Inapoi la www.1asig.ro




XPRIMM News
XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 161, August 12th, 2010
Click here to subscribe!
Click here to unsubscribe!
Powered by Media XPRIMM
MENU: EDITORIAL | INTERVIEW | TOP PRESS | MOLDOVA |
CEE, RUSSIA&CIS
| FINANCIAL NEWS | EVENTS
EDITORIAL


Added value versus "the lowest price"

Nearly two years after the onset of the global financial turmoil, insurance companies can say that they have learned some important lessons, either from their own experiences or from those of their colleagues. They understand now the essential role that communication and customer relations have in maintaining a good image of the company, given that the effects of the crisis can have serious negative consequences upon consumer confidence.

There are local insurers, though few in number, who have decided to supplement the marketing and communications budgets in order to ensure brand visibility and support that would provide stability in these uncertain times. Thus, although the national profile market is still confronted with real profitability problems, on TV, on the radio speakers, in the printed publications pages, on the internet or just on the street, several advertising campaigns promoting various insurance products - MTPL, Motor Hull, household insurance, life insurance etc - do not cease to catch our eyes.

So, besides brand communication, companies seem to focus lately more on product communication. Being an economically difficult year, the offer of insurers has become more flexible, much more adapted to real needs of customers, companies exploiting every opportunity in this regard.

Unfortunately, with all these measures, any purchase decision still invariably passes through the "most convenient price" filter, under the limited culture of Romanians regarding financial protection circumstances, more so in times of crisis...

What new measures, what different approaches must companies embrace to reduce the weight of price... which decisively influences the products' choice or... in even more unfortunate cases, giving up a higher quality insurance product?

by andreea.ionete@mxp.ro

up

Insurance PROFILE Review
INSURANCE Profile
Click here to order!


PRIMM Magazine
Special Report
CEE, RUSSIA & CIS




BCR Asigurari de Viata
Credit Europe Asigurari
EDITORIAL | INTERVIEW | TOP PRESS | MOLDOVA |
CEE, RUSSIA&CIS
| FINANCIAL NEWS | EVENTS
INTERVIEW


Interview with Nic de MAESSCHALCK
Director
BIPAR

Nic de MAESSCHALCK
Click here for the interview!

XPRIMM: What is the role and the history of BIPAR, the Federation of Insurance Intermediaries in Europe? You have quite an impressive history.
Nic de MAESSCHALCK:
Indeed, we have been functioning since 1937 and we are based in Brussels since 1989. We have here a small permanent secretariat of 6 people, and the fact that we came to Brussels in 1989 was of course because of the growing importance of Europe. We have now 27 member states in the European Union and BIPAR represents 32 member states, actually, because we also have a couple of member states around the Mediterranean area. We represent 45 national associations in those 32 countries. Taking into consideration these national associations of insurance agents and insurance brokers, we can say that we represent about 50 to 70 percent of the insurance distribution market. All together, our intermediaries, who are members of our national associations, have around 200.000 employees. UNSICAR, in Romania, is an active member, we were already in Romania for some of the UNSICAR Conferences, where we have met some politicians and regulators, too, and we felt really welcome there. Bogdan ANDRIESCU is an active representative in our meetings and a member of our working parties, so we are very glad to have this intreview and the opportunity to make BIPAR known to the Romanian members of our associations and to the Romanian insurance public.

