Inapoi la www.1asig.ro




XPRIMM News
XPRIMM News - THE ROMANIAN INSURANCE MARKET NEWSLETTER
No. 162, August 26th, 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


About climate change... in the middle of this hot summer

After an extremely cold winter, a rainy spring that caused floods in almost all Europe, summer has brought extreme temperatures, even in regions where hot weather was just a word in the dictionary... Devastating fires in the Moscow area are an example in this respect...
The weather is in constant change, 2010 will be the warmest year in history...

Moreover, global warming could cost the world economy over EUR 5,500 billion, World Bank warns and, in the worst case scenario, this means "over 20% of global GDP".
A significant part of losses is covered by insurance and reinsurance industry. Thus, the number of natural disasters has doubled in the period 1960-1999, while insured losses, mostly caused by weather phenomenon, increased almost seven times.

In the context of increasing danger of floods, droughts, hurricanes and fires, due to climate changes, the CEA (Comite Europeen des Assurances) - European federation of national insurers associations requires profile companies to become directly and actively involved in fighting against the phenomenon.

But, coverage of claims caused by natural phenomena of this kind differs from one country to another. For this reason, it is difficult to consider the implementation, at European level, of an unique coverage system. In some countries, insurance coverage is totally controlled by profile companies, in others the State intervenes more or less directly on this market through the establishment and regulation of mandatory insurance systems, in various forms: basic coverage (Spain and Switzerland), state compensation (Denmark) or a combination of both (Belgium, France and Norway).

That said, it should be mentioned that the purpose of insurance is not to fully bear the losses generated by these events, but to mitigate risks. Insurance industry alone cannot reduce the risks of climate change, but can have a decisive contribution in understanding, assessing and preventing them, and in choosing the policy suitable for every type of phenomenon.

The role of insurers in the fight against global warming is, therefore, crucial and, because of their expertise in management and risk transfer, the industry can contribute decisively to understanding and analyzing the current situation, overshadowed by the dangers of climate change.

Starting from the ideas mentioned above, in 2004, Media XPRIMM, supported by the Romanian Government, Ministry of Finance, Ministry of Administration and Interior, ISC, UNSAR, UNSICAR, started, in the first edition of ICAR - The International CAtastrophic Risks Forum, the biggest lobby campaign for the set-up of the Romanian Catastrophic Insurance Program.
Six years later, the time of discussions on mandatory household insurance, for the first time, switched from future to present.

ICAR 2010, organized in partnership by MAI - the Ministry of Administration and Interior, ISC - the Insurance Supervisory Commission, the Prefect Institution of Bucharest and Media XPRIMM, thus marks a historic moment, the end of an over eight years road, since the first project of law regarding mandatory household insurance has been debated.

The seventh and most important edition of the main European event dedicated to catastrophic risks will take place on October 12, 2010, at the Parliament Palace. The forum will focus on the start and future evolution of mandatory household insurance, and also on catastrophic risks management policies and on the role of public authorities in their management and financing.

Click here for details!

by mihaela.circu@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 Mihail TECAU
President of the Board
BCR Asigurari VIG

XPRIMM: How do you comment the austerity measures taken by the government?
Mihail TECAU:
Consequences of latest measures adopted by the Government have not yet been felt to their fullest potential, but certainly in the near future we expect them to be also felt on the insurance market, affected on one hand by the decrease of investments and of purchasing power, and on the other hand by the increasing costs.
Our company is one of the important players on the insurance market and we are very careful in assessing any consequences that the impact of the economic measures decided by the Government may have, upon our customers.
BCR Asigurari VIG has already taken effective measures against austerity measures and we believe that the solutions adopted will help us overcome this economic situation.

XPRIMM: What will be the immediate impact of the VAT hike in terms of insurance companies? What do you think will happen to prices charged by insurers under these conditions?
M. T.:
In the present context, the VAT hike to 24% will generally influence the economic environment, by a rearrangement of prices and by replacing the inflation target for 2010, from 3.5% to 7.9%.
Insurance market is not directly affected by the VAT increase, because insurance premiums are exempted from VAT, but will be influenced indirectly by the evolution of costs of related activities carried out by insurance companies, related to: the amount of claims, administrative expenses and others.
There may exist a certain fear in the insurance market that insurance will become more expensive, but this cannot be confirmed now, as long as, as we have shown before, the direct price of insurance is not influenced by the increase in VAT.

