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XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 155, May 6th, 2010
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EDITORIAL


An indisputable power

10 years ago, at the first edition of the Insurance Market Awards Gala, we were launching the specialized web-portal 1asig.ro, although the informational power of the Internet was still regarded with reluctance.

Today, this power is obvious and indisputable!

The 2010 Edition of the Gala marked another premiere. The official launch of the latest project designed to promote the profile market: XPRIMM.TV - the First Online Television about and for insurance, that also broadcasted live, on the Internet, the well-known event.

XPRIMM.TV - a modern, efficient and accessible editorial product, that represents one step further as part of the Media XPRIMM campaign for informing and educating the public - a public more demanding than ever when it comes to the time spent on gathering information and the quality of that information.

For such people, always in a hurry and eager for information, video images have a guaranteed impact.

Through XPRIMM.TV, the audio-visual materials dedicated to the promotion of the insurance concepts and news can be accessed at any time, providing effective, simple and easy to be understood information.

Hundreds of online video viewers of the Insurance Market Awards Gala 2010 have already given us the assurance that the project will have a quick development.
And, because the insurance market concerns all of us, we invite you to watch with us the insurance dynamics at...

... WWW.XPRIMM.TV

by alex.rosca@mxp.ro

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Insurance PROFILE Review
INSURANCE Profile
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BCR Asigurari de Viata

Credit Europe Asigurari
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INTERVIEW


Interview with Mihail TECAU
President of the Directorate
BCR Asigurari

XPRIMM: At this time, the 2009 results are, mostly, known. In your assessment, which are the most important effects generated by the crisis upon the Romanian insurance market? Can we talk, in this regard, about a specific Romanian characteristic?
Mihail TECAU:
All insurance companies have suffered, mainly because of the rapid decline of the car sales, of real estate lending, due to economic and financial decline. We are sure that this crisis has affected all business environments, both internally and externally, but especially the intern purchasing power has been seriously affected. We do not believe it is something specific to Romania - this is a period of global economic crisis that is felt by our country, too.

XPRIMM: What were the most important challenges facing your company in 2009 and how did you overcome them?
M. T.:
Maintaining the growth dyamics from 2008, while adapting to new market conditions, effective management of clients portfolio and of resources, increased customer confidence in our products, by managing a real client - company partnership. Adapting to market conditions implied a reorganization process of the activities of front/back office, so that the company objectives would be achieved. Focusing all efforts around a sales force that is supported, carefully monitored, but also motivated, based on teamwork, lead to overcoming the problems we had faced.

XPRIMM: What are your expectations regarding the market evolution in 2010? Will this year bring opportunities to support the recovery of the insurance market? At the opposite pole, which could be the main threats to the market evolution?
M. T.:
Companies are optimistic and they are preparing programs and thinking budgest, hoping for a better management of resources, for existing customers retention, and they even predict an increase, like the one anticipated by the economic analysts, of 4-5%. The essential conditions are mitigation of the economic crisis, economic recovery, efficient management of resources, adapting to market conditions.

XPRIMM: What are your company's goals for 2010?
M. T.:
In 2010, the company BCR Asigurari has as main objectives, under the circumstances of mitigation of the effects of the crisis and of a possible revival of the economy, the following:
- Increasing the productivity of our own network, that will lead to a 9% increase compared to the year 2009;
- Obtaining the expected financial result;
- Increased quality of services;
- Improving the collaboration with profitable brokers;
- Strengthening the cross-selling activity;
- Maintaining our position in TOP 5 INSURERS.

XPRIMM: If you were in the situation to develop a market strategy, which do you think would be the number one priority for the Romanian insurance market now?
M. T.:
In 2010, insurance companies will continue the process begun in 2009, of streamlining activities and of achieving the main goal: "PROFIT". Market share, following acquisitions and mergers that have occurred, by which there were configured shares of up to 30% of the market, will no longer represent the main objective. Companies will seek to grow, by developing a portfolio structure in which the level of underwritings for non-motor insurance products will permanently register an ascending trend.