XPRIMM: Tell us about your activity and your main purpose, as a Federation, at the moment.
Nic de MAESSCHALCK:
We are the representative body and the single voice of insurance intermediaries in Europe, in relationship with the European regulators. Our main purpose is to dialogue with all those who, at European level, have a decision making or are opinion makers in terms of insurance mediation regulation. We are in contact with the European Commission, we are the voice of insurance intermediaries in relationship with the European Commission, with European Parliament, with Council, but also in relationship with, for example, CEIOPS - CEIOPS is the European Committee of Insurance Supervisors and they are working together with the European Commission on future regulations. That is our main purpose. Here in Brussels, almost every sector of the economy is represented, because this is one of the main public affairs centers in the world, not only dealing with European affair, but also international affairs. That is were our main activity goes to. Of course, there is always an interaction with our national associations. We are the bridge between our national association and the European institutions, but the role of national associations is increasingly important. It is very important and, in the same time, it is our strength that we speak with one voice on almost every subject that we have on our agenda - one single voice of the European intermediaries in relationship with the European institutions. On the other hand, the insurance markets and, in particular, the insurance mediation markets still have some differences, there are differences from one market to another and there are, of course, nuances that must be taken into consideration. But that is based on a very good cooperation between us and the national associations, so we have - and that is another aspect of our role - meetings, on regular basis. We exchange information, we watch new developments, because we are in a world where today, a development in France is very quickly spreading to Romania or vice-versa. All the parties involved in this European process are talking to one another on an almost permanent basis. It's a permanent European debate that is going on. That is where we find our role in, that is why we are representing, defending and promoting the interests of insurance intermediaries. Making sure that the role of intermediaries is recognized as an important role in the economy and as an important role in the insurance process is something that has to be done on a daily basis. Insurance intermediation is not on top of the agenda of all the politicians, but in the meantime we are part of the financial sector, of the insurance sector, and it is very important that, before people take decisions - because they are the decision makers -, they are informed. So, we have the role to make sure, together with our national associations, that decision makers understand exactly, firstly, what the real value that we bring to the economy is, for the consumer, for the insurer. Based upon that, we hope that they make the right decisions.

XPRIMM: What are the key challenges that affect the insurance intermediaries market in the current economical situation? What are the forthcoming regulations which are being discusses now at European level?
Nic de MAESSCHALCK:
Since last year, we have been focusing on trying to ensure that decision makers understand very well the difference between the investment banking world and the insurance world. There are many nuances in that, but it was necessary to stress that over the last year, in particular in the context of the crisis. This indeed reflects in future regulations, but we do not want regulators to take decisions that have an effect on the non-life market, which are based upon an experience in the investment market. These are two different markets, two different business models, completely different, even historically. Of course, the crisis has had an impact on the regulatory perspectives on the other hand, so many of the deuces that we see today on the table at European level are issues which were already there before the crisis. Due to the crisis, some of the concepts and issues have been prioritized, others have been delayed and others have been taken together into a wider picture. But, basically, the issues were there already, most of them were there before the crisis. An extra aspect that is brought in here, which was also a reality before the crisis, but which has been emphasized due to the crisis, is the international impact. G 20, for example, is giving the high level guideline, and then the USA and the countries from Europe have to bring that into real life. This international aspect has been emphasized now, it is a real interaction where many players are now involved. So, for us the challenge was to make sure that regulators take into consideration the differences, the nuances.
This is where we are talking about PRIPs - in general terms, if life with investment element insurance (a unit-linked insurance) is more an investment product than an insurance product. That will have an impact on future regulations, on sales and distribution of these products and also, on their transparency. From our perspective, we believe that some of these products may have some of the aspects of an investment product, hence there may be more transparency in terms of information requirements to the client, but it should also be taken into consideration that they are an insurance product. So, you cannot completely compare them, but some of these aspects must be taken into consideration.
In what IMD (Insurance Mediation Directive) is concerned, the revision of the Directive has been on the table since before the crisis. The current IMD was adopted in 2002, and then implemented in various member states in the years after 2002. In that national implementation, there have been differences in interpretation, differences in implementation, and now the European Commission is considering that the IMD may need some changes, in order to create more legal certainty and to have less differences. So, the IMD revision is not so directly linked to the crisis but, of course, some of the influences of the crisis play their role and will be taken into consideration, for IMD II.

