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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 148, January 28th, 2010
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  EDITORIAL


What is waiting for us in 2010?

It is a thousand times better to be optimistic and to be wrong, than to be pessimistic and to be right.
(Dr. Jack PENN)


Used to double-digit growth rates, in an expanding economy, estimates from previous years were much easier to de done. We are talking about a field, insurance, synergistically linked to all other branches of the economy. In these conditions, when Romania goes down, it is very hard for insurance to have another direction.
Moreover, a hypothetical - and unlikely - economic growth in the second half of the year would be felt in the insurance market in the beginning of 2011, at the earliest. We wish we were wrong, but we cannot talk about economic growth this year other than hypothetically, in the conditions in which the only measure against the crisis that we witness is: stretched hand to the IMF!

The past has brought, for the market, a reduction of the business associated to leasing and loans. Hope seems to come from the activity of PAID this year. Is it enough to compensate the losses? Very unlikely. Even with a good insurance coverage.
We also have to deal with a different effect on the market level: the deceitful joy of balancing the portfolio. There are voices that see as positive the "cleaning" of the motor portfolio, its becoming efficient and other such positive effects. Right! However, the joy should be moderate! Not just because we speak of a perverse "balancing" of the portfolio, but because anyway, in the conditions in which the market falls... the claims remain, at least for now, at a high level!

Moreover, reducing the market share of motor insurance should not have been the consequence of a strong negative external impact. The share of the motor classes in the market should have decreased, in a fortunate way, once with the intensive development of life insurance, health insurance, liability or property insurance...

Does it matter so much if the market wins some percentage points or loses some at the end of the year?

It is enough just to observe how the speech of all the voices from the market has changed: now we talk about a few percentage points increase, in the happiest case... some time ago, we were analyzing what the next psychological threshold reached will be. Noticing this change, that exceeds the speech and it is anchored in the reality, shows us that we are in a difficult year... for everyone.

by alexandru.ciuncan@mxp.ro

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Interview with Ionel DIMA,
Vicepresident,
AVUS Group

XPRIMM: How do you think the Romanian insurance market behaved this year, in the context of the crisis?
Ionel DIMA:
From my point of view, the local insurance industry has evolved unexpectedly bad. Remember that in spring, I stated at the CNA - National Motor Insurance Conference, that if when I climb the hill the car is not moving, I must accelerate and shift the gear. Yet, unfortunately, I find that far too many people have set foot on the brake. The explanation that it is crisis and we are not selling does not work in motor insurance. Eventually, the MTPL policy is mandatory, a citizen has no choice but to pay, and then I just do not understand why the market fell. True, leasing is stagnating, the transporters have pulled over, but this sould be seen in the claims dynamics, also. But I see that the market hardly increased at all during September 2008 - September 2009, while claims doubled. This is because Romanian insurers, whom I have dared to ask to forget about the market share and to pay attention to the cuantum of the premium and of the products, have taken this step too modestly or not decided enough.

XPRIMM: What happened with the claims?
I.D.:
They have increased, firstly and primarily because in what motor claims are concerned, the price is increasing every day, from the price of the car to the price of the spare parts. Then, in times of crisis, there is an exacerbation of the phenomenon of fraud. From the files that we work on every day, we get the feeling that this phenomenon has increased over 2009. In 2008, we appreciated the attempts of fraud in the motor field to be less than 15%; in 2009, the percentage increased compared to my previous assessments with at least 5%; fortunately, these attempts do not always succeed, especially because almost all companies have anti-fraud departments. It is true though that there is a reverse of the coin, because it comes to the situation in which companies forget that the damaged part is a client and they treat him as a potential thief.

XPRIMM: Can we can draw a line and analyze what the introduction of the amicable report, from the 1st of July 2009, meant?
I.D.:
It is premature to talk of statistics, but one thing is certain: for the damaged parts, for those involved in a road event, the amicable report has proven to be a big gain of time - the damaged parts come and in a quarter of an hour they have solved the problem. Is it true that for insurers it is an inconvenient the fact that they stay here 20-30 minutes, but at the police they were staying for hours. Here, most of them need assistance at every word they write, and this takes time.
But the idea is for the victim to win, for the damaged part to win, because from there the insurance industry draws its whole essence, from the fulfillment of the contract. When risk occurs, we must do our duty and pay the claims.
Therefore, I appreciate the amicable report as a gain for those involved in a road event, primarily in terms of time, then in terms of the modality of recovery of the loss. If for me, who I am working with foreign insurers, the solving time is reduced (and I'm "tied", because I must receive confirmation from abroad), then it is clear that between two Romanians the claims file can be solved extremely fast, which is good for the damaged part.