XPRIMM: Which products from your company's portfolio enjoy the biggest success in front of customers? What are the elements that "make a difference" for these products?
M. T.:
We are focused on satisfying the needs of protection through insurance of the non-motor goods of the clients, and in this respect we have promoted extremely attractive products. We have adapted them so that they can be offered on all available distribution channels. They are complex products, in terms of the insured risks, but attractive in terms of offered discounts.

XPRIMM: Thank you!

by mihai.cracea@mxp.ro

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Mihail TECAU
Mihail TECAU
President of the Directorate
BCR Asigurari

MEDICOVER
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TOP PRESS

CARPATICA Asigurari offers the Official Reception of FIAR
The Official Opening ceremony of FIAR - International Insurance-Reinsurance Forum 2010 will be followed by the Official Reception offered by CARPATICA Asigurari, event that will take place in the elegant Sinaia Casino Halls.
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by oana.radu@mxp.ro, 06.05.2010



Cristian CONSTANTINESCU and Cornelia COMAN, reelected at the leadership of UNSAR for another three years
Cristian CONSTANTINESCU and Cornelia COMAN were reelected President and, respectively, Vicepresident of the National Union of Insurance and Reinsurance Companies from Romania (UNSAR), each with a three years mandate, a decision taken in the General Meeting of UNSAR.
According to the General Meeting decision, the Board of Directors of UNSAR consists of the representatives of the following companies: ALLIANZ-TIRIAC, ING Asigurari de Viata, GENERALI, GROUPAMA, UNIQA Asigurari, EUREKO and ASIROM.
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by andreea.ionete@mxp.ro, 27.04.2010



A new chapter at ALLIANZ-TIRIAC: Rangam BIR is the new CEO of the company
Starting the 1st of May, current year, the expat Rangam BIR, currently Vice President of ALLIANZ New Europe, took over the position of Chief Executive Officer of the Romanian insurance market leader, ALLIANZ-TIRIAC. Its mandate will start after receiving advice from the Insurance Supervisory Commission.
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by andreea.ionete@mxp.ro, 30.04.2010



B.A.A.R. will host the General Assembly of the Council of Bureaux in Romania in 2012
In 2012, B.A.A.R. will host in Romania the annual meeting of the Council of Bureaux, an event that traditionally takes place in the last week of May. "The importance of the event comes from the fact that, this way, the reliability and stability that were proven by the Bureaux of Motor Insurers in Romania (B.A.A.R.) are certified", Liviu STOICESCU, President of B.A.A.R. said.
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by mihai.cracea@mxp.ro, 30.04.2010



Decreased motor sales also affects the connected services
The effects of the crisis on the motor industry and on the connected services are becoming more and more visible, so the motor insurance segment may have even more to suffer from the large volume of paid claims, under the circumstances of a decrease of the new-business.
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by mihai.cracea@mxp.ro, 26.04.2010



2010 - the year of the decisive trial
After a grim 2009 for all sectors of Romanian economy, 2010 does not seem to bring significant improvements, either. "The major problems will arise in 2010, when only companies that had a correct strategy, both in sales and in underwritings, and in the cost reductions, will be able to come out healthier from the crisis", said Mihail TECAU, President of the Directorate of the company BCR Asigurari.
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by oana.radu@mxp.ro, 29.04.2010



UNSAR: Visible effects of recovery of the insurance market, only in 2011
Prospects of economic recovery in the near future are quite pessimistic, those regarding the attainment of a significant new business volume are almost nonexistent, and most insurance companies expect in the best case a hold-up pf the market in 2010. Adding to this context the specific problems of the Romanian profile market, still dominated by the motor segment, the issues raised by the increasing fraud phenomenon and by the limited control of the claims, it is imperative that this year be devoted to rethinking business strategies, according to the National Union of Insurance and Reinsurance Companies in Romania (UNSAR).
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by andreea.ionete@mxp.ro, 29.04.2010



Insurer-brokers partnerships, among the winning solutions during crisis
The financial crisis the world has been facing since the end of 2008 has also had positive effects upon the Romanian insurance market. Out of the need to protect their business, insurers and brokers have found new ways of communication and collaboration, strengthening partnerships to the advantage of both parts.
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by oana.radu@mxp.ro, 05.05.2010