XPRIMM: Which of these aspects will influence the Central and Eastern Europe insurance intermediaries (as there are differences between the state of the current intermediary market in the CEE, in the emerging economies, and the state of the same market in Western Europe)?
Nic de MAESSCHALCK:
All over Europe, there are still many differences in the insurance intermediation and the insurance distribution landscape. One of the differentiating aspects for the CEE markets, but also for some other markets, is that intermediation is maybe younger, since the 90's. I must say that this market has developed very quickly. This is a fantastic thing. Intermediaries, in these new markets, have picked up very quickly and have really shown that they add value to the insurance market. But, besides that, I really don't see, from a regulatory perspective, any major differences between the Romanian market and the French market, for example. Of course there are some differences, but each market has developed in a certain way and the current IMD has tried to bring some level of harmonization in that. Of course, each national market or each national regulator has adopted measures at national level which are reflecting the state of specificity of a certain market. IMD has two objectives: one - consumer protection; and secondly - the creation of a single insurance market. So, in order to create a single market, you have to build bridges, you have to make sure that people understand one another, even if they are coming from different countries. That is on the agenda for the next step and that means an IMD II, so the revision of the regulation on intermediation.
For example, one of the issues that will be considered and it is under consideration is scope. Scope of IMD - very specifically, must this scope be further broadened? From our perspective, the scope must be very broad, because one of the reasons for an intermediation directive is to protect the consumer. So, that means that everyone who is in contact with somebody who wants to intermediate, sell, offer advice in insurance, must more or less fall under the same regulation. You need a level playing field. And the consumer must be protected, in the same way.
A second aspect that will probably be revised within the IMD is dealing with the freedom of services. The concept of freedom of services is in the current IMD but, in order to create more legal certainty, a few things must be clarified. For example, what is the triggering element, when are you doing a cross-border activity. Is that when the Romanian broker crosses the border in order to sell a product or to intermediate a product to a Belgium client, or is the moment when he sends a fax or an e-mail? These are the kind of things that are, for the moment, clear, but which we have different interpretations, from one country compared to another. And we believe that IMD II will bring some further clarifications, which is a good thing.
A third aspect that is into consideration is related to qualification requirements. Regarding the qualifications requirements necessary in order to be an intermediary, there is a big variety of systems in the different markets. In some markets you have a compulsory state exemption, in other markets you have certifications, in other markets our national associations are setting up training systems or institutes, there are some commercial training institutes - so, it is a very broad, diversified landscape. It would be difficult to regulate that into more nuance, but still the regulators are looking and finding common denominators, so may be there can be established some high level principles that would be applicable to qualifications. It is an area where there is probably some work over the next couple of years.
Then, there are a couple of other aspects, like the reduction of the administrative burden, so we are going to look in the registration and notification procedures, to see what could be optimized. We are very much in favor of keeping the registration system, as an intermediary must be registered. In order to register, you have to comply with a couple of professional requirements. We believe that is a very good system because the consumer can check whether you are really registered or not. The bulk of the work is already done in any case, so we just want to continue what exists.
One other aspect that will be looked at is the transparency. This is a debate that is going on all over the world, not only in Europe. There is the whole aspect of transparent remuneration. We have nothing against transparency, but we believe that insurance is not only about price alone. So, what we are promoting is transparency upon request. If your client asks you what your remuneration is on that particular contract, then you tell your client. That cannot be an issue. Transparency is a key, indeed, but transparency upon request. Why? Because, as I already said, insurance is not about price alone, so the price (premium, and also remuneration) must be seen in the context of the services that are related to that. An insurance premium must be seen in the context of the quality of the insurance. And this is important for the client, because sometimes there are nuances which make a product much better for a certain client, even if it is a little bit more expensive, then for another client. We are talking about personal lines. In the SMEs market and the more commercial lines market, many of these products are tailor-made, the dialogue between the client and the intermediary is much more intense, so, again, transparency is almost a fact. But if the client is interested to know whatever about the premium, he should be able to ask. There must be a dialogue, because there are so many aspects to insurance that the client does not immediately see, so it must be a dialogue, there must be a conversation and explanations about that. We, in BIPAR, are indeed in favor of transparency upon request, but all kinds of remuneration systems must continue to exist and be possible.