XPRIMM: What are the main threats to an insurance company under the circumstances of a declining economic environment?
M. T.:
Insurance companies, by their nature and object of activity, buy and manage risks caused by dangers. From this point of view, a "danger" caused by an economic environment is not a novelty for us and cannot take us by surprise.
We believe that the main threat to an insurance company, under a declining economic environment, may be associated with managerial decisions rather than with decreasing or increasing the percentage of indicators, and this risk is valid in any period of an economy, irrespective that is growing or in recession.

XPRIMM: How did the company evolve in the first six months of this year compared with same period of 2009, in terms of sales, terminations, new business etc.?
M. T.:
Our company is careful to what is happening on the insurance market, and statistics say that in 2009 on the Romanian profile market there has been registered an 11% decrease in non-life insurance, and a 5% drop in the first quarter of 2010 (according to data offered by the Review INSURANCE Profile and by Media XPRIMM).
Evolution of sales indicators in the first six months of this year, whether we mean portfolios or new business, is very closely linked to other management measures taken, such as streamlining activities, the quality of services offered to clients and others.
For this reason, comparison of an indicator from this period with the one from the same period of last year must be analyzed also based on strategic decisions, and from this point of view we can say that our objective of maintaining business lines and improving the profitability has been achieved.

XPRIMM: Do you have new plans regarding distribution channels?
M. T.:
Of course. Our plans regarding the distribution channels have in view the development of sales through bancassurance and of electronic online sales.

XPRIMM: What is the claims situation, especially on the motor segment, how did the average claim evolve? Did you notice a change in terms of claims when the bonus-malus system was introduced?
M. T.:
In the context of implementing strategies of diminishing and control of paid claims, the claims rate on the motor segment declined slightly in 2010 compared to 2009.
During 2009, BCR Asigurari VIG has "cleaned" its motor portfolio, removing clients with high claims rate. This action led in 2010 to a decrease in claims frequency.
Also, the evolution of the average claim on the motor segment is almost constant in the first months of 2010 compared to 2009, namely from about RON 4,850 in 2009, to about RON 4,650 in 2010.
Following the VAT hike, we expect an increase of about 10% of average claim.

XPRIMM: What is the strategy for 2010? What news will you bring on the market this year?
M. T.:
The strategy of BCR Asigurari VIG is to develop a partnership between insurer - sales channel - client, so that on all business lines and particularly on the motor car insurance segment, the financial and economic calculation will be positive.
News that we bring to the market this year are those related to finding appropriate solutions, molded on the needs of our customers, such as: strengthening relationships with customers, setting prices carefully, adopting new techniques and work strategies, products and services.
In 2010 we have adjusted and we will adjust the premium rates according to existent current risks and for people affected by austerity measures, such as pensioners and budget sector employees, we offer new facilities for the insurance premiums.
Also, we have launched a new insurance product, CASCO Plus, unique on the insurance market, which offers multiple protection (3 in 1) for damages and theft, personal accident and technical assistance, with a single premium - with extended territoriality.

XPRIMM: What do you expect from 2010 in terms of profit?
M. T.:
Given the major changes from the last period, in the tax area and not only, our expectations are not entirely satisfactory. A study on planned data shows that the negative impact is over EUR 1 million.

XPRIMM: Thank you!

by andreea.ionete@mxp.ro

up



Mihail TECAU
Mihail TECAU
President of the Board
BCR Asigurari VIG

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

OLSA RE supports Baden - Baden XPRIMM Reception
Insurance-reinsurance broker OLSA Re is supporting as Main Partner the second edition of Baden-Baden XPRIMM Reception taking place on October 24th 2010. As part of the campaign launched last year by the Romanian insurance industry in Baden - Baden, this event will gather leaders and specialists in insurance, reinsurance and related areas, who attend the traditional Meetings in Baden-Baden.
Click here to read more!
by andreea.ionete@mxp.ro, 26.08.2010



EXCLUSIVE: The top of insurance companies after the first six months of the year
After the first six months of this year, the Romanian insurance market amounted to EUR 1.04 billion, equivalent to RON 4.33 billion, according to preliminary data collected from insurance companies by INSURANCE Profile Specialty Review.
Click here to read more!
by vlad.boldijar@mxp.ro, 25.08.2010



