region, by more than 75%. "Romania clearly presents the highest growth potential, as the market still has a significant aversion to risk. The high performance potential is largely based on a significant decrease of the aversion to risk and a certain discount of liquidity", considers Henning ESSKUCHEN, Head of CEE Equity Research with ERSTE Group. ERSTE analysts also estimate the listing of Property Fund - expected for 2011 - with its assets evaluated at EUR 3 billion, will increase market liquidity by EUR 2 billion per trading session.
by nineoclock.ro, 13.01.2010


DACIA sold 85,000 cars in Germany
The past year was the first one when the domestic market was not the most important market for DACIA, ranking only third, preceded by Germany and France, Hotnews reports. Thus, DACIA sold 85,000 cars in Germany last year, reaching the record share of 2.1 percent of the market. In Romania the sales were below 45,000 units in 2009, half of those from 2008, but the regression from our country was compensated by countries like France and Italy, where DACIA sales exceeded 60,000 and, respectively, 20,000 units. The most spectacular evolution was without any doubt that from Germany where, thanks to the "Junk" programme (in German "Abwrackpramie"), the sales of the Romanian brand have more than tripled: almost 85,000 units, the equivalent of a market share of 2.1 percent, vs. less than 0.8 percent a year ago. DACIA had a record year also in France where the sales rose 40 percent, to over 61,000 cars, the equivalent of a market share of 2.7 percent. In Italy there was also a record year for Dacia, whose registrations rose 150 percent, to 20,800 units, the equivalent of 1 per cent of the market.
by nineoclock.ro, 11.01.2010

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


The Old/New Year of Reinsurance
21-23 January 2010
VELES Club, Vladimir, Russia
Organizer: REMARK Reinsurance Magazine
Media Partner: XPRIMM Insurance and Pensions
Official web-page: www.remark-magazine.ru


6th Annual Conference - Life Insurance in Russia and CIS
25-26 February 2010
Moscow, Russia
Organizer: Marcus Evans
Media Partner: XPRIMM Insurance and Pensions
Official web-page: www.marcusevans.com


14th All-Russian Reinsurance Conference
25-26 March 2010
National Hotel, Moscow
Organizer: All-Russian Insurance Association& Group Delovoy Format
Media Partner: XPRIMM Insurance and Pensions
Official web-page: www.re-conference.ru


Russian Insurance Summit 2010
20-23 May 2010
VELES Hotel, Vladimir, Russia
Organizer: All-Russian Insurance Association
Media Partner: XPRIMM Insurance and Pensions
Official web-page: ins-conference.org


FIAR - International Insurance-Reinsurance Forum
24-28 May 2010
Sinaia, Romania
13th Edition
Organizer: Media XPRIMM
Official web-page: www.fiar.ro

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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, Mihai CRACEA, Andreea STATE
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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