XPRIMM: What is your message towards the CEE and the Romanian insurance intermediaries? We are speaking about developing markets, but very different markets.
Nic de MAESSCHALCK:
You know that better than I do, but I believe that the general message for every intermediary is to never take it for granted. The client is the purpose of our existence. Wherever you are, in business, and in insurance intermediation business in particular, if you focus on your client, if you build your own strategy, if you choose your segment, if you know where you want to go to, between now and five years, then I am certain whether you decide to remain small, working on a local level, or weather your ambition is to become big, working on a national or international level, as long as you have your strategy built and you are capable of giving your client the added value that he expects, but also capable of giving the insurer the added value that he expects from you as intermediary, business will go well. We must be realistic, we are living in an economically difficult market, the crisis will have its consequences over the next years, we will have to deal with that, but may be it is in times of crisis that added value is, very often, even more important than price. Competition becomes more important, competition on the quality of the service.

XPRIMM: Thank you!

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

up

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

Baden - Baden XPRIMM Reception, a new tradition
The campaign launched last year by the Romanian insurance industry in Baden - Baden continues with organizing the second edition of Baden-Baden XPRIMM Reception, on October 24th, 2010. On this occasion, leaders and specialists in insurance, reinsurance and related areas, who attend the Meetings in Baden-Baden, will come together. The event is organized with the support of ASTRA Asigurari as Strategic Partner, and of CERTASIG, as Partner.
Click here to read more!
by oana.radu@mxp.ro, 12.08.2010



Over 10,000 policies issued in 3 weeks since the introduction of mandatory household insurance
Three weeks after the household insurance became mandatory, over 10,000 policies were issued, according to Radu Mircea POPESCU, Councillor of PAID, company that manages the mandatory insurance.
Click here to read more!
by oleg.doronceanu@mxp.ro, 11.08.2010



The shareholders have injected RON 1 billion in insurance in 2009
At the end of last year, share capital of insurance companies amounted to RON 3.97 billion, of which RON 1 billion corresponded to capital increases made last year by their shareholders, despite a difficult economic context. Compared to 2008, insurance market capitalization increased by 37.9%, according to the recently published ISC Annual Report.
Click here to read more!
by andreea.ionete@mxp.ro, 04.08.2010



UNIQA to sell minority stake in ASTRA Asigurari
Austrian UNIQA Group will sell its 27% participation in the Romanian ASTRA Asigurari, acquired in 2005, to NOVA Group Investments, the majority shareholder of the company, controlled by Romanian business-man Dan ADAMESCU.
Click here to read more!
by andreea.ionete@mxp.ro, 03.08.2010



Romanians paid even less for insurance in 2009
Amounts paid by Romanians for insurance decreased in 2009 compared to previous year, according to the annual report of the Insurance Supervisory Commission, recently published. Moreover, according to the latest SIGMA report of SWISS Re, Romania has the fourth lowest insurance density in Europe, after Ukraine, Turkey and Serbia.
Click here to read more!
by andreea.ionete@mxp.ro, 04.08.2010



ASTRA Asigurari profit increased by 83% in the first half, up to almost the whole 2010 target
ASTRA Asigurari ended the first half of this year with a net accounting profit of over RON 11.36 million, 83% higher than in the same period last year, the company announced today, the 5th of August 2010. Thus, ASTRA manages to achieve the profit target for the whole year 2010, set at RON 11.78 million, in half the time. The volume of gross written premiums exceeded RON 581 million, of which RON 574.8 million represents business related to non-life segment, up 41% from H1/2009.
Click here to read more!
by andreea.ionete@mxp.ro, 05.08.2010



VAT increase and flooding reduced the ALLIANZ-TIRIAC profit to RON 15 million
ALLIANZ-TIRIAC reported for the first six months of this year an operating profit of RON 14.8 million lei, by 19% below the value of RON 18.3 million registered in the same period last year, the insurer said. The company also will avoid further price increases and expects that this approach will lower the level of profitability.
Click here to read more!
by andreea.ionete@mxp.ro, 11.08.2010