The Insurance and Reinsurance Company EXIM Romania has been authorized by ISC
The Insurance and Reinsurance Company EXIM Romania (CARE), whose majority shareholder is EXIMBANK - the Export-Import Bank of Romania, has received from the Insurance Supervisory Commission the functioning authorization for credit and guarantees insurance classes, obtaining the number R.A. 067/10.08.2010 in the Register of Insurers.
Click here to read more!
by andreea.ionete@mxp.ro, 16.08.2010



EUR 274 million underwritings for VIG in Romania
In the first six months of the year, the companies from Romania members of VIENNA Insurance Group have underwritten premiums of EUR 274 million, down by 12.5%.
Underwritings on the non-life segment reached EUR 225.7 million, registering declines following the portfolio restructuring, aiming to focus on profitability.
Click here to read more!
by mihaela.circu@mxp.ro, 19.08.2010



OMNIASIG: RON 14.6 million profit and business declining by 18.8%, in H1/2010
OMNIASIG, member of VIENNA Insurance Group, ended the first half of the year with a 18.8% decrease of business compared to H1/2009, to RON 484.15 million, under the circumstances of the decline on the motor class. Instead, a policy of cost effectiveness and optimization of company's activity has led to a gross profit of RON 14.6 million, according to IFRS standards.
Also, in the first six months of this year, the amount of paid claims fell by 18.7%, to RON 363.4 million.
Click here to read more!
by andreea.ionete@mxp.ro, 24.08.2010



BCR Asigurari de Viata VIG: 81% business growth and three times the profit in the first semester
BCR Asigurari de Viata continues ascending in the life insurance business with a growth of 81% of gross written premiums in the first semester of 2010. The company also reported a profit of almost RON 22 million, 197% more than the 1st half of 2009.
Click here to read more!
by andreea.ionete@mxp.ro, 24.08.2010



ARDAF maintains on the black, but business decreases
ARDAF, company member of GENERALI PPF Holding, maintains on the black in the first half of the year, ending the period with a positive financial result of RON 9 million. However, the company's business in the same period saw a decline of 13.5%, to RON 141 million, announced ARDAF on the 17th of August.
Click here to read more!
by andreea.ionete@mxp.ro, 16.08.2010



The new MTPL product of ASIROM has over 14,000 customers
The company ASIROM has sold so far over 14,000 policies of the new MTPL product. It has a Motor Hull policy attached, which will work only if the MTPL policyholder of ASIROM is injured by a driver who owns a motor third party liability insurance policy from another company.
Click here to read more!
by mihai.cracea@mxp.ro, 23.08.2010



Assets administered by AVIVA are rising 21% in first half
AVIVA life insurance company registered in the first six months of the year an increase in assets under management of 21.4%, compared to the end of 2009, up to the amount of RON 600 million.
Also, income from the company's gross written premiums has registered a 17% decrease, to RON 40 million. Three causes were at the basis of this result, according to Mihai POPESCU, CEO, AVIVA Romania: the evolution of bancassurance segment, the termination of policies and the adjustment of the way of calculation of annualized premiums. Sales were evenly distributed between the protection products and those with savings component - unit-linked.
Click here to read more!
by mihaela.circu@mxp.ro, 18.08.2010



Maximum 30% of homes will have mandatory insurance by the end of the year
By the end of this year, maximum 2.5 million homes will be insured, shows a recent survey of 1asig.ro. Thus, almost 30% of respondents expect the penetration rate of mandatory household insurance to be between 10% and 30% by the end of 2010, while a share of 28% estimate that it will stay below 10%.
Click here to read more!
by andreea.ionete@mxp.ro, 18.08.2010



Mediations and revenues of OTTO Broker have doubled in the first half of the year
The insurance brokerage company OTTO Broker has mediated, in H1/2010, a premium volume of RON 14.6 million, double compared to the same period in 2009, when mediations amounted to RON 7.35 million. Incomes of the broker have also doubled, to over RON 2.4 million.
Click here to read more!
by andreea.ionete@mxp.ro, 23.08.2010



EUR 14.9 million business for AON Romania
The brokerage insurance company AON Romania mediated, in H1/2010, a premium volume of EUR 14.87 million (RON 61.69 million).
Click here to read more!
by vlad.boldijar@mxp.ro, 16.08.2010