How is the insurance crisis seen... from another corner of the world?
The financial crisis continues to be fully felt on the Romanian insurance market, this having the power to capture our full attention at the present time. However, it is important to realize that we cannot identify the best development directions without looking at the big picture and without seeing how other world countries have faced and "treated" the crisis. From Shashi GOKARN, President of a well-known insurance and reinsurance brokerage company, INTERLINK, we have found out how the crisis in insurance and reinsurance is seen in India.
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by oana.radu@mxp.ro, 30.04.2010



VIG raises the capital of BCR Asigurari by almost RON 50 million
Insurer BCR Asigurari, member of VIENNA Insurance Group, has increased its share capital by RON 49.69 million, by cash contribution of shareholders, following a decision of the company's management, from February 23, 2010, published in the Official Gazette.
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by andreea.ionete@mxp.ro, 05.05.2010



EUR 2 million capital increase for SIGNAL IDUNA
The shareholder of the Romanian insurance company SIGNAL IDUNA operated a capital increase of almost EUR 2 million, after a year and a half after its launch on the Romanian insurance market. The share capital of the company thus exceeded EUR 12 million, the equivalent to RON 43.37 million.
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by andreea.ionete@mxp.ro, 30.04.2010



General liability policies decreased in the total underwritings
The total value of gross written premiums for general liability insurance was EUR 31.9 million in 2009, thus registering, compared with 2008, in terms of dynamics, a nominal decline in euro of about 9.7 percentage points.
The figure represents, according to Specialty Review INSURANCE Profile, 1.5% of the total underwritings registered by the national insurance market in the analyzed period.
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by vlad.boldijar@mxp.ro, 21.04.2010



New risks... specific insurance products
In the context of the continuous diversification of risks we are exposed to, more and more insurance companies in Romania identify and exploit opportunities to develop the portfolio by launching specific protection and coverage products, adapted to the current needs of clients.
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by andreea.ionete@mxp.ro, 23.04.2010

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ASTRA ASIGURARI
EASTERN Re

MILLENIUM INSURANCE BROKER

MILLI Re


Safety Broker


FADATA
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PARTNER Re: Systemic Risk - What Risk?
Now post-financial crisis, attention is inevitably turning to the issue of designing regulatory frameworks that will prevent a re-occurrence of this crisis. The question for regulators is whether the insurance and reinsurance industries are a source of systemic risk.
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by oana.radu@mxp.ro, 06.05.2010



TRIGLAV ended last year with a loss of EUR 6.2 million
Zavarovalnica TRIGLAV, Slovenian market leader, recorded a EUR 6.2 million loss for 2009, and the parent company has concluded the past financial year with a loss of EUR 1.8 million. Management explained that the bad result primarily credited last year's summer storms and the financial crisis. Remember, the TRIGLAV group, in 2008, made a profit of EUR 1.5 million.
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by oleg.doronceanu@mxp.ro, 03.05.2010



Motor third party offsets steep decline in Bulgarian insurance
The mandatory motor third-party liability policies ran to the rescue of the Bulgarian insurance market, preventing a vertiginous drop in the first two months of the year, show figures by the Financial Supervision Commission (FSC).
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by dnevnik, 30.04.2010



SAVA Re posted a EUR 12.6 million loss in 2009
Pozavarovalnica SAVA and SAVA Re recorded last year a EUR 12.6 million loss and the loss of SAVA Re Group was EUR 28.2 million. In this period, SAVA Re has collected EUR 147 million in written premiums.
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by oleg.doronceanu@mxp.ro, 28.04.2010



Russian Insurance Summit 2010
On May 20-23, 2010, the Russian Association of Insurers holds the VIIIth 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 on 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 XXIst Century".
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FINANCIAL NEWS