XPRIMM: Do you think the vigilance of the Police decreased following the implementation of the amicable report?
I.D.:
When the two people involved have agreed on guilt, they do not go to the Police, but come directly to us. Logically, however, the Police would not have a reason to be either tougher, or more tolerant than before. They just follow the law, which is what they did before, too.

XPRIMM: Do you think the market was ready for the introduction of the bonus-malus system? How will it be perceived by customers?
I.D.:
Unfortunately, we are not ready. We, the Romanians, have never proven otherwise by our actions but the fact that we have a fantastic vigilance. We have prepared in the sense that we are talking for 10 years of bonus-malus, but I bet if we asked the insurers and the clients, now no one knows exactly what and how to do. January 1, 2010 also marks the introduction of the mandatory electronic issuance of MTPL policies, moment for which we are really not ready. I have seen, for example, a large insurance company that on December 4 didn't have completed yet the software that allowed electronic issuance. It is clear, therefore, that the market is not ready.

XPRIMM: What are the main reasons why customers (society in general) are reluctant to hear about insurance and insurers?
I.D.:
The answer to this question can be found in the course I teach at the Insurance Institute, in the "Fraud and deceit" chapter. There are, in the '70s, some studies of Austrian sociologists on the relationship between insurers and the market. The perception is that insurers, hidden somewhere in those vast palaces of crystal, have no sympathy for the people that pass their gates, and do not know anything but to collect, and when it comes to paying, they begin to hide, cut claims, delay; or those problems are exacerbated in our case. There are unwritten theories in the Romanian insurers market, which say: "Of 100 rejected claims, only 10 have the money necessary to resort to a lawyer, and of these only 5 actually open a lawsuit". It is very hard for me to tell you about this theory, but unfortunately it seems that for a long time the insurance market has functioned based on this principle.
Let's take the example of subrogations. Look around and see how many subrogations of an insurer against another are solved amicably and how many go to court. Unfortunately, most of them end up in court. In a country where justice has a very difficult road, in this country we have lawsuits over lawsuits in the insurance field. Abroad, it is totally different - for example, in Austria, the percentage of lawsuits, in terms of claims, is less than 1%. The active loss adjustment theory is bearing fruit and it is far from the practice in our country. Yet, the best court order will always be worse than the worst amicable agreement, including the insurers' case. That's the Romanian market at the end of the year 2009.

XPRIMM: How is the Romanian insurance market seen by AVUS Group?
I.D.:
At the end of the year 2009, it can only be part of the international market, which has degraded a lot. We see that the source of which insurance was born does not exist anymore and insurance has moved completely its center of gravity: 1000 or 100 years ago we were insuring ourselves against natural disasters, and now we buy insurance against man-caused events: terrorism, accidents etc. In the same way, the primary role of insurance has changed: covering the damage. Now we talk more and more about investment schemes, funds, pillars, financial developments, global financial solutions.
At the level of AVUS Group and of its management's behavior, we are not interested in the insurance market from one country. We still maintain focus on what we have been doing for 50 years: loss adjustment in insurance. And, from this perspective, the Romanian market is particularly important for the AVUS Group. It can only be very important a market with 22 million inhabitants, of the size of Romania and, in terms of a motor insurance loss adjuster, with such bad streets...

XPRIMM: How did the crisis affect AVUS Group?
I.D.:
All western markets knew, since the summer of 2008, that a crisis of such proportions is coming, and we budgeted very cautiously, therefore we will be in a slightly paradoxical situation to end the current year over budget. In our field, unfortunately for us, the figures come at a period higher than in other businesses, in the sense that I have budgeted now 2010 even more cautiously than 2009, because I guess in our field only in 2010 the impact of the crisis will be felt in figures. In our field of activity, the figures of 2009 take upon them a lot of what happened in 2008. This means that the decrease in the number of accidents and, thus, in the number of claims files, from 2009 will reflect in 2010. But we are ready, all budgets have been approved for one month and all colleagues know exactly what to do next.