Declining business for PORSCHE Broker and PORSCHE Asigurari
The leader of the Romanian brokerage market, PORSCHE Broker, has mediated in H1/2010 a premium volume of RON 130 million (EUR 31.2 million), representing, compared to the previous year, a nominal decreasing evolution in EUR of 8.7%.
Click here to read more!
by vlad.boldijar@mxp.ro, 20.08.2010



CERTASIG has a new Reinsurance Manager
Andrei MIRAUTA is the new Reinsurance Manager of CERTASIG, position that was previously held by Dragos CIOCAN. With only 29 years of age, Andrei MIRAUTA already has a six years experience in the reinsurance field.
Click here to read more!
by oana.radu@mxp.ro, 26.08.2010



EduPlan - A new savings plan for children education from BRD and BRD Asigurari de Viata
BRD and life insurance company BRD Asigurari de Viata launched a new product for those parents that want to save a certain capital for their child or different needs that he may have after he reached the age of 18.
Click here to read more!
by andreea.ionete@mxp.ro, 24.08.2010

up



Safety Broker

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

Republic of Moldova

MOLDASIG and ASITO support the National Insurance Conference in Chisinau
Insurance companies MOLDASIG and ASITO will support the National Insurance Conference of the Republic of Moldova, as Strategic Partners. The event will be held on October 19th this year in Chisinau, with support from the supervisory authority and from the most important associations and local profile companies.
Click here to read more!
by oleg.doronceanu@mxp.ro, 23.08.2010



EXCLUSIVE: Top insurance companies from The Republic of Moldova
MOLDASIG, ASITO, GRAWE CARAT, DONARIS and MOLDCARGO are the top 5 insurance companies in The Republic of Moldova after the first six months of the current year. In comparison to 1st half of 2009, in 1st half of 2010 The Top 5 remained the same.
Click here to read more!
by vlad.boldijar@mxp.ro, 26.08.2010



Profit of EUR 4.4 million for the Moldavian insurers
The profit accumulated by the insurance market players in The Republic of Moldova in the first six months stretched up to 73.25 billion (4.37 mil. EUR), which translates into a nominal evolution in Moldavian Lei of up to 25% when compared to the 1st half of 2009 (in 1st half of 2009, the gross profit numbered MDL 58.53 million, the equivalent of EUR 4.01 million).
Click here to read more!
by vlad.boldijar@mxp.ro, 16.08.2010



Life insurance market fell by one percentage point
MDL 24 million (EUR 1.4 million) totaled the gross premiums underwritten by insurance companies operating on the life insurance segment in Moldova in the first half of this year, representing about 5.5% of the total profile market.
Click here to read more!
by vlad.boldijar@mxp.ro, 19.08.2010



MOLDASIG and ASITO - over 70% of Green Card underwritings in H1/2010
The value of gross written premiums on the Green Card segment reached MDL 88.55 million (EUR 5.16 mllion) in H1/2010, thus knowing, compared with the first six months of 2009, a nominal growth in MDL of over 18%.
Click here to read more!
by vlad.boldijar@mxp.ro, 17.08.2010



The assets of the Moldavian insurers increased by 28%, and the capital - by 10%
Share capital of the 24 insurance companies licensed in Moldova reached MDL 406 million (about EUR 25 million) in late June 2010, representing an increase of 10.3% compared to H1/2009, according to data published by CNPF.
Click here to read more!
by vlad.boldijar@mxp.ro, 18.08.2010

up

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

CEE, RUSSIA&CIS

CEA urges insurance industry to participate in QIS 5
The CEA, the European insurance and reinsurance federation, has urged all European insurers, to take part in the European Commission's fifth quantitative impact study (QIS 5), in order to collect data for the forthcoming Solvency II regulatory regime.
Click here to read more!
by mihai.cracea@mxp.ro, 24.08.2010



Insurance market in Russia is rising by 6% in the first semester
Russian insurers underwrote in the 1st half of the current year gross premiums of almost EUR 13.4 billion, 5.8% higher compared to the 1st half of 2009, says The Insurance Supervisory System in Russia (FSIS). At the same time, the volume of paid claims increased with 4.4%, up to EUR 9.4 billion.
Click here to read more!
by oleg.doronceanu@mxp.ro, 23.08.2010