NBR cuts key interest rate to record low
The National Bank of Romania lowered its benchmark interest rate to 6.25%, the lowest level since the introduction of the current monetary policy.
In its fourth rate-setting session of 2010, the policy-making committee of the central bank decided to continue its series of gradual rate cuts. In January, the central bank lowered key rate from 8% to 7.5%, to 7% in February and to 6.50% in March.
The current level of the key rate, used by NBR in repo operations, reverse repo and market liquidity adjustment, is the lowest since the introduction of the current monetary policy in the early 2000, in line with ECB (European Central Bank) standards.
Consequently, starting Wednesday, May 5, the rate on deposit facility will be lowered to 2.25% per annum from 2.5% and the rate of lending facility (Lombard) will be 10.25% per annum versus 10.5%.
The central bank has also decided to keep reserve required ratio at 15% for RON-denominated liabilities and at 25% for foreign denominated liabilities, and affirmed its commitment to pursue an adequate management of liquidity in the banking system.
The board of NBR examined and approved the quarterly inflation report that will be made public in a press conference scheduled for May 6, 2010.
by wall-street, 5.05.2010


IMF urges cabinet to raise flat tax and VAT, sources
According to media sources, IMF asked government to raise the flat tax from 16 to 20 pc and the VAT from 19 to 25 pc. Officials avoided commenting on such a drastic move, saying there are several possible scenarios on the table. The yet unconfirmed information raised a wave of criticism and worries over the state of economy, Bucharest Stock Exchange fell by 4 pc.
The government and the International Monetary Fund mission are discussing several options to cut public deficit, including raising taxes.
Despite Finance Minister Sebastian VLADESCU's assurances the Value Added Tax (VAT) won't go up, government sources said the International Monetary Fund (IMF) wants it increased, Realitatea.net reports.
The Fund has taken an inflexible stand during ongoing talks with government, calling for the flat tax rate and VAT being raised to 20 per cent and 25 per cent respectively, the sources said.
The Ministry of Finance rejected the information, saying there was no mention of raising the VAT and the flat tax during yesterday's meeting with the IMF team.
The government and Fund representatives are discussing several options, including the possibility of raising taxes, but no proposal has been made to raise the VAT from 19 to 25 per cent, Minister VLADESCU said on Tuesday, quoted by MEDIAFAX. Economic analysts expect this evaluation mission to be harsher than earlier ones.
According to FINANCIARUL, IMF representative in Romania Jeffrey FRANKS said on Monday that taxes will certainly not increase in the next months. Therefore the news came as a blow for the frail Romanian economy and raised worries in the business sector. The rumoured tax rise stirred a wave of criticism from the opposition and also economic analysts, who say the move represents proof that the cabinet did nothing to help economy recover.
The Stock Exchange in Bucharest reacted to the news falling 4 per cent at the end of the session, according to Realitatea.net.
In a meeting with the IMF mission in Bucharest yesterday, trade union officials emphasized some aspects related to the need of imposing a progressive tax regime, and firmly opposed increasing the VAT and instating the co-payment of medical services.
The leader of Cartel Alfa trade unions confederation, Bogdan HOSSU said the tax policy is wrong and trade unions would prefer a differentiated approach, especially concerning the VAT. According to the union leader, the current fiscal policy brings prejudice and poverty especially to underprivileged social categories, living on very small incomes. "It is abnormal to pay the same VAT for bread and luxury goods", HOSSU explained.
The Cartel Alfa leader also described as unacceptable the way pensions are being calculated now, saying this will further decrease the living standards of senior citizens. Unionists also informed the IMF and the World Bank about the problems caused by special pensions, which need to be sorted out soon.
"We said everybody should be covered by a blanket pension system, and certain special categories should have an extra system of occupational pensions, based on a contribution mechanism, like those (who work) in Justice, Army and Police", said the president of the National Trade Unions Block, Dumitru COSTIN.
At the end of yesterday's meeting with the IMF delegation, National Trade Unions Block president COSTIN announced that a multinational expert team will be formed, within two months at latest, to improve the mechanisms of drawing European funds, MEDIAFAX reports. The IMF agreed to the team and assured unions they will insist upon this idea in their talks with the government, COSTIN added.
by nineoclock.ro, 4.05.2010