Losses estimated at EUR 35 million after VAT hike will put pressure on prices
Estimated losses for the entire insurance market, resulting from the VAT hike, are EUR 30-35 million, according to General Manager of GENERALI Asigurari, Marie KOVAROVA. "Unfortunately, the conclusion is that insurers will eventually be forced to raise prices. Considering that such an increase would affect the Romanian market, already very small sized, we will do our best to keep prices under control", she said in an interview for XPRIMM Newsletters.
Click here to read more!
by andreea.ionete@mxp.ro, 05.08.2010



ALLIANZ-TIRIAC remains on the second place in the market
ALLIANZ-TIRIAC ended the first half of this year with underwritings of EUR 131 million, down 18.6% compared to same period in 2009, when the value of gross written premiums was EUR 161 million. Also, according to a report of the German group ALLIANZ, the insurance market leader in 2009 has made an operating profit of EUR 2 million, both on the non-life segment and on the life insurance one, the profit remaining at EUR 1 million each.
Click here to read more!
by andreea.ionete@mxp.ro, 09.08.2010



The profit of GENERALI doubles on decreasing business
GENERALI Asigurari ended first half with a total volume of underwritings of RON 234.4 million, down 4.4% compared to the same period last year. Still, company profits increased by 94%, to RON 18.9 million, according to Romanian accounting standards.
Click here to read more!
by andreea.ionete@mxp.ro, 09.08.2010



GROUPAMA business in Romania falls by 9%, to EUR 96 million in H1
GROUPAMA, the third European player on the Romanian insurance market, represented locally by GROUPAMA Asigurari and OTP Garancia, reported for the first half of the year business of EUR 96 million, 9% less compared to the same period of 2009, according to a report published by the French group.
Click here to read more!
by andreea.ionete@mxp.ro, 10.08.2010



VIDEO: Nic de MAESSCHALCK, BIPAR Director, exclusively at XPRIMM TV
"We must be realistic, we are living in an economically difficult market, the crisis will have its consequences over the next years, we will have to deal with that, but may be it is in times of crisis that added value is, very often, even more important than price. Competition becomes more important, competition on the quality of the service", said Nic of MAESSCHALCK, Director of BIPAR, the European Federation of Insurance Intermediaries, in an exclusive interview for PRIMM - Insurance & Pensions Magazine in Brussels, material that you can now fully watch on www.xprimm.tv.
Click here to read more!
by oana.radu@mxp.ro, 10.08.2010

up



Safety Broker

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

Republic of Moldova

A "hot" month for the Moldavian brokerage market
Anton CABA is the new President of the young Association of Insurance-Reinsurance Brokers (ABAR) in Moldova, appointed in this position in July this year. He also holds the position of Director of the insurance mediation company AV broker, replacing Veaceslav GAMURARI at the leadership of ABAR.
Click here to read more!
by vlad.boldijar@mxp.ro, 12.08.2010

up

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

CEE, RUSSIA&CIS

First half year 2010 premiums remain stable for ALLIANZ in CEE
German group ALLIANZ have wrote premiums of EUR 2 billion in Central and Eastern Europe (CEE), an increase by 5% compared to 1h/2009. When adjusted for currency effects, premiums dropped by 1 percent. Operating profit in the first half year amounted to EUR 100 million, corresponding to a 37% decrease compared to the first six months of 2009. On an adjusted basis, operating profit dropped by 39 percent.
Click here to read more!
by oleg.doronceanu@mxp.ro, 12.08.2010



High fees pump up Bulgarian pension insurers' profits in 1H/2010
Bulgaria's pension insurance companies chalked up bumper profits for the first half of the year against the backdrop of slightly better yields and slumping social security contributions, showed the latest numbers of the Financial Supervision Commission (FSC).
Click here to read more!
by dnevnik, 08.08.2010



An increase by 9% for the Russian MTPL insurers in 1H/2010
Russian insurance companies have increased by 8.8% written premiums on the MTPL segment for 1H/2010 to EUR 1.1 billion, according to Motor Union of Russian Insurers (RSA) cited by insur-today.ru.
Click here to read more!
by oleg.doronceanu@mxp.ro, 09.08.2010