XPRIMM: Thank you!

by alexandru.ciuncan@mxp.ro,
vlad.panciu@mxp.ro

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Ionel DIMA
Ionel DIMA,
Vicepresident,
AVUS Group

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Insurance industry in pace with the national economy
The Romanian insurance market will grow at a pace similar to the one of the national economy.
This is the main conclusion of XPRIMM ANNUAL FORECAST MEETING - General Insurance 2010, an event organized on January 20, by APPA - the Association for Promoting Insurance and by PRIMM Magazine.
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by alex.rosca@mxp.ro, 21.01.2010


The loss on the MTPL segment amounted to EUR 150 million in 2009
The losses suffered by insurance companies only on the MTPL segment could raise at the end of 2009 to over EUR 150 million. The estimate belongs to Cristian CONSTANTINESCU, General Manager, ALLIANZ-TIRIAC, and was made at XPRIMM ANNUAL FORECAST MEETING - General Insurance 2010, an event organized on January 20, by APPA - the Association for Promoting Insurance and by PRIMM Magazine.
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by mihaela.circu@mxp.ro, 21.01.2010


Mandatory insurance will lead to a 5% increase of the market
The introduction of mandatory household insurance will positively influence the sales of voluntary policies, appreciates Radu MUSTATEA, President of the Directorate, ASTRA Asigurari, and at the same time, Vice President of PAID.
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by vlad.boldijar@mxp.ro, 21.01.2010


The "malus" applied to only 5% of the MTPL insured
The share of drivers to whom the malus coefficient was applied is around 5-6%. Thus, since the beginning of 2010, (editor's note: since the implementation of the bonus-malus system), only a little over 5% of vehicle owners who purchased a MTPL policy were placed in the malus class.
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by vlad.panciu@mxp.ro, 21.01.2010


AXA: The acquisition of OMNIASIG Life - an excellent development opportunity
The group AXA confirmed the acquisition of the company OMNIASIG Life. With this operation, AXA enters the Romanian life insurance market, which corresponds to its objective of acceleration of the development of the activities in Central and Eastern Europe.
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by mihaela.circu@mxp.ro, 18.01.2010


AIG Life becomes ALICO Asigurari Romania
AIG Life Asigurari Romania has officially changed its name, on the 20th of January, to ALICO Asigurari Romania, taking the name of the majority shareholder, American Life Insurance Company.
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by mihai.cracea@mxp.ro, 21.01.2010


Exclusive: Marius BULUGEA, the new President of PAID
Marius BULUGEA is the new President of PAID. The appointment took place during a meeting of the Administration Board of PAID, held Thursday, January 21, current year, according to market sources.
Also, on Thursday, shareholders have appointed a new Administration Board of PAID. It is comprised of: Radu MUSTATEA (ASTRA Asigurari), Adina BACIOIU (ARDAF), Anca BABANEATA (CLAL Romania), Nicolae MUSAT (CITY Insurance), Stefan DICU (GROUPAMA), Marius BULUGEA and Marinela NEMES (ISC).
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by octavian.constantin@mxp.ro, 22.01.2010


Dan CONSTANTINESCU, ISC: "Life insurance will stagnate in 2010"
"Calculations show that we will have a pronounced delay of 8 months between the economic "revival" and the evolution of the insurance market, in a period of approximately two months after the revival of lending", said, during XPRIMM ANNUAL FORECAST MEETING - Life and Health Insurance, Dan CONSTANTINESCU, Member of the Board, ISC.
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by andreea.ionete@mxp.ro, 21.01.2010


Florina VIZINTEANU, BCR Asigurari de Viata: "We budgeted a growth for 2010"
"For 2010, we budgeted an increase compared to the previous year; the vehicle for this growth will be the bancassurance segment, as in the previous year", said, during XPRIMM ANNUAL FORECAST MEETING, Florina VIZINTEANU, President of the Directorate, BCR Asigurari de Viata.
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by andreea.ionete@mxp.ro, 21.01.2010


Cornelia COMAN, ING: "The volume of new-business will increase by 10%"
"From the first moment that we faced the crisis, an emotional factor was also triggered, that of uncertainty of the population regarding their future financial stability. However, I noticed that the lapsations fell from quarter to quarter, which means we can talk about a stabilization of this phenomenon, and the main factor was the decrease of disposable income, a phenomenon that will continue in 2010", said, at XPRIMM ANNUAL FORECAST MEETING, Cornelia COMAN, General Manager, ING Asigurari de Viata.
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by andreea.ionete@mxp.ro, 21.01.2010


EUREKO Romania aims to maintain the evolution from 2009
"There are many challenges that the Romanian insurance market has to struggle with in 2010. I estimate that, at best, the results obtained on the insurance market will maintain at the level of the year 2009", said Frans van der ENT, CEO, EUREKO Asigurari, in the XPRIMM ANNUAL FORECAST MEETING.
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by andreea.ionete@mxp.ro, 21.01.2010


Silvia SIRB, AEGON: "In 2010, the optimistic variant is that of conservation of the results"
"Life insurance market will not register growths in 2010, the most optimistic perspective being that of a conservation of the 2009 results", said Silvia SIRB, General Manager, AEGON Asigurari de Viata, in XPRIMM ANNUAL FORECAST MEETING.
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by andreea.ionete@mxp.ro, 21.01.2010