VIG grows by 2% in the CEE markets
In the CEE markets, the VIENNA Insurance Group companies reported premiums written in property/casualty insurance of a total of EUR 1.4 billion, representing a 2 percent increase, while in the life insurance segment it registered a substantial growth of 16.1 percent, increasing premiums written to EUR 728.4 million.
Click here to read more!
by mihai.cracea@mxp.ro, 26.08.2010



AGEAS is selling its life subsidiary in Turkey
AGEAS, former FORTIS, signed on the 26th July an agreement with BNP Paribas Assurance, which includes selling the life insurance and pensions operations from Turkey, the company announced in a press conference.
Click here to read more!
by ana.preda@mxp.ro, 26.08.2010



Insurers gather at X International Yalta Finance Forum in September
The anniversary 10th International Yalta Finance Forum will take place in Yalta, Ukraine, on September 20-24, 2010. 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


Romania's car production could increase by 74.5% until 2014
Romania's total car production could reach as many as 520,000 vehicles per year by 2014, according to the latest PricewaterhouseCoopers (PwC) Automotive Institute analysis. This would represent a 74.5% increase compared to the production level of the local automotive industry in 2009. Romania would thus be the third fastest growing market in terms of production capacity in Central and Eastern Europe, behind Ukraine (242% increase by 2014) and Russia (235%).
In terms of total car production volume, Romania will be the sixth largest auto producer in the region by 2014, behind Russia, Turkey, the Czech Republic, Poland and Slovakia, but ahead of Hungary, Ukraine and Slovenia.
"Car assembly in Eastern Europe is primarily driven by domestic demand, but also aided by export programmes, predominantly to EU countries. The gradual phasing down of the car scrappage schemes, as well as the fiscal tightening that will take place in many EU countries in the next few years, will have a negative effect on the demand for new cars in the common EU market. However, we anticipate a strong growth rhythm for the Romanian auto industry in the next 5 years, as recent investments in the Craiova plant will become fully operational and the Pitesti plant will have its production capacity increased to meet rising demand for newly launched car models", says Ionut SIMION, Tax Partner, Leader of the Automotive Group of PwC Romania.
On a global level, the difference between car sales and assembly so far in 2010 shows that a return to equilibrium is still some way off. Excluding inventory, global car production and sales are usually in balance, but crisis-based decisions of early 2009 have caused the automotive industry's normal equilibrium between sales and assembly to fall noticeably out of sync.
"Residual effects of the widespread car industry crisis have altered the traditional relationship between light vehicle assembly and sales. As automotive industry recoveries take different shapes in mature and emerging markets, regional responses to the downturn are creating highly variable assembly and sales figures that are masking underlying dynamics", stated Ionut SIMION.
PwC finds that the most significant factor within the global auto industry in 2010 is resilient light vehicle assembly. The Automotive Institute data indicates that, for twelve leading car producing countries, light vehicle assembly through to the end of May improved an astonishing 47.6% over the same period in 2009. Although this trend could be viewed as an indication that a broad recovery is now underway, PwC highlights that the uptick is almost entirely a result of the first half of 2009 being exceptionally weak as car makers engaged in massive assembly and inventory reductions, fearing a precipitous worldwide sales crash.
Recently, reports of remarkable auto industry growth of this magnitude are invariably attributable to China. But in this case, removing China from the global assembly total still produces an impressive year on year improvement of 44.4%. On the sales side however, China's performance had a major impact. Removing China from the sales equation reduces sales growth in the same period from 22.2% to 12.9%.
Rebalancing global sales and assembly continues to be complicated by the evolution of very different regional recoveries. Mature markets like Europe, that preserved assembly and sales volume with scrappage programmes in 2009, are now preparing for an impending period of slowed industry growth as government stimuli wind down and financial challenge persist.
Despite its mature market status, North America's first half recovery is markedly different due to an inventory-correcting light vehicle assembly surge (+70% year on year), amidst a weakened sales environment that risks stagnation in the second half of 2010.
Conversely, emerging markets like China that generated both organic and incentive-driven growth in 2009 have largely continued posting unprecedented gains in 2010. Yet, even China may witness slightly softer market conditions in Q3/2010 with more moderate economic growth projections and elevated potential for incentive exhaustion.
"While year-to-date assembly growth figures fundamentally overstate the extent and widely varied nature of global industry recovery, PwC's outlook reflects optimism toward industry revival", concluded Ionut SIMION.
by wall-street.ro, 24.08.2010