SWISS Re says drought to spur Russia crop insurance
SWISS Re is expecting that the current drought in Russia will stimulate the interest of the farmers on the young agricultural insurance market as crop failure is one of the main issues in the country right now.
Click here to read more!
by mihai.cracea@mxp.ro, 12.08.2010



X International Yalta Finance Forum to take place in Yalta, September 20-24
The anniversary 10th International Yalta Finance Forum will take place in Yalta, UkraineOn September 20-24, 201. The event is organized by the Business Strategy Center PERSPEKTIVA together with the LIOU - League of Insurance Organizations of Ukraine.
Click here to read more!

up

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


Exports of EUR 7.3 billion
In the first half of the year Romania exported cars and transport equipment worth EUR 7.3 billion, according to "Gandul" daily. Automobile DACIA and the car and transport equipment manufacturing companies continue to keep Romania's exports high. Thus, in the first half of the year Romania exported cars and transport equipment worth EUR 7.3 billion or 43.2 per cent of the total value of exports (EUR 17.1 billion), the official statistics show. Moreover, car exports grew by EUR 1.7 billion compared to the same period last year and by EUR 1.6 billion compared to mid-2008. Economic analyst Ilie SERBANESCU considers that Romania would not have had exports in the midst of the crisis if it were not for the success of Automobile DACIA, a company owned by France's RENAULT, and of Finland's NOKIA Romania, with both companies being present in the top 100 exporters table recently presented by the National Association of Romanian Exporters and Importers (ANEIR).
"If we admit the thesis that exports have resumed the most important problem is why hasn't the economy recovered? The two companies have no kind of Romanian suppliers. Their degree of integration on the Romanian market is minute; if they would have had this support in Romania's economy they would have relayed this exports growth effect. The things said about those tens of thousands of subcontractors are a fairy tale," SERBANESCU stated.
At the same time, LOGAN'S sales in Russia rose by 15 per cent in the first seven months to more than 35,000 units, Realitatea.net informs. The growth stood at 11 per cent in July alone on a market that grew by more than 40 per cent thanks to a cash-for-clunkers program. The brand owned by RENAULT Group is on 5th place in the table of the most sought-after cars in Russia. The top four places are held by brands produced by Russia's LADA.
by nineoclock, 10.08.2010


Chief economist: IMF economic growth estimate is realistic
Ionut DUMITRU, President of the Fiscal Council and RAIFFEISEN Bank's chief economist, considers that the International Monetary Fund's estimate of an economic growth of 2 per cent in 2011 is "realistic." "An economic growth of 2 per cent is a realistic statement in the current context, without supplementary fiscal measures," DUMITRU stated in a press conference, quoted by Agerpres.
At the same time he added that the social contributions' burden is very high at this moment and the pension budget lacks balance. According to DUMITRU, the Romanian pensions' budget has a sustainability problem. "Medium and long-term solutions have to be found. We have to stress the idea of contribution. The switch towards the contribution principle was admitted by the Constitutional Court with the exception of magistrates' pensions," the head of the Fiscal Council explained.
The Fiscal Council believes that solving the pensions' problem should be Romania's "top priority" in the process of lowering the budget deficit. "Romania's pension expenditures are the 6th highest in the EU and place Romania first among new member states. When we consider the ratio between pension expenditures and budget revenues Romania is second after Greece. (...) The pensions represent Romania's top priority because we cannot endlessly finance them from the state budget," DUMITRU added, quoted by Mediafax. According to the Social Council's data, Romania's pension expenditures in 2009 represented 36.8 per cent of the budget revenues, being second after Greece's (40.5 per cent in 2008). DUMITRU pointed out that more than one million of the 4.72 million pensioners paid from the state's social insurances budget in 2009 benefited from invalidity pensions or had retired early, while 577,000 benefited from bequeathed pensions.
In what concerns the structural deficit, the economist mentioned that its reduction has to be achieved through structural reforms. Asked how he comments on the Public Finance Ministry's initiative to borrow from international markets, DUMITRU pointed out that that is a "timely" measure. According to the head of the Fiscal Council, budget rectification is one of the first requests that the Council has to answer.
In the consolidated general budget overall revenues department, Romania has not exceeded the level of 33 per cent GDP over the past ten years, much under the EU average of 42.2 per cent, Agerpres reports. Romania therefore ranks bottom in the EU in this respect, according to a report presented by Fiscal Council President.
by nineoclock, 11.08.2010