ASTRA Asigurari increased by almost 400% on the household insurance segment
The insurance company ASTRA registered a record growth of 382% in the first 9 months of last year on the segment of voluntary household insurance, totaling gross written premiums worth RON 106.3 million.
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by oleg.doronceanu@mxp.ro, 18.01.2010


Business of EUR 615 million in 2009 for VIG
The companies in Romania members of VIENNA Insurance Group (VIG) have ended 2009 with businesses of EUR 614.8 million, slightly above the level recorded in 2008 (when the VIG portfolio lacked BCR Asigurari and BCR Asigurari de Viata, but the UNITA businesses were taken into account), when their value rose to EUR 613 million.
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by andreea.ionete@mxp.ro, 27.01.2010


Changes in the management of CERTASIG
Radu FRINCU resigned from the position of General Manager of CERTASIG, a position which he held since 2006. The function will be taken over by James GRINDLEY, currently Deputy General Manager of the company. Radu FRINCU already announced that he would continue his activity on the Romanian insurance market, following that further clarifications in this regard be made in due time.
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by andreea.ionete@mxp.ro, 28.01.2010


Mediations of RON 200 million for MARSH, in 2009
In 2009, MARSH Romania mediatied premiums of RON 200 million, a slight increase compared to 2008. "The corporate segment has become quite saturated, but we managed to attract the new customers we had been "chaising" for some time", said Cristian FUGACIU, General Manager of MARSH Romania.
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by mihai.cracea@mxp.ro, 27.01.2010


GENERALI Romania increased by 30% on the household insurance segment
The insurance company GENERALI Romania registered a 30% growth in the first 9 months of 2009 on the segment of voluntary household insurance, totaling gross written premiums worth RON 32.3 million. At the same time, on this class there were paid claims of RON 3.4 million, compared to RON 2.7 million in the same period of the previous year.
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by oleg.doronceanu@mxp.ro, 15.01.2010


Shareholders are injecting another RON 51 million to the capital of ARDAF
ARDAF, company member of the group GENERALI PPF Holding, will receive a new capital increase, worth RON 51 million (about EUR 12 million), according to the convocatoria for the Extraordinary General Meeting of Shareholders (AGEA), scheduled for February 15, current year.
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by andreea.ionete@mxp.ro, 26.01.2010


VIG increases the capital of BCR Asigurari
Shareholders of the insurance companies in Romania are operating new capital infusions, that companies need in order to face the losses registered in 2009 - a year marked by the financial crisis. Thus, VIENNA Insurance Group has decided to increase the share capital of BCR Asigurari with RON 57.4 million the most.
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by andreea.ionete@mxp.ro, 26.01.2010

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Tashkent International Insurance Forum
On April 8-9, 2010, SAIPRO holds Annual International Insurance Forum in the city of Tashkent, Republic of Uzbekistan.
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Russian Insurance Summit 2010
On May 20-23, 2010, the Russian Association of Insurers holds the 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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By summer, new law on additional mandatory health insurance in Bulgaria will be passed
The deficiency in the health care financing in Bulgaria is currently around EUR 1.5 billion. The modernization of the system and the deeper penetration of the private health insurance (PHI) funds are to set about a comprehensive reorganization of the sector, which is expected to bring positive results for both companies and patients.
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by oana.radu@mxp.ro, 28.01.2010



VIENNA Insurance Group in 2009 - preliminary data
Based on preliminary data, VIENNA Insurance Group reported a total of written premiums, on an unconsolidated basis, of EUR 8.22 billion. This corresponds to an increase of 1.2 percent. In the non-life insurance segment, Group premiums of EUR 4.75 billion were achieved (minus 0.7 percent). With premiums amounting to EUR 3.48 billion, the Group records a plus of 3.9 percent in the life insurance segment.
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by oana.radu@mxp.ro, 28.01.2010

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 FINANCIAL NEWS


IMF and EC will release loan tranches to Romania
The International Monetary Fund (IMF) mission will recommend the institution Board in Washington at the middle of February to release the next two tranches of the loan for Romania. The European Commission in turn announces it will send the next tranche in March.
"At the middle of February we will receive the necessary documentation for releasing the second and the third tranches of the loan. I am convinced that, having acknowledged the progress made by Romania, the IMF will approve the disbursement of the installments. Half of the amount will be used as budget support and the other half will go to BNR to put the balance of payments in equilibrium", the Head of the IMF mission to Romania, Jeffrey FRANKS, informed.
The head of the IMF mission, Jeffrey FRANKS, also noted that the negative trend in the economy had noticeably decreased in the last quarter of 2009 and that prospects for 2010 were favorable. "Romania will register GDP growth of 1.3 percent this year and the economy will go back to substantial growth rates in 2011", the expert also said. According to the recommendations made to Romania together with the initiation of the excessive deficit procedure, in June 2009, the government must bring the deficit within the EU-set limits before the end of 2011.
by nineoclock.ro, 28.01.2010