Romania's pavilion in Shanghai visited by about 20,000 people
Romania's pavilion in the Shanghai Exhibition, Greenopolis, was opened to the public on Saturday. The general commissioner for world exhibitions, Ferdinand NAGY, said he expected six months of intense promotion in China, on two important levels, cultural and economic, according to a press release remitted to our newsroom. NAGY underlined that Romania's participation in Expo 2010 and building "Romania's home in Shanghai" represent an important step in this direction. He added that 14 county chambers of commerce and industry in Romania expressed their willingness to join the Romanian pavilion in the months to come. The commissioner added that he hoped these missions would also include representatives of the local government, so that they could initiate discussions of those projects which may be followed through, within a partnership, at a local level. He explained he envisaged infrastructure projects at local level, linked with water supply and county roads.
Romania attends, between May 1 and October 31, the World Exhibition in Shanghai, China, under the headline "A better city, a better life". Romania's national pavilion - Greenopolis - "The Green Megalopolis" - offers a topical vision of present-day Romania. The main exhibition site is dedicated to presenting urban civilisation, culture and traditions, and Romania's natural potential. The exhibition also includes a Romanian cuisine restaurant. Expo 2010 organisers expect over 200 countries and international organisations and about 70 million visitors to attend. In the first two days since the opening, the Romanian pavilion has been visited by approximately 20,000 people.
The secretary general of the International Bureau for Exhibitions (BIE), Vicente Gonzalez LOSCERTALES, also visited Romania's national pavilion. "The first pavilion I've visited at the Expo was Romania's pavilion. You've managed to create a special space and visitors are particularly drawn to what they find here. I congratulate you on this achievement, everything is wonderful", the secretary general said.
by nineoclock.ro, 4.05.2010


Duster - the 4x4 revelation
The head of the RENAULT-NISSAN Group, Carlos GHOSN, holds DACIA Duster as a real success story. "With Duster, DACIA will turn the 4x4 market upside down. Less than one month since its launch on the market, we have 10,000 orders already posted in France. And I can tell you we haven't seen such high showroom attendance since the launch of the Renault Scenic 2, in 2003", AutoInfos quoted GHOSN as saying. He also said 2010 remains a difficult year nonetheless, with the company focusing on maintaining a positive cash flow. Referring to car launches, the RENAULT boss said two convertible models, Megan Coupe Cabriolet and the new Wind Roadster, are in the pipeline. He made the point cars enter a new era. "We need to invest more into developing an extended technological range: electrical batteries and cars, hybrid vehicles, better performing engines", GHOSN said. "At the same time, we must set out making both small and family cars, 4x4s, the whole range", the RENAULT top executive official said, outlining RENAULT-NISSAN being resolute about cracking not only the European markets, but also those in the US, Japan or emergent countries. Also, RENAULT-NISSAN will sell in India, starting 2012, a small-size car model priced at USD 2,500, in partnership with a local market, MEDIAFAX reports. RENAULT agreed with Indian auto partner BAJAJ for the car to be sold for USD 2,500 to directly compete against Tata-built Nano model, held as the most inexpensive car worldwide.
by nineoclock.ro, 5.05.2010

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


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


2nd CEA International Insurance Conference - "Insurance in a changing world"
June 11th, 2010
London, UK
Organizer: CEA - Comite Europeen des Assurances
Media Partner: PRIMM Magazine - Insurance&Pensions
Official web-page: conference.cea.eu


Les Rendez-Vous de Septembre
September 11th-16th, 2010
Monte Carlo, Monaco
Organizer: RVS
Media Partner: PRIMM Magazine - Insurance&Pensions
Official web-page: www.rvs-monte-carlo.com


Baden-Baden XPRIMM Symposium
October 24th, 2010
Holland Hotel Sophienpark
Baden-Baden
Organizer: PRIMM Magazine - Insurance&Pensions


31st Baden-Baden Meeting 2010
October 24th-28th, 2010
Baden-Baden, Germany
Official web-page: www.badendirectory.com

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XPRIMM Newsletters

THE EDITORIAL STAFF:

President: Sergiu COSTACHE CEO: Adriana PANCIU
Business Development Director: Alexandru D. CIUNCAN

Editor in Chief: Mihaela CIRCU
Scientific Advisor: Daniela GHETU
International Column Coordinator: Andreea IONETE
Senior Editors: Vlad PANCIU, Oleg DORONCEANU
Editors: Vlad BOLDIJAR, Oana RADU, 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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