Romania, third in EU for industrial new orders
The euro area industrial new orders index rose by 2.5%, in June 2010 compared with May 2010, EUROSTAT informs. In May, the index increased by 4.1%. In the EU27, new orders increased by 2.4%, in June 2010 after a rise of 4.0% in May. Excluding ships, railway and aerospace equipment, for which changes tend to be more volatile, industrial new orders grew by 1.6% in the euro area and by 1.8% in the EU27.
In June 2010 compared with June 2009, industrial new orders increased by 22.6% in the euro area and by 22.5% in the EU27. Total industry excluding ships, railway and aerospace equipment rose by 22.5% and 23.7% respectively. In June 2010 compared with May 2010, new orders for capital goods rose by 5.3% in the euro area and by 5.1% in the EU27. Intermediate goods increased by 0.1% and 0.3% respectively. Durable consumer goods fell by 1.1% in the euro area and by 0.1% in the EU27. Non-durable consumer goods decreased by 1.8% and 0.9% respectively.
Among the Member States for which data are available, total manufacturing working on orders rose in sixteen and fell in four. The highest increases were registered in Denmark (+23.0%), the Netherlands (+8.9%) and Romania (+5.5%) and the largest decreases in Ireland (-4.7%) and the Czech Republic (-2.7%).
by nineoclock, 24.08.2010


Romania's public debt slightly ebbed in June at 34.6 pc of GDP
Romanis' public debt ebbed in June compared to May by RON 1.45 billion, amounting to 34.66 percent of GDP, as the Minister of Public Finance (MFP) took less money on loan from banks by internal emissions of state bonds. In nominal terms, the debt ebbed at RON 176.9 billion and 93.8 percent of it is accounted for by the government's public debt. The Ministry of Finance took, in June, only RON 957 million in loans by issuing state bonds and treasury certificates, about RON 1.5 billion below last month's figures, when the loans amounted to RON 2.53 billion. Since May, the Ministry of Finance sold, in most cases, state bonds below the indicative value, refusing offers which called for yields above 7 percent a year. In structural terms, the debt at the end of June was made up, in a 41.7 percent ratio, of state loans, while the issues of bonds and certificates amounted to 33.15 percent, and Eurobonds claimed 8.26 percent of the total. As regards currency, the largest share of the public debt, that is, 43.44 percent, was, at the end of June, in RON, while 42.16 percent of it was in EUR. Loans in other currencies accounted for approximately 15 percent of the total. For the next three years, the Ministry of Finance envisages contracting loans from external markets in a medium-term funding program (Medium Term Notes), amounting to EUR 7 billion.
On the other hand, economists say the way Romania's public debt is currently structured is "unhealthy", with quite a large share of short-term securities that may pose a risk to the economy, HotNews reports. "The state of play is that we have quite a high public debt rolling effort on a short term, which may expose us to specific risks", RAIFFEISEN Bank Chief Economist and Chairman of the Fiscal Council, Ionut DUMITRU, said.
The economics professor Daniel DAIANU claims that, while there is no fiscal consolidation, with markets realising there is no budget deficit declining trend and that temporary solutions are being employed, maturities almost inevitably tend to become shorter and shorter because the lender has no more confidence in the borrower. "If it does not do it, the Government cannot pursue a strategy for the improvement of state securities' maturities", DAIANU also explained.
by nineoclock, 23.08.2010


Romanian Senate approves National Integrity Agency bill
A new law on the functioning of the National Integrity Agency (ANI) - a key body supervising the wealth of public officials - was approved by the Romanian Senate convened in extraordinary session on Tuesday, the 24th of August 2010. The document was adopted with 78 votes in favor, one abstention.
The Senate is the deciding chamber in the case of the ANI law.
The document was adopted with the support of Liberal senators, who said they would support the bill despite they considered it "rather unconstitutional". Social Democratic senators for their part had said they would note vote on the bill.
Deputies adopted the bill last Monday. President Traian BASESCU had decided on the 20th of July to convoke the Parliament in extraordinary session to discuss the legislation along other projects.
by hotnews.ro, 24.08.2010

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
October 12, 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!