WB: Romania is making progress
World Bank team visited Romania together with the IMF and the European Commission teams, to discuss the performance and prospects of the reform agenda under the multilateral support package for Romania.
The Bank's team, headed by Swati GHOSH, a World Bank Lead Economist, had several meetings with the Romanian authorities and discussed the progress of the economic reform program supported by the World Bank in the context of preparing the second Development Policy Loan (DPL2). During the talks with the Romanian authorities, the World Bank experts focused on the status of reforms of the public sector, including the implementation of the unitary pay and the pension laws as well as reforms in health, education, social assistance and in the financial sector, a press release informs. Significant progress is being made and the World Bank team commends the strong efforts of the Romanian Government towards achieving the agreed reform agenda. Several reform measures supported by the DPL program require legislative action and the World Bank team will return to Bucharest as progress continues.
The Development Policy Loans (DPL) program amounting to EUR 1 billion focuses on public financial management, the social sectors and the financial sector. The first Development Policy Loan totaling EUR 300 million was disbursed on October. The DPL reform agenda supports policy measures and structural reforms to achieve fiscal sustainability in Romania and uphold the recovery process, and closely complements programs supported by the IMF and the EU.
by nineoclock.ro, 28.01.2010


Bank deposits up 13% in 2009
Bank deposits made by residents rose by 2.6% in December, over November's level, to RON 167.74 billion, which stands for a 13% increase over December 2008, the National Bank of Romania (BNR) announced yesterday, quoted by MEDIAFAX. RON deposits of the population went down 0.1%, to RON 59.197 billion, BNR writes in a press release. At the end of December, the RON deposits of population scored an increase of 13% (7.9% in real terms) over 31 December 2008. RON deposits made by legal entities rose by 5.6%, up to RON 43.493 billion. Last year, the RON deposits of legal entities decreased by 6.2%, compared to 2008's level. The savings in foreign currency of non-financial and non-monetary financial legal entities, expressed in RON equivalent, went up 3.1%, to a level of RON 65.051 billion. On the other hand, credits granted to companies and population decreased by 0.5% and 0.8% respectively in December 2009, compared to November's levels, to a total RON 199.88 billion, with both RON and foreign currency crediting suffering a decline. RON crediting thus lost 0.3% (-0.6% in real terms), while foreign exchange credits expressed in RON equivalent fell by 0.6% (if expressed in EUR, crediting in foreign currency gained 0.4%). On December 31, 2009 non-governmental crediting went up by 0.9% (-3.6% in real terms) compared to a year ago, against the background of a 5% increase of foreign currency credits - RON equivalent.
by nineoclock.ro, 28.01.2010


BNR lends over RON 6 billion to banks
The Central Bank uses such repo operations to make sure there is enough cash on the market, at a moment when companies pay taxes and dues to the state budget.
The National Bank of Romania (BNR) conducted yesterday a repo-type operation in which it injected RON 6.066 billion into the interbank market, at an interest of 7.5%, equal to the monetary policy rate, MEDIAFAX reports. The sum was borrowed by nine credit institutions and will mature in a week, on February 1st. Commercial banks yesterday announced interest rates of 7.45 - 7.95% for one-day deposits, more than twice the 3.17 - 3.67% they had announced Friday. Interest rates to one-week deposits remained unchanged at 7.7 - 8.2%. "This is the first day of the reserve period, and interests significantly rose from Friday's values. However, the market does not urgently need cash, and the Central Bank's goal is to target the RON/EUR parity, because it considers RON as overvalued", a dealer explained. Furthermore, banks have higher cash demands these days, because the period when they must set up their mandatory cash reserves has just begun.
BNR conducted its previous repo operation on December 29, 2009 when it lent RON 9.472 billion to central banks, at an annual interest of 8%, equal to the monetary policy rate of that time. In repo (repurchasing) operations, BNR offers cash to commercial banks, against state bonds.
by nineoclock.ro, 27.01.2010

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 EVENTS


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


Tashkent International Insurance Forum
8-11 April 2010
Tashkent, Uzbekistan
Organizer: SAIPRO
Media Partner: XPRIMM Insurance and Pensions
Official web-page: www.tiif.uz


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
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e-mail:  xprimm@primm.ro

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