EXIMBANK's activity on behalf of the state tripled at the end of June, at over RON 800 M
EXIMBANK's total exposure on the name and account activity segment amounted, at the end of June 2010, to almost RON 832 million, three times the values reported on June 30, 2009. Guarantees account for the largest share of these results, as their volume rose almost four times between June 2009 and June 2010. Ionut COSTEA, the president of EXIMBANK, stated, in a release, that the largest portion in the guarantees portfolio goes to specific products granted to priority domains (62.4 per cent out of the total of guarantees in balance by June 30, 2010), followed by guarantees for export (20.8 pc) and those for SMEs (12.5 pc). The bank official added that the high uncertainty level on external markets determined exporters to look for special instruments to reduce specific risks, which led to a growth in the insurance activity of EXIMBANK by 133 per cent compared to June 30, 2009.
by nineoclock, 10.08.2010


FORD to launch new model at Craiova works
FORD has invested EUR 200 million in Craiova works and will launch a new model, the second one, soon, FORD Europe President John FLEMMING announced on Wednesday. The new model will be a small car, while in 2012 the works will start producing engines as well.
FORD'S investment in Craiova was analyzed yesterday by Prime Minister Emil BOC and the company's leadership, a government release remitted to the editorial office informs. The premier offered assurances that the government will continue to back the business environment and to stimulate Romanian and foreign investors in order for them to maintain and expand their businesses in our country. "We support foreign and national investments during this crisis period because our common goal is to maintain and create jobs," the prime minister underlined. FORD'S John FLEMING, recently promoted head of global manufacturing and labor affairs, confirmed FORD Motor Company's commitment towards Romania and towards its plant in Craiova.
"FORD maintains its commitment to invest over EUR 675 million in its project in Craiova. At the same time, job creation will start in Craiova in the first half of next year. Our plan is for the plant in Craiova to go from the 3,500 employees it has now to 7,000 employees in the following years," FLEMMING pointed out.
by nineoclock, 11.08.2010

up

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


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


10th International Yalta Finance Forum
September 20th-24th, 2010
Yalta, Ukraine
Organizer: The League of Insurance Organizations of Ukraine
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.eaee.gr


International Istanbul Insurance Conference
September 30 - October 1, 2010
Istanbul, Turkey
Organizer: Istanbul Underwriting Center
Media Partner: PRIMM Magazine - Insurance & Pensions


ICAR - International CAtastrophic Risks Forum
12-13 th October 2010
Parliament Palace, Bucharest
Organizers: MAI - the Ministry of Administration and Interior, ISC - Insurance Supervisory Commission, the Prefect Institution of Bucharest and Media XPRIMM
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.icarforum.ro


National Insurance Conference - Republic of Moldova
October 19, 2010
Chisinau, Republic of Moldova
Organizer: Media XPRIMM
With the official support of: The National Commission of Financial Markets
Official web-page: www.xprimm.ro


Baden-Baden XPRIMM Symposium
October 24th, 2010
Holland Hotel Sophienpark
Baden-Baden
Organizer: PRIMM Magazine - Insurance & Pensions
Official web-page: www.xprimm.ro


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


Euro Finance Week
November 15-19, 2010
Frankfurt, Germany
Organizer: MALEKI Group
Media Partner: PRIMM Magazine - Insurance & Pensions
Official web-page: www.malekigroup.com

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, 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.

Copyright©2010 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!